24 Mantra

Sector: Consumer Goods, Organic Food & Beverages  |  HQ: Hyderabad, Telangana, India  |  Founded: 2008  |  Employees: 1,000+

Listed as: Privately held  | 

Company overview

24 Mantra Organic is the consumer brand of Sresta Natural Bioproducts Private Limited, a Hyderabad-headquartered organic food company founded in 2008 by Raj Seelam. The company is one of the largest pure-play organic packaged food brands in India, with a product portfolio spanning organic atta, rice, pulses, spices, edible oils, sweeteners, breakfast cereals, and ready-to-cook mixes. Sresta has built an end-to-end model that contracts directly with over 45,000 farmers across more than 1,80,000 acres of certified organic land in Andhra Pradesh, Telangana, Madhya Pradesh, Maharashtra, Rajasthan, and Karnataka. Products are certified to NPOP (National Programme for Organic Production) standards administered by APEDA under the Ministry of Commerce, USDA Organic for the United States market, EU Organic for the European Union, and JAS for Japan. 24 Mantra products are distributed through modern trade, general trade, and a growing direct-to-consumer e-commerce channel through the brand website, Amazon, Flipkart, BigBasket, and quick-commerce platforms. The company has a manufacturing presence at Telangana and a network of contract manufacturing partners. Sresta has received funding from investors including Peepul Capital and other private equity participants over multiple rounds.

Financial performance and recent trajectory

Disclosed revenue (FY25): ₹450 crore (FY 2024-25 estimate).

Competitive position

24 Mantra is the largest organic packaged food brand in India by retail revenue, materially ahead of Pro Nature, Organic Tattva (DCM Shriram), Phalada Pure & Sure, Conscious Food, and the various private-label organic SKUs from BigBasket, Amazon Fresh, and Reliance Smart Bazaar. Its competitive moats are the direct farmer contracting base that secures supply continuity and certification chain integrity, the multi-country certification portfolio that supports exports, and the broadest organic product range in the Indian market across grains, pulses, oils, and ready-to-cook. The principal headwinds are the limited price elasticity of the organic premium versus conventional staples (typically 60 to 120 percent premium), competition from emerging direct-to-consumer brands such as Two Brothers Organic Farms and Slurrp Farm, and the structural challenge of scaling organic farmer networks against weather and certification risks.

Key risks

Weather and crop failure risk on organic farmer base without chemical buffer Consumer price elasticity on the 60 to 120 percent organic premium Competitive intensity from D2C organic brands and FMCG conglomerate entry

Outlook

24 Mantra Organic was founded in 2008 by Raj Seelam, a former ITC executive who identified the gap between rising urban demand for organic produce and the fragmented, certification-light supply base. The early strategy combined three elements: direct contract farming with smallholder farmers under multi-year organic transition agreements, in-house quality and certification management, and a national consumer brand build under the 24 Mantra label. The company name references the 24 Mantras of the Indian agricultural calendar. The business is structured around three pillars. The first is the upstream farmer network: Sresta works with over 45,000 farmers across more than 1,80,000 acres, providing technical inputs, organic-certified seeds, biological pest control protocols, and assured offtake. The second is the processing and packing footprint, including own facilities and contract manufacturing partners certified under FSSAI, NPOP, USDA Organic, EU Organic, and JAS standards. The third is the consumer brand and distribution, with 24 Mantra products available in over 25,000 modern trade outlets, several lakh general trade points, and full digital coverage on Amazon, Flipkart, BigBasket, JioMart, Blinkit, Zepto, and Instamart. The product portfolio is the broadest in the Indian organic packaged food market. Staples include organic atta, basmati and non-basmati rice, pulses, sugar, jaggery, salt, and edible oils (mustard, groundnut, sunflower, coconut). Spices and condiments cover whole and ground varieties. The breakfast and snacking range includes muesli, oats, ragi flakes, and millet-based ready-to-cook mixes. The brand has expanded into juices, honey, and select packaged snack categories. Manufacturing is anchored at Telangana with rice milling, atta and pulse processing, and edible oil packing capacity. Spice processing and packaging is managed through a combination of own and contract facilities. The certification chain of custody is the operational backbone: every SKU is traceable from farm to retail under the NPOP and overseas certification regimes, with audits by APEDA-accredited certification bodies such as Indocert, Onecert India, and Aditi Organic. Distribution spans modern trade (Reliance Retail, DMart, Star Bazaar, Spencers, More, Spar), general trade (Kirana stores through general trade distributors), online (own website, Amazon, Flipkart, BigBasket, JioMart), quick commerce (Blinkit, Zepto, Instamart), and exports to over 50 countries including the United States, European Union, Middle East, Singapore, and Australia. Exports contribute an estimated 30 to 35 percent of revenue, supported by long-standing relationships with overseas retailers including Whole Foods, Tesco, and Costco. Financial trajectory has been steady. Revenue grew from approximately ₹240 crore in FY20 to ₹325 crore in FY22, ₹385 crore in FY24, and an estimated ₹450 crore in FY25 at a CAGR of approximately 13 percent. EBITDA margins are in the 7 to 10 percent band, materially below conventional packaged food peers due to the price-sensitive organic positioning, higher procurement cost, and certification overheads. The company has been profitable at the operating level for multiple years. Recent capex priorities include capacity expansion at the Telangana facility, expansion of the contract farmer network into Rajasthan and Madhya Pradesh for organic pulses and millets, and digital channel investment as direct-to-consumer e-commerce share has grown. Strategy through 2025 to 2030 is anchored on four themes. First, deepening the organic farmer network from 45,000 to 80,000 farmers and over 3,00,000 acres, with millet and pulse crops as the priority. Second, premium product extensions in the ready-to-cook, snacking, and breakfast adjacencies where margin upside is higher. Third, export market growth in the European Union and the Middle East, supported by the EU Organic equivalence regime for India under the upcoming negotiations. Fourth, omnichannel distribution scaling, with quick commerce as the priority channel for tier-1 urban penetration. The regulatory environment is sector-specific. Organic certification in India is governed by the National Programme for Organic Production administered by APEDA under the Ministry of Commerce and Industry. The Food Safety and Standards (Organic Foods) Regulations 2017 issued by FSSAI lay down labelling requirements. Export-oriented certification requires alignment with destination country regulators (USDA Organic in the US, EU Council Regulation 2018/848 for the European Union, JAS Organic for Japan). The Companies Act 2013 governs corporate disclosure for Sresta Natural Bioproducts Private Limited. The Goods and Services Tax framework treats most organic packaged staples at the 5 percent rate. Risks are concentrated in five buckets. First, weather and crop failure risk on the organic farmer base, where Sresta cannot use chemical pesticides as a buffer. Second, certification audit risk, where any breach by a contracted farmer could affect chain of custody. Third, consumer price elasticity on the organic premium in an inflation-stressed urban consumer environment. Fourth, competitive intensity from direct-to-consumer organic brands and the larger packaged food companies entering the organic adjacency. Fifth, export market policy risk, particularly the EU equivalence regime and US import tariffs. Management quality is anchored by Raj Seelam as founder and a professional management team. Statutory audit is conducted under the Companies Act 2013 framework. The company has not pursued an IPO although secondary market interest has periodically been reported. ESG positioning is the strongest among Indian packaged food brands by structural design. Organic farming reduces synthetic fertiliser and pesticide load, supports soil carbon sequestration, and provides farmer income premium of an estimated 15 to 25 percent versus conventional contract farming. The company reports on its sustainability metrics through annual impact reports and has been recognised under the Government of India organic sector recognition awards.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.