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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or Prepayment of Borrowings
Full or partial repayment or prepayment of certain outstanding credit facilities availed by the company.
Working Capital Requirements
Funding incremental working capital requirements to support business operations.
General Corporate Purposes
Meeting ongoing general corporate expenditures and operational contingencies.
(₹ in Crore)
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Shellz India Limited is an Indian confectionery manufacturing enterprise founded in May 2012, specializing in the formulation, production, and distribution of consumer sweets alongside food and bakery ingredients. The company markets an extensive portfolio exceeding 250 stock keeping units across multiple sweet treats categories, encompassing cocoa delights, molded chocolates, fruit jellies, baked goods, and sugar confectionery. Its consumer facing operations are organized primarily under two distinct brands: Hugs, which caters to the mass market segment with accessible price points, and Tosca, positioned for the mass premium segment across modern grocery and digital retail platforms. Beyond proprietary branded merchandise, the company operates dedicated private label contract packaging services for domestic third-party commercial clients. Production operations take place across specialized manufacturing facilities adhering to food safety standards, with broad product supply reaching retail outlets, institutional buyers, and industrial bakery clients through a structured wholesale network spanning major metropolitan centers, Tier II and Tier III cities, and regional semi-urban markets. While the enterprise maintains its primary domestic market footprint in Northern India, it has progressively expanded its sales reach internationally. The company exports selected confectionery lines to various overseas markets across the Middle East, Southeast Asia, and European jurisdictions including Spain, broadening its customer base across institutional and retail channels.
Shellz India Limited completed its anchor investor round on October 14, 2026, raising ₹16.20 crore by allocating 9,04,800 equity shares at the upper price band of ₹179 per share to four institutional participants. The allocation was led by Sanshi Fund I with 43.32% of the book, alongside India Max Investment Fund Limited taking 30.95%, Vikasa India EIF I Fund - INCUBE Global Opportunities securing 18.57%, and Resonance Opportunities Fund participating with 7.16%.
Source: RHP • Analysis provided for informational purposes
Last Updated: 15 October 2026, 11:41 PM
Established Brand Portfolio Across Multiple Categories
The company maintains an extensive catalog exceeding 250 SKUs marketed under recognized brand names including Hugs for value-conscious consumers and Tosca for higher-tier retail channels.
Broad Multichannel Distribution Network
Shellz India distributes goods across metropolitan, semi-urban, and rural areas, supported by long-standing distributor relationships and emerging quick-commerce presence.
In-House Manufacturing and Private Label Capabilities
Operating scalable manufacturing facilities enables the firm to supply domestic white-label clients and export packaged treats to overseas markets alongside its proprietary product lines.
Revenue Concentration in Regional Markets
A substantial portion of total revenue originates from clients in Northern India, leaving operating performance sensitive to local economic and competitive changes.
Exposure to Commodity Price Fluctuations
Key confectionery ingredients including sugar, cocoa, and packaging materials depend on third-party suppliers, exposing operating margins to price inflation and procurement disruptions.
Intense Competition Across Value Confectionery Segments
The mass confectionery segment is highly fragmented and contested by both domestic conglomerates and regional producers, requiring consistent promotional expenditure to defend market share.
Shellz India Limited
39/35, 2nd Floor, Main Rohtak Road, Near Shivaji Park Metro Station, West Punjabi Bagh, Shivaji Park, West Delhi, New Delhi, 110026
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