Ethnic beverage firm Xotik is looking to set up a new plant in Bengal in 2024. It is expected to be the seventh plant of the company, which has set a target to reach of a revenue of Rs 1,000 crore in five years.

“Our turnover is around Rs 200 crore. But the aspiration is to take it up in the next three years to Rs 500 crore and in five years touch Rs 1000 crore. We are increasing our distribution network and now we have an all-India presence,” said Anjana Ghosh, chief executive officer, Xotik Frujus Pvt Ltd.

The 16-year-old company’s flagship brand is Jeeru. The ethnic beverages market is estimated at Rs 20,000 crore.

“We have identified one more plant in the east that we would be putting up in Bengal. We already have land in Ranihati and we will see how soon we can start manufacturing,” said Ghosh. A fully automatic plant could entail investment of around Rs 50 crore.

The company is also planning to raise funds from the private equity market as it looks to scale up operations and distribution presence.

“Moving forward we will be looking at having some equity fund infused because we plan to increase our market presence. We are in a niche category and it is essential for us to grow fast,” Ghosh said adding that the company has initiated discussions with investors and may be in a position to start road shows in the next two-three months.

Xotik Frugis was founded in 2007 by the Sehgal family. Earlier this year, the company rebranded Jeeru as J. The company had said the rebranding was done to connect with the youth.

The company is present in 19 states and covers 780 smaller towns. Xotiq beverages are available at 1.5 lakh outlets in the country. It has over 1,000 distributors and 22 super stockists.