Khoya Plans Expansion and New Product Development to Meet Growing Demand for Luxury Sweets and Confectionery Products
- ByStartupStory | April 22, 2023
Khoya is a manufacturer of high-quality traditional sweets and luxury confectionery products. They sell their products directly to customers and have recently introduced the concept of luxury sweets, which can be quite expensive at 20,000-30,000 per kg.
To support their growth plans, Khoya intends to utilize the funds to invest in new product development and expand into new categories of related consumer products. Additionally, they plan to increase their retail footprint beyond their current metro locations in India and enter international markets.
Khoya faces competition from other sweet manufacturers such as Gur Chini, Ark Mithai, Meethi, Bombay Sweet Shop, and others. The company offers its products through both online channels and brick-and-mortar stores, including retail locations and hotels.
According to the founder of the company, Sid Mathur, Khoya was established in 2016 with a mission to revive the excitement around sweets by using natural ingredients. Each piece is crafted by hand, arranged with great care, and beautifully packaged. Khoya has reportedly served well-known clients such as Louis Vuitton, Cartier, Good Earth, Lexus, and more.
Sid Mathur stated that Khoya was a project born out of passion, and the team took their time to create it. They conducted extensive research into ingredients and recipe development, traveled and delved into history, and spent months perfecting the packaging. The quality of their products has helped Khoya grow organically by reinvesting profits. With the infusion of capital, they plan to expand their kitchens, teams, and distribution both within India and internationally, taking the brand to new heights.
Riga Foods Co-Founder, Dalmia, expressed his excitement to be a part of Khoya’s journey, stating that the brand has always been a benchmark for luxury sweets. With their shared expertise in catering, kitchens, and restaurants, the partnership has just begun, and they look forward to Khoya’s growth.
Based on industry estimates, the market for premium Indian sweets and gifting is expected to reach close to 15,000 crores by 2028.
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