Daraju Industries, founded by Garg in 1988, recorded sales of nearly ₦111 billion in 2025 as its household brands expanded across Nigeria
Indian entrepreneur Peeyush Bhushan Garg has built Daraju Industries into a significant home-grown consumer goods manufacturer in Nigeria, with the company recording sales of ₦110.94 billion in 2025, equivalent to about $74 million at the previous year’s average exchange rate.
Garg started Daraju in 1988 as a trading and distribution business in Lagos. Two decades later, he shifted towards manufacturing, establishing Daraju Industries in 2008 as Nigeria sought to reduce its dependence on imported everyday consumer products.
The company now manufactures toothpaste, soap, petroleum jelly and laundry detergents. Its brands include MYMY and Xtreme toothpaste, Fressia soap, and Rana, MYMY and Soft ’N’ Clean detergents. Daraju sells more than 100 product lines through a distribution network covering all 36 Nigerian states.
Manufacturing capacity expanded steadily, including detergent plants commissioned between 2012 and 2018. The company also invested in a saponification facility to produce soap from oils and fats, helping reduce reliance on imported raw materials.
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Daraju attracted private-equity backing as it expanded. Investec invested in 2013 before exiting in 2017, while African Capital Alliance invested in 2018
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Germany’s development finance institution DEG acquired a minority stake in 2021 and provided additional growth financing and advisory support
The business faced a major setback during Nigeria’s 2023 currency reforms, recording an ₦8.3 billion loss, including a substantial foreign-exchange loss. It returned to profitability in 2024, posting ₦906 million after tax, while profit increased to ₦3.29 billion in 2025.
However, borrowing remains a key challenge. Interest-bearing debt reached ₦58.4 billion in 2025, equivalent to about 86 per cent of total assets. Finance costs also rose to ₦10.89 billion.
Garg has maintained a relatively low public profile while continuing to lead Daraju as chief executive and managing director. The company’s next challenge will be balancing further growth in Nigeria’s large consumer market with the need to manage debt and financing costs.
