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

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April 21, 2023

Satyajit Hange and Ajinkya Hange, brothers from Bhodani, Pune, established TBOF in 2013 to tackle challenges related to agriculture, soil fertility, chemical-free food and sustainable lifestyle.

Two Brothers Organic Farms (TBOF), a leading producer of natural and organic farming products, announces the successful completion of its pre-Series A funding round of INR 14.5 crores. The pre-series A will set the base for Series A and the funding will be used to expand TBOF’s manufacturing capacity, construct farmer training centers and expand its domestic and international business.

Additionally, the investment will help empower farmers, create more employment opportunities for women in villages and enhance rural livelihoods.

Satyajit Hange and Ajinkya Hange, brothers from Bhodani, Pune, established TBOF in 2013 (registered in 2019) to tackle challenges related to agriculture, soil fertility, chemical-free food and sustainable lifestyle. They have launched several initiatives to create awareness among farmers about the advantages of organic farming. In the past few years, they have trained more than 16,000 farmers in sustainable farming.

Leading Bollywood actor, Akshay Kumar, who is dedicated to health and wellness, invested in TBOF due to the company’s strong emphasis on producing healthy organic food and developing the rural sector.

“I am thrilled to be a part of TBOF’s journey towards a better and healthier future for all. I believe in TBOF’s vision and commitment to empowering rural communities through organic farming,” said Akshay Kumar.

Virender Sehwag, India’s cricketing legend, post visiting TBOF’s farms was inspired by TBOF’s strong commitment towards creating a positive impact on the farming community, health of the society and hence decided to invest. The farm, certified organic by Ecocert, breeds indigenous cows and grows fruits, vegetables, processed foods, and dairy products.

“I am excited to support TBOF’s mission of sustainable agriculture and rural development. It is heartening to see the positive impact they have brought in the lives of farmers and people’s health across India and beyond”, said Virender Sehwag.

Whilst both the celebrities invested as they strongly resonated with the brand TBOF, other investors in the pre-Series A round included Tejesh Chitlangi – a leading corporate lawyer and Senior Partner at IC Universal Legal, Durga Devi Wagh – an existing stakeholder and client, Crest Ventures – an ardent supporter and existing investor, Javed Tapia – a serial social entrepreneur, and Raju Chekuri – a global business leader, entrepreneur and humanitarian.

TBOF sells a wide range of organic and natural ingredients-based products, including a variety of cultured A2 Ghee, an extensive range of millets and healthy grain flours, wood pressed oils and nut butters. It practices inter- and multi-cropping of fruits, vegetables, grains, legumes and pulses. TBOF has significantly grown over the past couple of years, has connected with thousands of families and has consumers in more than 53 countries and over 1,000 cities across India through its official e-commerce website, mobile app, leading e-commerce platforms and prominent food superstores.

“The success of this funding round is a testament to the hard work and dedication of our team at Two Brothers Organic Farms,” said Satyajit Hange, Co-founder of TBOF.

“With the support of our investors, we will continue to revolutionize the organic farming industry in India and positively impact rural communities”, he added.

FSSAI instructs states to take action against food business operators using artificial fruit ripening agents

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April 21, 2023

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The Food Safety Standard Authority of India (FSSAI) has issued directives to state/UT food commissioners to take action against food business operators who are engaged in the unethical use of artificial fruit ripening agents, particularly in the ripening of mangoes during summers.

The apex food regulator has recently received multiple reports of food business operators failing to comply with FSSAI guidelines that prohibit direct contact between ethylene powder/liquid and fruits. This practice renders the fruits unsafe for consumption.

“It has been reported that FBOs are not following the said restrictions which is violation of the Standard Operating Procedure (SOP) as well as unsafe practice to ripen the fruits artificially,” said FSSAI to all State/UT food commissioners in a letter.

The use of calcium carbide, popularly known as “masala,” as an artificial fruit ripening agent is prohibited under the 2011 FSSAI Regulations.

To ensure the safety and health of artificially ripened fruits, the FSSAI allows the use of ethylene gas up to a concentration of 100 ppm (100ul/L) depending on the crop, variety, and maturity level of the fruit.

The primary food regulator has instructed the states to conduct a special awareness campaign among food business operators (FBOs) regarding the proper use of ethylene gas as a ripening agent. Only the approved methods should be used for fruit ripening.

“Strict enforcement action shall be taken against any FBO found indulging in unapproved practices where ethylene powder/liquid is coming in direct contact with fruits, apart from checking any illegal use of calcium carbide for artificial ripening of fruits under your jurisdictions,” said the letter.

Coca-Cola offers to return disputed 35-acre land to Kerala government in Plachimada

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April 21, 2023

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The Kerala government has been offered the return of 35 acres of land in the Palakkad district by the multinational beverage company, Coca Cola Company, which currently possesses the land at Plachimada.

According to a statement from the Chief Minister’s Office (CMO), Juan Pablo Rodriguez Trovato, the CEO of Hindustan Coca Cola Beverages Private Limited, wrote a letter to Chief Minister Pinarayi Vijayan, conveying the company’s intention to surrender the property and building located on the land to the state.

Negotiations have already been initiated by the ruling Left front for the release of land, intended for the establishment of a farmer producer organization (FPO) to be led by farmers, which is expected to launch soon.

According to the beverage manufacturer, they were prepared to transfer the land at the beginning of negotiations, which were conducted under the guidance of Power Minister K Krishnankutty.

In a press release issued late Thursday, the CMO stated that the company had also proposed to extend technical support for the establishment of a demonstration farm for the local farmers.

As a result of protests from the local community regarding environmental pollution and the company’s exploitation of groundwater, Coca-Cola shut down its Plachimada facility in March 2004.

iD Fresh Food sets sights on offline expansion following remarkable e-commerce growth

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April 21, 2023

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The Covid-19 pandemic triggered an unprecedented e-commerce boom, but the surge has started to plateau in 2022, and it seems that 2023 will be focused on striking a balance between online and offline channels. iD Fresh Food, a Bengaluru-based FMCG company, is now shifting its focus to expanding its offline distribution network after experiencing unrealistic growth during the pandemic.

In FY22, the company led by PC Mustafa witnessed an impressive annual growth of 300% through online channels. However, the growth rate came down to 100% in FY23 and has now dropped to nearly 30%.

Rahul Gandhi, iD Fresh Food’s Chief Marketing Officer, said, “We don’t expect those growth patterns to continue.”

According to Gandhi, the team has accepted the reality of not experiencing such years of hyper-growth again.

“There has been some shrinkage happening in the e-commerce space,” he said.

The e-commerce industry proved to be a blessing in disguise as it enabled the delivery of essential items during the pandemic-induced lockdowns, helping people navigate through the crisis.

The adoption of e-commerce during the pandemic boosted digital economies, but the peak has passed. International Monetary Fund estimates indicate that during the height of the pandemic, the online share of total spending rose to 14.9%, but has since declined to 12.2%.

However, iD Fresh Food has shifted its priorities while keeping e-commerce as an integral part of its business strategy.

“It (e-commerce) still contributes about 30 per cent, which is a significant share,” Gandhi said.

The company is strategizing to expand its offline presence by targeting major cities such as Delhi, Mumbai, Pune, Bengaluru, Chennai, and Hyderabad, which have been the biggest revenue generators. Gandhi added that the company has also gained a loyal customer base in the Middle East region, specifically in Saudi Arabia, where customers rely on iD’s dosa batter and ‘parota.’

According to Gandhi, the company achieved a revenue of over INR 500 crore in FY23 and aims to reach INR 700 crore by FY24. With a presence in approximately 45 cities, the brand is experiencing an annual growth rate of 30-40 percent.

With its unique products, particularly its dosa batter, iD Fresh Food has established a prominent position in the market. The company is now working on launching several new products, including a butter stick that simplifies the process of spreading butter on bread.

iD Fresh Food is currently available across 35,000 retail outlets. However, when asked if the company is planning to introduce its own exclusive brand outlets, Gandhi initially dismissed the idea, saying, “We don’t have an experience-driven business model”. But prod him deeper, and he said conversations around the same have been doing rounds within the company.”

“We have been mulling about iD Experience centers but nothing is on the cards yet,” he said.

Vegetarian frozen foods gain momentum with increased shelf space to meet rising consumer demand

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April 21, 2023

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A new report indicates that the demand for vegetarian frozen foods has increased recently in India, prompting frozen foods manufacturers to increase their inventory of vegetarian options. The surge in demand has been observed across various regions of the country.

Godrej’s report on snacking trends in India reveals that frozen snack consumption, both vegetarian and non-vegetarian, increased in all four geographic regions of the country, namely, north, south, east, and west.

The report states that North India had the highest increase, with 51% of respondents preferring vegetarian frozen snacks. In contrast, the East and South regions of the country witnessed the greatest increase in preference for non-vegetarian frozen snacks, with a rise of 39% and 38%, respectively.

The survey found that 45% of respondents reported consuming more vegetarian frozen snacks, while 34% reported consuming more non-vegetarian snacks.

Godrej Tyson Foods CEO Abhay Parnerkar, said, “A few years back, we were predominantly a poultry-driven company. We are accelerating the evolution to an integrated farm-to-fork, consumer foods company. This has opened additional avenues for us to expand our presence in the consumer foods space while also continuing to grow our B2B business footprint.”

Godrej Tyson Foods divides its frozen snacks business into two portfolios, with 55% dedicated to non-vegetarian options and 45% to vegetarian options.

“We are consciously innovating more in the vegetarian frozen snacks to mirror the consumption habits in India where 2/3rds of frozen snacks consumption is vegetarian products,” said Parnerkar.

“The consumer trend is shifting towards a higher acceptance of frozen snacks with the development of a cold chain infrastructure and consumers having larger freezer space and storage ability in their refrigerators. But it is still an under-penetrated category,” he adds.

Lisa Suwal, the CEO of Prasuma, suggests that busy lifestyles have led consumers to seek ways to streamline their grocery shopping habits, as they struggle to find time for such activities.

“If one were to look at developed countries, metros especially, frozen foods are incorporated in 80% of meals that are cooked at home. It means you don’t have to rely on a fresh market visit on a daily basis,” said Suwal.

With Prasuma’s product portfolio now available in 70 cities, Suwal notes that the popularity of frozen foods has expanded beyond tier-1 cities.

“About 20% of our sales is coming from tier-2 cities and is growing at a rapid pace. This is a clear indication the Indian consumer across the geographical spectrum is opening up her/his mind to frozen foods,” he added.

Kate Middleton and Prince William visit Indian restaurant in Birmingham, make hot chapatis and take phone bookings

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April 21, 2023

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Prince and Princess of Wales, William and Kate, have been making headlines with their recent trip to Birmingham. One of their stops on this visit was at a family-owned Indian restaurant called ‘Indian Streatery’, where they had the opportunity to interact with the kitchen staff and try their hand at making parathas.

Birmingham Live reported that Prince William and Kate indulged in a feast of pani puri, black dal, methi chicken, bhel puri chaat, and the rotis they had cooked. But that wasn’t the only noteworthy occurrence. During their visit, Prince William even handled a phone reservation from a customer, who appeared to be unaware of his royal status. Here’s how it all went down:

In a video released by ANI, we witness a lighthearted moment where Prince William handles a phone reservation from a customer who is oblivious to his royal identity. The caller inquires about booking a table for two, prompting the Prince to confirm the restaurant’s location with the owners. They then discuss the best time for the reservation since the customer has a train to catch at 3 pm. After some deliberation, Prince William politely asks for the caller’s name and confirms the booking by saying, “See you at quarter past two.” You can watch the entire video below.

The official handle of The Prince and Princess of Wales tweeted later, “Hope we told this customer to come to the right place…!”

In reference to their visit to the restaurant, The Prince and Princess of Wales’ official handle tweeted, “The Sharma family don’t just bring authentic Indian street food to the city but do so much in the community too, including their all-female chef team training many better cooks than us…!” Check out the tweet below.

Lunch at the @indianstreatery!

The Sharma Family don’t just bring authentic Indian street food to the city but do so much in the community too, including their all female chef team training many better cooks than us…! pic.twitter.com/7CXi28DJhM
— The Prince and Princess of Wales (@KensingtonRoyal) April 20, 2023

As of now, the tweet has garnered 374.3K views.

Bira 91 leads the charge towards sustainable brewing with India’s first net-zero brewery in Mysuru

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April 21, 2023

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Bira 91, a craft beer company supported by Sequoia Capital India, Sofina of Belgium, and Kirin Holding of Japan, announced that their brewery located in Mysuru has achieved the distinction of being India’s first net zero brewery.

Ankur Jain, the Founder and CEO of Bira 91, stated that the achievement of net zero status at the Mysuru brewery is a significant step in accelerating Bira 91’s “mission to zero” plan of becoming India’s first net-zero beer company by 2025.

According to Jain, the carbon neutrality achieved at the Mysuru brewery has resulted in substantial cost savings in manufacturing efficiency, with energy expenses dropping by 40-50%.

“When the Kirin investment happened, we formed the B9 Kirin centre for sustainable growth; we formed a working group called project net zero and spent a year to study what could be possible,” he said.

Over the last five months, B9 Beverages, the parent company of Bira 91, has raised $70 million in funding from a round led by Japanese beer giant Kirin Holdings, and an additional $10 million from MUFG Bank. Bira 91 also acquired The Beer Cafe, an alcobev retail chain, in 2022 to bolster its presence in pubs and taprooms, and establish a direct-to-consumer platform.

Hiromasa Honda, the Managing Director of Kirin Holdings Singapore, commented that the achievement of carbon neutrality at the Mysuru brewery, combined with the surging demand for Bira 91, demonstrates that “economic growth and social responsibility can work in harmony.”

Bira 91 has identified four key areas for its “mission to zero” objective, which includes transitioning to clean energy, decreasing energy consumption and water usage, and eliminating all waste that would otherwise go to landfills from all of its breweries by 2025.

EcoSoul Home secures $10 Million in Series A funding led by Accel to expand global market reach of its eco-friendly home essentials

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April 21, 2023

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Rahul Singh and Arvind Ganesan, the Co-founders of EcoSoul Home

EcoSoul Home Inc., a startup specializing in eco-friendly household products, has completed its Series A funding round, securing $10 million. The round was spearheaded by Accel, a worldwide venture capital company, and saw involvement from Singh Capital Partners, a Washington DC-based investment office.

EcoSoul Home intends to utilize the recent funding to broaden its product offerings and increase its market share in regions like the European Union, the UK, and Asian markets. The startup also plans to enhance its data and technology capabilities with a portion of the funding.

Rahul Singh and Arvind Ganesan, the Co-founders of EcoSoul Home, have expressed their excitement for the company’s successful funding round and its mission to provide affordable and accessible eco-friendly home essentials. They also revealed plans to increase their product range in potential international markets, as they have already observed a strong demand for their products in the USA.

Established in 2020 by Singh and Ganesan, EcoSoul Home is a direct-to-consumer (D2C) brand that provides a wide array of over 100 eco-friendly products, spanning across categories such as kitchenware, dinnerware, and home essentials. In addition to India, the company also has a presence in the USA, China, and Vietnam.

Prashanth Prakash, a partner at Accel, has stated that there is an increasing global push to reduce plastic usage and embrace sustainable alternatives. This has led to a surge in demand for eco-friendly everyday essentials, particularly in western markets. EcoSoul Home is in a strong position to cater to this demand by utilizing its expertise in the Asian supply chain to provide budget-friendly eco-friendly products.

In addition, Prakash highlighted that the EcoSoul Home team’s strong commercial value proposition for retailers and global supply chain proficiency provide the startup with a distinctive edge as an early disruptor in this industry.

Accel, known for its investments in successful Indian startups like Flipkart and Freshworks, has been ranked eighth on the Global Unicorn Index 2023 by Hurun. The venture capital firm has invested in approximately 86 unicorns across the globe as of 2023.

PharmEasy, Tata 1mg and other e-pharmacies hold discussions with health ministry on regulatory guidelines

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April 21, 2023

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During the recent G20 meetings in Goa, representatives from popular e-pharmacy companies including PharmEasy, Tata 1mg, Flipkart, and Amazon India reportedly held discussions with health ministry officials regarding industry regulations.

Earlier this week, representatives from e-pharmacy companies, such as PharmEasy, Tata 1mg, Flipkart, and Amazon India, reportedly met with health ministry officials at the G20 meetings in Goa to discuss industry regulations. These discussions took place as part of the G20 health working group meeting.

The government has requested companies to provide a formal presentation outlining the advantages of e-pharmacies, their adherence to regulations, and the obstacles encountered in meeting the demands of the persistently high online medication delivery.

Upon submission of the aforementioned presentation, the companies are expected to have a meeting with the Union Minister of Health, Mansukh Mandaviya, next month. The presentation is reportedly being prepared by Digital Health Platforms (DHP), an industry association consisting of major players such as PharmEasy and 1mg.

According to the sources, this is a step taken in the consultation process to gather feedback before implementing any new regulations.

Although a complete prohibition on e-pharmacies seems improbable, the government is requesting a report that evaluates the benefits to consumers beyond the discounts they receive on medications and laboratory tests through these platforms.

The talks in Goa took place approximately 10 days after media reports indicated that e-pharmacy firms would be meeting with the health minister to address concerns related to data privacy. These discussions also represent one of the rare occasions when the government has sought the industry’s perspectives on the regulation of online pharmacies.

Tata 1mg, Amazon, and Flipkart, among others, were issued show-cause notices by the Drug Controller General of India (DCGI) on February 10. The notices were sent as these e-pharmacies were found to be selling and distributing drugs in violation of the provisions of the Drugs and Cosmetics Act, 1940.

Following the issuance of the notices, the companies reached out to the health ministry to present their perspectives. Additionally, the companies are said to have responded to the show-cause notices.

In March, it was reported that a Group of Ministers (GoM) recommended the closure of e-pharmacy platforms due to allegations of malpractices within the sector. The GoM also expressed concerns regarding data privacy, predatory pricing, and the sale of medicines without prescriptions.

The GoM’s perspective emerged subsequent to the health ministry’s modification of the draft for the new Drugs, Medical Devices, and Cosmetics Bill. The revised draft included provisions that enable the government to regulate the online sale and distribution of drugs, including e-pharmacy companies. The revised draft replaced the initial legislation that was published in July 2022 for stakeholder feedback.

As part of the 2022 bill, the government has proposed a licensing framework for online pharmacies. However, the exact regulations for this framework have not been determined yet.

Sula Vineyards appoints Riyaaz Amlani as independent director to drive company growth and strategy

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April 21, 2023

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Riyaaz Amlani, the Founder and CEO of Impresario Handmade Restaurants, has been appointed as an independent board director of Sula Vineyards, India’s top wine producer, as per the recent announcement.

According to a recent announcement by Sula Vineyards, Riyaaz Amlani has been appointed as an independent board director. Amlani is the founder of Impresario Handmade Restaurants, which operates multiple popular brands, including Social, Smoke House Deli, and Salt Water Cafe. The press release states that his innovative business ideas and significant contributions to the F&B industry in India have earned him recognition in the field.

In his role as a board director at Sula Vineyards, Amlani will utilize his vast experience and expertise to aid the company in its growth and expansion within India. He will work closely with the existing board members and the Sula management team to devise strategies that will drive the company’s success and progress.

Commenting on the appointment, Rajeev Samant, Founder, and CEO of Sula Vineyards, said, “We are thrilled to have Riyaaz Amlani join our board of directors. His experience and expertise in the F&B industry and business acumen will be invaluable as we continue to grow and expand our business. We look forward to working closely with him and benefitting from his insights and guidance.”

In his response to the appointment, Amlani said, “I am excited to be joining the board of Sula Vineyards, a company that I have long admired for its commitment to quality and innovation. I look forward to working with the team and contributing to the growth and success of the company.”

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