A Nagpur-based couple has beaten the odds to raise saffron, the most costly spice in the world, in a 400-square-foot room without water or soil. Akshay Holey and Divya Lohakare Holey have utilized a pioneering aeroponic method to mimic the misty, chilly climate of Kashmir, generating whopping annual turnover of Rs 50 lakh.
Akshay, who is a BBA graduate, and Divya, who is a banker, started out in 2020 with plans to unlock the country’s high demand for saffron, a spice that is still underproduced in India. To learn about saffron cultivation, they spent three and a half months in Kashmir across two years learning from seasoned farmers.
“We chose to grow saffron because it is costly, its demand is high whereas domestic production is low,” Akshay told The Times of India.
Having begun with only 100 corms of saffron, the couple harvested only a few grams in their first harvest. But instead of being discouraged, they perceived a potential and multiplied their operation. Investing 350 kg of seeds, their second harvest yielded 1,600 grams. They were encouraged to expand further and established a 400-square-meter unit in Hingna in addition to a 480-square-meter unit.
In the last two years, their income has always been between Rs 40 to 50 lakh. But others have also been inspired by their success. “So far, we’ve trained 150 people, of whom 29 have successfully set up their own units across the state,” Akshay revealed. For Rs 15,000 per participant, they offer training to aspiring saffron growers, helping them establish their units. They also purchase saffron from these growers for packaging and marketing, creating a sustainable business model.
Their production levels have been impressive. “Last year, our production, including partner units, touched 45 kg,” Akshay said. The initial investment in a 100-square-foot unit is about Rs 10 lakh, and it can generate Rs 5 lakh per annum. Akshay said, “It’s an investment once. Seeds are purchased only once, and one seed gives three to five flowers with three strands of saffron each.”
The saffron crop is harvested between August and December, with the remaining period spent in growing seeds. The couple’s aeroponic setup is made to be durable, with machinery due to function optimally for 20 to 25 years. “The machinery can function optimally for 20 to 25 years,” said Akshay.
The company is not just profitable but also sustainable. “Our profit margin is about 80% because there are practically no recurring costs,” he explained. Solar power erases electricity costs, and as there’s no requirement for fertilizers or hired labor, they do everything themselves.
With a seed capital of Rs 55 lakh, they’ve made Rs 1.3 crore in five years, with most of the earnings in the past two years. Their saffron, graded by the Saffron Institute of Kashmir, is priced at Rs 630 per gram. “We combined traditional cultivation with technology. We are cultivating saffron with air and mist, without water or soil. And it changed our lives,” Akshay concluded.
