Founded in 2000, today company is 4th largest decorative paints company in India. The company's product portfolio includes decorative paints including emulsions, enamels, wood coatings, distemper, primers, putties and cement paints. Presently, emulsions accounts for ~43% of revenues, followed by primers, distemper, others (24%), Enamels & wood coatings (18%) and Cement paints & Putty (15%). The company's distribution network includes ~13,200 active dealers and ~5,500 tinting machines for mixing of paint. It has a total of 44 depots located across India. Presently, the South region of India contributes ~46% of revenues, followed by East (29%), West (14%) and North (11%).
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Indigo Paints was originally incorporated as ‘Indigo Paints Private Limited’ at Pune, Maharashtra as a private limited company under the Companies Act, 1956, pursuant to the certificate of incorporation dated March 28, 2000 issued by the Registrar of Companies, Maharashtra at Pune. Subsequently, the company was converted into a public limited company and consequently the name of the company was changed to ‘Indigo Paints Limited’ and a fresh certificate of incorporation dated August 20, 2020 was issued by the Registrar of Companies, Maharashtra at Pune.
Indigo Paints is the fastest growing amongst the top five paint companies in India. It is the fifth largest company in the Indian decorative paint industry in terms of its revenue from operations for Fiscal 2020. It has achieved this position in a highly competitive Indian decorative paint industry on the back of its multi-pronged approach. This includes introducing differentiated products to create a distinct market in the paint industry, building brand equity for its primary consumer brand of ‘Indigo’, creating an extensive distribution network across 27 states and seven union territories as of September 30, 2020, and installing tinting machines across its network of dealers. To create demand for its differentiated products, it initially tapped into Tier 3, Tier 4 Cities, and Rural Areas, where brand penetration is easier and dealers have greater ability to influence customer purchase decisions.
The company subsequently leveraged this network to engage with dealers in Tier 1 and Tier 2 Cities and Metros as well. It engaged Mr. Mahendra Singh Dhoni, a sportsperson with pan-India appeal, as its brand ambassador, to enhance its brand image amongst end customers. The company concentrated these branding efforts on its differentiated products and then leveraged these efforts to increase distribution and sale of its complete range of decorative paint products. It subsequently introduced tinting machines in its target markets to increase sales of emulsion paints, which require in-shop tinting.
Business area of the company
The company manufactures a complete range of decorative paints including emulsions, enamels, wood coatings, distempers, primers, putties and cement paints. It also identify potential product needs from customers and introduce differentiated products to meet these requirements, and create a distinct market for its products. For instance, it is the first company to manufacture and introduce certain differentiated products in the decorative paint market in India, which includes its Metallic Emulsions, Tile Coat Emulsions, Bright Ceiling Coat Emulsions, Floor Coat Emulsions, Dirtproof & Waterproof Exterior Laminate, Exterior and Interior Acrylic Laminate, and PU Super Gloss Enamel (together, Indigo Differentiated Products). These products are differentiated based on the end-use they cater to, as well as added properties that they possess.
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