PUSHP spices raises INR 100 Crores

Pushp, a dominant spices brand in Central India and the No. 1 player in Madhya Pradesh, has raised INR 100 Cr from Sixth Sense Ventures. The INR 90,000 Cr (USD 11 Bn) spices category has high consumption frequency in India & there has been a noticeable shift from traditional home-ground masalas to branded spice mixes.

Pushp with its diversified range of CTC, straight spices, blended spices & value-added products participates across the entire spices value chain.

Founded by Mahendra and Surendra Surana, Pushp’s focus on quality & consistency, coupled with the promoters’ procurement expertise, ensures high-quality raw materials at competitive prices.

Nikhil Vora, Founder of Sixth Sense Ventures, said “a large & sticky, fast-growing category with a great margin profile & distribution moat makes spices one of the most attractive consumer segments. As consumers increasingly shift from loose, unbranded spices to packaged, branded alternatives, Pushp is strategically positioned to capitalise on this shift.”

“With a seasoned management team, optimal procurement, state-of-the-art manufacturing & a robust distribution, Pushp is transitioning from a regional heavyweight to a national one. This evolution will enable significant value unlocking. Excited to partner with Mahendra and Surendra Surana to realise their vision”, he added.

Mahendra Surana, Co-founder of Pushp, said, “The Indian consumer is focused on taste, quality and reliability, and our sharp focus on these factors has helped us build deep trust with customers to become one of the top brands in the spices category. We are thrilled about the next phase of growth as we build Pushp into a leading spices brand in the country.”

“We are excited to welcome Nikhil Vora and Nimisha Nagarsekar from Sixth Sense Ventures on this incredible journey. With the Sixth Sense’s rich experience in FMCG companies, Pushp will definitely touch new milestones in future.”

Pushp has strategically invested in distribution & branding efforts, extending its reach beyond Madhya Pradesh to states like Maharashtra, Rajasthan, UP, Bihar & Gujarat.

Spices has seen value evolution across decades from loose to packaged to blended extending a 6x pricing premium.

The 25% CAGR blended spices segment lends well to new-age cooking & growing need for convenience – driving higher stickiness & margins.

Regional leadership along with a high share of blended, results in superior margin profiles & cash-flow generation. Thus, presents large expansion potential for regional brands to build a national play, with almost no presence of MNCs.