EPIGAMIA

INTRODUCTION
Epigamia is the brainchild of Rohan Mirchandani, a finance and management graduate who grew up in New
Jersey and came back to India in January 2013 at the age of 30.
Epigamia, start-up in the branded fresh FMCG space, has become popular across a wide consumer
demographic owing to its unique and contemporary product offerings. Launched in June 2015, the brand is
currently offering 30 SKUs like Greek Yogurt, Artisanal Curd, Snack Pack, Mishti Doi, Smoothies, and Spreads -
made with Ghee, Plant-based Coconut Milk Yogurt, and Almond Milk.
Ever since it launched India’s first branded Greek Yogurt, Epigamia has rapidly gained traction with Indian
consumers, becoming the snack of choice for India’s ‘Health Conscious Millennials’.
The brand retails across approximately 12,000 touchpoints in 25 towns, including modern trade chains like
Reliance Fresh, Godrej Nature’s Basket, Future Group, Foodhall, Big Bazaar, and Hypercity; e-commerce
platforms including Big Basket and Amazon; and numerous general trade retailers.
PRODUCTS

● Greek Yogurt/ Curd

● Milkshakes
● Cream Cheese
● Almond Drinks
● Smoothies
DAIRY INDUSTRY IN INDIA
The dairy industry in India is the largest globally, accounting for 23% of global milk production. The industry
contributes 5% to the national economy and directly supports more than 8 crore farmers. India’s dairy
industry has grown significantly over the past 10 years, supported by various initiatives taken by the
government.
The major production area of dairy products in India is Uttar Pradesh, Maharashtra, Himachal Pradesh,
Madhya Pradesh, Punjab, Rajasthan and Tamil Nadu..
 History of Dairy Industry in India

During the 1950s and 1960s, India had a milk shortage and was dependent on imports; annual production
growth was negative for several years.

Despite having the world’s biggest cattle population, the nation generated less than 21 MT of milk
annually. The National Dairy Development Board (NDDB) was established in 1965 to assist the Operation
Flood programme, which was to be executed in stages, in establishing the Anand Pattern of dairy
cooperatives throughout the country.

Through the National Milk Grid, Operation Flood made it possible for consumers in 700 towns and cities
to access high-quality milk. The scheme also assisted in eliminating intermediaries, which decreased
seasonal price differences. Due to the cooperative framework, it was financially feasible for farmers to
produce and distribute milk and milk products on their own. Additionally, it eliminated India’s reliance on
imported milk solids.
Government Initiatives to Boost Dairy Industry The government has taken several initiatives for
development of the dairy industry in India. Few initiatives undertaken by the government to further boost
the opportunities in the dairy sector in India are as follows:

Rashtriya Gokul Mission To enhance milk output and productivity, which will increase farmers’ income from
dairying, the Rashtriya Gokul Mission (which aims to genetically improve the cattle population and promote
and conserve indigenous cattle breeds) has been given a five-year extension for implementation.

National Programme for Dairy Development (NPDD) NPDD has been in place since February 2014 and
aims to build or strengthen infrastructure for the production of high-quality milk as well as for the
procurement, processing, and marketing of milk and milk products through the State Implementing Agency
or State Cooperative Dairy Federation. In July 2021, the programme underwent restructuring.

Dairy Entrepreneurship Development Scheme (DEDS) DEDS is being implemented by the Department of
Animal Husbandry, Dairying, and Fisheries to create self-employment opportunities in the dairy industry. It
covers activities such as improving milk production, procurement, preservation, transportation, processing
and marketing by offering back-ended capital subsidies for bankable projects. The National Bank for
Agriculture and Rural Development is carrying out the programme
 PREVALENT YOGURT/CURD CONSUMPTION IN
INDIA
There are more than 700 yogurt and cheese products found in Indian cuisine . Today’s yogurt products come in a variety
of fat contents, including: low-fat (made from low-fat milk or part skim milk with between 0.5 and 2 percent milk fat)
and non-fat (made from skim milk with less than 0.5 percent milkfat) (NYA 2019).

Similar to the majority of the Food industry yogurt market too comprises both Organised and Unorganised with the
later dominating the market. Organised Yogurt market is further segmented into Retail Yogurt Market and Yogurt
Service Market. Both the markets are divided in Spoonful Yogurt and Drinkable Yogurt

Growing 70% year-on-year (Y-o-Y) since FY17, Epigamia has attracted a slew of investors, including Danone Manifesto
Ventures, DSG Consumer Partners, Verlinvest, Mousse Partners, Julie McGinnis, Deepika Padukone and others.

Till date, the company has raised a total of $56.3 Mn in funding, where it plans to add new products and expand its
distribution channel across the country.
Epigamia said that in FY20, its revenue grew by 20% to INR 110 Cr from about INR 87.8 Cr in FY19, however, we could not
independently verify these figures for the year ending March 31, 2020. “The drivers for growth have been our new product
launched and expansion into new distribution and channels. Our overall profit margins have improved by 20%, and we have
been profitable in the western region (Mumbai etc),” Mirchandani told.

According to the company’s corporate filings, its revenue in FY19 grew by 1.4X to INR 87.8 Cr from about INR 52.8 Cr in
FY18. Its expenditures also ballooned from INR 103 Cr in FY18 to INR 138.2 Cr in FY19. But overall losses decreased by a
degree to INR 50 Cr from INR 56 Cr in FY19.

According to the
IMARC group report, the flavoured and frozen yoghurt market grew at a
CAGR of 30% during 2014-2019
and the average per capita consumption will stand at 8.3 kg in 2021 in
India. According to the India Spoonful Yogurt Market Overview 2017-
2018 & 2022-2023, the overall spoonful yogurt market is projected to
grow around 20% of CAGR from 2017-18 to 2022-23.
EPIGAMIA GROWTH
A PLC or a Product Life Cycle curve can be defined as the depiction of stages that a product goes through between its initial
launch to the very end of its cycle. For every product that a company launches, this curve is applicable. The PLC comprises of
4 stages, which are: Introduction, Growth, Maturity and Stabilization and Decline.

In the case of Epigamia, the brand started off as a subsidiary of Mumbai-based fresh FMCG products company which was
called Drums Food international. However, the growth prospect of the brand is noticeably wide and impressive, which can be
placed at the Maturity stage of the PLC curve.
1) Introduction: This is the first stage of the PLC, where the product is first launched into the market and is at the
position where no one knows about it. The promotion and advertising of the new product produced are also carried out at
this stage.The competitive environment is quite small at this stage, but the manufacturer’s expenses are quite high. At this
stage, the goal is to introduce the product to the consumer and increase its popularity.

In the case of Epigamia, the product was initially launched as a complimentary product what was given to the customers on
the purchase of an ice cream. The company soon realised that they were able to sell 10,000 cups in the first month of its
launch, which gave the brand an opportunity to launch the yogurt as a separate product.

2) Growth: During this period, the product has spent a good amount of time in the market and has been recognised as
well as been used by the customers. We can also say that at this stage, the product has been recognised by most of the
customers. Usually during this time, the manufacturers decrease the price of the products in order to sell more units.

Most of Epigamia’s growth took place because of the company mainly focusing on its distribution. The manufacturer visited
hundreds of stores personally to get space for the products and, more importantly, to put up sampling counters. He then
started reaching out to city-based retailer associations to get access to multiple Kirana stores.Epigamia also majorly targeted
millennial customers who had a very hectic and fast paced life. With this, we can say that the company has a lot of future
growth prospects and is evolving in the market very well.
3) Maturity: During this period, the company has reached the highest level of popularity, and the competition in the
market is also at its maximum. The prices of products during this time start rising and the demand for the product also goes
down. All products are manufactured according to the demand of the consumers, and the technological developments are
closely monitored. The sales also increase during the maturity period, so the market reaches the point of satisfaction. At this
level, we can say that the product life curve has reached its peak.

In the case of Epigamia, this stage is yet to happen.

4) Decline: This period, also known as the regression period is the final point of the PLC, where the demand for the
product starts falling in the market, and the sales also drop down. This usually happens when a new product has entered the
market and is more in demand, or other factors that has negatively impacted the sales of the product. Thus, the PLC end at
this stage.
FUTURE PROSPECTS/ WAY FORWARD
The consistency and long-term success of a startup in a country like India, especially in the food-
tech niche are dependent upon its future vision and goals. As of now, the company has 14000
offline stores in 30 cities. The future goal of the company is to reach up to 35,000 offline stores in
50 cities in the next two years!

The brand has struck a chord with its customers in tier-1 cities. The company further aims to
expand itself in tier-2 and tier-3 cities in the forthcoming 2-3 years. With continuous research and
development, the company is keen to explore the practical possibility of expansion in the middle
east and southeast Asian markets. The brand’s core belief lies in continuous experimentation with
traditional Indian products. It is planning to come up with new varieties in ghee and cottage
cheese.
THANK YOU
MADE BY:
Sushim Mukul

Davity Sehgal

Yashna Talwar

Charu Gupta

Aayushee Singh

Koyel Das