India’s FMCG start-up Global Consumer Products is set to enter the country’s chocolate business with a new brand.
The start-up plans to launch its own brand initially in the four southern states early next year, Business Line reported.
As part of this move, the firm is expected to hire professionals from Perfetti, Hindustan Unilever, Britannia, Ferraro and Cadbury Kraft, among others.
This initiative will be supported by INR315 crore investment from Mitsui Global Investment and Goldman Sachs.
Global Consumer Products chairman & managing director A. Mahendran was quoted by Business Line as saying: "We call ourselves a synthetic start-up as we now have both financial and human capital.
"Our chocolates foray will be in the value for money segment and will include confectionary like mints, gum and candy for which we are building distribution in southern India."
In addition to chocolate business, the start-up also plans to enter sectors including energy drinks, juices, packaged water and snacks.
The Indian chocolate market is now dominated by Cadbury Kraft, while the new entrants like Ferraro and Mars also have a foothold.
