Spice Story, India’s first and largest D2C brand offering the widest range of ethnic chutneys from various regions of the country, has announced a partnership with Jayanti Herbs and Spice for its offline expansion. The Mumbai-based company is looking to expand its offline presence in over 15000 stores by March 2023.
At present, Spice Story products are available in about 1200 stores and should reach its customers via 5000 physical touchpoints by end of this year.
Through this partnership, Spice Story will leverage Jayanti Herbs & Spice’s 23000-strong distribution channel of multi-brand modern format retail stores, both national and regional chains along with standalone modern retail stores.
Bangalore-based Jayanti Herbs & Spice is one of India’s oldest and the world's leading premium suppliers of herbs and spices. The 75-year- old company owns the premium spice brand On1y, which offers over 30 different kinds of herbs and seasonings.
While the partnership would help Spice Story expand its offline footprints, it would also help Jayanti Group to widen its distribution portfolio by adding complementing products of Spice Story that had over 14 different types of indigenous and unique ready-to-eat chutneys targeting an audience base that looks for affordable premium products.
“Spice Story's current product offering and their future product roadmap gel well with our consumer philosophy. Their leadership team thinks the way we do for our consumers. We expect to strengthen our distribution portfolio and add more offerings to our existing consumers while tapping into Spice Story’s new customer base,” Milan Shah, managing director, Jayanti Herbs & Spice said.
“While we continue to build and strengthen our offline network, with Spice Story coming on board, we can now strengthen our eCommerce play as well, with a wider range of products for our consumers too,” said Vivek Sharma, Business Head at Jayanti Herbs & Spices, a player that is making strides to capture a dominant position in the country’s Rs 70,000 crore spice market, of which brand is only 35%.
Speaking on the development, Soumyadeep Mukherjee, founder & chief executive officer, Spice Story, said, “This is a partnership we look forward to not only from a business augmentation point of view but because both organizations have a lot in common in terms of thought process and vision. Both brands have a Consumer First approach with convenience at its core. It would also help in strengthening our product development strategy.”
Backed by VC firms such as venture catalysts, Agility Ventures, and marquee industry professionals, Spice Story has been growing at over 50 % annually. Founded in the year 2019 by Soumyadeep, the brand is mulling plans to enter new categories over the next 3-4 quarters and grow its business by 25X by 2025.