Bootstrapped snack maker Let's Try has reached a ₹600 crore revenue run rate. The company plans to scale to ₹2,000 crore before launching an IPO in 2028, focusing on affordable, quality ingredients to compete with established FMCG giants.
Detailed Coverage
Let's Try, a bootstrapped Indian snacking startup founded by Nitin Kalra, has reported reaching an annual revenue run rate of ₹600 crore. The company, which focuses on mass-market snacks with upgraded ingredients like refined groundnut oil, has signaled its intention to reach a revenue milestone of ₹2,000 crore as a precursor to a planned initial public offering (IPO) in 2028. This growth trajectory comes within five years of the company's inception.
Financial Performance and Growth Strategy
Unlike many venture-backed startups that prioritize rapid expansion over profitability, Let's Try has maintained a positive operating profit (EBITDA) since its launch. The company currently reports an EBITDA margin of 7%-8% and is aiming to reach double-digit margins as it scales. The business is primarily self-funded, utilizing personal savings and loans to maintain operational control. This approach has allowed the management to focus on sustainable growth, closing the previous financial year with ₹200 crore in revenue before scaling to the current run rate.
Market Position and Competitive Landscape
Operating in India's massive snack market, estimated to be worth over ₹50,000 crore, Let's Try faces intense competition from established FMCG (Fast-Moving Consumer Goods) players. The company’s strategy involves balancing product quality with affordability, an area where many health-focused startups have struggled due to high pricing that limits repeat purchases. By leveraging online channels, which accounted for the bulk of its revenue during the pandemic, the company has successfully built a consumer base. Currently, the business is transitioning toward an omni-channel strategy, expanding its presence into offline retail chains, airports, and railway stations.
Expansion and Operational Plans
To support its growth targets, the company operates three manufacturing units and has announced plans to invest in two additional facilities located near Bengaluru and Mumbai. This expansion of manufacturing capacity is essential for managing the logistics of reaching a ₹1,000 crore run rate, which the company expects to hit by the end of the 2026-27 financial year. The management has stated that it is prioritizing internal cash generation to fund these projects rather than seeking immediate external equity dilution.
Investor Monitorables
For investors observing the growth of consumer-facing brands, the primary focus will be on the company’s ability to maintain its profit margins while scaling offline distribution, which typically involves higher marketing and logistical costs compared to online-only models. Additionally, the company's success in defending its market share against legacy FMCG competitors with deeper pockets will be a key factor to track. Investors will also look for consistent updates on the construction progress and operational efficiency of the planned manufacturing units, as these will be critical for meeting the long-term revenue goals leading up to the projected 2028 IPO timeline.