Nurture Well Industries is a food company built on a sharp pivot: after two decades as a dormant tech shell, it was acquired in 2023 by two new promoters who abandoned the failed electronics past, renamed the business, and redirected it entirely into biscuits, bakery, and agro-food trading. The recurring approach is to buy ready, running assets rather than build from scratch - a biscuit plant was acquired in a single slump sale within weeks of forming a subsidiary, and a UAE trading entity was bought for its licence and shelf - so the company could start shipping products almost immediately. # Business segments Two engines at different stages - a branded biscuit-and-bakery manufacturer scaling from one automated plant to two, and a wholesale trading desk that moves food products through India and the UAE - with the manufacturing arm built inside a subsidiary the parent acquired from its own promoters. ## 1. Branded biscuits and bakery: the manufacturing engine **A single automated plant in Neemrana makes roughly 2,000 tonnes of biscuits, cookies and fresh bakery each month, sold under three in-house brands across North Indian kirana stores and nine export countries - and a second plant is already being built.** - **Owns the factory, not just the brand** - the business runs through a subsidiary, Nurture Well Foods Limited, which bought a running biscuit plant in Neemrana, Rajasthan via slump sale in May 2023, giving it 3,400 metric tons of monthly capacity from day one. The plant sits 500 metres from NH-8, close to Delhi, Jaipur and the international airport, so raw materials come in and finished goods go out fast. - **Made here, contract-made there** - domestic sales come from the company's own plant, which was running at 65-70% utilisation as of early 2026. For exports to nine-plus countries across Africa and the Middle East, 100% of product is contract-manufactured by third parties but sold under the RICHLITE brand, with the company supplying recipes and packaging. - **North India first, then the rest** - distribution reaches from Jammu & Kashmir to Uttar Pradesh through more than 150 distribution partners and super-stockists in Tier-2 and Tier-3 cities. A second plant in Sikandrabad, Uttar Pradesh, expected by late 2026, will add capacity for southern and central India and shift the export mix to roughly 30% of output. - **Input costs are the swing factor** - wheat flour, sugar and palm oil dominate the ingredient bill, so the company uses long-term supplier contracts and dynamic pricing to cushion volatility. Gross margins on own-manufactured goods sit around 20%. ## 2. Trading of food products: the wholesale desk **A parallel trading operation buys and sells organic and inorganic foods, bakery products and processed items through the listed parent and a UAE subsidiary, generating the larger share of consolidated revenue without owning a factory.** - **Two entities, one trading book** - the listed holding company runs a standalone food-trading segment, while the step-down subsidiary Nurture Well LLC in Sharjah handles wholesale trade of agricultural and food products in the Gulf. The UAE entity was acquired for its licence in mid-2023, then transferred down to the operating subsidiary in early 2024. - **Revenue on transfer, not on production** - the segment recognises revenue when control of goods passes to the customer, with no unfulfilled obligation left hanging, and the price is adjusted for discounts, returns and rebates. This is a margin-on-the-spread business, not a manufacturing-margin business. - **Feeds the group while the factory scales** - the trading desk gives the company a food-industry cash flow that does not depend on plant utilisation, so the group can fund biscuit-brand building and the Sikandrabad expansion without waiting for the Neemrana plant to hit full capacity. # Group structure and partners **The listed company is a holding entity with one material operating subsidiary beneath it, a UAE step-down subsidiary, and a promoter group that sold the first operating business into the listed shell.** - **Nurture Well Foods Limited is where the factory lives** - incorporated in April 2023 and acquired by the listed company from its own promoters a month later at face value, it owns the Neemrana biscuit plant and holds the three brands. A single external investor, India Inflection Opportunity Fund, took a 20% stake in July 2024, diluting the parent from 100% to 80%. - **The parent funds the subsidiary** - the listed company has extended a ₹73.96 crore convertible loan at 8% interest and issued corporate guarantees of ₹25 crore each to Union Bank of India and Punjab & Sind Bank to back the subsidiary's borrowings. - **Nurture Well LLC is the export foothold** - registered in Sharjah in May 2023 and bought for roughly ₹22 lakh, it was moved under Nurture Well Foods Limited in March 2024, making it a step-down subsidiary with no direct link to the listed parent. - **Promoters are the architects** - M.G Metalloy Private Limited is the promoter entity, and the two individuals behind the 2023 takeover, Mr. Saurabh Goyal and Mr. Sanidhya Garg, held a combined 66.72% after the open offer.