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D2C kitchenware startup The Indus Valley to bag INR 23 Cr in Pre-Series round 

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D2C kitchenware startup The Indus Valley to bag INR 23 Cr in Pre-Series round 

The Indus Valley, a D2C kitchenware startup, is all set to secure INR 23.1 Cr in its Pre-Series A funding round led by existing investor DSG Consumer Partners. 

The funding round will also see participation from White Whale Partners, Rukam Capital, and some angel investors.

Kitchenware issues 41,485 CCPS at INR 5,580 each

Reportedly, the startup’s shareholders passed a resolution to issue 41,485 compulsory convertible preference shares (CCPS) at an issue price of INR 5,580.4 each. DSG Consumer Partners will invest INR 12.5 Cr in the startup, while Rukam Capital will invest INR 3 Cr.

Continue Exploring: WickedGud bags INR 20 Cr in funding led by Orios Venture Partners

Established in 2016 by Madhumitha Udaykumar and Jagadeesh Kumar, The Indus Valley sells non-toxic cookware made from chemical-free materials like iron and cast iron, stainless steel, wood, and clay. The startup claims to have a customer base of 10 Lakh customers across over 10,000 pin codes and offers over 250 SKUs, including a wide range of pots and pans, woks, griddles, cookers, and more.

Including the latest fundraise, the startup has raised a total funding of about INR 51 Cr till date. The development comes at a time when India’s kitchen-focused startups are seeing a lot of interest from investors. The size of the cloud kitchen market is expected to cross the $3 Bn mark by FY31.

Zomato acquires 8% stake in Byondnxt

The Indus Valley’s funding round is the latest in a series of investments in kitchen-focused startups. Recently, Bengaluru-based smart kitchen startup Beyond Appliances raised INR 16.8 Cr in a seed funding round. Foodtech major Zomato also picked an 8% stake in kitchen appliances maker Byondnxt.

Continue Exploring: Loopworm’s insect-based nutrition gains EU approval, expands global reach

In recent years, foodtech platforms like Zomato and Swiggy have driven the growth of cloud kitchen startups in India. The cloud kitchen market is expected to surpass $3 billion by FY31. Swiggy recently launched a service to help restaurant partners source kitchen equipment. Earlier this year, Biryani By Kilo raised around $2 million from Pulsar Capital.

In February, Ghost Kitchens India secured $5 million in a Series A funding round led by GVFL, with support from NB Ventures, LetsVenture, and Lead Angels. Following this, Ghost Kitchens acquired Ahmedabad-based cloud kitchen startup The Shy Tiger in an all-cash deal.

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Swiggy Instamart reports INR 490 Cr revenue in Q2 FY25, achieves 135% growth

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Swiggy Instamart reports INR 490 Cr revenue in Q2 FY25, achieves 135% growth

Swiggy‘s quick commerce business, Instamart, has reported a significant surge in operating revenue, growing 135.7% to INR 490 crore in the quarter ended September 2024 (Q2 FY25).

Instamart nets revenue INR 208 Cr in q2 FY24

The company reported INR 208 crore in the year-ago period. Sequentially, the revenue grew 31% from INR 374 crore.

Continue Exploring: Swiggy ventures into sports & entertainment with ownership and operations plans

Reportedly, the adjusted revenue of Instamart more than doubled to INR 513 crore during the quarter under review from INR 240 crore in Q2 FY24. On a quarter-on-quarter (QoQ) basis, it grew 67.9% from INR 403 crore.

According to Swiggy’s shareholder letter, Instamart is rapidly growing its geographical footprint and is now available in 54 cities, compared to 27 cities in March 2024. The company aims to double its store count by March 2025 from 523 stores in March 2024.

“We are replacing some of our older, small-format stores (2,500-2,800 sq ft) with larger stores (3,500-4,500 sq ft) that can house up to 20K SKUs,” the company said. It is also rolling out ‘megapods’ (8,000-10,000 sq ft) in top cities, which can house over 50K SKUs.

“These megapods will serve consumers in 10 to 30 minutes with an extended selection of items beyond the top 20K SKUs,” the company explained. The service is already available for select consumers in Bengaluru.

Continue Exploring: Swiggy registers INR 625.53 Cr net loss, revenue rises 30% in Q2 FY25

Instamart’s contribution margin improved to -1.9% – CEO, Swiggy

Swiggy founder and CEO Sriharsha Majety said that despite growth investments and rising competitive intensity, Instamart’s contribution margin improved to -1.9% in Q2 FY25. The company expects Instamart to achieve contribution break-even by Q3 FY26 (October-December 2025) and adjusted EBITDA break-even by Q2 FY27 (July-September 2026).

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Swiggy ventures into sports & entertainment with ownership and operations plans

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Swiggy ventures into sports & entertainment with ownership and operations plans

Swiggy, a leading foodtech company, is setting up a new wholly-owned subsidiary that will operate in the sports and recreation activities segment. 

The company’s board has approved the incorporation of the new subsidiary, which will engage in various activities such as sports team ownership, management, talent development, event organization, and facility operation.

Continue Exploring: Swiggy registers INR 625.53 Cr net loss, revenue rises 30% in Q2 FY25

Acquiring broadcasting, sponsorship rights – Swiggy

“The main objects of the newly to be incorporated entity will include engaging in sports team ownership, management, talent development, event organisation, and facility operation, offering career services, acquiring broadcasting and sponsorship rights, and promoting sports events through various business models etc,” the company said in an exchange filing.

In addition to setting up the new subsidiary, Swiggy’s board has also approved an investment of up to INR 1,600 crore in its wholly-owned subsidiary Scootsy Logistics. Out of the total investment, INR 1,350 crore will be allocated from Swiggy’s IPO proceeds to fuel the growth and expansion of Instamart.

“This investment is part of the proceeds as specified in IPO prospectus dated November 8, 2024 for expansion of dark store network for quick commerce through setting up of dark stores,” the filing said.

Continue Exploring: Zomato offers 47.75 Cr equity shares to Foodie Bay ESOP Trust for employees

Swiggy’s Scootsy reports revenue of INR 5,196 Cr

The remaining INR 250 crore will be directed towards addressing Scootsy‘s immediate working capital needs. Scootsy reported a revenue of INR 5,195.7 crore in the financial year ended March 2024.

Swiggy also released its financial results for the second quarter of the financial year 2024-25, reporting a net loss of INR 625.53 crore, which is a 4.78% decrease from the same quarter last year. The company’s operating revenue zoomed 30% to INR 3,601.45 crore.

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Swiggy registers INR 625.53 Cr net loss, revenue rises 30% in Q2 FY25

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Swiggy registers INR 625.53 Cr net loss, revenue rises 30% in Q2 FY25

Swiggy, a leading foodtech company, has reported a consolidated net loss of INR 625.53 crore in the September quarter (Q2) of the financial year 2024-25 (FY25). 

This represents a 4.78% decrease from the INR 657 crore loss reported in the same quarter last year. On a sequential basis, the loss increased by 2.32% from INR 611 crore.

Continue Exploring: Shareholders block Gautam Singhania’s appointment as Raymond Lifestyle chairperson!

Sequential wise, revenue rises 12%

Reportedly, the company’s operating revenue, however, saw a significant increase of 30% to INR 3,601.45 crore during the quarter, compared to INR 2,763.33 crore in the same quarter last year. On a sequential basis, the revenue rose by 12% from INR 3,222.21 crore.

However, the food tech major’s consolidated adjusted EBITDA loss declined by 30% year-on-year (YoY) to INR 341 crore in Q2 FY25. The company’s overall gross order value (GOV) grew by 30% YoY to INR 11,306 crore during the quarter. Swiggy’s monthly transacting users (MTU) across its food delivery service, quick commerce arm Swiggy Instamart, and its out-of-home consumption vertical grew by 19.2% YoY to 1.71 million.

Best quarters so far with strong growth in GOV – Swiggy

“At the platform level, we’ve seen one of our best quarters so far with strong growth in GOV, while consistently reducing the losses. With well-spread-out businesses in different stages of profitability, we’re excited by the value Swiggy will be able to bring to consumers, our ecosystem, and shareholders,” the company said in a statement.

Continue Exploring: Zomato offers 47.75 Cr equity shares to Foodie Bay ESOP Trust for employees

Swiggy’s expenses jumped by 20% to INR 4,309.55 crore in Q2 FY25 from INR 3,596.63 crore in Q2 FY24. Sequentially, the expenses rose by 10% from INR 3,907.96 crore.

“This business is witnessing a heightened degree of competitive action. This means that we will need to be agile and responsive to the market movements and modulate our investments towards long-term health of the business for sustainable GOV growth. Our investments (including marketing spends) will be aimed at driving user growth, frequency, and wallet share with continuous hyper-local and geographical store expansion,” Swiggy CEO Sriharsha Majety said in a shareholder letter.

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Shareholders block Gautam Singhania’s appointment as Raymond Lifestyle chairperson! 

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Raymond Chairperson
Shareholders block Gautam Singhania's appointment as Raymond Lifestyle chairperson! 

Corporate governance advisory firms are urging shareholders to vote against Gautam Singhania’s proposed appointment as executive chairperson of Raymond Lifestyle Ltd.

IiAS raises remuneration issues

Institutional Investor Advisory Services India (IiAS) has raised concerns over several aspects of the proposal, including Singhania’s remuneration package and the company’s governance practices.

Continue Exploring: Record-breaking sales for retail, brands during ‘Black Friday’ weekend

Singhania, the chairperson and managing director of Raymond Ltd., is seeking reappointment as executive chairperson of Raymond Lifestyle for five years, starting September 1, 2024, with a minimum remuneration commitment for three years. However, the terms of his appointment have raised eyebrows, with a monthly salary ranging between INR 55 lakh to INR 80 lakh, along with allowances for medical reimbursement, leave travel, and retirement benefits, totaling an estimated INR 12.35 crore annually.

IiAS has pointed out that the resolution to appoint Singhania lacks clarity on major issues, such as commission details and performance-linked targets. Furthermore, the proposal does not specify a ceiling limit on Singhania’s total pay, which could exceed 5% of Raymond Lifestyle’s net profit, raising concerns about unchecked salary growth.

Raymond Lifestyle fails to show adequate performance metric

The firm has also expressed concerns about the absence of malus or claw-back clauses and ESG targets tied to performance. Additionally, the company has failed to provide adequate disclosures on the performance metrics required for Singhania to earn the proposed remuneration, making it difficult for shareholders to assess whether the pay is in tune with the company’s performance.

Continue Exploring: Zomato offers 47.75 Cr equity shares to Foodie Bay ESOP Trust for employees

To make matters worse, Singhania is currently engaged in divorce proceedings with his wife, Nawaz Modi, who has accused him of domestic violence and misusing company funds for personal benefits. While the board has not commented on these allegations, IiAS has expressed concerns about the possible impact on the company’s governance and reputation.

Given the lack of clarity on his remuneration, potential conflicts of interest, and unresolved legal matters, IiAS has advised shareholders to reject the resolution and vote against Singhania’s appointment. The advisory firm has stressed that it is crucial for shareholders to protect the company from any governance risks stemming from these issues.

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Record-breaking sales for retail, brands during ‘Black Friday’ weekend

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Black Friday Sales
Record-breaking sales for retail, brands during ‘Black Friday’ weekend

Retailers and brands in India have reported a record-breaking business during the Black Friday weekend sales, driven by heavy discounts and marketing efforts. 

The sales were almost 70-80% of what they would achieve during big shopping periods like Republic and Independence Day sales.

Company achieved almost 70-75% sales – Lifestyle International

According to Devarajan Iyer, CEO of Lifestyle International, “Black Friday sales have been pretty good and a lot of stock has been liquidated.” He added that the company achieved almost 70-75% sales of what it does during Republic and Independence Days.

Continue Exploring: Flipkart pilots 10-minute medicine delivery, death to local ‘medical stores’

Marketers believe that the high discounts offered during the Black Friday sales drove sales. “Indian consumers love discounts. While discounts have been commonplace nowadays, deep discounts offered during the Black Friday sales created an incentive for consumers to come out to buy something since they have been deferring their demand for a while now,” said Santosh Desai, a social commentator and brand expert.

Further, Nilesh Gupta, director of Vijay Sales, a leading electronic retail chain, said that the company recorded 75-80% of the business it achieves during big shopping days. “There were discounts on smartphones during Black Friday which as a category instantly drives sales. Televisions and appliance sales too were brisk. Brands undertook heavy marketing which had a positive rub-off effect. In 1-2 years, Black Friday can be as big as Republic or Independence Day sales in India,” he said.

In addition, the Black Friday sales saw good footfall in malls, with top brands such as H&M, Levi’s, Skechers, Samsung, LG, Xiaomi, Puma, and Adidas offering heavy discounts across most of their merchandise. “The Black Friday sales were a hit this weekend. Footfall and sales went up by 30-40% in many brands compared to last year’s sales. We are hoping that with this weekend consumption buoyancy will return back,” said Pushpa Bector, senior executive director and business head at DLF Retail.

Continue Exploring: Swiggy’s 10-minute food delivery service now available in 400 tier II-III cities

E-comm. discounts drive higher sales than physical stores

An executive at a prominent apparel brand said that discounts of up to 70% on platforms like Amazon and Myntra drove higher sales online compared to physical stores. Even luxury brands such as Michael Kors, Coach, Guess, Swarovski, and Tommy Hilfiger were being sold on discounts of up to 70%.

The Black Friday sales in India have been gaining traction in recent years, with more brands participating this year. The sales started last Friday and continued till the weekend, with some even extending it to Monday. Marketers have been trying to develop Black Friday as a property to push sales after Diwali, which has always been a lull period.

Most brands and retailers matched the scale of discounts during Black Friday to that of Independence Day and Republic Day, which are big revenue grossers. Executives said this was because they were trying to clear unsold inventory after the festive season. The festive season this year was an average one, with a sudden deceleration in urban demand reported by brands in the past two quarters.

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Zomato offers 47.75 Cr equity shares to Foodie Bay ESOP Trust for employees

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Zomato offers 47.75 Cr equity shares to Foodie Bay ESOP Trust for employees

Zomato has allotted 47.75 crore equity shares to its employee welfare trust, Foodie Bay Employees ESOP Trust. 

The shares were allotted under various employee stock option plans (ESOPs), including Zomato ESOP 2018, ESOP 2021, ESOP 2022, and ESOP 2024.

Continue Exploring: Swiggy’s 10-minute food delivery service now available in 400 tier II-III cities

Zomato’s new shares worth INR 13,489.3 Cr

Reportedly, the company’s board approved the issuance and allotment of the shares, which have a face value of INR 1 each. As per the stock’s last close, the newly-allotted shares are worth INR 13,489.3 crore.

With this allotment, Zomato’s issued, subscribed, and paid-up equity share capital has increased to INR 965.03 crore from INR 917.28 crore earlier. Several new-age tech companies, including Delhivery, Nykaa, ixigo, and ideaForge, have issued ESOPs this year to reward their employees.

Zomato raises INR 8,500 Cr

Meanwhile, Zomato’s ESOP announcement comes just days after the company raised INR 8,500 crore through a qualified institutions placement, its first major fundraise since its 2021 IPO. According to CEO Deepinder Goyal, Zomato needed to enhance its cash balance “given the competitive landscape and the much larger scale of our business today.”

Continue Exploring: Soulflower hair oil overtakes Mamaearth as top-selling brand – Blinkit

Additionally, the expansion of Blinkit, Zomato’s quick commerce arm, is expected to impact the company’s financial health in the near term. In its Q2 FY25 performance, Zomato reported a 30% decline in its net profit to INR 176 crore, primarily due to increased expenses on Blinkit’s expansion. Operating revenue grew 14% quarter-on-quarter to INR 4,799 crore, driven by strong performance across its food delivery and quick commerce verticals.

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Flipkart pilots 10-minute medicine delivery, death to local ‘medical stores’

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Flipkart pilots 10-minute medicine delivery, death to local ‘medical stores’

India’s 10-minute delivery market is expanding beyond groceries and essentials to include food and medicine. Flipkart, a major e-commerce player, is planning to start delivering medicines within 10 minutes through its “Flipkart Minutes” service.

Flipkart Minutes for medicines!

“Flipkart wants to develop Flipkart Minutes into a full-fledged quick commerce platform. Medicines is a hitherto untapped opportunity since existing platforms deliver products in an hour to even 3-5 days,” said a senior industry executive.

Continue Exploring: Thai tea brand Kongsi Tea Bar aims expansion via Franchise India

Reportedly, Flipkart has started partnering with local chemists in major cities to sell medicines through its platform. The company is also partnering with local pharmacists to deliver medicines to customers, in compliance with India’s drug norms. Flipkart is looking to partner with registered chemists to expand its medicine delivery service.

The quick commerce market in India is growing rapidly, with players like Zomato-owned Blinkit, Swiggy Instamart, Zepto, and Tata-owned BigBasket competing for market share. These companies are offering a range of products, including groceries, food, and now medicines, with delivery times of under 10 minutes.

10 new players in Q-comm

However, the market is also attracting new players, with over 10 new quick commerce brands emerging. These new players are looking to compete with established players by offering innovative delivery solutions.

Continue Exploring: Bharat Tex 2025: APEC invites British apparel firms to explore import opportunities in India 

In July, several e-commerce companies, including Swiggy, BigBasket, and Zomato, started piloting home delivery of low-alcohol beverages in several states. This move is seen as an attempt to expand their product offerings and retain customer interest.

Meanwhile, Amazon‘s Indian arm is preparing to launch its own quick commerce delivery service, code-named Tez, by the end of the year. The service will begin by delivering groceries and daily essentials.

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Ventive Hospitality receives SEBI’s nod for INR 2,000 Cr IPO 

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Ventive Hospitality receives SEBI’s nod for INR 2,000 Cr IPO 

Ventive Hospitality Limited, a luxury hospitality company, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

BRE Asia acquires Ventive Hospitality in 2017

The company plans to issue equity shares worth up to INR 2,000 crore. Ventive Hospitality was founded as the hospitality division of Panchshil Realty, a real estate conglomerate based in Pune. In 2017, BRE Asia, an affiliate of Blackstone, acquired a 50% stake in the company.

Continue Exploring: Thai tea brand Kongsi Tea Bar aims expansion via Franchise India

Notably, Ventive Hospitality owns and operates luxury hospitality assets across India and the Maldives, with properties managed by global operators such as Marriott, Hilton, Minor, and Atmosphere. 

Its portfolio includes 11 operational assets with 2,036 keys, a significant increase from just 83 keys in 2007. Key assets include JW Marriott Pune, The Ritz-Carlton Pune, Conrad Maldives, Anantara Maldives, and Raaya by Atmosphere Maldives.

The company has expanded its footprint by developing and acquiring properties in new regions, including Bengaluru, Varanasi, and the Maldives. Ventive Hospitality’s luxury hospitality assets have contributed over 80% of its pro forma revenue from hotel operations in FY24, FY23, and FY22.

Continue Exploring: Blue Tribe Foods features Anushka-Virat in launch video of plant-based chicken nuggets

Ventive Hospitality expands portfolio with 367 keys

Meanwhile, the company plans to expand its portfolio by 367 keys, or 18.02%, by FY2028 through new development projects in Varanasi, Uttar Pradesh, Bengaluru, Karnataka, and Sri Lanka. The IPO will be managed by several leading investment banks, including JM Financial Limited, Axis Capital Limited, and ICICI Securities Limited.

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Thai tea brand Kongsi Tea Bar aims expansion via Franchise India

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Thai tea brand Kongsi Tea Bar aims expansion via Franchise India

Kongsi Tea Bar, a popular Thai bubble tea brand, is planning a major expansion in India through Franchise India. 

The brand is committed to delivering an authentic bubble tea experience by sourcing high-quality ingredients from Thailand and Southeast Asia.

Continue Exploring: Swiggy’s 10-minute food delivery service now available in 400 tier II-III cities

Kongsi Tea Bar opens 10 outlets in Bangalore

In India, Kongsi Tea Bar has already opened its first ten outlets in Bangalore this year. The brand plans to launch its upcoming outlets through the franchise model. Kongsi Tea Bar ensures that each drink reflects the rich heritage of Asian tea culture, with a focus on using real Thai tea leaves and traditional ingredients.

Commenting on their expansion, Deepak Pulipati, Co-Founder & CEO said, “In India, it’s a new concept of Thai bubble tea and its premium brand. The presentation and the packaging are important. The beverage menus are same as we have in abroad and we haven’t Indianized the beverage menu.”

Continue Exploring: L’Oréal India’s net income plummets to INR 487.46 Cr, revenue surges 12%

100 outlets in 2025

Kongsi Tea Bar is backed by the Pulipati group, a well-known conglomerate with a successful track record in various industries. The brand plans to launch 100 outlets by the end of next year, targeting airports as one of the launch locations. The target audience is Gen-Z and millennials.

Deepak Pulipati added, “The target audience is Gen-Z and millennial both. Moving further, we want to explore more in target audience.” Kongsi Tea Bar also serves a variety of desserts, including mocha, bao buns, dimsums, and more.

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