Keventers to focus on non-dairy and ice cream portfolio; eyes 10% sales

Milkshake brand Keventers is eyeing a 10 percent rise in its same-store sales this summer season on the back of an inflation-led price increase and the expansion of its product portfolio. The company has been focusing on building its non-dairy and ice cream portfolios.

Agastya Dalmia, founder and CEO of Keventers, said that at the beginning of this year, Keventers launched vegan ice cream, marking its foray into the non-dairy segment. By expanding its product portfolio, the brand intends to capture new customers, gain more mealtime, and thus increase its number of orders.

At present, milkshakes bring in 75 per cent of the brand’s sales, while the remaining 25 per cent is dominated by ice creams. Keventers reported revenue of Rs. 90 crore in FY23.

Dalmia anticipates milkshakes to contribute 60 per cent to the company’s sales, followed by ice cream at 30 per cent and food at 10 per cent and overall, he wants the company to be projected to grow at 25 per cent in same-store sales over the next 3–4 years. Keventers has been developing ice cream as a key revenue vertical. In addition to its stores, the company has been selling ‘Keventers Ice Creams’ as a separate listing on food platforms Zomato and Swiggy.

The retailer is also working on developing a model to deliver ice cream customer packs in a traditional FMCG format. Online sales account for about 40–45 per cent of the company’s total sales, with offline sales dominating the majority.

According to Aman Arora, co-founder and CMO of Keventers, the brand aims to go aggressive on its offline expansion by opening 45 stores in the current financial year. These stores will be a mix of kiosks, which are opened in food courts and malls, and dine-in outlets, which are opened on high streets. Keventers aims to triple its store count in the next 3–4 years.

The company spends about 20 to 24 per cent of its budget on store expansion, said Arora, noting that the allocation may increase due to rapid expansion plans. Last year in October, Jubilant picked up a minority stake in Keventers. Dalmia said that the funds raised under this partnership are enough to support the brand’s expansion plans for the next 4–5 years.