 "Reliance")
The Indore-based company entered into an agreement with Reliance Retail a couple of months back. (Photo: Shutterstock)
Candytoy Corporate, one of the leading manufacturers of candy toys, has partnered with Reliance Retail to supply confectionery toys for 1,400 stores of the country’s leading retailer, said a top company official.
The Indore-based company entered into an agreement with Reliance Retail a couple of months back, said founder Director Gaurav Mirchandani.
Click here to connect with us on WhatsApp
“We already have a purchase order for more than 15 outlets right now, which is live, and 200 outlets will be live by the end of Diwali, and 1,400 outlets will be live by the end of this financial year,” Mirchandani told PTI.
Â
When asked about the order size, he said it would have a run rate of Rs two crore per month from Reliance Retail 200 stores, and this would be scaled to Rs 4 to 4.5 crore per month by the end of this fiscal.
“We have more than 75 SKUs in the sweets and savoury flavours category of the candy, which we are providing to Reliance Retail,” he said.
Candytoy Corporate (CTC), valued at nearly Rs 1,000 crore, is supplying to other retailers globally in 40 countries.
It also plans to divest around 10 per cent of equity to fund its future expansion plans, and mulling an IPO in the next 2-3 years.
CTC is a global manufacturer of promotional toys and confectionary items through its five plants and 11 contract manufacturers, supplying to 40 countries across three continents.
When asked about the revenue of the company, Mirchandani said: “We expect to close this fiscal between Rs 260 to 280 crore. Next fiscal, we expect closing at Rs 400 crore to 450 crore”.
CTC manufactures candy toys for a host of companies, including Colgate Palmolive, Puma, MTR, Bournvita, Yellow Diamonds, Vistara Airlines and AirAsia, among others.
“We already have the purchase orders so to deploy those orders, we need some time for the opening of the new moulds, opening up of new facilities, and stuff like that. So, that’s why the result will be visible in the next financial year,” he added.
This fiscal, CTC expects to get around Rs 120 crore from the export markets and Rs 200 crore from the domestic market, which includes its B2C sales and channel partners, he said.
When asked about raising funds, Mirchandani said: “We are already in the talks with some large investors”.
On the IPO, he said: “In the next two years, after the closing of the financial year 2026-27, we will explore the possibilities of going public”.
Overall CTC manufacturers in India make promotional toys, Candy Toys, Barbie dolls, electronic toys, DIY Toys, LED Toys, Musical Toys, Prank Toys, Sticky Toys etc.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 29 2024 | 1:29 PM IST
 "India reiterates opposition to China’s Belt and Road Initiative at SCO meet | External Affairs Defence Security News")
 "Trade deficit eases to $20.8 bn in Sept amid geopolitical challenges | Economy & Policy News")
