The Catch spice maker aims to double revenue to ₹20,000 crore by 2029

The DS Group (Dharampal Satyapal Group) aims to double its revenue by 2029 to ₹20,000 crore, from ₹10,000 crore reported in 2024-25, on the back of new product launches and distribution network expansion, Rajiv Kumar, the company's vice-chairman, told Mint on Wednesday.

"The food and beverage segment has seen an accelerated growth in the last three years. We will continue to expand our distribution network, ensuring our products reach every corner of the nation as well as global markets," Kumar said.

It is set to launch more spices, confectionery, and dairy products, focusing on rural areas and tier-II and -III cities. It has also entered categories such as gravies and packaged ghee.

Also Read: FMCG's mixed bag: Rural strength masks urban slump in latest quarter

In 2024, the seller of Catch spices said it planned to double its spices business from ₹1,000 crore to ₹2,000 crore in the next two to three years.

The food and beverage division, which has expanded at a 19% compound annual growth rate over the past three years, is the largest contributor to the company's revenue, accounting for 42% of sales in 2024-25. The mouth freshener segment contributes 38%, tobacco less than 10%, and hospitality approximately 3%. 

Overall, the company's revenue rose 16% year-on-year in 2024-25.

Several major Indian and international food and beverage companies have announced plans to expand in India. These plans involve both the introduction of new products and the acquisition of businesses to tap into specific niche markets. 

For example, in 2025, ITC acquired the frozen food brand Prasuma and the organic staples brand 24 Mantra Organic. In 2024, Tata Consumer Products acquired Organic India and Capital Foods to strengthen its presence in the Indian kitchen segment.

The Indian food and beverage market was estimated at $334 billion in 2023.

Also Read: FMCG's Q4 woes: Why India's consumer goods giants are expecting a dull quarter

Inorganic growth

The DS Group, which owns brands like Catch, Pulse, Pass Pass, Rajnigandha, department store chain Le Marche and dessert outlet L’Opera, also operates six hotels. And in the next three years, it plans to invest ₹1,000 crore in the hotel business and add another five to six properties.

In March, the DS Group and Patanjali Ayurved jointly announced plans to acquire Magma General Insurance from Sanoti Properties LLP at a valuation of  ₹4,500 crore.

"The decision was more of an investment and not a diversification. We remain focused on the overall consumer and foods and beverages business," said Kumar.

In 2023, the DS Group acquired a confectionery company The Good Stuff Pvt. Ltd, backed by Goldman Sachs and Mitsui Ventures.

Also Read: Can Adani Wilmar’s FMCG bet deliver long-term gains?

Kumar said the company is open to more deals if something good comes along.