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.
In FY22, the company led by PC Mustafa witnessed an impressive annual growth of 300% through online channels. (File photo)
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.
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.
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.
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
The carbon neutrality achieved at the Mysuru brewery has resulted in substantial cost savings in manufacturing efficiency, with energy expenses dropping by 40-50%. (Representative Image)
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.
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.
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.
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.”
The ice cream industry in India is witnessing noteworthy expansion, exhibiting a Compound Annual Growth Rate (CAGR) surge of 14% from FY17 to FY22, and an anticipated 17% upswing by FY25. According to a recent study by Wazir Advisors, the Indian ice cream market encompasses both organized and unorganized segments and presently stands at a value of $3.4 billion, projected to soar to $5.4 billion by FY25.
The report points out various growth drivers for the Indian ice cream market, which encompass the rise of global brands such as Cold Stone, Baskin Robbins, and London Dairy, in addition to the expansion of homegrown brands like Amul, Cream Bell, and Vadilal. Moreover, fast food chains such as McDonald’s, Burger King, and KFC are boosting their sales by offering soft serve on their menus. Additionally, India’s cold-chain storage infrastructure has undergone significant improvements in recent years, which has also played a role in the growth of the industry.
The ice cream market in India is projected to experience a Compound Annual Growth Rate (CAGR) of nearly 17% over the next three years, leading to an estimated value of $5.4 billion by FY25, as per a report from Wazir Advisors.
Moreover, major national ice cream brands offering a diverse range of regional flavors are successful in capturing customers from different age groups and backgrounds, resulting in higher wallet sharing among existing consumers. Brands employ two approaches to achieve this: firstly, by reducing prices and employing promotional strategies to increase consumption, and secondly, by focusing on premiumization while targeting urban areas to enhance per capita consumption.
Additionally, there is a trend of targeting semi-urban and rural consumers, which has led to increased market penetration by making ice cream products more affordable and accessible to them.
The report reveals that the ice cream market in India is predominantly inclined towards western flavors, with Vanilla, Chocolate, Strawberry, Butterscotch, and Mango being the most popular ones. As for the value share in FY22, impulse purchases make up 50% of the market, followed by take-home purchases at 39% and artisanal purchases at 11%. When it comes to form, bricks, sticks, and cones are the top three choices, comprising 29%, 25%, and 16% respectively.
Associated British Foods (ABF) has made an investment in KoRo, a German food start-up, as the company’s Series B funding round hits €75m ($82.2m).
New investors, including ABF, the owner of Patak’s sauces and Kingsmill bread, have contributed €20m to KoRo’s Series B funding round.
KoRo’s current shareholders, HV Capital, Five Seasons Ventures, and Partech, are joined by additional investors in their Series B funding round, including SevenVentures and the Haub Legacy Ventures fund.
The funds raised in the Series B round will be utilized by KoRo, a producer of nut butters and snacks, to expedite its expansion plans.
In 2022, KoRo gained 500,000 new customers across 17 European markets. Rather than expanding into new regions, the company aims to focus on expanding its presence in these existing markets.
KoRo Co-CEO Piran Asci said, “We want to make Koro ubiquitous, from TV, to out-of-home campaigns, to listing in every supermarket. We will be everywhere, no chance to avoid it.”
COO Florian Schwenkert added, “KoRo is pursuing the goal of becoming the leading omni-channel brand for natural, innovative and high-quality food in the European market. In doing so, we are building a sustainable business model, in order to be prepared for future challenges.”
KoRo, headquartered in Berlin, has its products available in several European countries including Germany, Austria, Italy, Denmark, and France, and is stocked by various retailers in those regions.
KoRo’s objective is to achieve sustainable and profitable growth, with a turnover of more than €100m in 2023.
While KoRo does not anticipate needing additional funding in the immediate future, the company plans to explore the possibility of seeking additional investment around next year.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
