Typhoo Tea, part of the Apeejay Surrendra Group, is eyeing a revenue of Rs 100 crore in the country in the next three to four years, as per a PTI report.
“We are at Rs 30 crore in six years in India in the consumer product business. Our plan is grow at 30 per cent this year. We are aiming for Rs 100 crore in the next three to four years from consumer business,” Typhoo Business Head Subrata Mukerji said.
The group, which is also into tea plantations, had acquired the UK-based Typhoo Tea and its associated brands in 2005, and launched its range of teas and fruit infusions in India in 2008. The tea plantation business is over Rs 450 crore.
Globally, Typhoo is present in over 40 countries and has a revenue of over Rs 1,000 crore.
Mukerji said the company will be launching 10 new products targeting millennials, focusing on the health and wellness space.
The company, which has presence in over 20 cities in the country, wants to first consolidate its position in the bigger markets before going deeper into the smaller cities. It plans to enter Ahmedabad, Indore and Bhopal.
The tea bag industry is estimated to be Rs 500 crore, which is growing around 15-20 per cent and Typhoo has a market share of 5-8 per cent.
The tea bags segment forms 8 per cent of the entire tea business and is expected to reach 20 per cent in the near future.
Positioned in the premium category, Typhoo will not enter the mass market. It is also looking to foray into the premium coffee space in the country.