Keventers expands portfolio, targets 10% sales growth with focus on non-dairy and ice cream offerings

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April 14, 2023

Milkshake brand Keventers is expanding its product portfolio to boost same-store sales by 10% this summer season. The growth is attributed to a recent inflation-driven price increase and the company’s focus on non-dairy and ice cream offerings.

Keventers’ founder and CEO, Agastya Dalmia, announced the launch of vegan ice cream earlier this year, marking the brand’s entry into the non-dairy market segment. The expansion of its product range is aimed at attracting new customers, increasing mealtime visits, and ultimately, boosting the brand’s number of orders.

Currently, milkshakes account for 75% of Keventers’ sales, while ice creams make up the remaining 25%. In the financial year 2022-2023, the brand reported revenue of INR 90 crore.

Dalmia expects milkshakes to make up 60% of Keventers’ sales, followed by ice cream at 30%, and food at 10%. The brand aims to achieve a 25% growth in same-store sales over the next 3-4 years. To strengthen its revenue streams, Keventers has been focusing on the development of its ice cream segment. Besides its physical stores, the company has listed ‘Keventers Ice Creams’ as a separate offering on food delivery platforms like Zomato and Swiggy.

Keventers is currently exploring a traditional FMCG format to deliver ice cream customer packs. The brand’s online sales contribute to approximately 40-45% of its total sales, with offline sales making up the majority.

Aman Arora, the Co-founder and CMO of Keventers, has stated that the brand intends to significantly expand its offline presence by opening 45 stores in the current financial year. These stores will be a mix of kiosks in food courts and malls, as well as dine-in outlets on high streets. Keventers aims to triple its store count in the next 3-4 years through this expansion strategy.

Arora mentioned that Keventers allocates around 20-24% of its budget towards store expansion, which may increase due to the brand’s rapid expansion plans. In October of last year, Jubilant acquired a minority stake in Keventers. Dalmia expressed that the funds raised through this partnership will sufficiently support the brand’s expansion plans for the next 4-5 years.

Masterchef winner Abinas Nayak and Rroshashala launch eco-friendly QSR ‘Oddiyana’ in Mumbai

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April 14, 2023

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Masterchef winner Abinas Nayak has teamed up with the cloud-kitchen brand Rroshashala to launch a premium Odia range called Oddiyana in Mumbai.

Masterchef winner Abinas Nayak and his partners, Sauhitya Garabadu and Rishe Raj Singh, founded Rroshashala Foods Pvt Ltd in September 2022. Oddiyana, a premium Odia range, is a cloud kitchen brand under the Rroshashala umbrella.

Following the successful launch of other culinary brands such as Pots56 (offering Odia Homely Meals), Birinjz (specializing in Biryani), Pakkhtun (paying tribute to the foods of the Silk Route), and Bliss O Bowls (serving North Indian Homely Meals), Masterchef winner Abinas Nayak’s cloud-kitchen brand Rroshashala has finally introduced a new addition to their lineup: India’s Best Kept Secret Cuisine Range – Odia Foods, available under the banner of Oddiyana.

“I always wanted to use my passion for Odia cuisine to create a new culinary experience in Mumbai for both Odia and Non-Odia consumers in order to give them an experience of India’s best kept secret cuisines. We at Rroshashala, always aim to leave a lasting impression on customers and create a loyal following for Odia cuisines, and that’s what has been a driving factor for launching our new Odia platter,” shared Nayak.

Oddiyana, named after the land of Odisha, is a fast-casual restaurant that offers traditional Odia cuisine with a modern touch. The eatery’s operations are eco-friendly, with a zero-carbon cooking range and 100% compostable packaging.

Currently, Oddiyana is offering its dine-in and delivery services at the Powai outlet, and it plans to expand its presence gradually to other regions of Mumbai, including Navi Mumbai.

The brand plans to expand its reach by partnering with food delivery platforms like Zomato and Swiggy to offer faster and wider delivery options.

Barry Callebaut launches second Chocolate Academy Center in heart of New York city

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April 14, 2023

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The Barry Callebaut Group, a renowned manufacturer of premium chocolate and cocoa products, has announced the opening of its second Chocolate Academy Center in the United States. Located in the bustling city of New York, the new center will serve as a hub for chefs and artisans to hone their talent and skills in a creative environment. The launch of this facility is part of the wider network of Chocolate Academy Centers, which now spans 27 academies worldwide.

The Barry Callebaut Group has chosen the Meatpacking District as the location for its new Chocolate Academy Center in New York City. This vibrant and dynamic neighborhood, which blends the historic and modern facets of the city, attracts some of the world’s most talented professionals across industries, including pastry, confectionery, and chocolate making it the perfect destination for the new facility.

Nicoll Notter, the youngest person to win the Pastry Chef of the Year for the United States at the age of 21, has been appointed as the Head Chef of the Chocolate Academy Center in October 2022. He comes from a family of pastry chefs and led the Swiss National Team to win the Coupe d’Europe held in Paris in 2020. As the head chef, Notter is eager to assist other professionals in their growth and aims to keep revolutionizing the pastry scene.

Amy Heitkamp, Vice President and General Manager, Barry Callebaut, said, “New York City has a long history with the chocolate industry, dating back to the early 1900s. We are seeing a resurgence of chocolate culture in New York with the craft-chocolate movement and small bean-to-bar factories. We are proud to share chocolate culture and empower chefs to craft at their best; we partner with our customers to create the chocolate treats of tomorrow.”

Steve Woolley, President and Chief Executive Officer, Barry Callebaut, said, “New York City continues to be a core place of growth and culture for the Americas. We look forward to serving as the premier chocolate and cocoa innovation place in a city with a long-standing food culture. In Region Americas, we currently have five Chocolate Academy Centers which hosted over 13,800 participants in 2022. We are thrilled to open our sixth location in a city with such deep ties to chocolate indulgence and cannot wait to get chocolate professionals in the door to learning from our best-in-class instructors and chefs.”

Cheesiano Pizza expands presence, targets India’s growing QSR market worth INR 348 Billion

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April 14, 2023

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Cheesiano Pizza, an Indian-made fresh pizza brand, has recently introduced its new burger brand, ‘Burgerino.’

Cheesiano Pizza, the homegrown fresh pizza brand, received more than 42,000 orders last quarter. With the introduction of its new burger brand Burgerino, they are projecting to serve 70,000 orders this quarter. The Burgerino offers a distinctive blend of Indian and American flavors.

Customers in Pune can now enjoy the new Burgerino through multiple delivery partners, including Dunzo, Shadowfax, and Porter, as well as ordering directly from the Cheesiano.com website or through popular food delivery platforms like Swiggy and Zomato.

Sachien Tilve, Co-founder of Cheesiano, says, “We believe that Burgerino’s unique flavors and large portions will be a hit among burger lovers. We are committed to delivering the best quality and taste to our customers, and we are excited to bring our new brand to Pune.”

Punjab government sets minimum and maximum rates for beer to maintain affordability

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April 14, 2023

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The Punjab Excise and Taxation Minister, Harpal Singh Cheema, announced on Thursday that his department has established a range of minimum and maximum prices for beer to ensure that prices remain reasonable.

Cheema stated that the decision was made to prevent the excessive pricing of beer and to discourage the smuggling of the beverage from neighboring states.

In an official statement, Cheema stated that these measures would also deter the production and consumption of illicit liquor.

Chairing a monthly review meeting of the excise department here, Cheema said, “In the excise policy for 2023-24, a clause 28 has been inserted, whereby, in order to keep rates of beer within reasonable limits, the power to decide the minimum and maximum retail price of beer to be sold at retail vends and standalone vends, has been given to the government”.

In an official statement, Punjab’s Excise and Taxation Minister, Harpal Singh Cheema, who also holds the portfolio of state finance minister, urged his department officials to intensify enforcement action against the illegal liquor trade in the state. He emphasized the need for running awareness campaigns to discourage the production and consumption of illicit liquor.

The Excise Commissioner, Varun Roojam, stated that the department has been maintaining a stringent surveillance on the transportation of extra-neutral alcohol (ENA) from the manufacturer to its ultimate destination.

According to Varun Roojam, the Excise Commissioner, vehicles transporting ENA are equipped with GPS and are prohibited from stopping within the first 100 km of their journey. Furthermore, excise teams are conducting surprise inspections regularly to prevent any potential misconduct.

Additionally, he emphasized that the excise department will be carrying out frequent enforcement operations to eliminate the issue of contraband alcohol production and smuggling.

SIG sees exponential growth, plans to partner with major Indian beverage and dairy brands

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April 14, 2023

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SIG, a prominent packaging solutions provider, has achieved exceptional growth and is poised to become one of India’s fastest-growing aseptic packaging brands. With plans to increase manufacturing capacity and establish partnerships with major Indian beverage, juice, and dairy companies, SIG is expanding its business in India.

Since its inception in 2017, SIG has made significant strides in the Indian market. By the end of 2023, the brand will have more than 40 SIG filling lines for aseptic carton packs installed at its Indian customers, reflecting a substantial expansion of its operations.

Accompanied by other SIG executives, Samuel Sigrist, the CEO of the SIG Group, recently traveled to India from April 3-5 to inaugurate the company’s second production plant in Palghar. This plant will focus on manufacturing SIG’s bag-in-box and spouted pouch packaging, which were previously sold under the Scholle IPN and Bossar brands.

In addition to inaugurating the new production plant, Samuel Sigrist’s visit to India also aimed to strengthen the brand’s relationships with industry experts, strategic partners, and customers.

Since establishing its local headquarters in Gurugram in November 2017, SIG India has had a successful aseptic carton journey, kickstarted by partnerships with iconic customers ITC and Coca Cola India. SIG’s value proposition, which focuses on providing innovative, aseptic packaging solutions, has attracted leading beverage players in India such as Amul, Parle Agro, Milky Mist, PepsiCo, KMF, Dabur, Haldiram, and Creamline Dairy. With a strong base of installed filling machines and an experienced local team, SIG is poised to continue its growth trajectory and further expand its reach in India.

Samuel Sigrist, Chief Executive Officer of SIG, said, “SIG’s growing customer base in India is a testimony to our attractive product offering and our sustainable packaging technology. With the new investment and increased production capacities, we are set to grow significantly in the upcoming years.”

Angela Lu, President and General Manager Asia-Pacific South at SIG, said, “SIG has received positive feedback from its customers, signaling a promising future for the company in the years to come. Recognizing the potential for growth in the sector, India is a crucial market for SIG. Our company’s objective is to establish a comprehensive framework for sustainable packaging solutions that can be customized, provides flexibility, and can meet the demands of customers and every Indian consumer.”

Vandana Tandan, Head of Markets for India, and Bangladesh at SIG, said, “It is impressive to see SIG’s operations in India expand rapidly, even amidst market fluctuations and challenges. The company has demonstrated remarkable potential, and I am confident that this success can be attributed to its focus on sustainability and integrated production capacities. With these strengths at its core, SIG is poised to remain at the forefront of the industry.”

SIG’s expansion plans are aligned with the “Make in India” initiative that aims to boost local production. With this objective in mind, the company has recently declared the establishment of its first aseptic carton plant in Ahmedabad, Gujarat, with a planned investment of up to €60 million between 2023 and 2025. The goal is to achieve a production capacity of 4 billion packs annually, and additional investments in capacity can be made in due course. The construction of the buildings will be funded through a long-term lease with an NPV of roughly €30 million.

Spyk, India’s first brewed hard seltzer, expands to Hyderabad after successful launch in Bengaluru

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April 14, 2023

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Spyk, India’s first brewed hard seltzer, expands to Hyderabad after successful launch in Bengaluru

Spyk Hard Seltzer, the first brewed hard seltzer in India, has been introduced in Hyderabad after a successful launch in Bengaluru. Spyk is a natural, low-calorie, and low-carb fruit-flavored drink with a substantial 5.5% alcohol volume. In contrast to carbonated cocktail blends, Spyk is freshly brewed, resulting in a crisp, revitalizing flavor that is remarkably light and without any remorse.

The launch of Spyk in Hyderabad is a clear indication of the brand’s increasing appeal among health-conscious young consumers in the country. Hyderabad, recognized for its lively nightlife and youthful demographics, presents a perfect market for Spyk’s unique and millennial-oriented offering. By expanding its reach to Hyderabad, Spyk is well-positioned to access a fresh customer base and expand on its triumph in Bengaluru.

Vimal Chand, Chief Executive Officer, and Co-founder, V9 Seltzer Works, the company behind Spyk, said, “We saw the immense potential for a truly millennial product and are thrilled to announce the launch of Spyk in Hyderabad and to introduce Hard Seltzer to the city. With summer just around the corner, we believe there’s no better time to bring this refreshing and light drink to Hyderabad. The beer market here is massive, and we see immense potential for seltzers to take off as well with the right education.”

Spyk’s triumph in Bengaluru is a reflection of the rising demand for inventive and healthier alcoholic drinks. As the brand continues to expand into new markets, it is poised to challenge the conventional alcoholic beverage sector and establish a new category that caters to the evolving preferences of India’s youth.

Vamsi Krishna, Chief Managing Officer and Co-founder, Spyk Hard Seltzer, said, “We see Spyk as a disruptor & market leader in the hard seltzer space. We aim to give social drinking a new face, one that aligns with someone that works hard & plays hard, a drink that fits everyone’s lifestyle choices. At Spyk, we are confident that we can become the market leader in this segment and offer Hyderabadis a new, exciting alternative to beat the heat.”

Spyk has introduced four delectable variations, including Lime, Orange, Mixed Berry, and Original, priced at INR 210 for 330 ML and INR 240 for 500ML. With its invigorating and adaptable taste, Spyk Hard Seltzer is a suitable beverage for all occasions.

The much-awaited Spyk Hard Seltzer is now accessible at selected bars and MRP stores throughout the city, making it effortless to relish this invigorating beverage with your friends and family.

Spyk is dedicated to broadening its reach in India by aiming for fresh markets and customer segments. The introduction of the brand in Bengaluru and Hyderabad is only the initial step in a grander scheme to secure a substantial portion of the Indian market. The firm intends to expand its operations organically and subsequently approach strategic investors who can contribute value to the company.

Fast-food chain Burger Singh set to open new outlets in Jaipur as part of expansion strategy

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April 14, 2023

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Burger Singh has recently declared its intentions to broaden its reach in multiple states, with proposals to establish 35 outlets in Maharashtra, eight in Madhya Pradesh, 48 in Gujarat, 16 in Bihar, six in Jharkhand, and eight in Odisha.

“We are overjoyed by the love we have received from the people of Jaipur. The phenomenal performance of our existing outlets has motivated us to open more branches in the city as our unique blend of Indian and western flavours have been a phenomenal hit with fast food lovers in the Pink City,” said Kabir Jeet Singh, Founder & CEO of Burger Singh.

Burger Singh’s ability to blend Indian flavors into their burger menu is a noteworthy illustration of ingenuity in the fast-food sector. Their strategy has struck a chord with customers across regions, fueling their swift expansion and success. Growing across several states and cities is a momentous accomplishment for any quick-service restaurant chain, demonstrating the high demand for their unique menu.

In the fiercely competitive QSR industry, it takes a comprehensive approach to thrive, and Burger Singh appears to have discovered the perfect blend to distinguish themselves and engage their intended audience.

NFRA cracks down on Coffee Day Global and MACEL auditors, imposes ban and INR 1.25 crore fine

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April 14, 2023

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The National Financial Reporting Authority (NFRA) has imposed penalties and a ban on five entities, four of which are auditors, for lapses in the auditing of Coffee Day Global Ltd and Mysore Amalgamated Coffee Estate Ltd during the 2018-19 fiscal year. The penalties total INR 1.25 crore. It’s worth noting that both CDGL and MACEL are subsidiaries of Coffee Day Enterprises Ltd (CDEL), a listed entity.

CDEL was owned and controlled by the late V G Siddhartha and his family members.

This case is related to the diversion of funds amounting to INR 3,535 crore from seven subsidiary companies of CDEL to MACEL.

In April 2022, following the investigation report shared by the markets regulator SEBI, NFRA initiated an examination into the professional conduct of the statutory auditors of CDGL. In a separate instance, NFRA has imposed a five-year ban and a fine of INR 5 lakh on Lavitha Shetty, who served as the statutory auditor for MACEL in the 2018-19 period. Regarding CDGL, the audit regulator has imposed a fine of INR 1 crore on audit firm ASRMP & Co, INR 10 lakh on A S Sundaresha, and INR 5 lakh each on Madhusudan U A and Pranaa.

ASRMP & Co has been prohibited from undertaking auditing work for two years, and the four individuals have each been banned for five years.

As per the order, all of them have been prohibited from conducting any audit related to the financial statements or internal audit of any company or body corporate during the duration of the ban.

According to two separate orders from NFRA, the material and pervasive misstatements in the financial statements of CDGL and MACEL amounted to INR 7,514.10 crore and INR 11,393.69 crore, respectively.

According to the order issued against CDGL, the company’s auditors did not exercise professional judgment and skepticism while auditing the transactions of INR 6,958.91 crore that were fraudulently entered into with MACEL. Moreover, these transactions were not fully disclosed in the related party disclosures.

The regulator has determined that the auditors neglected to scrutinize and report the diversion of funds by CDGL, which involved providing a large sum of money to MACEL without any justification or operational requirement. Additionally, this was done without the approval of the board and without any agreement in place, as per the regulator.

NFRA has also stated that the auditors attempted to deceive it by adding additional documents and modifying existing ones in their audit file, which constituted tampering with the audit file.

The auditors provided false information in their reports on the financial statements of CDGL and MACEL for the fiscal year 2018-19, and did not present an accurate and impartial view of the financial status of both companies.

As per another order, Lavitha Shetty neglected to apply professional skepticism while auditing the related party balances involving an accounting fraud of INR 2,363.34 crore. This resulted in an understatement of the related party loan balances by INR 1,713.74 crore in the financial statements of MACEL.

In addition, she also neglected to assess the recoverability of loans amounting to INR 3,235.16 crore that were provided to late V G Siddhartha, who was the Chairman and MD of CDEL at that time, his wife Malavika Hegde, and entities controlled by them.

The order also states that Lavitha Shetty did not conduct adequate and suitable audit procedures while reviewing the cash flow statement, which had a material misstatement of INR 909.99 crore.

NFRA has stated that the auditors did not exercise due diligence while performing their duties by not disclosing material transactions and misstatements in the financial statements of CDGL and MACEL.

NFRA added that the auditors’ conduct was grossly negligent in the performance of their professional duties, and as a result, they should be penalized.

Waldorf Astoria to unveil its first-ever property in India with Jaipur debut

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April 14, 2023

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Hilton and Dangayach Group recently signed a branding and management agreement, marking the launch of Waldorf Astoria Jaipur and the debut of Waldorf Astoria Hotels & Resorts in India. The signing ceremony took place exclusively at the Hotel Investment Conference South Asia (HICSA) in Bangalore, signifying an exciting new chapter of growth for Hilton as it shapes the upcoming golden age of travel.

Waldorf Astoria, a renowned global hospitality brand known for its exceptional personalized service, culinary excellence, and landmark properties, boasts a portfolio of over 30 iconic properties worldwide. With a robust pipeline of 27 properties in highly coveted locations, the luxury brand remains committed to expanding its presence. The capital of Rajasthan, Jaipur, is steeped in history and culture and represents a unique destination within India’s famed Golden Triangle, making it the ideal location to launch the first Waldorf Astoria hotel in India.

Christopher J Nassetta, President & Chief Executive Officer of Hilton said, “We are excited to partner with Dangayach Group to bring Waldorf Astoria Jaipur to life. India is a key market for Hilton, and this hotel will set a new benchmark for luxury in Jaipur. This signing reaffirms our commitment to working with strong local partners and extending our signature hospitality to discerning travellers in sought-after destinations around the world. Jaipur has a rich culture and history, home to many architectural jewels, and we look forward to creating unforgettable experiences in this incredible landscape.”

Waldorf Astoria Jaipur, situated across 22 acres with breathtaking views of the Aravalli Hills, promises to be the epitome of luxury in Jaipur. With 51 spacious pool villas and 174 elegant guest rooms, the hotel exudes grandeur and a sense of spaciousness. Guests can indulge in luxurious spa treatments, take a dip in the outdoor swimming pool, work out at the state-of-the-art fitness centre, and experience five distinct dining venues, including the world-famous Peacock Alley – the iconic lounge and bar synonymous with the Waldorf Astoria brand.

Waldorf Astoria Jaipur will offer an unmatched venue for world-class events, lavish weddings, and celebrations, with 2,400 square meters of meeting space and 3,000 square meters of open lawns, courtyards, and gardens. The picturesque property, conveniently located off the Delhi-Jaipur Road, will provide easy access to historical attractions such as Amer Palace, Nahargarh Fort, and Hawa Mahal.

Alan Watts, President, Asia Pacific, Hilton said, “The launch of Waldorf Astoria in India marks a significant milestone in the growth of our portfolio in the country. With the Conrad, Hilton, DoubleTree by Hilton, Hilton Garden Inn, and Hampton by Hilton brands already present, this debut will be a springboard for Hilton’s continued expansion across the Indian sub-continent. We are confident of our growth synergies with the Dangayach Group and together are well-positioned to meet the evolving needs of today’s traveller. This announcement underscores our continued optimism for the future of luxury travel in the country.”

Atul Dangayach, Managing Director, Dangayach Group, said, “We are delighted to partner with a trusted global hospitality company like Hilton to bring the iconic Waldorf Astoria to India. Jaipur combines the allure of its ancient history with all the advantages of a metropolis, and we believe that with its distinct brand proposition, this new luxury hotel will provide an unrivalled experience for leisure and business travellers alike. We are confident that the first-ever Waldorf Astoria in India will be sought-after for high-end destination events. The brand is internationally renowned for hosting royalty and cultural luminaries, and we are proud to contribute to the growth and development of my hometown, Jaipur, through this prestigious project.”

Waldorf Astoria Jaipur will be an exciting addition to Hilton’s portfolio of 24 operating and 13 pipeline hotels and resorts across India. With the inclusion of the Waldorf Astoria brand in India, Hilton’s portfolio of brands across the country will increase to six. Each brand caters to the diverse needs and occasions of modern travelers, delivering Hilton’s signature hospitality and creating memorable stays for guests.

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