Spices (Masala) are an integral part of any region’s food culture and it’s the combination of spices that brings out distinct flavors and aromas. Saraswati Food Industries can be considered a new player in the business of processing and packaging spices. Diwas Tripathi, the man behind the brand, established the company, building on his experience of working in the industry since 2015.
Diwas Tripathi worked as a marketing staff for a masala company for four years, and went on to establish Saraswati Food Industries which today produces 14 different varieties of spices which include turmeric powder, chili powder, timur chhop, chowmien masala, chaat masala, garam masala, panipuri masala, chicken masala, and momo masala, to name a few.
The company has been operating out of a factory located in Badaiyatal, Bardiya. They invested in processing machines and a packaging machine for the production of the spices and are currently providing employment to 10 individuals. Saraswati Food Industries sells its products under “Shikari Gold” brand leveraging on a wide network of distributors and dealers in Surkhet, Dailekh, Dang, Mahendranagar, and Kathmandu.
The company aims to grow its business by increasing production and expanding its distribution network all over Nepal. The company was steadily growing its business and planning to expand aggressively when the pandemic forced them to halt production. Even with the lift in restrictions, the company witnessed a sharp decline in sales and they were not able to meet its working capital requirements.
Saraswati Food Industries is one of the beneficiaries of the COVID-19 MSME Fund Nepal, supported by the Swiss Agency for Development and Cooperation – SDC and FMO – Dutch Entrepreneurial Development Bank, managed by One to Watch (OTW). With the help of the fund, Saraswati Food Industries was able to receive interest and a collateral-free loan from NMB Bank, which was utilized mainly for purchasing raw materials and managing its working capital.
OTW also aims to provide tailored Business Development Services (BDS) to Saraswati Food Industries and intends to help the company in identifying distribution channels to further their expansion strategy while also assisting them in developing a marketing and branding strategy.