SupplyNote secures $2.25 Million in funding to drive innovation in restaurant supply chain management

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July 12, 2023

Adcount Technologies, the company that oversees the operations of SupplyNote, a startup specializing in restaurant supply chain management, recently secured $2.25 million in funding during its Series A round.

Venture Catalysts and Artesian took the lead in the funding round, joined by notable investors such as Sattva Family Office, WFC, LetsVenture, Soonicorn Ventures, Cogniphy, SucSEED Indovation, SOSV, and DSP Family Office. With the completion of this recent round, Adcount Technologies has now accumulated a total capital of $5 million.

The forthcoming funding will provide the necessary resources to kickstart the initial stage of the company’s global expansion, focusing primarily on the MENA and Southeast Asia regions.

Established in 2019, SupplyNote is a dynamic startup founded by Kushang, Abhishek Verma, Nitin Prakash, and Harshit Mittal. This forward-thinking company has built its foundation on three robust business verticals. Firstly, they offer a state-of-the-art Software-as-a-Service (SaaS) solution, specifically designed for large restaurants to streamline their inventory management processes. Additionally, SupplyNote provides comprehensive fulfillment services that cater to the unique requirements of large restaurants. Building upon their success, the company has recently ventured into a new domain by launching a marketplace tailored for small restaurants, aiming to support and empower these businesses.

Through its SaaS vertical, SupplyNote specializes in providing services to chain restaurants classified by the National Restaurant Association of India (NRAI) that operate with more than three outlets.

Kushang, the CEO and Co-Founder of Adcount Technologies, highlighted that SupplyNote plays a pivotal role in enabling annual purchases worth $100 million in India.

Additionally, the CEO also mentioned that Vyap, the B2B marketplace, facilitates procurement worth $2.25 million specifically in Noida and Greater Noida. Furthermore, SupplyLink, the supply chain management division, effectively oversees goods valued at $5 million across 42 cities throughout India.

Among its clientele, SupplyNote proudly serves renowned establishments such as Naturals Ice Cream, Biryani By Kilo, Bikkgane Biryani, Caterspoint, Burgrill, and Ironhill Brewery.

“These figures are set to skyrocket in the upcoming months. Looking ahead, our ambitious 18-month targets include facilitating $1.2 Bn worth of purchases via SupplyNote, achieving $25 Mn in annual recurring revenue (ARR) with Vyap, and distributing goods worth $150 Mn through SupplyLink,” said Kushang.

As of now, Adcount asserts that it possesses a network comprising 5,000 outlets spanning across 86 cities. The startup has announced its ambition to expand its presence even further and aims to achieve a total of 30,000 F&B outlets worldwide by the conclusion of the fiscal year 2025.

“We feel SupplyNote is a prudent investment due to its innovative approach to streamlining inventory management, order placement, and sales analytics. Its cloud-based suite is revolutionizing inventory management and improving the overall performance of businesses,” said CA Vijay Singh Rathore, Co-Founder of Soonicorn Ventures.

Apoorva Sharma, Co-Founder and President of Venture Catalysts, added, “The remarkable traction they’ve received from renowned clients like CureFoods, Biryani By Kilo and Swiggy Kitchen underscores their market credibility and readiness for exponential growth.”

According to a report, as of 2022, India’s food service market was valued at $41.1 billion, and it is projected to reach $79.65 billion by 2028. SupplyNote, a company receiving funding, operates in this thriving market. In the competitive landscape, SupplyNote’s primary rival is Hyperpure, Zomato’s business-to-business (B2B) supply division that specializes in providing restaurants with fresh and packaged products.

Adcount’s recent funding round coincides with a notable trend of supply chain management startups securing funding in recent months. This includes companies such as FourKites, Magma, and Wheelocity, who have successfully attracted investment to support their operations and growth.

Indian market sees resurgence of traditional gin brands, surpassing craft gins

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July 12, 2023

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Bombay Sapphire gin (Representative Image)

According to industry executives, in 2022, traditional gin brands owned by large companies reclaimed their market share, which had been disrupted by the rise of small, locally-made batches of gin, particularly from Goa, in the past three years. While both big and small brands experienced sales growth in double digits, Bombay Sapphire, Jaisalmer, Beefeater, and Big Ben surpassed craft gin brands by more than doubling their sales, as stated in the latest IWSR Drinks Market Analysis report. Additionally, newer players such as Samsara, Hapusa, and Stranger & Sons saw their sales rise by 50-70 percent.

“While startups surely helped in popularising the gin category, consumers turned to established companies which have better infrastructure, production capabilities and quality control,” said Amar Sinha, Chief Operating Officer, Radico Khaitan.

In 2022, the sales of Radio Khaitan’s Jaisalmer brand experienced an impressive surge of 400 percent.

To take advantage of the increasing demand for the white spirit, the company recently introduced a new semi-premium gin called “Happiness in a Bottle.” This launch occurred last week.

“We had to triple our production capacity due to increased demand,” said Sinha.

In 2022, Bombay Sapphire gin, which is owned by Bacardi, experienced a remarkable surge in sales, recording a growth rate of 196 percent. This impressive performance allowed Bombay Sapphire to reclaim its leading position, surpassing Greater Than, one of India’s pioneering artisanal gin brands. As the gin market gained momentum, mainstream companies began to enter the scene through various means, including acquiring startups or establishing their own gin brands.

A notable example is United Spirits, the largest alcoholic beverages company in India, which acquired a minority stake in Nao Spirits in March of the previous year. Similarly, Tilaknagar Industries agreed to acquire a 10 percent stake in Spaceman Spirits Lab, the parent company of Samsara. These strategic moves demonstrated the interest of established companies in the craft gin sector.

In addition, major local distillers also dipped their toes into the craft gin market with notable offerings. Amrut Nilgiris gin and Malhar, produced by John Distilleries, are among the recent additions to the portfolio of craft gins introduced by these prominent distillers. This trend indicates the growing importance of the craft gin segment and the willingness of established players to explore and expand their presence within it.

Although the IWSR declined to provide specific details regarding company market share or growth, it acknowledged that the Indian gin category has undergone significant transformations in the last five years. These changes were primarily expedited by the Covid-19 lockdowns rather than solely initiated by them.

“In 2018 it was almost all value-priced and low-priced IMFL (Indian-made foreign liquor), with domestic craft gins very much in their infancy, and imports only 2 per cent of consumption. Demand for both has exploded, doubling in 2022 alone, and now the split of imports to local products is 60:40. Inevitably, more and more brands are now available in India,” said Jason Holway, market analyst, IWSR, adding that cocktail culture, both at home and out of home, has upgraded, with overall gin consumption still below 2018 level. For many years, IMFL gin brands in the value segment (INR 240-900) such as Original Choice and Blue Riband dominated the gin market in the country. However, over the past few years, their demand shrunk as consumers traded up for pricier brands.

AB InBev strengthens Belgian operations with €31 Million investment in brewery infrastructure

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July 12, 2023

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AB InBev, a multinational beverage and brewing corporation, recently announced a substantial investment of €31 million to enhance technological infrastructure across its breweries located in the Flemish-Brabant region of Belgium.

AB InBev has a workforce of over 2,000 individuals dedicated to the operations of their breweries and distribution centers situated in the Sint-Pieters-Leeuw, Hoegaarden, and Leuven regions.

The beverage giant has stated that the infusion of funds will support the expansion of its range of non-alcoholic beers, enhance bottling capacities, and streamline the development of a new de-alcoholizing system for its Corona Cero offering.

Corona Cero – which launched last year – offers the classic taste of Corona, but has 0.0% ABV and is brewed with 100% natural ingredients.

Corona Cero is among the seven non-alcoholic beers crafted by AB InBev in Belgium, which includes selections from well-known local brands such as Hoegaarden and Leffe. AB InBev acknowledges that numerous non-alcoholic brewing techniques employed by its brewers originated in Belgium, particularly at their Global Innovation and Technology Center (GITEC) in Leuven.

David De Schutter, Global VP, GITEC, said, “The no-alcohol beers of today are much different from what was available years ago. The innovative methods and technology developed by our brewers and researchers are creating the next generation of refreshing, great tasting, no-alcohol beers for people to enjoy on any occasion.”

Last year, AB InBev also launched Corona Sunbrew 0.0%, the “world’s first” non-alcoholic beer to contain vitamin D. Each 330ml bottle contains 30% of the daily recommended amount of vitamin D and 60 calories.

7-Eleven celebrates 96th anniversary with complimentary slurpees and new flavors on ‘Slurpee Day’

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July 12, 2023

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7-Eleven, a convenience store chain headquartered in Texas, has announced an exciting treat for its customers on 7th July 2023 to commemorate its 96th anniversary. This special day, widely recognized as ‘Slurpee Day’ and ‘7-Eleven Day,’ will feature complimentary Slurpees for all visitors. Additionally, as part of their loyalty program, the chain is granting two additional free Slurpees to its VIP customers who have accumulated the maximum points on the store’s mobile app.

On this day annually, the company generously provides a complimentary 12-ounce (355ml) slurpee, allowing consumers to select their preferred flavor from 11am to 7pm. This partially frozen beverage, consisting of finely crushed ice crystals, is accessible in 34 different flavors throughout America. Among these options, there is an exclusive and limited-edition flavor called ‘What the Fanta,’ created specifically for Slurpee Day.

As part of this year’s Slurpee Day festivities, 7-Eleven has introduced four fresh flavors that can only be enjoyed today. These exclusive additions include Sprite Lymonade Legacy, Summertime Citrus, Fanta Dragon Fruit Zero Sugar, and Hibiscus Lemonade.

In addition to the complimentary slurpees, the chain is also providing irresistible $1 deals on beloved snacks such as hot dogs and pizza slices. It’s an opportunity for customers to enjoy their favorite treats at an incredibly affordable price.

However, this offer will be valid only in the chain’s stores located in the United States and Canada, where the American style of writing dates is followed, with the month first and then the date (e.g., 7th of July or July 11th).

In line with the same rationale, the convenience store chain, as per a source from 7-Eleven India, observes the celebration of Eastern countries, including India, on November 7th (7/11), in accordance with the British style of writing dates, where the date comes before the month.

According to the media source, 7-Eleven introduced this concept in 2002 during its 75th birthday celebration and has been observing it every year since, except for 2020 when it was canceled due to the Covid-19 pandemic.

The invention of Slurpees can be traced back to 1959 when a Kansas Dairy Queen franchise accidentally discovered them. The franchise had to store its soda in a freezer as a result of a malfunctioning soda machine. Customers took a liking to the semi-frozen soda and started asking for it. Initially known as ‘Icee,’ the beverage eventually earned the name “Slurpee” due to the sound it made while being sipped.

Currently, more than 300 flavors of Slurpees are available worldwide. In the United States, the most popular flavors are Coca-Cola and Wild Cherry.

Established in 1927 as an icehouse storefront in Dallas, Texas, 7-Eleven has evolved into a renowned global brand with more than 83,000 stores spanning across 19 countries. Throughout its history, the brand has been at the forefront of innovation, introducing several industry firsts. It was the pioneer in offering coffee in to-go cups, being open 24/7, and featuring self-serve soda fountains. Presently, the convenience store chain is fully owned by Japan-based Seven and I Holdings Co. Ltd., as stated on the official corporate website of the brand.

In India, the 7-Eleven chain, owned by a Japanese company and headquartered in the United States, is operated by Reliance Retail. Initially, the Texas-based brand 7-Eleven had entered into an agreement with Kishore Biyani’s Future Group to establish a presence in the country. However, in 2021, both groups mutually terminated the agreement. As of July 2023, there are 40 7-Eleven outlets in India, with 38 located in Mumbai and two in Pune.

Pulses inflation: Crisil Ratings warns of potential price peak in 6-7 months, calls for vigilance and policy measures

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July 12, 2023

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According to Crisil Ratings, if the cobweb phenomena continues to affect pulses inflation this year, although to a lesser extent, we may witness the next peak in prices within 6 to 7 months. Furthermore, irregular weather patterns in the previous year resulted in certain production losses, which could potentially influence prices as well.

The rating agency has stated that policymakers will need to remain vigilant about the monsoon’s behavior and its impact on prices this year as well. They should then take appropriate measures to address any price pressure that may arise.

With delayed and uneven rainfall this year, the sowing of pulses has been affected, leading to potential price pressures. However, the government’s ongoing intervention through price stabilization schemes could help mitigate the intensity of the upcoming peak.

The government recently made an important decision to eliminate the 40% procurement ceiling for key pulses such as tur, urad, and masur. This significant move grants farmers the freedom to sell their entire produce without any limitations. By doing so, the government aims to motivate farmers and promote an expansion in the sown area during future cropping seasons. Additionally, the removal of the procurement ceiling facilitates improved price signaling through the announcement of Minimum Support Price (MSP), benefiting both farmers and the agricultural sector as a whole.

The cobweb pattern of growing pulses was primarily attributed to erroneous price signaling. However, recognizing the significance of addressing this issue, timely policy measures have been implemented. One such measure is the recent announcement to impose stock limits on arhar and masur, aimed at discouraging traders from hoarding supplies and ensuring stable prices. These measures serve to effectively monitor and control price spikes, contributing to a more balanced and sustainable pulse market.

ITC’s FMCG business witnesses remarkable 21% increase in annual consumer spending, reaching INR 29,000 Crore in FY22-23

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July 12, 2023

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According to ITC’s latest annual report, the FMCG business of the diversified conglomerate has experienced a notable 21 percent increase in annual consumer spending, reaching nearly INR 29,000 crore during the fiscal year 2022-23. Within the FMCG sector, ITC operates with a portfolio of 25 domestic brands.

The company calculates annual consumer spend by adding up the total amount spent by consumers on purchasing the company’s goods. This includes the net sales turnover generated by the company’s brands, as well as the channel margins and taxes associated with those sales.

“Your company’s vibrant portfolio of over 25 world-class Indian brands, largely built through an organic growth strategy in a relatively short period of time, represents an annual consumer spend of nearly INR 29,000 crore and reaches over 230 million households in India,” ITC said addressing its shareholders in the report.

This represents a growth of approximately 21 percent compared to the financial year 2021-22. According to ITC’s latest annual report, their FMCG business recorded an annual consumer spend of over INR 24,000 crore.

ITC reported that its products reached 230 million households during FY23, representing an increase from the previous fiscal year where it reached over 200 million households in FY22.

During the fiscal year 2022-23, the gross revenue generated from the sale of products and services amounted to INR 69,480.89 crore. Within this, the cigarettes business accounted for INR 28,206.83 crore, while the FMCG business contributed INR 19,122.50 crore.

ITC’s D2C platform, the ITC e-Store, is currently operational in more than 24,000 pin codes and continues to receive an outstanding response from consumers.

The company is active in the food industry, offering a range of brands including Aashirvaad, Bingo, Sunfeast, and YiPPee. Additionally, in the personal care sector, it owns brands like Fiama, Vivel, Savlon, and more.

ITC is strategically positioned to capitalize on emerging value-added sectors and future categories by harnessing the strength of its 25 established flagship brands cultivated throughout the years.

“Recent examples of such brand extensions include Aashirvaad to Dairy, Ready-to-Eat, Vermicelli, Salt and Spices; Sunfeast to Dairy Beverages and Cakes; Bingo to Namkeens; ITC Master Chef to Frozen Snacks and Cooking pastes; Classmate to Writing instruments; Savlon to Sanitisers, Wipes and Disinfectant sprays etc,” it said.

In addition to its presence in the domestic market, ITC’s FMCG business is actively expanding its global footprint, reaching over 60 countries through its export operations.

According to ITC, the personal care segment experienced a rise in inflation, resulting in a decline in demand, particularly in rural markets. However, the company observed a gradual improvement in market conditions throughout the year.

“Portfolio premiumisation, the launch of an innovative and differentiated range of products and agility in mitigating the impact of commodity inflation enabled the business to strengthen the core and grow emerging categories during the year, in spite of a challenging operating environment,” it said.

It is also setting up a personal care and home care products manufacturing unit in Uluberia, West Bengal, ITC added.

Britain’s Waitrose collaborates with Uber Eats for lightning-fast grocery deliveries

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July 12, 2023

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Waitrose, the renowned upmarket supermarket group, has recently formed a partnership with Uber Eats, the fast delivery service, to revolutionize the way customers receive their groceries. This collaboration aims to bring the convenience of shopping at Waitrose directly to shoppers’ doorsteps, with delivery times as astonishingly fast as 20 minutes.

Waitrose, a member of the employee-owned John Lewis Partnership, announced a long-term collaboration with the Uber Eats platform. Initially launched in five London stores, this partnership will gradually expand to encompass over 200 stores by the end of August.

According to market researcher NIQ, prior to the Covid-19 pandemic, online accounted for approximately 7% of the total grocery market in Britain. However, during the pandemic, its share reached a peak of around 15%. Since then, it has declined to 10.4%.

Waitrose stated that its collaboration with Uber Eats enhances its existing partnership with Deliveroo and complements its own online shopping platform.

UK supermarkets Sainsbury’s, Asda, Morrisons, the Co-op, and Iceland have already formed partnerships with Uber Eats.

Sanjiv Puri to continue as Chairman and Managing Director of ITC, board recommends five-year extension

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July 12, 2023

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According to its annual report for FY23, leading conglomerate ITC has put forth a recommendation to reappoint Sanjiv Puri as Chairman and Managing Director. The proposed reappointment, set to commence on July 22, 2024, would extend Puri’s tenure for a period of five years.

Puri, an individual who graduated from the prestigious IIT Kanpur and the Wharton School of Business in the United States, joined the Board of ITC as a whole-time director in 2015. In 2017, he ascended to the position of CEO within the fast-moving consumer goods (FMCG) industry giant and was subsequently re-designated as the Managing Director in 2018. Further adding to his accomplishments, Puri was appointed as the Chairman of ITC in 2019.

“The board, on the recommendation of the committee, has also recommended for the approval of the members, the re-appointment of Puri as a Director, not liable to retire by rotation, and as the Managing Director & Chairman of the company for a period of five years with effect from 22nd July, 2024,” read the annual report.

According to the recently published annual report, the remuneration for FY23 of Puri, the CEO of ITC, was disclosed. In FY23, ITC increased Puri’s salary by 29.5 percent, amounting to INR 16.31 crore. His remuneration consists of a basic salary of INR 2.88 crore, a performance bonus, and a commission of INR 12.86 crore. Additionally, he receives perks and other benefits totaling INR 57.38 lakh.

Perfora launches India’s first aluminium handle electric toothbrush, redefining sustainable oral care

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July 12, 2023

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Perfora, the leading digitally native oral care brand in India, is thrilled to introduce a groundbreaking innovation in oral hygiene – the Aluminium Handle Electric Toothbrush. This remarkable toothbrush sets a new standard for sustainability and environmental consciousness. By utilizing 70 percent less plastic compared to other electric toothbrushes available in the market, Perfora’s Aluminium Handle Electric Toothbrush proudly leads the way in reducing plastic waste while delivering exceptional oral care.

Perfora introduces the sleek and eco-friendly Truthbrush 2.0 electric toothbrush, aligning with their commitment to reducing plastic waste. Available in Rose Gold and Platinum Silver, it features a 2-minute timer and 30-second quad technology. Each box includes two brush heads – one with activated charcoal bristles for plaque removal and one with super soft bristles for a gentle brushing experience. With a 90-day battery life and AAA battery operation, Perfora offers a 1-year warranty and personalization options on their website.

Jatan Bawa, Founder of Perfora, expressed, “We are excited to introduce India’s first Aluminium Handle Electric Toothbrush, showcasing our dedication to sustainable oral care solutions. By reducing plastic waste and offering a greener alternative, we aim to make a positive impact on the environment. This launch is a significant milestone for Perfora and reinforces our commitment to providing innovative and eco-friendly oral care products.”

Tushar Khurrana, Founder of Perfora, added, “Oral care is vital for overall well-being, and we take pride in pioneering a product that not only ensures optimal oral health but also contributes to a healthier planet. Our Aluminium Handle Electric Toothbrush combines cutting-edge technology with sustainability, offering consumers a superior brushing experience while reducing their environmental footprint.”

Ensuring proper oral hygiene is essential for one’s overall health and well-being. Utilizing an electric toothbrush such as Perfora’s Aluminium Handle Electric Toothbrush is a wise decision, as it has been scientifically validated to excel in eliminating plaque, fostering healthier gums, and diminishing the likelihood of tooth decay.

The utilization of aluminum in the toothbrush handle offers numerous benefits. Aluminum possesses qualities such as being lightweight, durable, and resistant to corrosion, making it an excellent choice for a toothbrush handle that can withstand the test of time. Furthermore, aluminum is recyclable, which aligns perfectly with Perfora’s dedication to sustainability and the reduction of plastic waste.

Zepto poised to secure $150 Million in Series E funding, set to become India’s first unicorn of 2023

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July 12, 2023

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After a prolonged dry spell, the Indian startup ecosystem is on the cusp of witnessing a momentous event as it prepares to welcome its first unicorn of 2023. Zepto, a quick-commerce delivery startup, is currently engaged in advanced discussions aimed at securing a staggering $150 million in its upcoming Series E funding round. If successful, this funding round would propel Zepto’s valuation to an impressive $1.3 billion.

According to sources, the anticipated funding round, led by StepStone Group, is expected to reach its conclusion within the next month.

It is worth mentioning that StepStone Group serves as a limited partner (LP) for Nexus Venture Partners, the current backer of Zepto.

“While StepStone is infusing around $60 Mn, Nexus Venture Partners will be pumping in around $40 Mn. The remaining amount will come from other existing investors,” the sources said.

In addition to Nexus Venture Partners, Glade Brook Capital and Lachy Groom, existing investors, are set to participate in the funding round. According to sources, the funding round will exclusively involve equity investment and will not include any debt component.

Zepto declined to provide any comments or respond to inquiries regarding the matter.

After experiencing a significant increase in the number of unicorns with 44 in 2021, India saw a sharp decline to 21 unicorns in 2022. However, with the imminent completion of the latest funding round, Zepto is poised to become the first Indian unicorn of 2023, breaking a seven-month drought since the beginning of the year.

Established in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto made its entry into the market by seizing the growing demand for rapid commerce delivery that emerged in the wake of the Covid-19 pandemic. With its enticing proposition of delivering groceries within a mere 10 minutes, the startup swiftly garnered attention and generated interest from numerous investors.

In a remarkable feat, the startup garnered significant attention after successfully securing $60 million in funding from prominent investors such as Glade Brook Capital, Nexus, and Y Combinator, among others, during a funding round in 2021. Building on this momentum, Zepto went on to raise an impressive $100 million in its Series C funding round. Notably, in its Series D round last year, the startup managed to secure a substantial $200 million in funding, led by Y Combinator’s Continuity Fund, valuing the company at approximately $900 million.

In its inaugural year of operations, Zepto recorded a standalone net loss of INR 390.3 crore in FY22. The company reported operating revenue of INR 142.3 crore during the same period. Since commencing operations in April 2021, Zepto incurred total expenses amounting to INR 532.7 crore in FY22.

Zepto finds itself in direct competition with well-funded competitors such as Swiggy’s Instamart, Blinkit (acquired by Zomato), and Reliance-backed Dunzo. Swiggy recently injected a substantial $700 million into Instamart in December 2021, while Zomato acquired Blinkit for $568 million the previous year. However, Dunzo, which received a significant investment of $240 million from Reliance Retail in early 2022, is currently grappling with severe cash flow challenges, leading to employee layoffs and delayed salaries for many of its staff members.

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