Cremica Foods plans ₹600-700 crore IPO; targets global expansion, new products beyond condiments

Cremica Foods, the Punjab-based FMCG company known for its condiments and packaged food offerings, is planning to raise ₹600-700 crore through an initial public offering (IPO) as it looks to accelerate international expansion, expand its retail footprint and enter new product categories.

The company expects to launch the IPO in the next financial year, with the issue likely to comprise a mix of fresh equity and an offer for sale (OFS). The Bector family currently owns around 90% of the business, with the proposed issue expected to result in a dilution of about 25-26%, chairman and managing director Akshay Bector told Fortune India.

“We are not looking at a very big raise. We are looking at ₹600-700 crore at the IPO maximum, which should result in a dilution of about 25-26%,” Bector said in an exclusive interview.

At the proposed issue size, Cremica could command a valuation of around ₹1,500-2,000 crore. About half of the IPO could comprise secondary sales, while around ₹350 crore could come through the primary issue and be used to fund expansion.

The company expects to close the current financial year with revenue of around ₹450 crore and EBITDA of about ₹70 crore. Bector expects revenue to grow by around 20% by the end of the next fiscal year, while EBITDA is projected to reach ₹120 crore.

From backyard enterprise to packaged foods

Cremica's roots go back to 1978, when Rajni Bector, founder of Mrs Bector’s Food Specialities, started the business as a small backyard enterprise in Ludhiana, Punjab, making ice cream, breads and bakery products.

Over the years, the business expanded into biscuits, bakery products and condiments and was eventually divided among three siblings-Anoop, Akshay and Ajay Bector.

Following a family settlement, the biscuit and bakery business was demerged from the condiments business, with Anoop and Ajay taking over the former, while the condiments business remained with Akshay.

Cremica Foods, now led by Akshay Bector, is focused on condiments, food-service products and packaged foods.

Global expansion in focus

International markets are expected to be a key growth driver for the company. “We are on the verge of internationalizing the business,” Bector said.

Cremica has tied up with exporters to supply products to the UK, with initial supplies expected to begin around December-January. It is also working with international QSR customers to secure approvals for supplies to other markets.

The company is targeting the UK, Middle East and Southeast Asia, with the UK and Southeast Asia already at an advanced stage.

Cremica expects to serve around 5,000-6,000 restaurants outside India, potentially expanding its addressable market significantly. Bector estimates that international operations could add around ₹150 crore to revenue in the first year, although the company expects greater visibility after the initial months of operations.

From ketchup to snacks

Cremica has built its business around ketchup, sauces and other condiments, but is now widening its product portfolio. The company launched India's first vegetarian mayonnaise and Opera crisps, which it describes as India's first cottage-style potato crisps. Its Sandwich Mayonnaise range, featuring flavours such as tandoori, mint, tangy pickle and korma, has also gained traction.

Its portfolio includes ketchup, sauces, mayonnaise, sandwich spreads, salad dressings, syrups, dessert toppings and gravies. The company operates India's largest tomato ketchup line and is the country's largest producer of ketchup portion packs, with capacity to pack around 4 million sachets a day.

After the IPO, Cremica plans to enter categories including snacks, pickles and ready-to-eat products.

“The brand ownership with Bector Food Industries actually includes a few more categories. Snack Foods is one of them, pickles, snack food, ready to eat exported snacks, etc. We will be getting into those categories post the IPO,” Bector said.

QSR strength, retail push

Cremica's food-service business remains its core revenue engine, with products supplied to major QSR chains including McDonald's, KFC and Domino's. The company competes in India's condiments and packaged food market with brands such as Veeba, Capital Foods' Ching's Secret and Dr. Oetker.

Its food-service roots date back to 1996, when the business was established as a 50:50 joint venture with McDonald's supplier Golden Roads to supply liquid condiments to McDonald's in India.

In FY26, around 70-75% of revenue came from the HoReCa (hotels, restaurants and catering) segment, while retail contributed roughly 10%.

Cremica is now looking to reduce its dependence on institutional sales by expanding its retail footprint. The company currently reaches around 220,000 outlets, according to Bector, with smaller packs helping it penetrate middle-class households and smaller outlets. Bector said the company reaches around four-five million consumers a day through portion packs and brand exposure.

With the IPO expected to provide fresh capital for expansion, Cremica is looking to shift from a predominantly food-service-led condiment business towards a broader packaged-food company, with international markets, retail and new categories forming the next phase of growth.