Sunpure, South India’s edible oil brand, has announced the acquisition of Riso, a leading premium edible oil brand from Maharashtra. Riso’s product portfolio includes groundnut oil, rice bran oil, and sunflower oil. MK Agrotech, the Karnataka-based parent company, is looking to bolster Sunpure’s presence in the Maharashtra market, targeting revenue of INR 120 crores in FY 2023-’24 from the region.
Riso, one of the premium edible oil brands, enjoys a 10% market share and is currently available across 8000+ retail outlets in Maharashtra. With this acquisition, Sunpure intends to accelerate its outreach in the state and aims to capture double the market share in the next two years.
As part of its ‘Make in India’ initiative, MK Agrotech has been actively building a portfolio of Indian oils, namely, rice bran oil, filtered groundnut oil, and refined groundnut oil, intending to reduce the country’s dependence on imported edible oils. With the acquisition of Riso, Sunpure is well poised to accelerate growth and expand its market penetration in the coming months.
Gokaran Singh Pawar, national sales head, MK Agrotech, said, “We have been looking at brands across geographies to help expand Sunpure’s footprint and diversify into different edible oils and food products. We are thrilled to start this new chapter of growth with Riso, a much-loved edible oil brand across Maharashtra. The synergy is perfect as we share the same vision of enhancing the health and well-being of our consumers.”
In its evolution as a pan-India brand, Sunpure is open to more such acquisitions in the future. The company plans to make dedicated investments in brand building, marketing, and distribution. Earlier this year, Sunpure forayed into the INR 25,000-crore branded spices market with the launch of Sunpure Red Chilli Powder, Sunpure Turmeric Powder, and Sunpure Coriander Powder. The plan is to further expand Sunpure’s food product portfolio to include grains, pulses, dry fruit, and other food products, with a vision to strengthen the brand’s legacy of bringing together technology and tradition.