The team Myints 3-minutes has been planning the Recipes, Industry relationships and pan India growth strategy since March 2020. Their Company was incorporated in August 2020 and products were launched in the Retail segment in Gurgaon and Delhi in April 2021.
Among all of their founders, Aneeta Myint – an ex-Taj and a Culinary Professor – has vast expertise in Asian Cuisines and countless recipes, few of which are huge hits in the matured Frozen Food International markets. These frozen snacks range is delicious as well as healthy. But she saw that in India, only deep fried potatoes, fried corn flour/maida and Cheese were available within the frozen products – basically French Fries and other undifferentiated products from all companies. Thus came Myints 3-minutes, a company into frozen vegetarian delights and an International range of products.
Journey of Myints 3-minutes
Ashok Bansal, CEO of Myints 3-minutes Company, is a Distinction holder from Delhi College of Engineering (now DTU). In his first job with Engineers India Limited, he went to several Energy Sector and Refinery Projects within India and abroad. EIL gave him the scale of thought – in the 1990s, he was handling complex Contractual issues at an International Level for Contracts ranging from INR 10 Lakhs to INR 400 Crores that would be currently worth at INR 2500 Crores as a single contract.
He got bored as the learning stagnated and that moment he decided to come back into the books, studies and management from ISB Hyderabad. After a failed stint as an entrepreneur in Coke Import for steel industry, his alignment came with the Oberois Group and Max Healthcare Group– where he led multi location teams to make several 5 Star hotels, Hospitals and Defence projects at an International level.
His last stint was as a Senior Director at a global PMC. Not to sit back in a cushy state, he left his senior management role and good salary to become an entrepreneur in the FNCG Food Sector. From Energy sector to Hotels, Hospitals, Tall Buildings and Global Convention and Exhibition Centres, he finally used his experience of handling complexities in a disruptive way for a FMCG startup and branded it as “Myints 3-minutes” – ready within three minutes by the clock, ultra convenient and crave-worthy.
The idea to start Myints 3-mintues came in Q1 of 2020. By the time the core team was formed, the country was hit by Corona lockdown-1. Working on curfew passes – Food production and retail comes in essential services – they started their meetings and travelling. This sector is hugely capex intensive for the supply chain, cold rooms and world class production facilities. But the common goal binding all the Co-founders was that they will not produce run-of-the-mill or easily available products like French fries or Alu tikkis. Their range will be different and niche. Secondly, they will produce in the most hygienic and globally certified facilities only. Third, they had to do all that in a Capex light strategy in an otherwise capex guzzler industry.
Each of the founders played an intense role. Finally they have launched their products in April 2021, within 10 months of their Company Registration in Mumbai. Their united vast experience in managing complexities and crashing time and resources for anything on earth came handy.
The frozen industry in India is dominated by 3-4 players, which is a pity. There are very limited new options, apart from Fries, Nuggets and tikkis. Deep pocket players like Amul, Goeld etc also entered the market which validated the projections that Frozen Foods and Snacks sector is poised for a 18% CAGR for the next several years, with a present base of approx Rs 10,000 Crores.
Luckily, one of their USPs was differentiated products. Innovation is at the core of Myints 3–minutes and is easily visible in their Recipes, production facilities, marketing and growth strategies. They also have demonstrated significant horizontal and vertical growth over the past few weeks and months, backed by high operational efficiencies and a developing customer following.
They initially started with four co-founders. Over the months, one of the original cofounders, while still being connected deeply, parted ways from an active role due to his personal constraints. They welcomed Dinesh Murthy, a Computer wizard with over 10+ years of experience, in their founding team as the CTO.
They launched in April 2021, and in spite of 2nd Corona lockdown in Apr-May 2021, they clocked gross sales (GMV) of 20L in the 1st four months. They even have had multiple repeat Orders and have been stocked out for one of their 5 items twice in four months! Few of their Outlets are doing a GMV of above 30k per month, which is good even by the standards of larger brands. They started with 35 Outlets within NCR. Within 100 days, they touched 100 A+ category Outlets in NCR. In the 1st year, they shall aim for above nine cities and over 300 retail outlets.
Realizing that Horizontal growth is as important as vertical growth as it gives them a jump to the next level immediately once they have the desired growth funding, they expanded to other cities in North India rapidly. Their original aim was to be in 9 cities by Q4; they are already in 5 cities in Q2.
The company also has plans to enter the HORECA market in Q3-Q4 and Export market in the second year of operations as it is fully export compliant in ISO-22000 and BRC (British) code certification.
The founders have chipped in with seed funding in the beginning. Thereafter they raised an Angel/Friends round of around 75k USD in December 2020. Including the opportunity cost of their Founding Team and Sales teams that has worked relentlessly for months, their initial Investment in the 1st year would be in the range of 200k USD.
FMCG Food brand and production is a capex heavy industry, especially when they produce the products with world class quality norms in ISO 22000 and BRC compliant production facilities. They are disruptive in the sense with their work on a low capex high value model, thus giving far higher gross margins than the Industry norms. Theoretically, any company can pay for everything in-house or outsource everything and still launched a brand. Myints 3-minutes have struck a very economical balance till now – something that sounds easy but is not. Experience does matter, and the combined experience of 100+ years of Myints team in the Food sector shows in the brand and the results.