Nepalese billionaire Binod Chaudhary, the mastermind behind the Wai Wai noodle brand, is setting his sights on an IPO in India. Chaudhary's Wai Wai noodles have emerged as a formidable competitor to market leaders like Nestle's Maggi and ITC's Yippee.
Chaudhary's ambitious plans involve listing his conglomerate Chaudhary Group's India food unit on the stock exchange by 2026. While details of the IPO remain under wraps, CG Foods India, based in Gurgaon, holds a significant 28% share of the Indian instant noodles market, generating an impressive annual revenue of approximately $130 million.
The company is aiming for an ambitious 15% revenue growth in the current fiscal year. If successful, CG Foods will join the ranks of food firms like Gopal Snacks and Mukka Proteins, who have successfully gone public in the past year.
According to Bloomberg, the food sector has witnessed the second-highest number of IPOs in India over the past 12 months. The noodle maker's immediate focus is on strengthening its market share and expanding its product portfolio. Manvendra Shukla, global chief executive officer at CG Foods India Pvt., told Bloomberg that CG Food "would be ready to go for a sizable listing" in the next two years after achieving these goals.
Wai Wai, launched four decades ago in Kathmandu, has risen to become the third largest noodle brand in India. Its unique selling point is its pre-seasoned noodles, which can be enjoyed as a snack without cooking. This innovative feature, according to the firm, remains unmatched in the market.
"Over the past five years, Wai Wai Noodles has become a popular brand in both the metros and tier-two cities. The brand is growing at 20% year-on-year," GP Sah, Global Business Head of Nepal-based CG Foods, recently stated in a press release.