Kerala-based banana chips brand Beyond Snack has been making waves in the snack industry with its delectable offerings. Recently, the company achieved a significant milestone by raising $3.5 million in a pre-Series A funding round, securing substantial support from the renowned NABVENTURES Fund.
In a press release, Beyond Snack disclosed that the raised funds will be strategically allocated towards several key areas. These include bolstering the company’s distribution network, enhancing supply chain capabilities, and investing in research and development initiatives. By channeling these resources into these crucial aspects of their business, Beyond Snack aims to further fortify their market presence and continue delighting customers with their exceptional banana chips products.
Founded by Manas Madhu, Jyoti Rajguru, and Gautam Raghuraman, Beyond Snack is a plant-based savory snacks brand that takes pride in producing banana chips with absolutely no artificial colors or flavors.
Having expanded its retail presence in Maharashtra and solidified an online footprint across major marketplaces like Amazon, Flipkart, BigBasket, Blinkit, Swiggy, and Zepto, Beyond Snack proudly boasts nationwide accessibility for its products.
Beyond Snack secured its initial investment from prominent sources, including 100X VC and notable angel investors and networks like Faad Network. With this strong financial backing, the brand has ambitious plans to extend its presence across 10 states and penetrate 25 cities in the upcoming year.
NABVENTURES, supported by the National Bank for Agriculture and Rural Development (NABARD), specializes in investments within the food, agritech, and rural fintech sectors. With a total investment of Rs 258 crore, the fund has already backed 12 startups, including Jai Kisan, Unnati, Satyukt, KBCols, Vilcart, Beyond Snack, TenderCuts, KrishiTantra, TraceX, and Eggoz.
For over a century, Causeway has remained the beating heart of excitement and entertainment. It proudly introduced jazz and tango to Mumbai and stands as the home of the iconic Gateway of India. Beyond that, it pioneered street fashion and offered us countless reasons to keep coming back. In honor of this legendary hub of entertainment, the innovative eatery Smoke House Deli is thrilled to announce its inaugural bar night.
Inspired by the vibrant atmosphere and allure of Mumbai’s Causeway area, Causeway Bar Nights makes its highly anticipated debut at Smoke House Deli on Friday, 28th July 2023. This exclusive event aims to redefine Friday nights in Colaba, offering an unparalleled experience that ignites the senses and creates lasting memories for all attendees. Hosted every Friday onwards, it promises a weekly extravaganza that keeps the energy alive and the excitement soaring, delivering a one-of-a-kind entertainment experience in the heart of the city.
Get ready for an electrifying and nostalgic evening at Smoke House Deli as they proudly present “Rewind to the 90s and 2000s”! Guests can anticipate an exceptional music journey as the talented DJs carefully curate a selection of electronic, 90s pop, disco, and hip-hop hits. The chic and inviting interior will transform into an oasis of energy and excitement, providing the perfect backdrop for this surprise celebration of 90s culture.
With multiple skilled DJs at the helm, this unforgettable night will immerse attendees in the magic of the past, delivering chart-toppers, underground classics, and all the beloved tunes that defined those iconic decades. Mark your calendars and be prepared to relive the nostalgia in a way like never before – a night of music and memories that guests won’t want to miss!
The establishment, known for its exceptional menu and inventive creations, is set to reveal an exclusive menu specially crafted for this event. Guests can expect a range of delectable appetizers, sumptuous main courses, and irresistible desserts, each dish promising an explosion of flavors meticulously prepared by Smoke House Deli’s culinary experts.
In perfect harmony with the culinary delights, Smoke House Deli boasts a thoughtfully curated menu of exquisite cocktails crafted by their meticulous mixologists. From time-honored classics to innovative fusions, each libation is expertly prepared to showcase a delightful balance of flavors and aromas. With an extensive selection of beverages that effortlessly complement the vibrant atmosphere, patrons are in for an enhanced and comprehensive experience.
Mohit Balachandran, Brand Head at Smoke House Deli, expressed his enthusiasm, stating, “At the very core of Causeway Bar Nights, we are dedicated to culinary excellence, and now, we’re taking it a step further by meticulously curating not only extraordinary food but also a soul-stirring vibe for music! Each melody, thoughtfully handpicked by our talented DJs, is meant to create an enchanting atmosphere, evoking nostalgia and capturing the essence of the moment. With the perfect harmonies resonating through the night, we aim to craft an unforgettable Friday experience in the vibrant heart of Colaba!”
Smoke House Deli in Colaba, Mumbai, invites guests to join them on Friday, 28th July, from 8:30 PM onward to embark on a thrilling new chapter with Causeway Bar Nights. Patrons can enjoy an evening of fun and festivities at this exciting event.
Founded in 2001, Impresario Entertainment & Hospitality Private Limited (“Impresario”) made its debut with Mocha – Coffees and Conversations. Over the years, Impresario has expanded its reach and currently oversees a network of 60+ restaurants spread across more than 15 cities in India. Under its umbrella, the company houses both well-established brands like SOCIAL, Smoke House Deli, and Mocha, as well as unique boutique ventures such as Salt Water Café and Slink & Bardot. Additionally, Impresario owns and operates dark kitchen brands like BOSS Burger, Lucknowee, and HungLi.
The company’s success is rooted in its ability to grasp the evolving dining preferences of the young Indian audience and to deliver exceptional experiences tailored to delight its patrons.
Coca-Cola stated on Wednesday that its business in India during the June quarter was negatively affected by unseasonal rains. Despite this, the beverage giant reported that the Asia-Pacific region, particularly markets like India, remained a driving force behind its growth, according to its second quarterly earnings release.
On an earnings call, James Quincey, Chairman and CEO, the Coca-Cola Company said, “There are always a few markets affected by specific local factors…. In India, business was unfavourably impacted by unseasonable rains and cooler temperatures in the quarter. However, the growth outlook remains intact.”
He mentioned that there is a significant surge in demand for juices in India and China. Additionally, the company reported robust consumer engagement with its diverse range of brands, such as Sprite and Thums Up, in the sparkling drinks segment.
Among the global beverage markets, India ranks as the fifth largest for the beverage major.
The summer season plays a pivotal role in driving the beverage companies’ annual sales growth. Nevertheless, the occurrence of unseasonal rains in specific regions of the country during the peak season had a detrimental effect on the sales of beverage players, particularly in the out-of-home channel.
Commenting about the performance of the Asia-Pacific region in its earnings release for the second quarter, the beverage major said, “Unit case volume grew 2 per cent, driven by growth across most categories. Growth was led by India, China, Thailand and Vietnam.”
The company further stated that it achieved “value share gains” in several markets, including India, South Korea, Australia, and Thailand.
“In a world with a wide spectrum of market dynamics, from inflation, to currency devaluation, to shifting consumer needs, our business has proven to be very resilient,” Quincey stated.
Talking about the performance of the bottling investment group, which represents the company-owned bottling plants network, it added, “Unit case volume declined 1 per cent, primarily driven by the impact of refranchising bottling operations and a decline in the Philippines, partially offset by growth in India and South Africa.”
Subway, a global restaurant giant, proudly revealed its remarkable achievement of 10 consecutive quarters with positive sales. This impressive feat comes as the company remains steadfast in its multi-year transformation endeavor, demonstrating their unwavering commitment to success.
In the second quarter, Subway achieved unprecedented success, setting new records for its brand. Notably, the company attained its highest average unit volume (AUV) in North America for three consecutive months, along with a historic weekly AUV peak – the highest ever recorded in the company’s history.
Furthermore, Subway’s positive momentum extended throughout the first half of 2023. The North American region experienced a rise in foot traffic, while globally, the company saw substantial growth in same-store sales across its restaurants. These remarkable achievements signify Subway’s continued dedication to excellence and resonate with their ongoing commitment to delivering exceptional experiences to customers worldwide.
The positive sales momentum persists, fueled by continuous menu innovation, restaurant modernization, and ongoing enhancements to the overall guest experience, with a particular focus on digital integration.
The brand experienced a remarkable 9.8% surge in same-store sales and an impressive 11.1% rise in digital sales compared to the previous year.
John Chidsey, Subway CEO, said, “Over the past two years, we’ve made consistent progress across all areas of our business, driving impressive sales results and positive changes for our franchisees and guests.”
Subway’s digital channels have experienced remarkable growth, increasing by over four times since 2019. Excitingly, the company plans to introduce new digital enhancements in key global markets later this year, featuring a revitalized loyalty program that will delight their valued guests.
Subway recently disclosed its 15th new master franchise agreement on the international front. This move is part of the company’s strategic approach to further expand its global presence by partnering with well-established and well-resourced operators who possess market-specific expertise.
July marked the beginning of Subway’s third phase in its transformation journey, as the company introduced freshly sliced meats in its U.S. restaurants. This initiative involved an impressive $80 million investment across 20,000 locations. Alongside this, Subway also launched Deli Heroes, a collection of extraordinary deli subs that are sure to delight customers.
Beliv, the Latin American beverage technology company, recently secured a significant 78% ownership of High Brew, a renowned US-based brand specializing in ready-to-drink cold brew coffee.
Having a diverse portfolio of more than 40 brands and a strong market presence in 30 countries, the recent acquisition aligns perfectly with Beliv’s overarching strategy for global expansion and its unwavering commitment to consumer needs. This strategic move further solidifies Beliv’s position in the US market, where it already has a significant presence through its OCA, Güitig, Petit, and Big Easy brands.
Beliv operates in China, Europe and Latin America, offering a wide range of beverage options that include natural energy drinks, functional and carbonated waters, s well as juices and nectars. The company noted that citrus juices “holds a prominent position in Argentina, Uruguay, Chile and the Asian market”.
High Brew has established a strong foothold in the ready-to-drink cold brew coffee market. Their expertise lies in utilizing a cold extraction process, which naturally imbues the product with higher levels of antioxidants. This unique approach enhances the coffee’s original flavor profile while simultaneously reducing the typical acidity found in beverages brewed using traditional heat-based methods.
Avaialble in 8oz cans, High Brew is 100% natural, low in sugar and currently available in 11 flavours: Double Espresso, Mexican Vanilla, Dark Chocolate Mocha, Black Triple Shot, Black & Bold, Creamy Cappuccino + Protein, Nitro Caramel Cold Brew, Nitro Cold Brew, Nitro Sweet Cold Brew, Peppermint Mocha and Espresso Triple Shot.
David Smith, the Founder of High Brew, will retain ownership of the remaining 22% share of the company, alongside its current investors. However, in a new capacity, Smith will now join Beliv as a consultant, leveraging his extensive knowledge and experience in the Food & Beverage industry. His valuable insights will play a crucial role in guiding Beliv’s expanding portfolio in the years to come.
Carlos Sluman, Founder, CEO and partner of Beliv, said, “The entrepreneurial spirit is our point of connection, and we have a strong desire to build together our growth in the US, which is one of the strategic markets for the expansion of Beliv’s business. This acquisition is essential to continue developing a well-positioned and solid portfolio, backed by a consumer-centric vision.”
“With High Brew, we are adding a disruptive product in a booming category, through its distribution to 15,000 sale points in the US and the collaboration with 54 strategic partners,” he added.
High Brew Founder Smith commented, “Undoubtedly, we share the same identity, commitment and vocation,” adding that “sustainability will continue to be a differential value in the operation since High Brew needs the best beans to make the best coffee, and this means supporting all those who participate in the value chain.”
On Tuesday, Paytm E-commerce Pvt Ltd (PEPL) announced its collaboration with ONDC and NCCF to offer tomatoes at a price of INR 70 per kg in the Delhi-NCR region. The initiative is aimed at providing affordable tomatoes to consumers. Notably, the National Cooperative Consumers Federation (NCCF) and NAFED, acting on behalf of the central government, are already selling tomatoes at the same rate through mobile vans in Delhi-NCR and a few other chosen cities.
In a statement, PEPL said it will sell “tomatoes (at) INR 70 per kilogram through National Cooperative Consumers Federation (NCCF) for users in Delhi-NCR on Paytm ONDC.”
Under this arrangement, users on the Paytm app can avail themselves of a maximum purchase limit of two kilograms of tomatoes per week at the price of INR 140, inclusive of free delivery, through ONDC (Open Network for Digital Commerce).
This move will benefit the users as retail prices of tomatoes in some cities have crossed INR 200 per kg, the statement said.
The company spokesperson said, “The rising prices of a kitchen essential like tomato has been affecting many across the country. With this collaboration between NCCF and ONDC, our users in Delhi-NCR can now easily get tomatoes at affordable prices.”
Backed by the Government of India, Open Network for Digital Commerce (ONDC) has been created to democratise the existing e-commerce ecosystem of the country.
Tata Consumer Products Ltd (TCPL) reported a commendable 29.67 per cent rise in consolidated net profit to INR 358.57 crore in the first quarter ended June 30. This impressive growth can be attributed to the company’s strong performance in its domestic business segment.
In a BSE filing, TCPL (formerly known as Tata Global Beverages Ltd) stated that in the April-June quarter of the previous year, the company had recorded a net profit of INR 276.51 crore.
During the quarter under review, TCPL witnessed a notable increase in its revenue from operations, rising by 12.45 per cent to reach INR 3,741.21 crore. This growth marked a significant improvement compared to the corresponding period of the preceding fiscal when the revenue stood at INR 3,326.83 crore.
“Revenue from operations increased by 12 per cent as compared to the corresponding quarter of the previous year, mainly driven by strong growth of 16 per cent in India business, 3 per cent in international business and 5 per cent in non-branded business,” TCPL said in an earnings statement.
The “profit before exceptional items and tax at INR 495 crore is higher by 23 per cent reflecting strong growth in the India branded business and improved performance in international and non-branded business,” it said.
In the first quarter of the current fiscal year, the total expenses of Tata Consumer Products Ltd (TCPL), the Tata Group’s FMCG arm, amounted to INR 3,304.36 crore, showing a notable increase of 11.68 per cent when compared to the expenses incurred during the same period in the previous year.
In the June quarter, TCPL’s total income reached INR 3,798.96 crore, exhibiting a notable increase of 12.99 per cent.
During the June quarter, TCPL’s overall branded business experienced a significant growth of 13.11 per cent, reaching INR 3,372.75 crore. This substantial improvement was noteworthy when compared to the corresponding quarter of the previous fiscal, where the overall branded business had amounted to INR 2,981.82 crore.
TCPL boasts a range of branded ventures encompassing tea, coffee, water, and an array of other enticing value-added enterprises.
The revenue from TCPL’s branded business in the Indian market reached INR 2,477.93 crore, reflecting a notable increase of 15.51 per cent.
Within the coffee segment, TCPL sustained its robust performance, achieving an impressive revenue growth of 21 per cent in the domestic market.
“For the quarter, the India foods business delivered 24 per cent revenue growth and 6 per cent volume growth,” the company said.
The revenue from TCPL’s non-branded business, encompassing plantation and extraction activities for tea and coffee, amounted to INR 377.05 crore in the June quarter, marking a notable growth of 7.2 per cent.
Tata Starbucks, a joint venture equally shared by Tata Consumer Products Ltd and Starbucks Corporation, also achieved an impressive “strong revenue growth” of 21 per cent during the June quarter.
According to TCPL’s Managing Director & CEO, Sunil D’Souza, the June quarter witnessed positive outcomes from the implemented interventions in the branded tea business, resulting in volume growth for the second consecutive quarter.
“We continue to maintain volume growth momentum in Salt, despite the pricing actions taken earlier to manage inflation,” he added.
The company continued to accelerate innovation across categories with a number of new launches to expand our total addressable market.
“Our growth businesses (Tata Sampann, Tata Soulfull and NourishCo ) continued their strong growth trajectory, they grew by 58 per cent this quarter and accounted for 20 per cent of the India branded business. Tata Starbucks continued to deliver a strong performance along with store expansion,” he said.
Shares of Tata Consumer Products Ltd on Wednesday settled at INR 874.10 on BSE, up 0.67 per cent from the previous close.
According to Samantha Clayton, the Vice President of Sports Nutrition and Fitness Education at Herbalife, India has emerged as the world’s second-largest market for the renowned global nutrition brand, right behind the United States.
During the past three years, the nutrition company asserts that it has achieved substantial double-digit growth. Specifically, for the year ending on December 31, 2022, the brand’s net sales in India reached an impressive USD 677.1 million, contributing to Herbalife’s overall global sales of USD 5204.4 million.
According to Clayton, Herbalife has experienced a notable surge in sales volumes in India over the recent years, thanks to the company’s consistent endeavors in promoting and diversifying its product portfolio. She further highlighted that Herbalife’s success in India is attributed to a comprehensive strategy that includes multiple approaches, along with long-term investments in education, a commitment that has been integral to the company since its inception approximately 40 years ago.
Clayton revealed that Herbalife allocates approximately 3.6 per cent of its net sales, amounting to USD 24.3 million, for marketing and advertising purposes. She emphasized that the brand remains dedicated to innovating and introducing new products within the nutrition and wellness sector in the future.
“The establishment of the ‘Centre of Excellence’ in Bengaluru showcases our commitment to research and development, and our focus on delivering innovative and high-quality products,” commented Clayton on expansion plans in India.
Herbalife provides a range of sports nutrition and energy fitness products, encompassing items like protein shakes, probiotics, fibers, multivitamins, and energy boosters.
According to Pierre-Olivier Gourinchas, the Chief Economist and Director of the IMF, India’s restrictions on the export of specific rice varieties are expected to worsen food price volatility across the globe.
“And they (the ban on rice exports) can also lead to retaliatory measures. So, they are certainly something that we would encourage the removal of these type of export restrictions, because they can be harmful globally,” Gourinchas said in a press conference after it launched World Economic Outlook on Tuesday.
During the press conference, he was questioned about the potential impact of India’s decision to restrict the export of certain rice categories on global inflation.
Significantly, India’s ban on rice exports occurred shortly after Russia’s announcement of withdrawing from the United Nations and Turkey-brokered Black Sea grain deal.
The Chief Economist of the IMF highlighted the crucial role played by the Black Sea Grain Initiative in ensuring an abundant supply of grain to the world in the previous year.
“And there are estimates of about 33 million tons of grain that were shipped from Ukraine to the rest of the world. And it helped keep price pressures on food and grain prices lower,” Gourinchas said.
“…now that this grain deal has been suspended, the same mechanics works in reverse, and it’s likely to put upward pressure on food prices,” he added.
According to the IMF economist, grain prices are projected to increase by 10-15 percent.
On the last Thursday, the central government made amendments to the rice export regulations, placing non-basmati white rice in the “prohibited” category.
The export policy concerning non-basmati white rice (Semi-milled or wholly milled rice, whether or not polished or glazed: Other) was promptly changed from “free” to “prohibited,” and the new policy took effect immediately.
Nevertheless, exports will be permitted on the condition that the government grants permission to other countries to fulfill their food security requirements, as per their respective government’s requests.
India’s non-basmati rice is primarily imported by several countries, including Benin in West Africa. Additionally, other major destination countries for this rice variety include Nepal, Bangladesh, China, Cote D’Ivoire, Togo, Senegal, Guinea, Vietnam, Djibouti, Madagascar, Cameroon, Somalia, Malaysia, Liberia, and the United Arab Emirates (UAE).
In September 2022, India implemented a ban on the export of broken rice and imposed a 20 percent duty on non-Basmati rice exports, excluding parboiled rice. This decision was driven by concerns over an anticipated decrease in production caused by a reduction in the paddy crop area. However, in November, the ban was subsequently lifted.
According to banking sources, the Qatar Investment Authority (QIA), a sovereign wealth fund, is currently in discussions with Reliance Industries Ltd (RIL) to make a significant investment of up to $1 billion. The investment aims to acquire a 1 per cent stake in Reliance Retail Ventures Ltd (RRVL), the holding firm for RIL’s retail business. As per the discussions, the proposed investment by the QIA would value RRVL at approximately $100 billion.
The firm owned by Mukesh Ambani is exploring options to unleash the potential of its retail and telecom divisions through public listings.
At the $100 billion valuation, the Qatar Investment Authority’s investment would result in significant profits for several private equity firms that had previously invested approximately $6.38 billion to acquire a 10.09 per cent stake in RRVL back in 2020.
The list of investors comprised KKR & Co and Saudi Arabia’s Public Investment Board. The remaining stake in RRVL is held by RIL and its affiliated companies.
An RIL spokesperson said, “The company evaluates opportunities on an ongoing basis. As a principle, we do not comment on market speculation and rumour.” A QIA spokesperson declined to comment.
According to a recent report by JM Financial, RRVL was valued at $105 billion. The report highlighted that the company’s Ebitda (earnings before interest, taxes, depreciation, and amortisation) for fiscal year 2023 was 2-4 per cent higher than its subsidiary, Reliance Retail Ltd. This was attributed to RRVL having relatively fewer assets apart from its stake in RRL.
Since 2015, Reliance Industries Ltd (RIL) has undertaken a remarkable journey, transforming Reliance Retail into a nationwide powerhouse boasting an impressive network of 18,000 stores. Its remarkable sales of $30 billion have captured the attention of foreign investors, making it an enticing and attractive prospect for investment.
The implied valuation of RRVL surpassed JM Financial’s previous estimate of $90-100 billion for the entire retail business by 5-10 per cent.
The valuation was determined based on Reliance Retail’s recent announcement regarding the extinguishment of equity shares, amounting to 0.04 per cent, held by non-promoters. This move is anticipated to result in a potential outflow of INR 500 crore.
Simultaneously, JM Financial stated that, following an independent calculation of INR 850-900 per share, the implied valuation for Reliance Retail amounted to $100 billion.
During the June quarter, Reliance Retail witnessed substantial growth, with revenue amounting to INR 69,948 crore, marking a remarkable 19.5 per cent increase compared to the previous year. This growth was primarily driven by the impressive performance of its groceries, consumer electronics, and fashion and lifestyle product segments.
The company achieved a commendable Ebitda of INR 5,139 crore, indicating a significant YoY growth of 33.9 per cent.
“Beyond earnings, we believe potential value unlocking via stake sales/IPO/listings could be a material stock price driver over the next 2-3 years. We go back to the Chairman’s closing comments in last year’s AGM (annual general meeting) where he talked about doubling RIL’s market cap in five years and next-gen leaders taking over businesses, and this points to value unlocking in RIL,” wrote analysts at JP Morgan, referring to Ambani’s speech.
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