Personal care range brand Organic Harvest is looking to raise up to USD 10 million this year as it chases a turnover target of Rs 500 crore in 3-5 years time.
“We are looking at raising US$ 8-10 million by the end of this year. We have started discussions with investors and we should have something concrete in two months time. We will invest bulk of this in sales and marketing and capital expansion,” CEO, Organic Harvest, Rahul Agarwal was quoted by PTI as saying.
According to a PTI report: The company, which is expected to close the current fiscal with Rs 100 crore turnover, is eyeing Rs 500 crore sales in 3-5 years, Agarwal said.
He was further quoted by PTI as saying: “We are also looking at expanding our retail and distribution presence. We will increase our distribution from 5,000 outlets to 20,000 outlets and from 16 standalone stores to 30 by end of this fiscal.”
The company is also looking at ramping up its international presence this year.
“We will soon start exporting to new countries like Saudi Arabia, Malaysia and Singapore. We are also looking at markets including Sri Lanka, Thailand, Indonesia and GCC countries,” he was quoted by PTI as saying.
At present, the company sells its products in the UAE, Bangladesh and Nepal.
Organic Harvest launched operations in 2013 with distribution in Delhi and Punjab. It sells over 100 products in skin, hair and body care for women.
“We are working on products for baby and men. We will launch these by end of the year, taking our total product offerings to 150,” Agarwal was quoted by PTI as saying.
The company manufactures its products at four factories in Baddi and Parwanu in Himachal Pradesh.