Kevin Pietersen Teams Up with Ardent Alcobev to Shake Up India’s Whisky Scene!
Kevin Pietersen, the former England cricketer, has become an investor in the whisky brand Ardent Alcobev and has taken on the role of brand ambassador, the company revealed in a statement on Friday.
In addition, Ardent Alcobev introduced its premium blended Scotch whisky, Dram Bell, in Maharashtra in November 2024.
Cofounder Comments on this Partnership
Debashish Shyam, co-founder and director of Ardent Alcobev, shared, “Having Kevin Pietersen on board as both an investor and ambassador is a significant step for us. We believe this partnership will resonate with whisky lovers and experts. With the growing demand for premium spirits in India, we aim to revolutionize the whisky industry by offering a blend that combines international quality with local preferences, while also tapping into the expanding market of IMFL consumers.”
The company is keen to cater to India’s changing tastes, offering ‘bottled-in-origin’ products crafted to meet global standards.
Former Top Cricketer Makes Fascinating Comments
Kevin Pietersen commented on his involvement, saying, “I’m thrilled to invest in Ardent Alcobev. Their dedication to top-tier quality and craftsmanship aligns with my values, both in cricket and life.”
He also emphasized the importance of responsible drinking, adding, “We want people to enjoy whisky in moderation, ensuring it’s a pleasurable experience rather than something excessive.”
Ardent Alcobev announced that its new whisky, Dram Bell, is currently available at select retail and on-premise locations, with plans to expand its presence in key markets across North and South India.
Ikea India has experienced a modest 5% growth in revenue, reaching Rs 1,852 crore for the financial year 2023-24. However, this marks the slowest expansion since the Swedish furniture giant opened its first store in India in 2018. The company also reported a widening net loss of Rs 1,303 crore, an increase of 15% from the previous year.
These losses are largely attributed to investments in infrastructure, new stores, and supply chain development. The total losses in India now stand at Rs 5,550 crore.
Challenges and Expansion Plans Amid Global Struggles
Despite the economic hurdles and restrained consumer spending, Ikea India has responded by reducing prices on several products by 20%, taking advantage of lower raw material costs. Looking ahead, the company plans to strengthen its presence in the National Capital Region (NCR), with new stores planned for Gurugram and Noida as part of a larger Rs 10,500-crore investment plan.
Globally, Ikea faced a 5.3% drop in revenue, amounting to 45.1 billion euros in FY24, as lower prices contributed to the decline. Despite this, the company continued to expand its retail network, opening 56 new stores across various markets.
CEO Jesper Brodin expressed optimism about India’s potential, emphasizing that scaling operations will be key to achieving long-term success. He believes that a strategic expansion of 8-10 stores will allow the company to reach the necessary economies of scale.
HairOriginals Aims to Capture $1 Billion Indian Market; Plans 100 Stores Globally
HairOriginals, India’s first luxury direct-to-consumer (D2C) hair extensions brand, is on an aggressive expansion spree. The company plans to open 40 new stores in the next 16 months across India and globally, with a vision to establish a total of 100 outlets, including in Canada and the United States.
The global hair extensions and wigs industry, valued at $14 billion in 2023 and growing at a compound annual growth rate (CAGR) of 12%, presents a significant opportunity for the Indian market, says Jitendra Sharma, Founder & CEO of HairOriginals. While the US market accounts for $5 billion of this, India remains in its nascent stage, with the potential to become a $1 billion market.
“This category is the only instant and non-surgical solution for hair-related aspirations and necessities, whether it’s desired hair length, color, style, or addressing hair loss,” Sharma shared. “The industry in India is unorganized, primarily focused on raw material exports to markets like China and Europe, where value addition happens. We aim to reverse this by establishing India as a global hub for high-quality hair extensions and products.”
Growth and Business Model
Currently, 90% of HairOriginals’ ₹2 crore monthly revenue comes from Indian consumers through marketplaces, its website, and an omnichannel approach that includes 11 physical stores. These stores allow customers to explore and try the products, ensuring trust in this new category.
“Inspired by Lenskart’s model, we are building a similar go-to-market (GTM) strategy for hair extensions. By removing middlemen and controlling the entire value chain—from sourcing to manufacturing and direct sales—we offer superior products at better price points,” Sharma said.
Globally, HairOriginals is leveraging e-commerce platforms like Amazon and expanding its offline presence in international markets. “Close to $1 billion worth of hair extensions are sold annually on Amazon US alone. We are tapping into this massive opportunity while carefully navigating the nuances of these markets,” Sharma explained.
Market Segmentation and Product Line
The demand for hair extensions spans across genders and age groups, with women being the primary audience. HairOriginals offers products addressing both aspirations (fashion-oriented styles) and necessities (hair loss solutions).
“Extensions for volume and style, alongside toppers and wigs, form 50% each of our sales. Interestingly, many necessity-based products are now dual-purpose, such as toppers with highlighted colors used for both hair loss and fashion,” Sharma noted.
To cater to younger audiences experimenting with styles, HairOriginals has introduced affordable entry-level products starting at ₹399. “From Gen Zs to millennials, the 18–38 age group is driving this market. They experiment with instant gratification products, like clip-on bangs or color streaks, which offer reversible styling options without damage,” Sharma elaborated.
Vision for the Future
HairOriginals is positioned as an instant hair fashion brand catering to both style and necessity. Sharma envisions rapid growth for the Indian market, aiming to reach ₹100 crore in annual revenue within 24 months.
“Currently, we generate approximately ₹2 crore in monthly revenue from the Indian market, and this figure is growing rapidly every month. We are confident that achieving the ₹100 crore milestone from the Indian market alone is well within reach within the next 24 months. With our proven go-to-market strategy, leveraging both our retail stores and home trials, we are aggressively scaling to accelerate this growth trajectory.” He said.
Globally, the company plans to scale cautiously, focusing on brand building in evolved markets like the US.
“Our mission is to build a global brand from India, leveraging our high-quality raw materials and advanced technology. This is just the beginning; there is immense potential waiting to be unlocked,” Sharma concluded.
Jewelbox Expands Footprint with New Store in Gurugram
Lab-grown diamond brand Jewelbox has opened its newest retail outlet in Gurugram, marking another milestone in its ongoing expansion. This follows recent launches in cities like Delhi, Chennai, Kolkata, and Guwahati. The company aims to open 25 more stores across tier-1 cities by the end of FY 2025-26, with a goal of achieving ₹150 crore in revenue during this period.
Cofounder Opines on this Inauguration
“Our presence in Gurugram is more than just adding another location,” said Vidita Kochar Jain, co-founder of Jewelbox. “It’s about offering a space where customers can explore luxury that aligns with their values. Lab-grown diamonds are reshaping the future of jewellery, and we’re proud to help consumers make sustainable choices without compromising on quality or style. This store reflects our dedication to timeless designs and exceptional experiences.”
The Gurugram store showcases Jewelbox’s diverse range of products, including engagement rings and everyday jewellery, catering to both traditional and modern tastes.
Omnichannel Growth Strategy
Jewelbox is not just focusing on expanding its physical presence but is also strengthening its online channels. The brand is targeting 30% of its revenue to come from digital sales, supported by investments in technology and customer experience.
By combining online and offline strategies, Jewelbox aims to deliver a seamless shopping experience. Whether customers visit a retail store or browse the website, they can expect innovative designs and top-notch service. As lab-grown diamonds continue gaining popularity, Jewelbox positions itself as a pioneer in offering sustainable and stylish jewellery options, cementing its role as a leader in the evolving luxury market.
Indian Liquor Makers Seek Exclusive Standards for Single Malt Whisky
India’s liquor industry is pushing for a distinct regulatory standard for Indian single malt whisky, aiming to safeguard its reputation and promote its growing global presence. With exports reaching 60 countries and multiple prestigious international awards to their credit, domestic producers are in talks to approach the Food Safety and Standards Authority of India (FSSAI) for dedicated guidelines, according to the Confederation of Indian Alcoholic Beverage Companies (CIABC).
The move comes amid rising sales of Indian single malts, driven by the premiumisation trend in the world’s largest whisky market. A dedicated standard would not only preserve the integrity of Indian single malts but also address concerns about smaller brands entering the market without adhering to authentic practices.
Geographical Indication and Industry Challenges
Indian distillers are also pursuing a geographical indication (GI) tag for single malt whisky, which would elevate its credibility and protect its identity. CIABC Director General Anant S. Iyer highlighted the current gap in FSSAI definitions, noting that while the regulator mandates whisky to be malt-based, it does not define “single malt.” This lack of clarity allows some producers to claim the title without adhering to essential criteria, such as being produced entirely in a single distillery.
“FSSAI should introduce a separate standard for Indian single malt whisky to ensure only authentic producers can use the designation,” Iyer said. “This will help preserve its sanctity and reputation.”
Leading brands like Amrut, Paul John, Rampur, Indri, Gianchand, Crazy Cock, and Doaab have emerged as significant players in a segment traditionally dominated by imported Scotch whisky. However, as Indian single malts gain popularity both domestically and internationally, industry leaders are keen to ensure that quality and authenticity remain uncompromised.
Captain Fresh Raises ₹100 Crore Ahead of IPO Plans
Bengaluru-based B2B meat and seafood supplier Captain Fresh has secured ₹100 crore in funding from Motilal Oswal Wealth, gearing up for its anticipated public listing next year. According to regulatory filings accessed via Tofler, the company issued 1,002 Series C11 compulsorily convertible preference shares (CCPS) at ₹9,98,399 per share. The investment gives Motilal Oswal a 2.26% stake in the company, valuing it at ₹4,424.7 crore (around $526 million).
The funding follows a $48 million round in February led by Japan’s SBI Investment and Evolvence Capital, which valued Captain Fresh at $500 million. Previous investors, including Tiger Global, Prosus, Accel, and Matrix Partners India, also participated in that round. The company is now finalizing its choice of bankers to oversee the IPO.
Founded in 2019 by Utham Gowda, Captain Fresh operates in India and international markets such as the Middle East, Europe, and the US. The startup has seen remarkable growth, with FY23 revenue surging nearly fourfold to ₹801.3 crore from the previous year. However, its net loss widened significantly to ₹288.4 crore from ₹113.2 crore in FY22, according to Tracxn.
Despite financial challenges, Captain Fresh is positioning itself as a leader in the meat and seafood industry, leveraging its B2B model to supply products at scale. With the latest funding and an IPO on the horizon, the company aims to further solidify its market presence while addressing its profitability concerns.
Indian Startups Secure $44.67 Million in a Week Amid Diverse Investments
Between December 23 and 27, 2024, eight Indian startups across sectors such as EV, AI, semiconductors, IoT, manufacturing, edtech, and gaming collectively secured $44.67 million in funding. This follows a strong performance the previous week, when Indian startups raised over $206 million, including a major $90 million round by Zetwerk.
Manufacturing Leads the Pack
Manufacturing took the spotlight, with EPACK Prefab raising $20 million in a standout deal. Stock market super app Univest followed with $10 million.
Semiconductor startup Mindgrove, edtech venture Sparkl Edventure, and sustainable investment platform SustVest also made waves, collectively raising $13.7 million. Mindgrove led this trio with an $8 million infusion, while Sparkl Edventure secured $4 million, and SustVest attracted $1.7 million.
Additionally, Leanworx, a player in the IoT space, raised $972,000 in seed funding. Two startups, Proxgy and Naxatra Labs, chose not to disclose their funding amounts.
The week also saw notable strategic moves through mergers and acquisitions:
Aurionpro Solutions acquired Fenixys.
Naza Tech increased its stake in Absolute Sports.
TVS Motor raised its stake in DriveX Mobility.
Xcelerate acquired a share in Carisma Solutions.
A Promising Close to the Year
With diverse funding activity and strategic acquisitions, the final days of 2024 highlight the strength and adaptability of India’s startup ecosystem. The broad range of sectors attracting investments underscores a growing focus on innovation and sustainability, setting the stage for a dynamic 2025.
Women-Led Startups Are Transforming India’s Innovation Landscape
In a significant shift for India’s entrepreneurial ecosystem, over 73,000 startups now boast at least one woman on their board of directors, according to the Indian Startup Ecosystem Report shared by the Ministry of Commerce and Industry. This progress is largely attributed to the widespread availability of affordable internet and the energy of a young, dynamic workforce that has flourished over the last decade.
The government has played a pivotal role in this transformation. With nearly 157,000 startups supported by various initiatives, women leaders are at the helm of almost half of these ventures, underscoring a growing trend of inclusivity and diversity in business leadership.
A Thriving Innovation Network
Cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR have emerged as India’s innovation powerhouses. These hubs are driven by a technology-savvy workforce, affordable internet access, and a vibrant startup culture. Many of these startups are leveraging advanced technologies such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT) to tackle challenges ranging from healthcare and education to sustainability and logistics, both in India and abroad.
This growth is further fueled by a strong support system comprising incubators, accelerators, and mentorship networks that empower entrepreneurs to transform grassroots challenges into tech-driven solutions.
Government Initiatives Driving Change
The Indian government has been instrumental in nurturing the startup ecosystem. Programs like Startup India, launched in 2016, have provided the framework for this unprecedented growth. As of December 25, 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized 157,066 startups, with over 759,000 users registered on its portal.
Indian Startup Funding in 2024: A Mixed Bag of Growth and Challenges
Optimism around startup funding has been fueled by the rise of ventures built on strong fundamentals rather than cash-burning models. However, the year wasn’t without its hiccups. Mid-year data revealed a dramatic dip in weekly funding, dropping from $200 million in mid-July to just $42 million by the end of the month—a figure among the lowest recorded since January 2023.
According to Inc42’s Annual Funding Report 2024, Indian startups raised over $12 billion in fresh capital this year, a 20% increase compared to $10 billion in 2023. The total number of deals also rose by 11%, with 993 deals closed by December 21, 2024. This brings funding levels in line with 2020—the year the funding boom began—when startups raised $12 billion through 953 deals.
However, the numbers remain far from the record-breaking $42 billion raised across 1,584 deals in 2021 or even the $25 billion raised in 2022 through 1,517 deals. While private funding showed year-on-year growth, public market activity took center stage in 2024, with startup IPOs hitting a new high
This year saw 13 new-age tech companies, including Swiggy, MobiKwik, and Awfis, raise capital through initial public offerings. Additionally, already-listed players like Zomato, Nazara, Zaggle, and Veefin tapped public markets for further funding.
The trend reflects a growing appetite for startup IPOs, with public listings emerging as a crucial funding avenue. This shift has helped startups diversify their funding sources beyond traditional private equity and venture capital.
Founder Reminds Zepto’s Aditya Palicha: The Planet Shouldn’t Pay for Fast Marketing
In the race to capture customer attention, many D2C (Direct-to-Consumer) platforms and brands rely heavily on sampling. The idea is simple: offer customers a taste of your product, and hopefully, they’ll convert into loyal buyers. While this strategy may appear effective on paper, it comes with a hidden and devastating cost—the environment.
A recent post by Soumya Parmar sheds light on this issue. Sharing her experience with Zepto, she wrote: “This is my third box of Fantastic 2025 full of single-use plastic that you have sent with our order.”
The concern stems not just from the frequency of receiving these sample boxes but from the sheer amount of waste they generate. Soumya suggests potential solutions, such as limiting one sample box per customer ID or providing clearer opt-out options. Despite opting out herself, she still received the samples, highlighting a gap in execution.
Single-Use Plastic Overload
Beyond excessive packaging, there’s the issue of the type of materials used. Most of these samples come in sachets or multi-layered plastic packaging, which, as Soumya points out, are “a nightmare for recyclers to recycle.” She rightly questions:
“How are you thinking about recycling this? Or offsetting this?”
The scale of operations for companies like Zepto amplifies the problem. Imagine millions of these sample boxes being distributed across the country, most of them ending up in landfills. Without a plan for sustainable packaging or recycling, the environmental cost is staggering.
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