New Delhi: Viraj Bahl started Veeba as an entrepreneur and has successfully elevated his small startup to an extremely popular brand in India’s condiment market. Founded in 2013, Veeba focuses on healthier sauces that are free from preservatives and lower in fat and sugar. Initially, things did not look so promising; the company faced 1.5 years without a single order. However, everything changed in June 2014 when Domino’s placed a humongous order for 70,000 tonnes of sauces, leading to a major turnaround for Veeba.
Veeba has grown to become one of the most promising and strategic sauce brands in the country over the past years, with its over 300 products and a network that reaches over 700 cities across India. The company’s revenues are expected to cross ₹1,000 crore in FY24 after reporting a ₹811 crore in FY23. Bahl attributes this growth to the company’s constant product improvement and smart marketing that educates customers about what Veeba offers and it’s products.
Initially, Veeba focused on quality at affordable prices. Despite competing with large global and local brands, Veeba has created a niche in the market based on authentic ingredients and flavors segment. In addition to line extensions, Veeba is all set to become a “house of brands.” Beyond its flagship brand, Veeba also sells products under other names such as Earthmade and BeneTibi.
To celebrate its tenth year, the company has released its all new packaging and ambitious growth plans, and possibly claims to add one new product category every year for the next four years and launch four more brands by 2028 as reported. As part of its growth strategy, a new manufacturing facility is being established in South India.
Bahl believes that to stay ahead of the competition, the company needs to focus R&D and it’s very crucial and is needed for any seed staze startups. Veeba has an in-house team of food experts and chefs who develop new products to match changing customer tastes. B2B sales currently account for over 8% of Veeba’s revenue, with major clients including Domino’s, Burger King, and KFC.
When it comes to marketing, Veeba has capitalized on its title sponsorship of MasterChef India to increase visibility. The company is utilizing both traditional media and digital media outreach to consistently outperform competitors and create a near monopoly.
