The company, which currently operates 76 stores across Karnataka, plans to increase that number to 100 by the end of FY25
New Delhi: Karnataka-based dry fruits brand Bolas is on track to cross Rs 2,000 crore in revenue for the fiscal year (FY) 2025, a company spokesperson told IndiaRetailing in an interview.
The family-owned brand, which has been in the cashew business for over six decades, has witnessed an impressive surge in demand for its products, buoyed by changing consumer behaviour and the shift to healthy living, accelerated by the COVID-19 pandemic.
“We’ve seen our top line grow from Rs 1,300-1,400 crore pre-COVID to Rs 1,700 crore in FY 2024, and we confidently expect surpassing Rs 2,000 crore this year,” said Rahul Kamath, Director, Bolas. “This represents an almost 50% increase in revenue in just five years.”
The pandemic played a pivotal role in transforming Bola’s business. As people became more health-conscious, dry fruits, particularly cashews, almonds, and walnuts, emerged as popular, immunity-boosting snack options.
“The health-conscious wave, coupled with the work-from-home trend, which made snacking more convenient, helped propel our sales. Smaller categories like walnuts and pistachios saw a doubling in sales, while larger categories like almonds saw growth of 40-50%,” Kamath added.
Looking ahead, the company, which currently operates 76 stores across Karnataka, plans to increase that number to 100 by the end of FY25.
“Our expansion will be focused on consolidating our position in Karnataka first, before moving into other southern states like Maharashtra and Tamil Nadu. Long-term plans include venturing into northern India and international markets,” said Kamath.
While Bolas is predominantly an offline retailer, the company is keen to expand its online presence, particularly on platforms like Flipkart, Reliance Jio, and Instamart. However, the company remains cautious, with offline sales still forming the backbone of its revenue.
“Customers in tier 2 and 3 cities prefer the tactile experience of shopping offline, especially for delicate items like cashews,” noted Kamath.
In terms of marketing, Bolas has relied heavily on word-of-mouth and customer advocacy. It has also engaged regional celebrities as its brand ambassador leveraging their star power. The marketing approach has yielded positive results, especially in new areas, further fueling the company’s expansion across Karnataka.
With a strong foothold in South India, Bolas is now eyeing future opportunities in the fast-growing dry food-based sweets sector, with plans to introduce contract manufacturing for sweets and expand its product range. Bolas is also exploring technological innovations, including modified atmospheric packing (MAP), to extend the shelf life of its products without compromising quality.
