Binod Chaudhary, the Nepalese billionaire behind the renowned Wai Wai brand of instant noodles, is eyeing a significant move in the Indian market. His conglomerate, Chaudhary Group’s (CG) food unit in India, CG Foods India, is gearing up for a potential listing by 2026, marking a milestone in the company’s expansion strategy.
Based in Gurgaon, CG Foods India is renowned for its Wai Wai noodles, a direct competitor to industry giants like Maggi by Nestle and Yippee by ITC.
According to Manvendra Shukla, the global CEO of CG Foods India, the company is laying the groundwork for a substantial listing within the next two years. This strategy involves diversifying product offerings, acquiring smaller players in the noodle market, and fortifying its position in the industry.
While details regarding the IPO remain sparse at this stage, CG Foods India boasts a significant presence in the Indian instant noodles market, commanding a 28 per cent share and generating an annual revenue of eight billion rupees (approximately USD 130 million).
The company aims to propel its revenue growth by an ambitious 15 per cent in the current fiscal year.
The decision to pursue an IPO aligns with a broader trend in the Indian food industry, where several players, including Gopal Snacks and Mukka Proteins, have recently gone public.
This surge in IPO activity underscores investor confidence in India’s stable political climate and its status as one of the world’s fastest-growing major economies, particularly amidst economic challenges faced by other global players.
However, CG Foods India remains cautious and methodical in its approach, prioritising market consolidation and product expansion before embarking on the IPO journey. The company is actively seeking opportunities to enhance its market share and product portfolio through strategic acquisitions, particularly targeting smaller firms specialising in seasonings, dips, or ketchups.
The legacy of Wai Wai noodles traces back four decades to Kathmandu, Nepal, where Chaudhary Group first introduced the iconic brand. Over the years, Wai Wai has cemented its position as India’s third-largest noodle brand, renowned for its unique pre-seasoned noodles, which offer consumers a flavorful snacking experience straight out of the packet.
As CG Foods India prepares for its next phase of growth and market expansion, all eyes remain on the company’s journey towards a potential IPO, poised to further solidify its standing in the fiercely competitive Indian food industry landscape.
