Pickup Coffee, a coffee startup headquartered in the Philippines, has secured US$40 million in fresh funding, with a valuation of US$130 million.
VentureCap Insights, a firm that monitors regulatory filings in Singapore, reported that prior to this latest capital infusion, Pickup Coffee was valued at only US$9.5 million.
According to filings, the funding round was led by Go Ventures, contributing a minimum of US$12.7 million. Openspace Ventures and Kickstart Ventures also took part in the round, investing approximately US$3.1 million and US$3 million, respectively.
Venturi Partners and Gentree Fund are among the verified investors who participated in the funding round.
Jaime González Fernández and Martin Diego Lorenzo Co-founded Pickup Coffee in March 2022 with the aim of providing greater accessibility to premium beverages. The company offers its products at a price range of 50 to 100 pesos (equivalent to US$0.9 to US$1.8).
Customers can order Pickup Coffee’s beverages through its proprietary app as well as through GrabFood and Foodpanda.
According to estimates, the Philippine coffee market is currently valued at US$6.7 billion, and is projected to register a compound annual growth rate of close to 6% until 2025.
Swiggy has introduced Dineout’s renowned Great Indian Restaurant Festival (GIRF) for the first time on their app via Swiggy Dineout. To promote the festival, two brand films featuring popular Bollywood actors Farhan Akhtar and Shibani Dandekar-Akhtar have been launched. The videos encourage users to book their deals early to secure a spot at their favorite restaurants before they sell out.
From April 12th to June 4th, 2023, Swiggy Dineout users can enjoy flat 50% discounts at more than 5000 restaurants located in 34 Indian cities. During the festival, users can also avail an additional 15% savings (in addition to the flat 50% off) by paying with HDFC bank credit cards at their preferred dining spots.
Swiggy Dineout has collaborated with major participating restaurants such as Marriott, Pullman, Mainland China, Flurys, Tacobell, and Ohri’s. As part of the GIRF, Swiggy will be offering exclusive limited deals on their app, which can be redeemed at these participating restaurants.
Ankit Mehrotra, Co-founder & VP, Swiggy Dineout, said, “As we launch the Great Indian Restaurant Festival on the Swiggy app for the first time, I am thrilled to announce that we are opening up a whole new world of dining experiences for our users. This collaborative effort will help them to discover unique culinary gems while supporting the restaurant industry as a whole. At Swiggy, we are committed to promoting local businesses and delivering unparalleled convenience to our customers, and this festival is a testament to that.”
Across 34 cities, Swiggy Dineout has over 21,000 restaurant partners.
Baskin Robbins currently has a presence in 239 cities with over 850 locations.
As the summer season is in full swing, the demand for cold beverages and ice creams has surged, prompting Baskin Robbins to consider expanding its retail presence. The company has recently diversified its product offerings with fresh formats and flavors.
Baskin Robbins is increasing its attention on the Delhi-NCR market, and intends to establish 10-12 new parlours in the national capital region each year. The brand already operates 60 parlours in prominent locations throughout Delhi-NCR, with 30 of them situated solely in Delhi. This strategic expansion plan is aimed at solidifying the brand’s presence in the region and catering to the growing demand for its products.
“The brand has a presence across a total of 269 locations in the North region and 850 plus locations nationally. Additionally, the brand also retails through all leading supermarket chains and modern trade stores as well as leading general trade stores and food service accounts like hotels, restaurants, caterers etc,” it said.
Baskin Robbins is hoping for the new launches to add to the overall sales during the season. “We are confident that these new products would easily contribute upto 15-20 percent of our parlour sales going forward,” said Mohit Khattar, CEO, Graviss Foods Pvt Ltd – Baskin Robbins.
Khattar said that Baskin Robbins has been witnessing a “steady growth not just in terms of footfalls into its parlours but is also seeing a steady uptake in its online sales”.
“Now about a third of our sales are coming through online and delivery platforms like Swiggy, Zomato, Instamart, Big Basket, Zepto etc,” he added.
Baskin Robbins has unveiled 17 new products for the summer season, featuring exciting flavors such as caramel milk cake, blueberry and white chocolate, and fruit ninja. The brand has also introduced new ice cream formats, including bite-sized ice creams coated in delicious chocolate called ice cream rocks, ice cream pizzas, ice cream floats, fruit cream sundaes, and fairytale sundaes. These additions aim to offer customers a wide range of delectable options to choose from and enhance their overall experience.
“Chocolate based flavours seem to enjoy a higher popularity amongst discerning audiences in the Delhi market followed by fruit based flavours,” said Khattar while adding that the brand has “pretty high” expectations from its new introductions during the summer season.
With more than 850 stores, Baskin Robbins has established a significant presence in over 239 cities across India.
Zepto, a quick-commerce startup backed by Y Combinator, has appointed Ramesh Bafna, the former Chief Financial Officer of cryptocurrency firm Coinswitch, as the new head of its finance division. Bafna replaces Jitendra Nagpal, who had joined Zepto just two and a half years ago.
Prior to joining Coinswitch in June of last year, Bafna served as the CFO for Zilingo, a Sequoia-backed company, as well as for Myntra, which is owned by Flipkart.
After serving as the Vice President of Finance for healthtech major PharmEasy, Nagpal intends to establish a venture capital fund to support startups across various sectors soon. In the meantime, he will offer consultancy services to startups. Two individuals familiar with the matter stated that Nagpal’s notice period may expire as soon as next month.
“Ramesh is a best-in-class ecommerce CFO and he will build a best-in-class finance team at Zepto,” Aadit Palicha, CEO of Zepto, said in a statement.
“Through disciplined execution, Zepto is delivering incredible progress on growth and profitability. To take Zepto public in 2-3 years, we believe we need an incredible CFO and Ramesh is the right person for the job,” Palicha said.
Zepto, established in 2021 by Palicha and Kaivalya Vohra, has emerged as one of the most well-funded quick-commerce startups in the country, providing stiff competition to Swiggy Instamart and Blinkit, which is owned by Zomato. The company has raised $361 million thus far from investors such as Y Combinator, Nexus Venture Partners, Global Founders Capital, and Glade Brook Capital. Its valuation currently stands at nearly $900 million.
As per the aforementioned individuals, Zepto is presently seeking to secure additional funding.
“Zepto is looking to secure more money given that quick commerce is a cash-intensive business. But we know that it is tough to raise money without disturbing the valuation in this market,” said one of the persons mentioned earlier.
Palicha contradicted the claim that Zepto was raising funds, stating that the company had ample cash reserves.
Market Research Future (MRF) forecasts that the artisanal ice cream market, which was worth $63.6 billion in 2022, will see significant expansion and reach $95.8 billion by 2030, driven by changing customer preferences and tastes.
The artisanal ice cream industry is favored by consumers due to its association with small-batch production, utilization of locally-sourced, seasonal ingredients, and unique flavor combinations that often include experimental additives such as herbs, spices, avocado, nuts, and protein. In addition, there is a growing trend towards diverse textures such as fried ice cream, as well as an increasing demand for healthier options, including protein-enriched, organic, gluten-free, and vegan ice cream, which are all contributing to the market’s growth.
As per industry experts, customers are willing to pay a premium for the quality and taste of artisanal ice cream, despite its higher price point.
Specialized retailers dominated the distribution market in 2021, accounting for the largest share (approximately 35%-40%). North America had the highest market share of $14.6 billion in 2021 and is projected to grow at a CAGR of 7.43% due to increasing health consciousness driving demand for organic products. Although the artisanal ice cream industry in the United States was the largest, the Canadian sector is expected to experience the fastest growth in North America.
Market Research Future projects that by 2030, the share of North America is expected to decrease slightly from its current worth of $14.6 billion due to market oversaturation. However, North America will still lead Europe and Asia-Pacific, as both regions are anticipated to see an increase in their share during this period.
As per Market Research Future (MRF), the United Kingdom will be the biggest market for artisanal ice cream in Europe, with the continent expected to become the second-largest market. While China will continue to be the largest market for artisanal ice cream in Asia-Pacific, MRF predicts that India will become increasingly attractive as demand for this type of ice cream grows.
“Major market players are spending a lot of money on R&D to increase their product lines,” the analysts said, “which will help the artisanal ice cream market grow even more.” Market participants are also undertaking a variety of strategic activities to expand their global footprint, such as new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations.
“In order to expand and survive in an increasingly competitive market environment, competitors…must offer cost-effective items.”
Xero Degrees, the venture of Kashish Aneja and Shivam Kakkar, is set for a rapid expansion as it approaches its fifth anniversary, with plans to open 100 outlets across India by June 2023.
Xero Degrees, the popular cafe chain known for its Instagram-worthy and affordable offerings, has made a name for itself with its creative and innovative dishes like Fries in a Jar, Pizza in a Jar, and Waffle in a Jar. Since opening its first outlet in Connaught Place, New Delhi, the brand has expanded rapidly, and now, on the verge of its fifth anniversary, is planning to have 100 outlets across India by the end of June 2023. With its recent flagship outlet opening in Koramangala, Bengaluru, the company has five more openings in the pipeline.
Kashish Aneja, Co-Founder, said, “Our commitment to serving the most innovative dishes coupled with our strong social media presence, has fueled a high demand from customers across India. With our explosive expansion plans, we aim to make our brand accessible to more customers, and offer a unique culinary experience.”
As part of their expansion strategy, Xero Degrees is also seeking a Venture Capitalist who can assist them in executing their plans more effectively.
“The next 5 years are going to be crucial for our brand, and we are committed to investing not less than 100 crore to support our expansion plans. The idea is to open company-owned outlets and facilitate a more controlled way of working. While we are slowly shifting our focus on the south and southeast regions of India this year, we will soon be planning a major expansion in the south with a bang,” added Shivam kakkar.
Xero Degrees is not only expanding domestically, but also has international expansion plans, with a focus on targeting countries such as Canada, Australia, and the Middle East.
BL Agro, one of India’s top FMCG companies, is venturing into the dairy sector in collaboration with the Ministry of Animal Husbandry and Dairy. The company has pledged to invest INR 1,000 crores by the conclusion of 2025.
BL Agro’s Managing Director, Ashish Khandelwal, has confirmed that the company has procured 109 acres of land in Bareilly, Uttar Pradesh and Amreli, Gujarat to establish farms dedicated to cow breeding.
“We are planning to venture into animal husbandry. We will be getting the best of the Brazilian cows to India as they are known for the best products, and then eventually, we will introduce dairy products like milk and cheese into the market,” he said.
BL Agro intends to sign a Memorandum of Understanding (MoU) with a top Brazilian company that specializes in embryo development, animal cloning, and animal feed supplements. The partnership will enable BL Agro to leverage the same technology for embryo development and animal feed supplement production in India.
“The Brazilian cow usually produces 40 litres of milk per day, and the best among the lot produces 60 to 65 litres per day, viz-a-viz. Indian cows produce usually 6 to 7 litres of milk on a daily basis. The climatic conditions of India and Brazil are more or less the same, with minor fluctuations. Therefore, cow products can easily be replicated in India as well,” he explained.
“We aim to develop 7,200 cows during the first year of operations. It will take us at least 2 years to venture into the dairy segment after that,” he added.
The announcement from BL Agro came amidst a significant demand-supply gap in the dairy sector, largely driven by heightened consumption of safe, hygienic, and nutritious milk and milk products following the pandemic.
During a recent press conference, Animal Husbandry and Dairy Secretary Rajesh Kumar Singh reported that India’s milk production remained stagnant in the 2022-23 fiscal year due to the prevalence of lumpy skin disease in cattle. Meanwhile, domestic demand grew by 8-10% during the same period, driven by a resurgence in post-pandemic demand.
In addition to this, milk prices have experienced a substantial rise in the past six months and are expected to continue increasing due to a shortage leading into the peak demand season.
BL Agro clocked INR 3,800 crores in revenue last fiscal and is eyeing to close this fiscal at an estimated revenue of INR 6,000 crores. “By 2026-2027, we expect to have a turnover of INR 10,000 crores for our mustard oil brand, Bail Kolhu, and our staples brand, Nourish,” Khandelwal said. The company, which has a production capacity of 900 metric tonnes per day, currently offers 80 SKUs under the brands Bail Kolhu and Nourish.
Nestle has created a range of delicious and nourishing Lean Cuisine Balance Bowls to assist individuals in controlling their blood sugar levels.
Lean Cuisine is the inaugural brand to offer complete meal options and participate in the American Diabetes Association’s (ADA) Better Choices for Life Program, which follows frozen entrée nutrition guidelines, ensuring that the meals meet the program’s standards.
“Our culinary team worked alongside nutritionists and members of the ADA to ensure that our meals are crafted with filling flavors and well-balanced ingredients that help consumers achieve their personal nutritional goals,” says Kat Amrhein, Brand Manager, Lean Cuisine. “Each frozen entrée contains 400 calories or less, a serving of vegetables, and zero grams of added sugar.”
Containing a substantial amount of protein and fiber, the Balance Bowls are available in four delectable and nutritious varieties, namely Tex-Mex Rice and Black Beans, Lemon Garlic Shrimp Stir-Fry, Roasted Eggplant Parmesan Pasta, and Creamy Pasta Primavera. These meals are adorned with the ADA Better Choices for Life logo on their packaging, making them easily identifiable for customers while shopping in stores.
Jennifer Paine, Head – Nestlé’s R&D unit, Solon, Ohio, said, “We used a test and learn approach to develop these great-tasting meals that make it easy for people managing blood sugar levels to enjoy a nutritionally balanced diet. After a successful pilot through our U.S. R+D Accelerator, we are excited to launch the meals on a much wider scale under the Lean Cuisine brand.”
Nestlé’s R+D Accelerator program was instrumental in bringing the initial recipe ideas to market in just six months. The Accelerator team collaborated with a variety of Nestlé experts, including chefs, product developers, nutritionists, and regulatory scientists, to create these meals. Following a limited release in 2022, the Nestlé teams continued to refine the recipes and add new varieties. These enhanced meals will now be available nationwide at select U.S. retailers starting in April 2023.
This month marks the debut of NightOwl Martini and its new line of canned cocktails, which includes the ready-to-drink Espresso Martini. The line features two variants: The Classic, which is crafted with Vodka, and The Original, which is made with Tequila.
NightOwl is catering to consumer trends and preferences by highlighting Tequila in the Espresso Martini recipe. Both variants feature premium real spirits, natural coffee with 100mg of caffeine, and an ABV (alcohol by volume) of 12.5%.
NightOwl’s inception can be traced back to a group of experienced entrepreneurs with a background in the hospitality and beverage industry. Like many consumers and bartenders, they loved the taste of Espresso Martini but were put off by the inconsistent recipes and inconvenient process. After a two-year journey of research and development, sourcing the freshest coffee beans and premium NOM: 1110 tequila, as well as gluten-free vodka from overseas, NightOwl was born. The brand offers a convenient take on the classic cocktail, made with quality ingredients that differentiate it in terms of taste.
Kat Huber, Brand Manager, NightOwl Martini, said, “Our formula is simple – just two shots of espresso, one shot of alcohol, and a hint of vanilla for balanced sweetness. No malt liquors, no agave wines and no artificial flavors. We like to think of it as espresso martinis in their purest form. Our team was not willing to sacrifice quality or taste to rush to market, and we’re confident that espresso martini lovers everywhere, whether that is a consumer at home, or bartenders at bars and restaurants alike, will welcome NightOwl to the party.”
NightOwl’s Tequila and Vodka styles come in a 4-pack of 200ml cans, priced at an SRP of $19.99 per pack for convenience. The brand is available for purchase on its direct-to-consumer site, DrinkNightOwl.com, in 38 states. This month, NightOwl will also launch in various locations across NYC, Long Island, and the Hamptons, as well as key bars and restaurants in the Miami and Palm Beach markets. Keep an eye out for NightOwl’s debut in the wild.
To expand its reach, NightOwl has teamed up with Park Street to self-distribute in New York and Florida. The brand has also established a strong in-house marketing and sales team, as well as collaborated with key agencies to support its presence in the market. In the upcoming weeks and months, consumers can expect to see NightOwl at various events across New York and Florida as the brand continues to activate its marketing strategies.
Zomato’s grocery arm, Blinkit, has been rendered “temporarily unavailable” following the closure of 50 stores located in various areas of Delhi-NCR. This development occurred as a result of protests by delivery partners linked to the unit over alterations made to their payment system.
Blinkit’s updated payment scheme stipulates that its delivery personnel will now earn a minimum compensation of INR 15 per delivery, as opposed to the earlier rate of INR 25 per delivery. At the same time, customers attempting to place orders through the unit’s application have encountered difficulties in recent days, with a “temporarily unavailable” message appearing due to high demand.
Videos circulating on social media exhibit Blinkit’s delivery executives protesting against the revised payment structure.
#Blinkit workers of Delhi NCR are on strike against the new and arbitrary pay structure!
App Workers’ Union supports the strike! AWU demands that the new pay structure be immediately rescinded, & any change in the pay structure must be done in active consultation with workers! pic.twitter.com/vHC9AFOhHX
“Some Blinkit employees met me today. The injustice Blinkit is doing to its employees is illegal. The Blinkit management is playing with the lives of lakhs of families. It must implement the old payment structure immediately. Reduction from INR 25 per delivery to INR 10-15 is cheating with the employees,” Mishra tweeted in Hindi.
Zomato’s other food delivery services remained unaffected, while Blinkit faced issues. Zomato had acquired Blinkit (previously called Grofers) in 2022 for $550 million as part of its entry into the “quick commerce” space.
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