A new division has been established by Monde Nissin to offer the mycoprotein ingredient, the primary element found in their widely recognized Quorn brand, to other food manufacturers.
Marlow Ingredients, a company based in the UK, is launching a new business-to-business (B2B) arm that will provide mycoprotein to other companies. The initial focus will be on European markets, with plans to expand globally in the future.
According to the company, they have reached out to various potential partners to assess their interest and have received an enthusiastic response. They anticipate announcing their first customer within the next few months.
Marco Bertacca, the CEO of Marlow Foods, the Monde Nissin division that houses Quorn, said, “We recognise the urgent need for humanity to eat more sustainably. By making our mycoprotein available to others, Marlow Ingredients will play a pivotal role in helping us achieve one of our missions – to tackle climate change by making great-tasting food.”
When asked about the sales target the company has for Marlow Ingredients, a spokesperson said, “Year one for us is about raising awareness with other manufacturers about our incredible super protein”.
Monde Nissin recorded an impairment charge of 20.5 billion pesos ($365 million) on its meat alternatives business in 2022. While the company’s meat-alternative sales increased by 1% last year, they only saw a modest organic growth of 0.8%.
“The meat-free category, like most other sectors, has seen some challenges over the last 12 months. Inflationary pressures have led to changes in shopping behaviour, as many consumers try to tighten their belts and cut back on spending,” the spokesperson said.
According to the spokesperson, Quorn has been “bucking the trend” and has outperformed the category for ten consecutive months.
Bertacca said there is “huge potential for our mycoprotein”. He added, “Alongside the delicious meat-like texture and incredible nutritional and sustainable benefits it’s famous for, there’s exciting research happening into its ability to create more sustainable versions of other applications, such as dairy alternatives. Marlow Ingredients is initially focussed on building partnerships with food manufacturers, but the potential for the future is very exciting.”
With a 17 percent share, India is an important market for Pernod Ricard, where it competes against Diageo. (Representative Image)
Pernod Ricard, the French spirits giant, has been dealt another blow in a key growth market as New Delhi, India’s capital, has rejected its application to renew its liquor sale license. The decision was made due to ongoing investigations into the company, adding to Pernod Ricard’s challenges in the region.
According to an April 13 order from city officials, which was reviewed by Reuters and not previously disclosed, the decision to deny Pernod’s liquor sale license renewal was made after a review of the company’s application and “considerable documents” provided by Indian investigating agencies.
The decision to deny Pernod’s liquor sale license renewal was based on several allegations made by investigating agencies, including that the company provided false price information to generate illegal profits and supported retailers financially in exchange for promoting its brands, which goes against the rules. These allegations were cited in the order.
The 12-page order also stated, “Pernod Ricard India Private Limited and its employees had active involvement in the said criminal conspiracy.” The maker of Chivas Regal and Absolut vodka, which has denied any wrongdoing, declined to comment on Tuesday.
In March, Pernod Ricard informed a Delhi court that it had been incurring significant losses as its brands had been unavailable in the city for six months due to the delayed license renewal. The court had given the city a two-week deadline to reach a decision.
Pernod Ricard is entitled to file an appeal with senior officials of the Delhi government.
India is a crucial market for Pernod Ricard, where it competes with Diageo and holds a 17% share. Although the market share for New Delhi alone is unknown, industry insiders suggest that the city’s status as an urban tourist destination and a showcase market for premium brands makes it a crucial market for any liquor company.
In addition to other regulatory hurdles in India, Pernod Ricard is currently battling a tax demand of nearly $250 million over allegations of undervaluing imports.
For over two decades, Pernod Ricard has been present throughout India, where licenses to operate are granted on a state-by-state basis or, in this case, by the national capital territory. These licenses typically need to be renewed on a yearly basis.
Blinkit, the quick commerce platform owned by Zomato, reported that its dark stores in the Delhi-NCR region that were disrupted by a strike staged by delivery executives had resumed operations partially on Monday. Additionally, a cluster of delivery executives held a meeting with the Labour Commissioner in Gurugram to converse about the platform’s revised payment system.
A Blinkit spokesperson said, “Almost all our stores across NCR are operational now. We continue to engage with all delivery partners to help them understand the new pay-out structure.”
Despite the platform’s efforts to address supply-side constraints and a large volume of orders, certain users in the region still experienced issues.
The operations of Blinkit’s dark stores in the Delhi-NCR region were impacted on April 12 when the delivery executives went on strike to protest against the new pay-out structure.
An ICICI Securities report on Zomato released on Monday said, “Given that at least 3-4 days’ sales have already been lost, this implies about 1 percent loss in revenue from Blinkit and about 0.15 percent of consolidated revenue for Q1FY24 already.” It added that the change in delivery fee payment structure at Blinkit indicates Zomato’s efforts to cut costs.
Organizations including CPIML Liberation, Federations of App-based Transport Workers, and All India Central Council of Trade Unions in Delhi expressed support for the delivery executives’ strike on Sunday. The executives claimed that the new pay-out structure would decrease their earnings.
Mondelez India, the firm that produces the Bournvita health drink, dismissed allegations by social media influencer Revant Himatsingka claiming that the drink has a high sugar content. A representative for the company labeled Himatsingka’s video as “unscientific” and accused it of distorting the facts to create false and negative implications.
After receiving a legal notice from Mondelez India, the influencer removed the video. However, it had already spread widely across social media platforms. According to a statement from Mondelez India, the video caused “panic, anxiety, and a loss of trust in brands like Bournvita” as reported by PTI.
Bournvita dismissed the assertions made in the video, stating that its product has earned the trust of Indian consumers over the last 70 years due to its scientifically formulated composition that adheres to legal and quality standards.
“We would again like to reinforce that the formulation has been scientifically crafted by a team of nutritionists and food scientists to offer the best of taste and health. All our claims are verified and transparent and all ingredients have regulatory approvals. All the necessary nutritional information is mentioned on the pack for consumers to make informed choices,” said a Bournvita spokesperson.
“As we continued to witness an abnormal and unusual amount of traction on the post, we were constrained to take legal recourse to avoid misinformation. We also issued a statement to clarify and share the correct facts to allay the concerns of our consumers.” However, the company also clarified it had “no play in actions around the presenter’s Twitter account”.
The deleted video has been viewed by approximately 12 million individuals, with public figures such as Paresh Rawal and Kirti Azad sharing the video and raising questions about the brand.
In the video, Himatsingka, who identifies as a nutritionist and health coach, asserted that Bournvita contains sugar, cocoa solids, and a colorant that can cause cancer.
However, he deleted the video after the legal notice and posted a statement on Instagram saying, “I have decided to take down the video across all platforms after receiving a legal notice from one of India’s biggest law firms on April 13, 2023. I apologize to Cadbury for making the video. I did not plan or intend to infringe any trademark or defame any company nor do I have the interest or resources to participate in any court cases and I request MNCs to not take this forward legally.”
In its statement on April 9, Bournvita said, “We would again like to reinforce that the formulation has been scientifically crafted by a team of nutritionists and food scientists to offer the best of taste and health.
“All our claims are verified and transparent and all ingredients have regulatory approvals. All the necessary nutritional information is mentioned on the pack for consumers to make informed choices,” it added.
“Every serving of 20 gm of Bournvita has 7.5 grams of added sugar, which is approximately one and a half teaspoons. This is much less than the daily recommended intake limits of sugar for children,” said Mondelez India.
Moreover, over Caramel Colour (150 C), Bournvita said it “is within permissible limits as per guidelines defined by regulations. All ingredients are safe, approved for use and within permissible limits as per the regulatory guidelines.”
In addition to Bournvita, the company possesses other well-known brands, including Cadbury Dairy Milk, 5 Star, Oreo Cookies, and Gems.
Street food is a beloved aspect of Indian cuisine and often, when hosting foreign visitors, we ensure they experience the authentic flavors of India by introducing them to dishes such as pani puri, pav bhaji, chaat, samosas, and more. Recently, during the launch of Apple’s retail stores in various Indian cities, Bollywood’s “dhak dhak” girl Madhuri Dixit treated Apple CEO Tim Cook to these delectable street foods.
Madhuri Dixit shared a picture on Instagram on Monday night, showing her and Tim Cook relishing Vada Pav at the popular Swati Snacks eatery. She accompanied the post with a caption, “”Can’t think of a better welcome to Mumbai than Vada Pav.’
Within no time, the post became viral and received 178k likes and over 900 comments on Instagram. Similarly, on Twitter, the post has earned 14.8k likes.
For those unfamiliar, Swati Snacks is a renowned sweet and snack store in Mumbai. As per reports, Mukesh Ambani is said to be fond of the sweets and snacks from this store.
Around 1,000 Blinkit delivery executives in the National Capital Region have recently joined competing quick-commerce firms like Swiggy Instamart, Zepto, and BB Now. (Representative Image)
BigBasket, owned by Tata, Zepto backed by Nexus Venture Partners, and Instamart of Swiggy, have experienced an increase in orders in the Delhi-National Capital Region due to a strike by Zomato-owned Blinkit’s delivery personnel protesting against a change in their payout system.
The three quick-commerce platforms have witnessed a surge in daily orders ranging from 25% to 50%.
According to Hari Menon, the CEO of BigBasket, the company’s quick-commerce vertical, BB Now, experienced a surge of 46% in daily orders in Delhi and 61% in Gurugram and Noida on April 13th and 14th compared to the corresponding days in the previous month.
“Normally, we would have grown by 18% in the same period,” he told the press, adding that similar growth numbers were observed this week as well.
An industry leader stated that Zepto has experienced a 40% surge in orders, whereas two individuals affiliated with Swiggy claimed that Instamart’s daily orders have increased by over 25%. To cope with the high demand, Zepto has recruited more than 500 delivery personnel in Delhi-NCR, as per the industry executive.
A representative from Blinkit stated that almost all of its dark stores, which are used by executives to collect orders for delivery, had reopened on Monday evening. However, the Blinkit app indicated that several stores were unavailable across multiple areas in Gurugram, Delhi, and Noida. “We continue to engage with all delivery partners to help them understand the new pay-out structure,” the spokesperson said.
Blinkit announced earlier on Monday that it was closing down some of the dark stores in Gurugram and Delhi, citing the strike by its delivery executives. The executives are protesting against the payout structure, which they allege is causing a decline in their earnings and are demanding its rollback.
Multiple Blinkit delivery executives in Gururgam and Delhi reported receiving a message on the Blinkit delivery partner app, stating that certain stores were being permanently closed as no work had taken place there for the past 3-4 days. The message also mentioned that the registration of the delivery executives with the platform was being terminated.
Quick-commerce platforms differ from food delivery platforms in that gig-workers who deliver for them are limited to specific dark stores that they have partnered with, unlike food-delivery platforms where they can deliver across different localities.
Last week, delivery executives of Blinkit went on strike in Delhi, Gurgaon, Faridabad, Ghaziabad, and Noida in response to the company’s modification of the payout system. The previous flat rate of INR 25 per delivery (plus INR 7 during peak hours) was changed to a minimum of INR 15 per delivery along with a distance-based component, which led to the strike.
According to delivery executives in Delhi and Noida, some stores in these areas were gradually resuming operations as some riders returned to work and delivered orders during early morning and late-night hours, despite the ongoing strike. However, operations in these stores remained slow for most of the day.
In a statement early on Monday, a Blinkit spokesperson said, “Only Gurugram and Noida remain majorly affected currently. We are working with the authorities to ensure that those of our riders willing to work in these areas are allowed to work safely”.
ICICI Securities published a report on Monday projecting that Blinkit could face a 1% revenue loss during the April-June quarter due to the ongoing strike. As per the report, the impact on the parent company Zomato’s revenue is estimated to be 0.15%.
According to ICICI Securities, Zomato needed to modify the payout structure to control its costs. “We think the change in delivery fee structure indicates Zomato’s efforts towards cost control. In our view, this would allow Blinkit to increase the delivery radius for its existing dark stores and thus improve its network coverage with limited capex spends.”
“Given that the strike (at Blinkit) is happening in the national capital and has already garnered political attention, we think the company should try to resolve the issue at the earliest. This could be through a combination of clearer communication on the expected change in earnings for delivery executives and/or some concessions on the delivery fee,” it said.
The excise revenue collection in Uttar Pradesh during the 2022-23 financial year is not only the highest in the state’s history, but it has also surpassed that of all other states in the country.
Compared to the previous fiscal year (2021-22) when the state registered a collection of INR 36,321 crore, the revenue during the 2022-23 financial year was 14% higher, totaling INR 41,250 crore.
According to officials, a noteworthy accomplishment in the past year was the absence of any fatalities in the state resulting from the ingestion of illicit alcohol.
An official stated that in the fiscal year 2017-18, the department initiated efforts to strengthen and enhance the flexibility of the excise policy in order to promote a more competitive market and increase revenue. During this period, Uttar Pradesh generated a revenue of INR 17,320 crore. The elimination of needless entry restrictions resulted in a rise in the number of brands of English liquor, beer, country liquor, and other alcoholic beverages, as per the official.
Benefiting from optimistic outlooks, the department accomplished the greatest compound annual growth rate in the nation over the last six years, attaining a mean annual growth of 15.5%.
Additional Chief Secretary, excise, Sanjay R Bhoosreddy said, “While revenue is one part, strong enforcement drives helped us in curbing bootlegging. The Russia-Ukraine war disrupted the supply of soda ash due to which a shortage of glass bottles persisted for three months last year. Manufacturing and supply of UP liquor (premium country liquor sold in glass bottles) came to a standstill, otherwise our revenues would have been slightly higher.”
According to the Excise Commissioner, Senthil C Pandian, the adoption of an end-to-end online system for approvals and compliance has increased transparency and enticed new firms and participants.
“Without the support from the top level in the government, bringing in reforms in the working of the department would not have been possible. All stakeholders can see the results now,” he said.
Half a decade ago, Karnataka led the country in revenue collection, accumulating INR 17,949 crore in the fiscal year 2017-18. By 2022-23, Karnataka is projected to generate INR 29,790 crore in excise duty. Meanwhile, Uttar Pradesh made a substantial leap from INR 17,320 crore to INR 41,250 crore during the same period.
Axis Bank joins the ONDC bandwagon, plans to launch ecommerce platform after PhonePe’s Pincode
Axis Bank is reportedly planning to launch a consumer-facing ecommerce platform on the Open Network for Digital Commerce (ONDC), as it jumps on the bandwagon of the network.
According to a report from MoneyControl, Axis Bank is set to launch a new ecommerce platform under its Grab Deals segment. Initially, the platform will offer groceries on the ONDC, but will eventually expand to include other segments.
As per the report, the ecommerce platform has been designed and will go live soon. It further stated that initially, the platform will be launched in select cities.
Axis Bank declined to comment on the matter.
It is worth noting that Axis Bank owns around 8% stake in ONDC. The bank is currently revamping the entire Grab Deals platform.
“The ONDC for groceries will still remain integrated even after Grab Deals goes live on app stores and going forward, the company might launch a separate app for the ONDC platform, too,” a source was quoted as saying.
Just a few days ago, fintech unicorn PhonePe introduced a new application called Pincode on the ONDC, which aims to focus on hyperlocal commerce. This development follows closely on the heels of that announcement.
The ONDC platform was launched for beta testing in September of last year and has been dubbed as the UPI of the ecommerce industry. The platform is aimed at democratizing the ecommerce segment and is a government initiative.
The ONDC platform, supported by the Department for Promotion of Industry and Internal Trade (DPIIT), has been progressively expanding its reach to new cities and pin codes. Just last month, it entered the mobility space by partnering with Bengaluru-based auto booking app ‘Namma Yatri’.
According to ONDC CEO T Koshy, approximately 380 farmer producer organisations (FPOs) are at different stages of integration with the platform on the supplier side, with 80 FPOs already live on the platform. This was stated recently.
Among the companies and startups operating buyer-side apps on the ONDC are Paytm, PhonePe, IDFC, Mystore, Craftsvilla, and Spice Money.
It is worth noting that the ONDC platform is funded by a number of banks, including State Bank of India (SBI), Axis Bank, Kotak Mahindra Bank, HDFC Bank, ICICI Bank, and Punjab National Bank.
Abhijeet Anand, an IIT Dhanbad entrepreneur, aims to disrupt the perception that speciality coffee in India is a luxury with his chain of tech-enabled outlets called “abCoffee”. The outlets offer affordable grab-and-go options for speciality-grade coffee, countering the notion that a cup of cappuccino or latte costs anywhere between INR 200 and INR 350, and sometimes even more.
Speciality-grade coffees are sourced from a single farm or plantation, and the green coffee beans are meticulously handpicked to ensure uniformity and freedom from defects. These coffees typically score above 80 points (out of 100) on a cupping scale that evaluates key factors like sweetness, acidity, body, flavor, and aftertaste. Qualified graders and experts use a set of criteria defined by the Specialty Coffee Association, an international organization dedicated to monitoring the quality and processes of speciality coffees worldwide, to ascertain the cup score of these coffees.
“abCoffee is solving the issue of the price point of speciality coffee through innovative tech-enabled coffee outlets (we call them coffee decks), serving one of India’s best-rated coffees at honest prices,” says Anand, Founder and CEO of Mumbai-based abCoffee, which was launched in June last year.
According to him, abCoffee provides speciality-grade coffees at a price point that is one-third lower than other speciality coffee chains in the country.
Keeping prices affordable:
At abCoffee, a cappuccino can be enjoyed at a starting price of INR 97 for a 250 ml serving, while espresso starts at INR 77 (250 ml). For those looking for a cold coffee, prices start at INR 107 (250 ml) and upwards.
Anand states that the startup follows the QSR (Quick Service Restaurant) model, which helps them minimize wastage to less than 1% and maintain affordable prices.
“Our QSR decks are small. We focus on speciality-grade coffee and not on food. We bring differentiation in coffee. We also have designed our menu in such a way that many items use the same ingredients,” elaborates the 32-year-old entrepreneur, who had earlier worked in the oil and gas sector.
abCoffee currently operates five coffee decks in Mumbai, and they are set to open five more this month within the city. Their menu features classic coffee options like espresso, flat white, mocha, and cappuccino, as well as a range of cold beverages such as iced Americano, frappuccino, iced latte, and Irish cold coffee.
Tech-backed outlets with focus on quality:
To facilitate faster service, the startup has implemented a tech-enabled grab-and-go ordering system. Customers can simply walk into the QSR setup and place their order by using an NFC (near-field communication) touchpoint or by scanning a QR code.
abCoffee has implemented a tech stack that allows customers to conveniently place their orders on-the-go. Customers can visit the abcoffee.in website, select their preferred location, and place their order, allowing them to quickly grab their coffee as they pass by the outlet. Additionally, orders can be placed via popular delivery apps like Swiggy and Zomato.
According to Anand, the frothing system incorporates technology to guarantee that the coffee’s consistency is uniform in each cup.
“Our automated temperature-control frothing system ensures quality remains consistent every time milk is frothed for each cup. This also helps eliminate or reduce manual errors that happen in frothing,” he says.
Coffee beans procured by abCoffee are sourced from farms located in Chikkamagaluru, which undergo evaluation by certified coffee tasters and licensed graders, receiving a grading of 85 out of 100 on the grading scale.
Anand says abCoffee’s ‘signature roasts’ cater to the Indian palate. “Extensive blend research and roast profiling of green coffee using state-of-art roasting machines have helped us develop signature roasts, which has made us reach and connect with the masses consuming espresso-based coffees and even people who are starting with coffee,” he says.
Quick turnaround time:
The goal of the company is to provide a coffee takeaway experience that is free of complications, emphasizing on swift and efficient service.
“We have optimised technology in our outlets in such a way that our TAT (turnaround time) from order to serving is only 1.5 minutes,” says Anand.
According to the entrepreneur, there are three methods for upholding the TAT.
A Jikoda-inspired operational setup (a Japanese lean method): The espresso machine, other equipment (like the fridge), and elements such as ice, water, and syrups are placed in such a manner that any unnecessary movements are avoided and beverage preparation is made faster. “Think of it like the McDonald’s way, where there is a sequence of workflow for every order to be prepared,” says Anand.
Superior barista training: The baristas are trained for fast hand movement, as per Standard Operating Procedure.
A minimalistic set-up, which makes coffee preparation a quick clutter-free experience
Market opportunities and traction:
In 2022, the Indian specialty coffee market was appraised at $0.9 billion, and it is projected to attain $2.30 billion by 2030, exhibiting a CAGR of 12.5%. Various companies, including Blue Tokai, Starbucks, Third Wave Coffee, Café Coffee Day, and Barista Coffee Company, compete in this sector.
According to abCoffee, its unique selling proposition is its adoption of a QSR model, which prioritizes takeaways, in contrast to the predominant café model employed by other coffee companies.
The startup states that it has provided more than 28,000 cups of coffee within an eight-month period, while maintaining a customer retention rate of 69%. According to Anand, abCoffee’s annual revenue run-rate amounts to INR 1.8 crore, with 80% of the revenue originating from takeaway and delivery services.
While abCoffee does have space for customers to sit and enjoy their coffee, its outlets are smaller than cafés, with around 3-4 tables. “Our outlets are similar to McDonald’s drive-throughs or the Chai Point QSRs in corporate parks,” says Anand.
In December of last year, abCoffee secured $300K in funding from a VC firm and a group of angel investors. Now, the startup has its sights set on further expansion throughout India, and plans to raise another round of funding in the coming months. The goal is to establish more than 100 locations across the country this year, spanning Mumbai, Bengaluru, Delhi, Hyderabad, Gurugram, Pune, Chennai, Lucknow, Leh, Ahmedabad, and Indore.
In a BSE filing on Monday, it was reported that Coca-Cola India has made its first-ever start-up investment in India by acquiring a 15% stake in Hashtag Loyalty Pvt Ltd, the company behind the direct ordering platform Thrive. This move has resulted in Jubilant FoodWorks’ stake in Hashtag decreasing from 35% to 29.75%.
“Hashtag Loyalty Private Limited… has entered into a securities subscription with Coca-Cola India Pvt Ltd (new investor),” said the filing, adding that the new investor has acquired a 15 per cent stake on a fully diluted basis in Hashtag Loyalty Pvt Ltd. ”Hashtag has raised the capital at a pre-money valuation of INR 104.68 crore,” the filing added.
Thrive, also known as Thrive Now, is a Mumbai-headquartered food technology company that offers a direct ordering solution for restaurants to take orders from customers. The platform charges a comparatively lower commission of approximately 3%, as opposed to other food aggregators. Presently, over 14,000 restaurants in 80 Indian cities are making use of Thrive’s services.
In a blogpost, Krishi Fagwani, Co-founder and CEO of Thrive, said, “We found excellent synergies with Coca-Cola India’s leadership team in our outlook on the market and how we can work towards bringing a change. Our purpose is to make food commerce better for every stakeholder involved, and we’re excited to witness and collaborate with Coca-Cola India to work towards bringing a positive disruption in the food-tech space.”
Greishma Singh, Vice President, Customer & Commercial Leadership, Coca-Cola India & Southwest Asia, said , “Coca-Cola India is delighted to partner with the Thrive Now ecosystem as we see digital capability as an essential multiplier for our India growth strategy. Meals are a critical consumption occasion for our beverages, so the Eat & Drink channel is an ideal place for us to be investing in technology and innovating to digitally enable every outlet to provide a superior consumer experience online and offline.”
Thrive’s blogpost explained that this collaboration will ensure an improved experience for consumers as they can order beverages of their choice along with their favourite meal from Thrive’s partner restaurants.“This presents a great opportunity for both Thrive and Coca-Cola India Pvt. Ltd. given the online food delivery market’s projected rapid growth and contribution to the total food services industry,” it added.
“Accordingly, the company’s stake in Hashtag has reduced from 35 per cent to 29.75 per cent (on a fully diluted basis)… As part of the transaction, the company has entered into a shareholders agreement dated April 17, 2023, with Hashtag, new investor (Coca-Cola India) and other existing investors of Hashtag,” Jubilant FoodWorks added in its BSE filing.
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