Nepalese billionaire who started a noodle fight in India is nurturing bigger ambitions

Nepalese billionaire Binod Chaudhary, known for his Wai Wai brand of noodles that rivals market leader Maggi from Nestle and ITC’s Yippee, is nurturing IPO ambitions in India. 

Chaudhary is reportedly seeking to list his conglomerate Chaudhary Group’s India food unit by 2026. 

The IPO details, however, are still sketchy. Gurgaon-based CG Foods India boasts a significant presence in the country's instant noodles market, commanding a 28 per cent share and generating an annual revenue of approximately $130 million. 

The company aims to up its revenue by an ambitious 15 per cent in the current fiscal year. If it goes through, CG Foods will join a list of food firms, which includes Gopal Snacks and Mukka Proteins, who have gone public in the past year. 

The sector has seen the the second-highest number of IPOs in India in the past 12 months, according to Bloomberg.

The noodle maker for now plans to bolster its market share and product portfolio first. CG Food “would be ready to go for a sizable listing” in the next two years after the above plans, Manvendra Shukla, global chief executive officer at CG Foods India Pvt., told Bloomberg. 

Wai Wai, which was launched about four decades ago in Kathmandu is now the third largest brand in India. It is known for its pre-seasoned noodle, which is it can also be munched on as a snack without cooking it, an aspect which the firm claims has not been yet replicated in the market. 

"Over the past five years, Wai Wai Noodles has become a popular brand in both the metros and tier-two cities. The brand is growing at 20% year-on-year," GP Sah, Global Business Head of Nepal-based CG Foods, had recently said in a presser.