In this episode of Two by Two, we discuss pest control. 

It’s an old industry with little to no innovation, but there’s reason to take notice.

Currently valued at $1.8 billion, the market is projected to grow to $3.1 billion by 2033, clocking a steady annual growth rate of 15%.

Private equity wants in. Two service providers have been acquired by UK-based Rentokil. One is Pest Control India (PCI), which was once the market leader. The other is Hicare, which was the second-largest player.

Hicare’s journey is particularly interesting. It was launched by Godrej in 2004 with the help of Arumugham Mahendran, whose mosquito-repellant business was acquired by Godrej in 1994. Then, it was sold to ISS, a Danish firm, in 2013. Later, it was acquired by a private equity fund called IVFA (now True North). True North held it for 10 years before selling it to Rentokil last year. 

Meanwhile, Pecopp is another pest control company that is leaving a mark. Founded in 1970 in Mumbai, Pecopp is different from PCI in that it remains family-run, and has managed to go toe-to-toe with Rentokil. Pecopp is the only other Indian pest-control business that operates in multiple cities. 

All of this is taking place in a market where 55–60% is unorganised, and only 40–45% of demand is met by professional services. 

Hosts Rohin Dharmakumar and Praveen Gopal Krishnan dig into these questions and explore the nooks and crannies of India’s pest control industry. Our guest, Siddharth Balwani, the director of Pecopp, breaks down his company’s strategy, the market dynamics, and future opportunities. 

This episode of Two by Two was mixed and mastered by Rajiv CN, our resident sound engineer. 

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