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Curefoods expands portfolio with strategic investment in Millet Express, strengthening presence in cloud kitchen industry

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curefoods
Ankit Nagori, Founder, Curefoods

Curefoods, a startup specializing in cloud kitchens, has recently announced a strategic investment in Millet Express, a millet-focused startup based in Hyderabad.

Established in 2020, Millet Express specializes in providing a diverse range of South Indian cuisine that is centered around millets. They proudly offer a wide selection of dishes that incorporate all seven types of millet, including breakfast options and delectable rice bowls. Additionally, catering to those who crave North Indian flavors, this innovative startup has curated a delectable menu featuring parathas, kichidis, and rotis.

With its headquarters in Hyderabad, the startup is strategically utilizing the investment to fuel its expansion plans, aiming to extend the brand’s reach to a broader consumer base seeking millet-based products. Millet Express is also determined to capitalize on the partnership with Curefoods, leveraging their expertise to optimize operations and amplify their market presence.

By securing the investment, the cloud kitchen startup is gearing up to broaden the range of Millet Express offerings, both in the online and offline domains. In a press statement, Curefoods expressed that this collaboration between their brand and Millet Express enables them to leverage their individual strengths, fostering a mutually advantageous partnership. This strategic alliance positions both brands to capitalize on their unique capabilities and further enhance their market presence.

Gokul Kandhi, CEO of Curefoods, added, “The United Nations General Assembly has declared 2023 as the International Year of Millets (IYM2023) and this sector is expected to gain significant traction and support that will further enhance the growth potential of Millet Express.”

Curefoods, founded in 2020 by Ankit Nagori, has made significant strides in the food industry. With a vision to revolutionize the culinary landscape, the company boasts an impressive operation comprising more than seven food factories and over 150 multi-brand cloud kitchens. These state-of-the-art facilities allow Curefoods to efficiently serve over 200 locations across 15 cities. Within its diverse portfolio, Curefoods proudly houses renowned brands such as CakeZone, Nomad Pizza, Frozen Bottle, and Sharief Bhai Biryani, among others.

The investment in Millet Express comes as a subsequent development two months after Curefoods successfully raised INR 300 Cr (equivalent to approximately $37 Mn) in a funding round. Led by Binny Bansal’s renowned fund, Three State Ventures, the fundraising effort witnessed Three State Ventures contributing INR 240 Cr. This funding round encompassed a diverse blend of primary equity, secondary equity, and debt.

Read More: Curefoods secures INR 300 crore funding led by Three State Capital, aims to expand offline footprint

The startup announced that it would utilize the funding to broaden its geographic presence and introduce offline formats for its brands, thereby diversifying from its existing cloud kitchen business model.

Prior to the investment in Millet Express, the cloud kitchen startup acquired a controlling interest in the milkshake brand Frozen Bottle in March 2022. Furthermore, in January 2021, the startup acquired five distinct F&B brands, and in October 2021, it expanded its portfolio with the acquisition of an additional seven cloud kitchen brands.

Within the cloud kitchen industry, Curefoods faces competition from Rebel Foods, a unicorn company that boasts a nationwide presence with over 450 cloud kitchens.

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ONDC surpasses 35,000 daily retail orders, aims for 200,000 transactions by year end

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ONDC
ONDC (Representative Image)

On Sunday, the daily retail orders of ONDC surpassed the 35,000 milestone, with Delhi-NCR and Bengaluru making significant contributions of over 11,000 and 7,000 orders, respectively.

According to sources cited in a report by Moneycontrol, Mumbai, Hyderabad, and Pune collectively recorded daily registrations of 2,500 to 3,000 individuals each, encompassing both food and grocery items.

During a recent event, T Koshy, the CEO of ONDC, expressed that the government-supported ecommerce network is gearing up to achieve a daily transaction volume of 200,000 by the end of this year.

In the month of May, ONDC recorded a milestone of 10,000 orders, with Bengaluru accounting for 40% of the total. Moreover, the combined contribution of metro cities such as Delhi, Mumbai, and Kolkata also amounted to 40% of the orders.

The government-supported ecommerce platform is ambitiously striving to establish a dominant presence in the market, challenging renowned players like Amazon, Flipkart, Swiggy, and Zomato.

In a span of two years, ONDC sets its sights on capturing a vast customer base of 900 million buyers while simultaneously onboarding 1.2 million sellers.

However, the growth rate of the network experienced a slowdown after surpassing 25,000 orders in the second week of May. This coincided with a decrease in customer discounts and incentives offered to participants in the network. Previously, consumers were eligible for discounts on three orders per day, but it has now been revised to a total of 30 orders overall.

Read More: ONDC revamps incentive structure, imposes INR 100 limit on discounts for participants

Despite the uncertainty surrounding the long-term viability of the current business model, ONDC has outlined its intentions to expand its presence in additional Indian cities. In a recent development, the platform successfully launched its services in five major cities: Mumbai, Delhi-NCR, Chennai, Hyderabad, and Kolkata.

Read More: ONDC expands reach: Beta version of digital commerce platform goes live in five new Indian cities

Furthermore, PhonePe has extended the reach of its ONDC native ecommerce platform, Pincode, to encompass a larger number of cities in Mumbai, Delhi, Noida, Gurugram, Chennai, Hyderabad, Ahmedabad, Pune, and Kolkata.

Read More: PhonePe’s Pincode app expands to 10 cities, demonstrating strong growth on ONDC

Ambarish Kenghe, Vice President of Google Pay, revealed at a developer conference in June that Google will be launching an accelerator program for ONDC to aid its expansion goals. Through this initiative, businesses on the ONDC platform will have the opportunity to utilize Google Cloud’s advanced technology and receive expert guidance, facilitating seamless digital commerce experiences.

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Stock Spirits Group acquires renowned German spirits producer Borco in strategic expansion move

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Borco
Borco, the company being acquired, possesses the renowned Sierra Tequila brand. (Representative Image)

Stock Spirits Group has recently announced its acquisition of Borco, a renowned spirits producer based in Germany. The financial details of the transaction have not been disclosed at this time.

As per the company’s statement, the acquisition will facilitate Stock Spirits’ entry into the German market while expanding its portfolio with the addition of a tequila brand. Borco, the company being acquired, possesses the renowned Sierra Tequila brand.

Furthermore, Stock Spirits will capitalize on Borco’s existing distribution networks to introduce its own brands into untapped markets. This strategic move will allow Stock Spirits to expand its reach and establish a presence in new territories.

Meanwhile, Borco is actively seeking a strategic investor to bolster its brand portfolio’s global expansion efforts.

Stock Spirits specializes in the production of an extensive assortment of alcoholic beverages, encompassing vodka, flavored liqueurs derived from vodka, rum, brandy, bitters, and limoncello. With a presence in over 50 countries worldwide, the company boasts a diverse portfolio of 70 brands. Operating across five production sites, Stock Spirits employs over 1,200 individuals.

Markus Kohrs-Lichte, Chairman of the management board of Borco, said, “The planned transaction with Stock Spirits is the right step into the future for Borco. The company will be able to continue to develop effectively and consistently expand its international business, which is good news for customers, business partners, and employees.”

Jean-Christophe Coutures, Stock Spirits CEO, commented, “Borco has been a trusted and respected player in Germany and Austria for many years. The acquisition of Borco will be important step in our Western Europe expansion. Borco will benefit from better development opportunities including access to Stock’s extended spirits portfolio. Stock Spirits will gain access to the German market, one of the largest and most dynamic spirits market throughout Europe.”

Krzysztof Krawczyk, partner in CVC Capital Partners, added, “Our investment in Stock Spirits assumed M&A growth into new geographies across Europe and we are delighted that the business is making a strong progress in this strategic direction. Borco’s brands, in particular Sierra Tequila, have a great international potential, which we want to develop, and it’s an important addition to Stock’s geographic footprint.”

The transaction is subject to German and Austrian regulatory procedures.

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Indian Beverage Association urges government to exclude carbonated beverages and juice-based drinks from ‘sin taxes’

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Carbonated Drink
Carbonated Drink (Representative Image)

The Indian Beverage Association (IBA), headquartered in New Delhi, which serves as a representative body for major industry players including Coca-Cola, PepsiCo, Red Bull, and Dabur, has recently appealed to the government for the exclusion of certain product categories, such as carbonated beverages and juice-based drinks, from being subjected to ‘sin taxes’ or taxes imposed on products deemed unhealthy.

Ahead of the upcoming GST Council meeting on Tuesday, an industry group has expressed its concerns regarding the negative perception created by the current GST classification of certain products. In separate letters addressed to the Ministry of Finance, the Ministry of Food Processing Industries, and the GST Council Secretariat, the industry group has highlighted the need for reevaluation and revision of the GST classification for these products.

Regardless of their nutritional content or sugar levels, all carbonated drinks are currently categorized as sin goods, along with alcohol and tobacco. As a result, they attract a peak GST rate of 28%, along with an additional compensation cess of 12%.

“Irrespective of the ingredients used and nutrition content, a negative perception has been created by GST classification of these products (as demerit or sin goods) that non-alcoholic beverages are harmful for health,” the letters said.

“The food processing ministry has supported our demand of rationalisation of GST rates on non-alcoholic beverages for faster growth of the sector. IBA has also made representations to many states on the same lines,” said JP Meena, secretary general of IBA.

The association has suggested a decrease in the tax rate for carbonated fruit drinks or carbonated beverages with fruit juices from the existing 28% GST along with a 12% compensation cess to a new rate of 18% GST.

“Facts don’t suggest that a higher sin tax works to change behaviour. A higher tax on carbonated fruit drinks is not a solution to the problem of obesity, given the small proportion of calories they contribute in the average diet. Singling out these products for higher taxation is, therefore, devoid of merits,” IBA has stated in the letters.

The association claimed that products considered less healthy, such as sweets and chocolates, are subject to significantly lower GST rates.

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Monsoon Fury: Online delivery services struggle as waterlogged roads paralyze Northern India

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Online delivery services flood

The heavy rainfall wreaked havoc on online deliveries in urban centers, including Delhi and the National Capital Region. The region was hit by the worst deluge in decades over the weekend, leading to widespread flooding. This catastrophic event caused a major disruption for consumers who have come to rely on online deliveries for their daily essentials, such as food and medicine, not only in recent years but especially since the start of the pandemic.

Due to the overwhelming volume of water and the failure of the drainage system, the roads became flooded, reaching waist height and beyond. Numerous delivery services, including Swiggy, Zomato, Zepto, Blinkit, and Milk Basket, were unable to accept orders due to the inaccessibility of large clusters affected by the floods. Executives from e-commerce platforms, as well as grocery and restaurant companies, reported significant delays in their operations.

“Our operations have been affected due to rains in some parts of the country. We hope to be back soon,” food delivery platform Zomato, which also owns instant grocery delivery platform Blinkit, tweeted on Sunday, in response to multiple consumer complaints.

Over the past few days, northern India has been relentlessly pounded by the monsoon, resulting in tragic loss of life, destructive landslides, extensive property damage, and a significant number of people left homeless.

Restaurants Badly Hit

According to the India Meteorological Department, the confluence of two weather systems, namely monsoon winds and a western disturbance, has resulted in heavier rainfall than usual. Himachal Pradesh has been severely affected, with approximately 20 casualties reported, as per PTI.

According to a Zomato executive, services have been affected by the weather due to limitations in infrastructure and challenging road conditions.

“We are trying our best to be serviceable at this time,” this executive said. Restaurants were badly hit with few guests braving the rain in any case.

“Deliveries are more or less at a standstill in rain-impacted cities as logistics are severely hampered,” said Anjan Chatterjee, Chairman of Speciality Restaurants, which operates Mainland China and Oh! Calcutta. “Dine-ins are anyway affected because people are unable to move out of their homes. We hope this is a short-term phenomenon and the situation will be normal soon.”

In addition to deliveries, executives expressed that operations and supplies suffered as a result of insufficient support from public infrastructure.

“Deliveries getting insanely delayed in impacted cities; kitchen operations and supplies are being hampered as well,” said Nitin Saluja, Co-Founder of tea-cafe chain Chaayos. “Consumers are ordering more, but it’s the deliveries which are being unable to operate efficiently.”

Consumers in various regions of the country expressed their frustration on Twitter regarding the unavailability of essential deliveries during a period when leaving their homes was not feasible. The implementation of work-from-home and online schooling in cities like Gurgaon on Sunday exacerbated the strain on online delivery services.

Responding to aggrieved consumers on delays and rain surcharges over the past few days, Swiggy posted multiple texts on its social media handle, “We levy the rain fee to get more delivery executives on the streets during rains… Delays are due to rains,” and so on.

According to companies that specialize in selling daily essentials and grocery products, the recent disruptions caused by rain-infrastructure have occurred just as quick commerce platforms like Swiggy’s Instamart, Zomato’s Blinkit, Zepto, and BigBasket’s BBnow are experiencing faster growth compared to traditional e-commerce platforms.

“Even though we are seeing the number of consumer orders have increased, as many are working from home and people generally cannot step out, it’s the deliveries that are being disrupted in rain-impacted markets,” said Mayank Shah, Senior Category Head at cookies and confectionery products maker Parle Products.

Ecommerce platforms have stated that they have provided riders with essential supplies such as raincoats, as well as emergency and medical assistance.

“During monsoons and any other extreme weather conditions, our primary focus is on safety,” said Vikas Sharma, Chief Operating Officer at quick commerce platform Zepto. “While the timelines may be slightly affected given the traffic congestion and waterlogging, our proprietary tech system helps minimise the impact by blocking the affected routes and providing riders with safer alternative routes.”

According to industry executives, the ecommerce grocery market in India is currently valued at INR 3,000 crore and is experiencing significant growth. Swiggy Instamart, a prominent player in the market, is estimated to handle approximately 450,000 daily orders, while Zepto manages around 300,000 daily orders. In a recent update, Zomato announced that Blinkit, their subsidiary, successfully delivered 31.6 million orders in the quarter ending December 2022.

According to the India Meteorological Department’s forecast, there will be substantial rainfall throughout the week due to the influence of western disturbances and strong winds.

All schools in Punjab have been instructed to remain closed until July 13, while the Chandigarh administration has recommended that both public and private offices contemplate temporary closures.

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Clensta secures funding boost as Parineeti Chopra backs the sustainable personal care startup

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Clensta

Parineeti Chopra, the renowned Bollywood actor, has recently made an investment in Clensta, a promising startup in the personal care industry.

Clensta, established in 2016 by Puneet Gupta, is a pioneering personal care startup that specializes in providing sustainable healthcare and wellness products. Their extensive range includes offerings in categories such as haircare, skincare, and more.

The startup’s objective is to provide consumers with environmentally-friendly, efficient, and sustainable solutions that improve their well-being while reducing their carbon footprint.

Commenting on the investment, Parineeti Chopra said, “This association gives me a great opportunity to help build a brand that will stay relevant for years to come because of its focus on product and its unique ethos to create ethically and consciously. I feel very strongly about treating our planet responsibly and am delighted that Clensta’s range of products fulfil the promise of providing consumers a better way.”

On Chopra’s association with Clensta, Founder Gupta said, “She understands our long-term vision to make sustainable, affordable and effective personal care solutions that are locally made for one and all, including our global customers. We look forward to taking Clensta to new heights with her support.”

According to the startup, it has received funding from various notable investors and organizations, including IAN and IAN Fund, IPV, VCats, Hem Securities, TradeCred, the Royal Family from UAE, Ex-Im Bank of India, Mumbai Angels, Keiretsu, LetsVenture, O2 VC Fund, and several others, since its inception.

Presently, Clensta distributes its products through multiple e-commerce channels, which include Nykaa, Amazon, Flipkart, as well as 20 other platforms. Additionally, the company sells its products through its own website.

It is a frequent occurrence in the Indian startup ecosystem to witness the participation of celebrities and Bollywood actors as investors.

Recently, on July 5, the emerging digital content startup Knocksense made headlines with the news of an investment from renowned singer Lucky Ali as part of their Pre-Series A funding round.

Actor-turned-entrepreneur Suniel Shetty has been consistently making waves in the news with his investments in startups like Klassroom, WAAYU, and Aquatein.

Read More: Indian Restaurant Association takes on Zomato and Swiggy with launch of Waayu, a zero-commission food delivery app

Furthermore, Akshay Kumar has made recent investments in two startups: Two Brothers Organic Farm and The Good Glamm Group.

Read More: Two Brothers Organic Farms raises INR 14.5 Crore in Pre-series A with Akshay Kumar and Virender Sehwag coming in as investors

Additionally, Samantha Prabhu actively took part in the $2 million seed funding round of Nourish You, a direct-to-consumer (D2C) superfoods startup.

Read More: Actor Samantha Prabhu invests in D2C superfoods startup ‘Nourish You’ with a mission to promote health and wellness

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Hyperlocal commerce player Dunzo defers salaries for some employees, cites cash-flow constraints

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Dunzo
Dunzo (Representative Image)

Dunzo, a hyperlocal quick commerce player backed by Google and Reliance Retail, has made the decision to defer up to 50 percent of salaries for some employees, according to sources. The company has specifically deferred half of the June salary for employees at the manager level and above, citing cash-flow issues as the reason behind this measure.

Sources indicate that employees earning INR 75,000 and above at Dunzo have received only a partial payment of their salaries. The remaining amount is expected to be credited to their accounts before July 25.

“Whoever gets paid 75k+ and above has received nearly 50 per cent of the salary for this month, and the rest will be paid before 25th of this month,” said a source who spoke on condition of anonymity.

In April, Dunzo, a company headquartered in Bengaluru, successfully concluded a financing round, raising $75 million through convertible notes. This came after a significant equity funding round in January 2022, where the company secured $240 million in funding. Reliance Retail took the lead in this investment round. As of now, Reliance Retail holds a 25.8% stake in Dunzo, while Google possesses approximately a 20% stake. In total, Dunzo has accumulated $457.6 million across 19 rounds of funding.

Dunzo’s recent advancements occur amidst the backdrop of a previous workforce reduction in April, during which over 30 percent or more than 300 employees were laid off.

Dunzo declined to provide any comments regarding the ongoing developments. Notably, this marks the second instance of workforce rationalization at Dunzo in the current year. Earlier in January, the company had implemented a cost-cutting measure by laying off approximately 3 percent of its employees.

Dunzo is undergoing a restructuring of its business model and is set to close approximately 50 percent of its dark stores, according to reports. In an effort to adapt to changing market conditions, the company plans to forge delivery partnerships with supermarkets and various other merchants.

In late December 2022, the company also made the decision to shut down approximately 20-30 percent of its dark stores in Delhi-NCR and Hyderabad. Quick grocery delivery, also known as quick commerce, refers to the speedy home delivery of groceries typically within 10-30 minutes.

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PepsiCo India launches 100% rPET bottles for Pepsi Black, reinforcing commitment to sustainability

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pepsi rPET Bottles
These bottles are crafted from 100% recycled plastic and manufactured with the support of Varun Beverages, the bottling partner.

PepsiCo India, a prominent multinational company specializing in consumer packaged goods, has further strengthened its dedication to sustainability and the promotion of plastic circularity. In line with this commitment, PepsiCo India has introduced 100% rPET (recycled plastic) bottles* in the carbonated beverage category, starting with Pepsi Black. This initiative reflects PepsiCo India’s overarching goal of fostering a positive value chain and advancing a circular and inclusive economy, where packaging never contributes to waste.

George Kovoor, Senior Vice President, Beverages and Sustainability, PepsiCo India said, “We are encouraged by the measures taken by the Government to promote a circular economy in India. We are proud to launch the 100% rPET bottles of Pepsi Black. This an important milestone in our sustainability journey, backed by our intent to create a positive value chain and this launch is yet another step in that direction. We shall learn and evolve as we continue our endeavors to build a robust ecosystem while expanding the use of recycled content in our packaging.”

The rPET bottles for Pepsi Black, excluding the label and cap, are produced in India through a collaboration between PepsiCo and Srichakra Polyplast (India) Private Limited. These bottles are crafted from 100% recycled plastic and manufactured with the support of Varun Beverages, the bottling partner.

In line with its ‘Winning with pep+’ approach, PepsiCo acknowledges the significance of implementing holistic measures to minimize, recycle, and reimagine its packaging. Committed to the cause, PepsiCo India strives to create inventive solutions, diminish its carbon footprint, and adopt sustainable practices such as reuse and refill. These endeavors not only inspire consumers but also align with the company’s long-standing commitments to environmental protection.

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Hangover by VRO Hospitality launches exhilarating “Hangover Joy Ride” campaign, bringing unmatched thrills to Bengaluru partygoers!

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Hangover outlets
This exciting offer will be available at Hangover outlets located in Indiranagar, HSR, Koramangala, and Bel Road.

Hangover, the ultimate party spot in Bengaluru, is bringing an electrifying experience to its guests with the Hangover Joy Ride, a thrilling adventure inspired by roller coasters. Created by VRO Hospitality, this exhilarating ride guarantees an unmatched thrill that will leave partygoers buzzing with excitement. For a limited time, party lovers can immerse themselves in the Hangover Joy Ride, where they can relish unlimited starters and drinks for a delightful 90 minutes. With three enticing options to choose from, guests can customize their experience to suit their preferences. The campaign launches on July 10 and will run until August 14, 2023.

The Joy Ride experience will commence with the first order and the last order will be accepted 20 minutes before closing time. To ensure an enjoyable experience, one drink will be served at a time, maintaining a high level of service. It’s important to note that this offer cannot be combined with any other in-house promotions or discounts. Additionally, the entire group must avail of this offer together; individual participants within a group cannot avail the offer separately. Prices for the Joy Ride experience start at INR 1750. This exciting offer will be available at Hangover outlets located in Indiranagar, HSR, Koramangala, and Bel Road.

Hangover began as a napkin idea, crafted to provide the people of Bengaluru with a comprehensive and affordable sit-down drinking experience. The VRO Hospitality team treated this as their priced project, pouring heaps of enthusiasm and undeterred spirit into the development of the brand.

Their goal was to create the best bar Bangalore had ever seen, and they spared no effort in bringing this vision to life. Hangover quickly became the talk of the town, even before its launch, and the anticipation only grew as its launch date approached.

Initially located in Indiranagar and later expanded to HSR and Koramangala, Hangover became a hot spot for those seeking a good time and delicious food. The unique lip-smacking cocktail buckets and warm hospitality made it a favourite among locals and helped it establish itself as a friendly neighborhood bar.

Through it all, Hangover has remained committed to providing its patrons with an exceptional experience every time they visit. Whether you’re a regular or a newcomer, you’ll always find a warm welcome and a great time at Hangover!

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Zomato celebrates 15 years with sweet Twitter post, Swiggy’s gesture takes center stage

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Zomato cake
Zomato took to Twitter to share the joy, posting an image of two beautifully decorated cakes.

Zomato, the popular food delivery app, recently reached its 15th anniversary milestone. To commemorate this special occasion, Zomato took to Twitter to share the joy, posting an image of two beautifully decorated cakes. One cake displayed the message “Happy Birthday Zomaito,” while the other featured “Zomaato” written on it. However, it was Swiggy, Zomato’s rival app, whose heartwarming wish for Zomato stole the spotlight and captivated the online community.

Zomato in the caption wrote, “It’s been 15 years of trying our best, failing a few times, learning to always get back up, and earning your love. thank you.”

Social media users celebrated the food delivery app’s milestone of 15 years in the industry by sending their well wishes. Swiggy, in particular, expressed their congratulations to Zomato by sending a cake to the Zomato Corporate Office. The cake came with special instructions that read, “Happy birthday Zomaito and Zomaato”.

“Happy birthday, sending something for you!” the caption read.

Responding to Swiggy, Zomato wrote, “Thanks buddy”.

Internet absolutely loved Swiggy’s sweet gesture. A user wrote, “Ek aisa competitor toh har company deserve karti hai (Every company deserves such a competitor).”

Another user wrote, “Waaah, kitni achhi mutual understanding hai (Such a nice mutual understanding).”

The third user wrote, “It looks like Mark Zuckerberg and Elon musk wishing each other on Snapchat.”

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