Saffola oats, now a market leader, initially struggled due to misalignment with consumer expectations. Marico s subsequent success stemmed from understanding regional tastes and creating a product that seamlessly combined health and flavor. This journey underscores the importance of perseverance and adaptation in business.
Marico, one of India s largest FMCG companies, has successfully diversified its product portfolio to reduce its reliance on its traditional brands, Parachute coconut oil and Saffola edible oil. The company has expanded into new categories such as food and D2C (direct-to-consumer) brands, including healthy snacks and personal care products. Marico s revenue contribution from coconut oil has decreased, while the contribution from new categories has grown to approximately 15% of domestic revenue in FY23 and is expected to reach 20% in FY24.
Harsh Mariwala s lesser-known rags to riches story is a testament to the transformative power of perseverance, innovation, and a strong entrepreneurial mindset.