In normal circumstances, any business diversification strategy is deliberated around its related areas. But, in 2020, when the Goeld group – central India’s business conglomerate with diverse interest in steel and power segments – announced to venture into FMCG segment through the launched of frozen food, the move surprised many in the industry. The brand Goeld was created through the group’s wholly-owned subsidiary BSE, listed Shri Bajrang Alliance Limited (SBAL). The management of the group read the future market trend and realised preference for frozen food set to grow.
The new company, Goeld Frozen Foods (GFF), faced ups and downs of business cycles but careful strategy, backed by technology and quality products, have resulted in its success. Gradually, it has demonstrated rapid growth over the last few years, which has forced competitors to roll their sleeves up. Goeld brand, growing over 30 per cent year on year, has achieved a turnover of Rs95 crore. “No preservatives, no added colours or flavours and consistent quality is our USP,” affirms Archit Goel, executive director, GFF. “It is tasty and healthy and that suits today’s health-conscious consumers”. He claims to have been gaining a reasonable market share in the segment.
GFF offers 100 per cent frozen food products, crafted using world-class freezing technology that locks in all nutrients. The company’s exhaustive range of Indian breads, snacks, healthy quick bites, and desserts has been created keeping in mind consumers across domestic and also international markets like the UK, the US, the UAE, New Zealand, and Australia, amongst others.
The Goel family has its origin in Alwar district of Rajasthan. They shifted to Jagdalpur in Baster and supplied timber to railways, which was used for its track. Later, Indian Railways shifted from wooden sleepers to concrete sleepers for more stability to the rail track. So, the family moved to Raipur and commissioned a steel mill called Shri Bajrang Alliance Limited in 1990. It is one of the largest structural rolling mills in Chhattisgarh.
Archit, 35, is a third generation Goel and joined the family business after completing his education at Kingston University, London, in 2012. When the family wanted to diversify into futuristic FMCG products, Archit did extensive research on the FMCG sector. “I visited several frozen food companies to understand the nitty-gritty of the business,” he recalls. “I recognised that there will be a huge demand of frozen foods in multiple formats”. It took him six months to make a proper project report. The family approved it and the group plunged into the segment.
The young tech-savvy Archit was given the responsibility by the group to set up the most modern plant in Raipur, dedicated to the production of 100 per cent vegetarian food. The focus was more on quality and hygiene. Covid caused an initial set-back, but it also provided a business opportunity due to rising consumption of frozen food. The venture picked up well thereafter.
Growth surges
“India’s frozen food market was valued at $1.81 billion in 2024 and is expected to reach $3.56 billion by 2030, at a CAGR of 16.87 per cent during the period forecast. It has experienced substantial growth in recent years, owing to the growing middle-class population across the region. As disposable incomes rose and more individuals embraced modern lifestyles, the demand for convenient, ready-to-eat meals and snacks surged,” says TechSci Research’s latest report.
Responding to the theory that frozen food is not as healthy as fresh food, Archit thinks there is still some challenge. “But when we eat the so-called fresh potato or peas, they actually come after being stored in a cold storage for 8-9 months before reaching the retailers and then our home. We are doing the same thing. So, quality frozen food is a good option for health-conscious people,” he argues.
The middle class, particularly in urban areas, is increasingly adopting frozen food products due to their affordability, variety and ease of preparation. Also, the growing preference for global and diverse cuisines, along with a shift toward healthier and premium food choices, is further fuelling the demand for frozen foods. This expanding middle-class demographic is helping drive the market’s overall growth, says the TechSci Research report.
The company is proud of its unit at Raipur. The state-of-the-art food processing facility is spread on five acres of land, 35 per cent of which has been maintained for the green area. With an investment of Rs50 crore, the set-up’s annual production capacity is at an impressive 6,500 mt. It is funded through banks and a state subsidy of R5 crore, for promoting agricultural business.
“Quality, innovation, technology, research & development are the pillars that drive our business. Our core mission is to provide the best and safest food to our consumers, which is why we assured from the outset that our products contain no artificial colours, flavours, or preservatives,” claims Rakesh Meena, GM, GFF.
The unit possesses a highly equipped in-house laboratory featuring GCMS, HPLC, and water activity meters that enable it to conduct comprehensive analyses, including biochemical, physical and micro-biological assessments. The production is equipped with state-of-the-art machinery, including two IQF machines, one blast freezer and two in-process chillers. It also has controlled cold storage facilities. It maintains stringent quality parameters that complies with the food safety standard and employs 400 people, of which 55 per cent are women.
“Our facility houses the second-largest clay oven tandoor for naan production in India, and we ensure complete segregation between high-risk and low-risk areas, in line with dedicated dress codes. A single line process flow is maintained for each product from day one,” informs Meena.
Product innovation
Goeld is creating a varied assortment of frozen snacks and Indian breads to meet the demanding tastes of its consumers. From savoury spring rolls to classic Malabar parathas, its product selection offers a diverse range of culinary treats. Samosas, idlis, garlic naans and quality frozen green peas are among the most notable goods. While flavour and quality remain at the core of everything it does, sustainability is integrated into all aspects of the manufacturing operations. The company uses locally grown, organic foods whenever possible.
“We routinely invest to scale up our processing capacity, supply chain and R&D. Product innovation is the key factor in the segment to stay ahead of competition. R&D is working relentlessly for developing future product pipeline,” says Archit. The company is now exploring spices and more frozen vegetables.
GFF has several competitors in different categories. The company has over 27 SKUs at present. It competes with Haldiram Nagpur, Venky’s and Godrej, among others. The company has its presence in 38 cities across the country, including all metros. The aim of this company is to double its dealership strength in the next few months from 60 at present.
“We are strong in the north, west and central India. We are now looking at southern, eastern and north-eastern market,” says Sudhansu Rana, head, national sales, GFF. The company has a presence in all quick commerce channels – with Zepto, Blinkit, Swiggy, BigBasket, Geo Mart and some regional players. Goeld also supplies institutions, hotels, corporates, colleges, schools, and cinema halls. Rana claims to have 15- 20 per cent market share in the vegetarian portfolio.
“Alu Paratha is the highest selling product for us in retail. We sell almost 40,000 parathas every day while, in B2B, samosa tops the sales at 100,000 a day through QSR. About 80 per cent of the retail business of the company comes from metro cities, while 20 per cent from tier II and tier III cities. And, in B2B, 60 per cent is from Tier I and Metro cities and the balance from Tier II and III cities.
“Goeld Frozen Foods is a new player and primarily operates in quick commerce space and modern trade. In Indian bread category, its paratha is popular among customers. Modern trade and quick commerce need deep pocket since they work with thin margin, as it offers huge discounts to survive”, says Sanjay Dua, CEO of the Kolkata-based, Keventer Agro Limited, which deals in frozen food and ice cream. To offset this, presence in general trade is important, he cautions.
The company’s target is to reach Rs500 crore revenue in the next five years. It plans to set up units in Delhi NCR and in port cities. However, the future of the company lies in its ability to adopt the aggressive corporate sophistication of the markets and fend off approaches of the biggies in the trade.