Ishu Munjal Managing Director
New Delhi [India], November 24: Interview with Ishu Munjal, Managing Director, SSMD Agrotech India Ltd.
SSMD Agrotech India Limited, the company behind the House of Manohar (HOM) brand, is set to enter the capital markets with its Initial Public Offering (IPO), scheduled to open on November 25, 2025. What began as a modest family-run shop in Old Delhi has evolved into a fast-growing FMCG and agro-food processing enterprise with a diversified product portfolio and a strong consumer footprint. Backed by modern processing units, a D2C dark-store ecosystem, and multiple retail-focused brands, the Company is gearing up for its next phase of expansion. In this interview, Managing Director Ishu Munjal discusses SSMD's transformation journey, the strategic vision behind the IPO, and how the Company plans to scale its presence in India's rapidly growing FMCG landscape.
Q1. SSMD Agrotech is entering the capital markets with an IPO. What key strategic goals do you aim to achieve through this public issue?
The IPO is not just a fundraising exercise—it’s a strategic repositioning for SSMD Agrotech. We want to strengthen the Company financially by becoming 100% debt-free, which immediately improves our balance sheet and operational headroom. It also positions us better for long-term scalability.
The capital will enable us to expand our manufacturing footprint, diversify into high-demand FMCG categories, and enhance our national presence. A big part of our strategy is shifting from being a strong regional brand to a recognisable national player. The IPO also brings public visibility, investor confidence, and governance enhancement. These are essential for any FMCG company aiming for large-scale disruptive growth.
The funds earmarked for our D2C micro–manufacturing dark-store model will help us create a real-time, hyper-local FMCG delivery ecosystem. This is where we see the future of grocery consumption heading.
Q2. SSMD Agrotech has a 44+ year legacy in agro-food processing. How have you transitioned from a traditional trading business to a fast-growing FMCG brand?
When I joined the Company in 2016, we were primarily a procurement-and-trading business. The first major shift we made was integrating backward into manufacturing. Starting with gram flour in 2018, we invested in processing technologies, quality systems, and modern machinery.
Over time, we expanded into chana dal, puffed rice, ramdana, and other value-added SKUs. We also undertook a complete rethinking of our brand architecture. This included consolidating our products under House of Manohar (HOM) and expanding through four sub-brands.
Digital transformation has been another game-changer. We strengthened our presence in 150+ locations, built a D2C model, and are now developing a tech-enabled distributor–retailer platform. This will fully connect our supply chain, give real-time visibility, and create a strong digital backbone for the business.
Our evolution has been a step-by-step journey of modernisation, capacity expansion, brand development, and technological upgrades.
Q3. A significant part of the IPO proceeds will go toward working capital. How will this accelerate growth in your core product categories?
Working capital fuels everything in this industry—from procurement of raw materials to managing distributor credit cycles. Greater liquidity will help us scale faster, especially in categories where demand peaks during festive and seasonal cycles.
With enhanced working capital:
• We can procure raw materials in larger quantities at competitive prices.
• We can expand into newer product lines without financial strain.
• We can offer better credit terms to distributors, helping us grow deeper in Tier II and Tier III markets.
• We can maintain uninterrupted supply during high-demand cycles.
All of this directly strengthens our core categories like gram flour, chana dal, puffed rice, and ramdana.
Q4. You are allocating funds for D2C dark-store expansion. What role will the D2C ecosystem play in your future growth strategy?
The D2C model represents the future of FMCG distribution. It bridges the gap between consumers and manufacturers by eliminating layers and reducing delivery time.
Each dark store operates as a micro–manufacturing and micro–fulfilment unit. This allows us to deliver fresh atta, flours, spices, and oils within minutes of production—something not possible in traditional FMCG.
The benefits are tremendous:
• Higher margins: D2C offers 15–20% margins compared to 5–10% in B2B.
• Stronger brand engagement with households.
• Better control over quality and freshness.
• A data-driven understanding of consumer preferences.
With 16 dark stores planned initially, we see this as a scalable, replicable model across major Indian cities.
Q5. SSMD operates multiple brands under the House of Manohar umbrella. Which product segments are currently driving the strongest growth?
Our consistent performers are gram flour, chana dal, puffed rice, and ramdana. We've invested heavily in roasting technology, which gives us a unique advantage. Today, we command over 90% of the ramdana market in Delhi-NCR.
Additionally, our flour-based products and value-added mixes are witnessing strong uptakes because consumers are increasingly prioritising hygiene, consistency, and trusted branding—areas where SSMD excels.
Q6. The FMCG and food-processing industry is highly competitive. What differentiates SSMD's products and supply-chain capabilities?
Our differentiation lies in end-to-end value-chain control. Unlike many players who outsource processing, we manage:
• procurement
• sorting
• cleaning
• roasting
• processing
• packaging
• distribution
This gives us superior quality consistency and supply reliability.
The Indian food-processing market today stands at around ₹11 lakh crore and is growing at a CAGR of 6.5%. Increasing competition actually validates the industry’s attractiveness. But what sets us apart is our modern manufacturing infrastructure, our 63+ machinery units, and our ability to diversify into categories like Namkeen, pasta, edible oils, and detergents.
We are building for scale, not just survival.
Q7. You will invest in machinery for a Namkeen manufacturing plant. How will entering this category impact your revenue mix?
Namkeen is a natural extension for us. Since we already supply gram flour to major Namkeen players, forward integration helps us capture more margin within the same value chain.
The category offers:
• higher profitability,
• strong household-level consumption,
• wide distribution adaptability, and
• opportunities for premiumisation.
Our existing distribution network gives us a ready launchpad for rapid scale-up. By expanding into Namkeen, we are strengthening both product diversification and margin contribution.
Q8. With your listing on the BSE SME platform, how do you plan to strengthen investor confidence and ensure transparency?
Investor confidence comes from governance and performance. We are committed to both.
We will ensure:
• transparent and timely communication
• strict utilisation of IPO proceeds
• regular disclosures
• adherence to compliance frameworks
• continuous interactions with retail and institutional investors
Our strategic collaborations—including our Spain-based partnership—and our future readiness through D2C and digital transformation reflect the long-term growth mindset investors look for.
Q9. From an operational perspective, what capacity enhancements do you foresee in the next 12–18 months?
We are utilising our existing units much more efficiently now, but the next big push includes:
• a dedicated Namkeen manufacturing facility
• a JV-driven edible oil bottling unit
• pasta and macaroni manufacturing lines
• a specialised roasted chana unit
These expansions will support our revenue projections for the next three to four years without requiring heavy incremental capex. Our strategy is to scale smartly, not just aggressively.
Q10. What is your long-term vision for SSMD Agrotech? Where do you see the company by 2030?
Our vision is to become a national FMCG brand recognised for quality, innovation, and accessibility. By 2030, we expect to:
• expand from 45 SKUs to over 100,
• be present across India in both modern and general trade,
• build a strong D2C-driven presence in major cities,
• establish category leadership in select agro-food and value-added product segments, and
• embed technology deeply into procurement, manufacturing, and distribution.
We want SSMD Agrotech to be a household name backed by transparency, legacy, and modernisation.
As SSMD Agrotech prepares for its listing, the Company stands at a defining point where tradition meets transformation. With deeper investments in manufacturing, diversified product portfolios, D2C innovation, and strong distribution capabilities, SSMD is positioned to scale meaningfully in India's expanding FMCG market. The IPO reinforces its commitment to growth, consumer trust, and long-term value creation.
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