I don’t think Krsnaa is an opt comparison. Sharda’s business model is that of a pure marketeer, who outsources manufacturing and spends money on registration of its products and on marketing. If you want a peer from a different industry, cos like Chaman Lal Setia (basmati rice), Symphony (coolers) or Dash Pharma (US generic pharma) come to mind, where manufacturing is outsourced and company is only responsible for marketing.
Yes, a company needs to register its products to sell in regulated markets (EU, NAFTA, LATAM). The difference in other cos is they only register a few products (which they manufacture in their factories) in multiple geographies. Whereas, Sharda registers multiple products in multiple geographies, as they are not manufacturing them and don’t have to spend money in building dedicated lines for any product. In a way, Sharda’s business model is akin to a trader, where the entry barrier is distributor relationship and registration.
In its early days, Ajanta Pharma also used to do this, i.e. register products which are in demand in a given market and then get it manufactured with a third party.
Hope this is of some help.
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