How 6 College Friends Turned Peanuts Into A Rs 100-Crore Health Food Brand

What began as a simple observation about a humble winter snack has grown into a multi-crore homegrown brand. Six college friends, namely, Chetan Kanani, Hiren Sheta, Umesh Gajera, Priyank Vora, Milan Gopani and Mahetva Sheta, turned a modest peanut-based idea into Alpino Peanut Butter, now a leading player in the health-food market.

The group, who were once written off as back-benchers unlikely to land jobs, found their business inspiration in a peanut farm in Gujarat’s Junagadh. They realised that nearly 90% of India’s peanuts were being exported and converted abroad into high-value products such as peanut butter. Determined to capture that value at home, they launched Alpino in 2016 with an initial investment of Rs 5 lakh. Their first order

was just Rs 800.

The founders initially floated Estrella Overseas to focus on exports, before pivoting to the domestic market under the Alpino brand, a name suggested by one of the partners. At a time when existing brands positioned peanut butter primarily as a bread spread, Alpino adopted a different marketing strategy, pitching the product as a fitness-focused, protein-rich supplement. The company emphasised natural ingredients, with no added sugar or hydrogenated oil, made purely from roasted peanuts.

Rather than rely on traditional retail, Alpino built its presence online through marketplaces such as Amazon and Flipkart, quickly emerging as a category leader. As demand grew, the company expanded its portfolio to include flavoured peanut butter, almond butter, muesli, oats and peanut protein powder. Its workforce has since grown from six to more than sixty employees.

The journey was not without setbacks. A major warehouse fire once destroyed the company’s stock and caused sales to fall by 90%. However, the founders rebuilt operations within six months, relaunching what they called “Alpino 2.0”.

Today, Alpino exports to more than 15 countries. The company reported revenue of Rs 20.2 crore for the financial year ending March 31, 2024, with total revenue in 2024 said to have crossed Rs 25 crore. Its valuation has been estimated at over Rs 100 crore, with year-on-year earnings growth of about 150% as of September 2024.

Bollywood actor Shilpa Shetty has invested in the company and now serves as brand ambassador, while co-founder Chetan Kanani has featured in the Forbes Under 30 list. The founders also appeared on Shark Tank India, securing a deal on the show.

Alpino’s products are now available through thousands of retail outlets as well as online platforms. With rapid expansion underway, the company has set its sights on reaching Rs 500 crore in revenue over the next few years.