Ahmedabad-headquartered soft drink concentrate brand Rasna’s ₹350-crore acquisition of Jumpin from Hershey India last year marks a strategic shift for the iconic “I love you Rasna” brand into the ₹20,000–25,000 crore ready-to-drink (RTD) market, as it builds a three-engine growth model spanning concentrates, exports and regional manufacturing.
Rasna has been a part of the Indian market for approximately 50 years, having its roots in the mid-1970s, and it still commands around a 70 per cent share in the soft drink concentrate segment. The company derives nearly 40 per cent of its revenue from exports. Senior company officials indicated the plan is targeting double-digit growth in CY26 as it aims to scale into a ₹1,800–2,000 crore business by FY27.
The pivot follows a weather-hit FY25, when unseasonal rains disrupted peak summer demand, with Rasna now betting on early summer onset, expansion in quick commerce and a sharper push into RTD to drive recovery.
“RTD is a large market for us, Rasna and Jumpin are complementary two engines of growth,” said Piruz Khambatta, Chairman, Rasna, speaking exclusively to businessline on the sidelines of CII’s Western Region Annual Meeting 2025 and conference on Driving Innovation, Growth and Global Competitivness.
Sharing further insights on the Rasna journey, he said, “We have nearly half the sugar—around 7 brix compared to 13–14 brix for competitors—and added vitamins like B12, C and Zinc,” Khambatta said.
Jumpin leads the pivot
The relaunch of Jumpin marks Rasna’s most aggressive entry into the fast-growing RTD segment, currently dominated by brands such as Frooti, Maaza and Slice. The acquisition represents a shift from a single-category, seasonal business to a broader beverage platform.
The company is targeting a 5–7 per cent share of the ₹20,000–25,000 crore market over the next two years. Currently available in 125 ml and 200 ml packs at the ₹10 price point, Jumpin is positioned as a differentiated offering with lower sugar and added fortification.
The deal gives Rasna an immediate foothold in the faster-growing on-the-go consumption segment, compressing what would otherwise have been a longer organic build-out.
Patna investment to improve margins
As part of its expansion strategy, Rasna is investing ₹45–50 crore in a new litchi concentrate plant in Patna, aimed at strengthening its presence in North and East India.
The facility is expected to reduce logistics costs and improve regional margins, particularly in high-growth markets such as Bihar, Jharkhand and the North-East.
“The biggest bottleneck today is transportation cost… bringing production closer to markets helps us reduce freight,” Khambatta said. Industry estimates suggest the plant could drive a 200–250 basis point improvement in margins over time.
Three engines, one goal
Rasna’s strategy is now being built across three pillars—RTD expansion through Jumpin, export growth led by Africa, and cost optimisation through regional manufacturing investments.
The company is also increasing its focus on digital channels, with 60–70 per cent of its media spend now directed towards online platforms, and quick commerce emerging as a key growth driver.
The success of this strategy will hinge on how quickly Jumpin scales in the highly competitive RTD market while the core business continues to deliver volume.
The ₹350-crore bet on Jumpin now sits at the centre of Rasna’s attempt to transition from a seasonal brand into a ₹2,000 crore beverage platform.
Core business anchors scale
Despite its RTD push, Rasna continues to rely on its dominant concentrate portfolio, where it holds nearly 70 per cent market share. “We are a concentrate company… our primary focus remains converting consumers from plain water to soft drinks,” Khambatta said.
The segment is supported by a distribution network spanning over 1.3 million outlets, with a target to expand to 1.5 million outlets, particularly in rural and semi-urban markets.
Pricing strategy under pressure
Even as Rasna invests in new growth engines, it continues to defend its ultra-low price points of ₹2, ₹5 and ₹10. “At ₹2 and ₹5 price points, we are losing money,” Khambatta said, noting that the company has maintained a 180 ml serving size despite inflation.
Margins are currently stable at around 16–18 per cent, but pressure is expected in the near term due to higher marketing spends and the relaunch of Jumpin.
“The challenge is to hold these price points… it is difficult to predict how long we can sustain this,” he added. The company maintains a key tension—balancing affordability with profitability as the company scales.
Exports and Africa to drive next leg
Exports contribute around 40 per cent of Rasna’s revenue, with a target to increase this to about 45 per cent over the medium term. Africa is emerging as a key focus market, currently accounting for an estimated 20–25 per cent of export revenue. ”We are exploring a manufacturing base in Africa,” Chairman Khambatta said.
“Africa can be another India for Indian companies,” Khambatta said, adding that the company is developing region-specific SKUs such as reduced-sugar and natural variants. While geopolitical disruptions in West Asia have affected recent shipments, Rasna expects export momentum to recover as conditions stabilise.