SBM Advisors is a boutique advisory firm created by veterans of Industry, focussed on below verticals: Business Strategy & Organisational Development Advisory for Food Businesses. Investment Banking & Transaction Advisory services for consumer sector funds / industries. We provide holistic advisory in all areas of Food business right from sourcing to business strategy and meeting growth requirements. The Consultants carry years of experience in transforming various Food Businesses and taking them into next trajectory of growth. Through another vertical, we help industries in fund raising, M&A activities while advising various Funds/ PE Firms / Industries in their diligence and integration processes as well as operating partner support. With more than 280 years of combined experience across the entire value chain and having helped in creating behemoths in the industry, NOBODY KNOWS FOOD BUSINESS BETTER THAN US.

1. CATALYSING FOOD BUSINESSES
INTRODUCTION
TO SBM ADVISORS

2. Introduction
2
SBM ADVISORS IS A BOUTIQUE ADVISORY FIRM CREATED BY VETERANS OF INDUSTRY, FOCUSED ON BELOW VERTICALS
Advisory for Food & Agri Businesses
Investment Banking & Transaction Advisory
services for consumer sector Funds/Industries
• We provide advisory in all areas of Food & Agri business
right from sourcing to business strategy and meeting
growth requirements along-with implementation support
• With more than 280 years of combined experience across
the entire value chain and having helped creating
behemoths in the industry, NOBODY KNOWS FOOD & AGRI
BUSINESS BETTER THAN US
FOOD & AGRI BUSINESS ADVISORY
• We help industries in fund raising, M&A activities while
advising various Funds/ PE Firms/Industries in their
diligence and integration processes as well as
operating partner support.
• For Investment Banking clients, we act as PARTRNERS
FOR GROWTH & EXIT STRATEGY
INVESTMENT BANKING

3. Areas of Expertise
3
Corporate Strategy
Business Transformation Strategy
Growth & Entry Strategy
Business Process Management
Marketing & Distribution Strategy
Productivity & Profitability strategy
Organisation Design & Restructuring
Change Management
Leadership Development
Capability Building
Developing investment theme
Valuation & Business Modelling
Corporate Restructuring
Management & Technical
Due Diligence Services
Private Equity Investment
Public Market preparation
M&A Advisory
Funding & Transaction Advisory
Organisational Development
Business Strategy

4. Why SBM?
4
*Exact process of engagement would differ as per requirements of business
Preparing Strategy
• Shared strategy
• Define SMART goals
Implement
• Support in
implementation
• Lay down systems,
processes
and develop capabilities
Conducting Research
• Analysing the information
• Conducting scientific
research
Identify Business Need
• Internal business requirements
• Scanning external environment
Are you looking
at growing
your business?
Are you looking at
cutting costs and
improve profitability?
Are you looking
at entering new
category or
geography?
Are you looking
at transforming
your business?
Are you looking at
evaluating a
business for
investment
or takeover?
Are you looking at
changing culture in
your organisation?
Are you looking at
funds to grow your
business faster?
We work on long-term horizon; Derive strategies & action plan;
Assist in implementation; Establish systems & processes; Develop capabilities for future

5. • Implementation based
• Scientific & ground-level approach
• Collaborative work
• Sustainable & viable implementation
• Business need focused
MULTIPLE GEOGRAPHY EXPOSURE
Our Work
5
10+
Consultants & Growing
280+ years of combined industry experience
50+
Projects Completed/Ongoing
• Growth in revenue
• Growth in profitability
• Cost savings
• Capability Building
BUSINESS GROWTH
DEMONSTRATED

6. Our Work
6
VARIED FUNCTIONAL EXPERTISE
MULTIPLE SEGMENTS COVERED
Dairy Fruits & Vegetables Oilseeds Bakery Sweets
Snacks Beverages Nutrition &
Nutraceuticals
Cosmetics
Business Strategy
Productivity &
Profitability
Capability
Building
Mergers &
Acquisitions
Fund
raising
FSSAI/Food Safety
& Technical
Diligence
Change
Management
Business
Integration
Commercial
Diligence

7. Our Work
7
Entire Business
strategy preparation
& implementation
for a beverages Co.
Business strategy
preparation &
implementation
for a Dairy Co.
Market Entry
Strategy for an
agri-inputs Co
Marketing &
Distribution
Strategy for
a Bakery Co.
Business
transformation
strategy for a
snacks Co.
Productivity
Improvement
for a Dairy Co.
Growth Strategy
for an oilseeds Co.
Nutrition products
Business Strategy
Start-up advisory in
Nutrition, Sweets &
snacks businesses
Business
Strategy
Research
70+ Research
projects completed
ranging from demand
side to production
side for wide variety
of products
Eg. Prepared detailed
Dairy Market Report for
India on regular basis
Eg. Conducted Back-end
research for Market entry
strategy, product launch
strategies
*Above list is indicative and not exhaustive. Name of the clients not revealed due to confidentiality.

8. Our Work
8
*Above list is indicative and not exhaustive. Name of the clients not revealed due to confidentiality.
Entire value-chain productivity
improvement for a food Co,
improved profitability margins by 10%
Accelerated Procurement ramp-up
strategy for a dairy Co; establishment
of network in 70+ villages
Farmers organisation & integration of
market access for a non-profit foundation
with 20K farmers
Capability development of FPOs
for a national institution
Marketing & Distribution capability
building for a Food Organisation
Marketing & Distribution capability
building for a F&V institution
Implementation of Total Quality
Management (TQM) aspects including
Hoshin Kanri, 5S Housekpping & Kaizen
Change Management Prog.
Implementation for a Dairy Co.
Capability Building for a multinational
Food Co. and one of the largest FMCG Co.
ORGANISATION DEVELOPMENT
Devised Business Strategies based on
Organisational Climate Survey (OCS) &
Customer Climate Survey (CCS) at multiple
organisations.

9. Our Work
9
• Equity Funding Advisory for 25+ Cos, raising more
than Rs. 1,000 crores
• Debt Funding Advisory for 15+ Cos, raising more than
Rs. 600 crores
• Quasi-equity Funding Advisory including instruments
like Debentures, FCCBs, Warrants, etc., raising more
than Rs. 400 crores
• Conducted M&A advisory which includes acquisition
discussions for 10 Cos, selling of business/units for
10+ Cos, merger of 7+ Cos
• Assisted in post-merger integration of 5+ Cos
• Conducted post acquisition Productivity & Efficiency
Exercises in various Cos, saving Rs. 400+ crores
*Above list is indicative and not exhaustive. Name of the clients not revealed due to confidentiality.
FUND RAISING AND M&A ADVISORY TRANSACTION ADVISORY
• Conducted technical diligences for various Funds for
acquisition of stake in Cos including in India, Africa &
SE Asia
• Conducted commercial diligences for various Funds
in acquisition of Food Cos
• Assisted in restructuring to simplify Corporate
Structure in a Food Co.
• Conducted FSSAI & Food Safety related diligences in
various Cos
• Conducted ESG Diligences incl OHSAS, Energy Mgmt
System, Env Mgmt System
• Also mapped World Bank’s ESG requirements

10. Case Studies
10
1.0 1.7 2.2 2.4 2.6 2.8
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Profitability Margin
M-1 M-4 M-5 M-6 M-I M-N
PRODUCTIVITY ENHANCEMENT ACROSS VALUE-CHAIN
Result: Increased Profitability Margin 3X
within 6-months’ period by focussed efforts at above levels transforming
into healthy margins
M-1=Base month;
Intervention done
through M-4 to M-6;
M-I=areas under
implementation;
M-N=pending
implementation
• Need: The Unit was having a very low Contribution Margin, leading to negative profitability
• Intervention: Worked across value-chain viz. Procurement, Manufacturing, Supply-chain, Distribution & Sales to improve productivity
through different levers
Area Initiative Levers
Sales
NRV Bench-marking
Price Increase
Downsizing
Discontinuation of unprofitable
routes/SKUs
Quality Benchmarking
Solids Reduction
Blending Change
Logistics
Movement Consilidation
Discontinuation of unviable routes
Area Initiative Levers
Procurement
Volume Build-up Accelerated procurement volumes
Pricing & Incentive
Price Chart Re-formulation
Incentive restructuring
Caliberation
Consolidation Network Consolidation
Logistics
Primary Logistics improvement
Secondary Logistics Consolidation
Area Initiative Levers
Manufacturing
Solid Losses
Testing equipment upgradation
PLC based measurements
change in processes
Weight variation control
Specifications control
Manpower Usage
change in layout
Time-effort realignment
Energy Losses
Power Losses
Fuel Losses
Water Losses
Packaging Material
Waste
Standardised usage
Waste Control

11. VCC Addition Milk Volume (Lits/day)
Case Studies
11
ACCELERATED PROCUREMENT GROWTH & BUILDING PLAY-BOOK
4
9
13
18
22
27
31
36
41
3
9
11
13
17
20
23
28
37
3
6
9
12
15
18
21
24
27
3
5 5
7
11 12
17
19
22
0
5
10
15
20
25
30
35
40
45
PC 1 PC 2 PC 3 PC 4 PC 5 PC 6 PC 7 PC 8 PC 9
Area-1 Target Area-1 Achievement Area-2 Target Area-2 Achievement
0
164
470
844
1134
1499
1921
2450
3071
0
272
1067
1319
1723
2105
2249
2909
3157
0
143 320
529
800
1000
1286
1507
1757
0
150 202 221
316 463
518
1547
2010
0
500
1000
1500
2000
2500
3000
3500
PC 1 PC 2 PC 3 PC 4 PC 5 PC 6 PC 7 PC 8 PC 9
Area-1 Target Area-1 Achievement Area-2 Target Area-2 Achievement
PC= Payment Cycle, which is 10-days cycle; Above exercise was completed within 3 months including preparations and implementation
Need: Challenges in building
own procurement network,
with issues in terms of pricing,
incentives & farmer loyalty
Intervention: Launched a 3-months
comprehensive procurement acceleration
model in 2 different areas with remodeling
of Rate Charts, incentive structure,
collection network consolidation and
logistics improvement. Also build a play-
book for cascading to all areas.
Results: Rapid increase in
procurement volumes,
standardised process for
lateral deployment

12. Case Studies
12
Research
• Village survey & farmers’ survey to understand milk
production & procurement potential as well as pain points
of farmers
• Market survey for Fresh products as well as VAP products
interacting with consumers, retailers (GT, MT, HoReCa,
Institutions) and Distributors to understand consumer
buying behaviour and their requirements
• Secondary analysis including scoping for procurement
and market
Strategy
• Suggested Procurement set-up model including
interventions in infrastructure, target geographies,
villages, farmers, and model to be followed
• Processing Infrastructure requirement including
capacities, utilisation, investment, operating costs,
manpower, etc.
• Detailed market plan including focus categories, focus
geographies, distribution structure, manpower structure,
etc.
Financial Model
• Detailed costing from cost of procurement to COGS to
market realisations
• Overall 5-year plan including revenue, profitability,
ROCE & payback
• Phasing out plan for 5 years in terms of markets,
products and investments`
Comparables
• Comparison with other competitors in the market on
share, coverage and major financial metrics
MARKET ENTRY STRATEGY FOR NEW BUSINESS
• Need: A Company with established farmer-related business desired to enter dairy to further strengthen the relationships and improve
their livelihood
• Created a detailed market entry strategy including:

13. Case Studies
13
LONG-TERM STRATEGY DEVELOPMENT + IMPLEMENTATION OF SALES & DISTRIBUTION EXPANSION
• Need: The Company was a traditional family-run business, aspiring to become a market leader in premium space within the industry &
wanted to develop a long-term strategy as well as expand sales & distribution to keep up with its ambitions
• Developed Long-term Strategy for the Company including 7-year Mission & Strategic Thrust Areas identified as well as mechanism for
implementation & periodic review
• Also assisted in streamlining Sales & Distribution processes and expansion
Attractiveness
of
Business
Segment
Internal Strengths of Co to serve customer needs
Competitive
Harasser
Maintain
Aggressively
or Selectively
Liquidate
Cat-B
Prove
Viability
Cat-A
Build Selectively
Cat-C
Build
Aggressively
or Gradually
Maintain
Aggressively
or Selectively
Prove
Viability
Maintain
Aggressively
or Selectively
EFFECTIVE BRAND BUILDING
• Build strong portfolio of products
• Segmentation of portfolio
EXPAND DISTRIBUTION
• Create separate sales verticals for different channels
• Improve Distribution Processes
INVOLVE TECHNOLOGY AT ALL LEVELS
IMPROVE COST OF PRODUCTION
CHANGE MANAGEMENT & CAPABILITY BUILDING OF TEAMS
Strategic Thrust Areas:

14. Case Studies
14
MARKET ENTRY STRATEGY & IMPLEMENTATION
0
24161
56962
82010
91049
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
100000
M-0 M-1 M-2 M-3 M-4
Sales Growth (KgPD)
Sales Growth
Need: The Company wanted to expand its fresh products
distribution to newer markets
Developed Market entry strategy for new towns including
product portfolio, pricing, promotion and distribution as
well as assisted in implementation of the same
Results: Achievement of volume targets within 3-months
period, created play-book for further expansion
0
1 1 1 2 2 3
0
435 656
712
1105
1378
1823
0
200
400
600
800
1000
1200
1400
1600
1800
2000
0
0.5
1
1.5
2
2.5
3
3.5
M-0 M-1 M-2 M-3 M-4 M-5 M-6
Towns Sales
Sales Growth
Need: The Company wanted to be market leader
in a product category across the country by rapidly
expanding its presence
Developed Market entry strategy for top-100 towns including
product portfolio, pricing, promotion and distribution as well
as assisted in implementation of the same in pilot towns
Results: Achievement of volume targets within 3-months
period, created play-book for further expansion
(MTs)

15. Case Studies
15
Best practices
dissemination
Latest
developments
in inputs
Improved
efficiencies of
supplementary
activities
Scientific
crop practices
Development
of Agri-
entrepreneurs
Promotion
of cash crop
cultivation
Revival of
neglected
crops
Seed
production
Crop
insurance
Technology
interventions
Dairy
market
access
Veterinary
Support
Cattle
health
Improved
Progeny
Preventive
care
Gobar-gas
production
Usage
of manure
as fertilisers
Clean Milk
production
FARMERS LIVELIHOOD DEVELOPMENT IN A DISTRICT FOR A FOUNDATION
• Need: The Foundation was looking at improving livelihood of farmers in a District by improving efficiency of their agricultural activities and
providing better market access
• Developed interventions at village level to improve farm efficiencies including

16. Case Studies
16
Online Material
& Brochures
Usage of Mobile Applications
to Buy & Sell Cattle
Use of Technology in
Milk collection
Repeat visits to ensure
the adoption
Nukkad Nataks Videos
Animation Movies
64276 Door to
Door Trainings
4732 Group
trainings
Development of Centres
of Excellence (CoE)
Case studies
development
12%
15%
15%
30%
20%
Increase in productivity/ cow
Increase in lactation period
Increase in Fat & SNF content of milk
Increase in shelf-life of milk
Increase in Molk Production
Results

17. Our Clients
17
FOOD & AGRI-BUSINESS CONSULTING

18. Our Clients
18
INVESTMENT BANKING

19. OUR TEAM
19
B.M VYAS
One of the most respected Food
Professionals. Total 40+ years of
experience in Food & Beverage sector;
Ex-Managing Director of GCMMF
(Amul) for 16 years and currently
providing Consultancy to large Food
Companies. He serves as an advisor to
the top management for various
Companies
and assists in the creation of efficient
and effective growth strategies
SHIRISH UPADHYAY
Total 25+ years of experience in dairy &
food business and has spent 12 years
with GCMMF (Amul), 10 years with
Parag Milk Foods & 3 years as
entrepreneur in nutrition business as
well as consultant to food businesses.
Worked through entire value-chain of
food businesses in different stages of
growth. Stellar experience in strategy,
marketing, market entry, M&A, Fund
raising, etc
VIVEK MATTHAI
Marketing, Sales & Dist
Mr. Matthai is management graduate
from IIMA and has 30+ years of
experience working with various Food &
Beverage Companies like GCMMF
(Amul), Bisleri, Tata Consumer, etc. He
is an expert in Sales
& Distribution apart from business
strategy
NIRAJ GARG
IT, Digital, Process Optimisation
Mr. Garg is a qualified dairy
technologist from NDRI and
management graduate from IRMA and
has 25 years of experience working in
projects, Information Technology,
Digital & process optimisation areas
with various Food Companies like
GCMMF (Amul), Banas Dairy, NDDB, etc.
He is currently consulting various
Companies in IT & process optimisation
field
PRAGNESH JOSHI
Fund Raising, Corporate Advisory
Mr. Joshi is a qualified Company
Secretary and has 20 years of
experience working in fund raising, M&A
and corporate restructuring areas with
various Companies. He is currently
practising CS and consulting various
Companies in above areas
SANJAY PANIGRAHI
Management graduate from IRMA
with 38 years of experience across
Business leadership, Sales and
Marketing, TQM and HR roles in FMCG,
Chemicals & Adhesives and ICT
enabled e-Commerce Domains in
Urban & Rural markets. Ex-President &
Chief Customer Officer at Pidilite, CEO
at SREI Sahaj & GM (Sales, Mktg & HR)
at GCMMF (Amul).
SK BHALLA
Food Processing, Quality + R&D
Dr. Bhalla has Doctorate in dairy
technology from NDRI having around
40 years of experience working with
various dairy organisations like Nestle,
Scheiber,Dynamix, Amul, NDDB,
Gopaljee, Maahi Milk Producer
Co etc. Have been involved in
Advanced manufacturing, R&D, Food
Safety & Quality aspects and thereafter
headed the Institutions.
MS. RICHIE AGARWAL
Marketing, Sales & Dist
Ms. Agarwal is management graduate
from IRMA and has 20 years of rich and
valuable experience in making Food
Businesses Grow through Marketing
and Distribution.
Also involved in procurement & related
interventions including capacity
building of Dairy Farmers
MR. PARANTAP DAVE
Fund Raising, Corporate Advisory
Mr. Parantap Dave is a Chartered
Accountant with 25+ years of
consulting experience. He provides
Advisory to SMEs on various critical
issues ranging from incubation to IPO,
concept to capital and from vision to
valuation. He also acts as an
investment advisor and advises
both investors and investees
on transactions

20. 20
THANK YOU
Contact Details:
shirish@sbmadvisors.in pdave@sbmadvisors.in richie@sbmadvisors.in
ANAND MUMBAI PUNE
+91 77 0900 3360 +91 98 6723 1517 +91 98 6046 5660