Akshay Bector, Chairman and Managing Director, Cremica Food Industries Limited, has been associated closely with the development and expansion of the company. His focus on quality and innovation has been a key factor for the company’s exponential business growth which has seen many firsts. Cremica launched India’s first Vegetarian Mayonnaise, as well as Opera kettle crisps last year, which were India’s first cottage style potato crisps.
Akshay Bector joined the business in the early 90s just after completing his graduation. His mother had already started the business and he carried it ahead by setting up a bread plant. The group had three joint ventures of delivering buns to McDonald’s, with Quaker Oats Company and one with a brand in ketchup and mayonnaise.
Since 1996, the business had developed in all verticals and because of favorable circumstances, they grew further. Some parts were taken over by Akshay’s brother and he started looking after the ketchup and mayonnaise business. Today, it serves institutional as well retail customers.
At present, Cremica Food Industries is leading the market and has become number one in the mayonnaise market and number three in tomato ketchup. The key accounts contribute about 20 percent of total turnover of the business and 80 percent comes from the rest of the market, including 40 percent from retail. Cremica works with McDonald’s, Dominos, CCD, Starbucks, and various other restaurants.
Innovation has been the key with the launch of new products. In snack food business Cremica did something innovative by launching chips made from Olive oil which was very well received by the market. Today the brand has achieved a super premium position.
Talking about his instincts as an entrepreneur on what market needs, Akshay says, “As an entrepreneur first you have to create a product and then develop a market accordingly because nobody knows what the consumer needs and what they will like, it all depends on your gut feeling.”
(This article was first published in the November issue of Entrepreneur Magazine. To subscribe, click here)