Ossus Biorenewables raises $2.4 million from Nikhil Kamath’s Gruhas and Rainmatter Climate for green energy expansion

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April 6, 2023

Green energy start-up Ossus Biorenewables has recently raised $2.4 million in a pre-Series A funding round from Gruhas and Rainmatter Climate, according to an announcement made on Wednesday. Ossus Biorenewables is dedicated to developing sustainable and eco-friendly energy solutions.

Ossus Biorenewables has secured $2.4 million in the pre-Series A funding round, which will be utilized to accelerate the deployment of OB HydraCel across multiple sectors, such as refining, foods, brewing, chemicals, and pharmaceuticals. The company aims to produce 3-5 tons of green hydrogen per day before the end of this year.

Speaking on receiving the investment, Suruchi Rao, Co-founder & CEO Ossus Biorenewables, said, “We are proud of the trust placed in us by our investors to revolutionize the green hydrogen space. We are currently the only company in India, producing and supplying hydrogen at less than a dollar per kilogram using wastewater. With the fresh infusion of funds, we will be poised to exponentially scale up the manufacturing of the HydraCel bioreactors, build enhanced bio-capability with state-of-the-art instrumentation, and most importantly, expand across South Asia, Europe, and the US.”

Nikhil Kamath, Co-Founder Zerodha, Gruhas, and True Beacon commented, “As the world moves towards more sustainable and environmentally friendly energy sources, Ossus Biorenewables is at the forefront of providing clean, green energy solutions. We are optimistic about India’s green energy future and look forward to supporting Suruchi and the entire team at Ossus.”

Abhijeet Pai, Co-Founder of Gruhas, adds, “Our investment aligns with Gruhas’s commitment to supporting companies that have a positive impact on the environment while also promoting young entrepreneurs. We believe that their green hydrogen solutions from effluent is a game changer innovation that can disrupt and help transition to a more sustainable future. We are excited to be a part of that journey with Ossus.”

Rainmatter Climate, also commented, “Emissions from fossil fuel are the biggest source of greenhouse gases. If we stand a realistic chance of transitioning to a greener tomorrow, we need multiple green energy sources, and hydrogen is a key piece of the puzzle. We are excited to partner with Ossus in this journey of mainstreaming hydrogen power in India.”

With India aiming to become a significant global green hydrogen hub, its G20 presidency, and a budget allocation of INR 19,700 crores for the National Green Hydrogen Mission, there is a perfect opportunity for the country to transition towards a low carbon intensity economy by replacing fossil fuels with green hydrogen.

Ossus Biorenewables’ innovative efforts are in line with India’s objective to produce 5MMT of green hydrogen annually, without the need to import electrolysers, by 2025. Currently, the company is providing its signature product to one of India’s largest steel manufacturers in Jharkhand.

Reliance’s FMCG arm to launch ice cream brand “Independence” in Gujarat market soon

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April 6, 2023

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Reliance Consumer Products, a fast-moving consumer goods (FMCG) company backed by Reliance Retail Ventures, is reportedly exploring the possibility of entering the burgeoning ice cream market with its brand “Independence,” which was launched in Gujarat last year.

According to sources familiar with the matter, Reliance Consumer Products, a FMCG company backed by Reliance Retail Ventures, is reportedly in talks with a Gujarat-based ice cream manufacturer to outsource production of a new ice cream brand named “Independence,” which was launched in Gujarat last year. If the talks materialize, Reliance’s entry into the organized ice-cream market is expected to intensify competition, as per industry experts.

An email query sent to RIL did not receive a response.

According to sources, Reliance Consumer Products is in the final stages of negotiations with a Gujarat-based ice cream manufacturer to launch its new “Independence” brand this summer. The company aims to offer locally developed FMCG products and will sell its ice cream through its dedicated grocery retail outlets.

The Independence brand offers a range of products, including edible oils, pulses, grains, and packaged foods.

An expert said, “It is expected that the entry of Reliance will bring significant changes to the ice-cream market and competition will intensify. It will be interesting to see the range of products and the markets it targets.

The organized players in the Indian ice-cream market account for approximately 50% of the market, which has a size of over INR 20,000 crore. Experts predict that the Indian ice-cream market will experience double-digit growth in the next five years, as disposable income rises and electrification improves.

With rural demand for ice cream increasing significantly, industry experts believe other major companies may also enter the market. Manufacturers such as Havmor Ice Creams, Vadilal Industries Ltd, and Amul are expanding their production capacities to meet the growing demand for ice cream in India.

Amul’s ex-MD RS Sodhi appointed as advisor to Reliance Retail’s grocery division

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April 6, 2023

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Reliance Retail has reportedly brought on board RS Sodhi, the former Managing Director of Amul, to provide advisory services. Mr. Sodhi’s role will involve building Reliance’s fresh fruit and vegetable vertical and integrating it with the company’s grocery business, as per executives with knowledge of the matter.

“This is an advisory role, aimed at farmer’s integration in the fruit and vegetables vertical. It will be directly linked to the grocery business,” said one of the executives.

Attempts to reach Sodhi for comment were unsuccessful, and an email sent to Reliance did not receive a response.

RS Sodhi has been associated with the dairy cooperative for more than four decades and previously served as the head of the Gujarat Cooperative Milk Marketing Federation (GCMMF), which is responsible for selling Amul, India’s largest dairy brand.

According to executives familiar with the matter, Sodhi’s appointment at Reliance Retail Ventures (RRVL), the grocery division of Reliance Industries, is considered critical to advancing the company’s ambitious plans in the grocery sector.

Reliance is establishing a distribution network through an omni-channel strategy.

Reliance Consumer currently possesses a range of products, such as Lotus chocolates, Maliban biscuits, and its own Independence and Good Life brands, as well as Campa cola and Sosyo Hajoori soft drinks that it has acquired.

Reliance Retail Ventures announced a consolidated turnover of INR 1,99,704 crore and a net profit of INR 7,055 crore for the fiscal year that ended on March 31, 2022.

High-end alcohol brands see surge in sales with emergence of large-scale premium liquor stores

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April 6, 2023

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A recent report from the International Spirits and Wines Association of India, as well as industry executives in the alcoholic beverage sector, indicates that the growth of upscale, wide-ranging liquor stores is leading to a significant increase in sales of premium alcohol brands, including whiskey, wine, and beer, of up to 30% in markets where these stores are established.

Nita Kapoor, Chief Executive Officer of International Spirits and Wines Association of India (ISWAI), said, “Transformation in the alcobev retail environment, with larger browsable retail formats with a range of imported and domestic brands and category innovations, is opening up a world of opportunity.”

As per the report, the sales growth from these stores was witnessed during the previous calendar year and this trend has continued to persist in 2023.

The report said that premium stores are attracting more female shoppers who feel safer shopping there compared to regular stores. In addition, shoppers are finding these retail formats to offer a more relaxed browsing experience. The report also highlights that states are generating better revenues from the premium outlets. This trend has been observed in the last calendar year and has continued into 2023.

“There is an imminent generational shift in the way alcobev drinks are being bought and consumed,” said Rahul Singh, Chief Executive and Founder of Beer Cafe, which operates about 35 outlets. “Mass products are pivoting into craft and consumers drinking better has led to premiumisation of the category. We have witnessed this across spirits, wines and beers,” Singh said.

According to industry executives, premium gourmet-style stores are providing a more enriching and varied shopping experience for customers, particularly during weekdays and non-peak hours when the atmosphere is more relaxed. This, in turn, is driving greater opportunities for brand activation and leading to increased experimentation, impulse purchases, and trials by shoppers.

“Earlier, customers used to fulfil their premium liquor requirements either from duty-free shops or from the black market, which had limited availability of brands. This has now been taken care of by high-end liquor stores.” said Prem Dewan, Managing Director of DeVans Modern Breweries, which makes beer and single-malt whisky.

“The high-end liquor stores are equivalent to five-star outlets with their ambience, ample space for the consumers to pick brands of their choice, coupled with competitive rates,” Dewan said.

Vineet Sharma, Vice-President, marketing, AB InBev India, said premium liquor stores helped drive sales of their high-end brands across urban centres. “By offering a premium purchasing experience, these outlets attract more footfalls than traditional ones, especially women consumers.” He added that the retail experience across smaller towns remains a challenge.

A related report by ISWAI, in conjunction with the global research agency IPSOS, suggests that larger sizes of whisky are more popular in premium stores, whereas smaller sizes are driving more beer consumption. The report also highlights that 18% of whiskey brands and 34% of beer brands are experiencing higher sales in premium stores compared to regular outlets.

India sees sharp increase in Palm Oil imports in March driven by discounted prices

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April 6, 2023

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India’s palm oil imports in March saw a significant increase of 28% compared to the previous month’s eight-month low in February, according to information provided by five dealers to Reuters. This was due to refiners curtailing purchases of soy oil and sun oil and choosing palm oil, which was available at discounted prices.

According to traders, India’s surge in palm oil imports, as the world’s biggest importer of vegetable oils, could be beneficial for Malaysia in reducing its stocks, which in turn could support the prices of palm oil.

Based on estimates provided by the dealers, India’s palm oil imports reached 750,000 tonnes in the last month, increasing from 586,007 tonnes imported in February.

Sandeep Bajoria, the CEO of vegetable oil brokerage Sunvin Group, stated that palm oil imports increased in March due to the oil being traded at a discount of over $150 to soy oil and sun oil in the previous month and the first half of March. This prompted refiners to raise their purchases.

The dealers stated that soy oil imports in March decreased by 27% to 259,000 tonnes, whereas sunflower oil imports dropped by 4% to 150,000 tonnes, the lowest in five months.

Rajesh Patel, the managing partner at GGN Research, explained that soy oil imports declined because the premium of soy oil over palm and sun oil has been increasing, which is attributed to a drought in Argentina.

Argentina, the largest exporter of soy oil in the world, could see a drop in soybean production from an initial estimate of 48 million tonnes to 25 million tonnes in the 2022-2023 crop cycle. This is due to the drought affecting yields and causing a decrease in production.

India mainly imports palm oil from Indonesia, Malaysia, and Thailand, while it procures soybean and sunflower oil primarily from Argentina, Brazil, Russia, and Ukraine.

A Mumbai-based dealer associated with a global trade house has indicated that the discount of palm oil to its rivals has fallen below $70 per tonne from as high as $500 in the December quarter, and this is likely to result in a decrease in palm oil imports during April and May.

“Refiners are shifting to sun oil. We could see a good amount of sun oil landing in April and May,” the dealer said.

India may mull dairy products’ import amid tight milk supply

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April 6, 2023

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milk supply — Milk (Representative Image)

According to a senior government official, India may consider importing dairy products to address supply constraints resulting from stagnant milk production in the previous fiscal year.

The official stated on Wednesday that the government will assess the milk stock position in Southern states, where the peak production season has recently started, before deciding to intervene by importing dairy products such as butter and ghee.

According to official data, the country’s milk production reached 221 million tonnes in the 2021-22 period, representing a 6.25% increase from the previous year’s output of 208 million tonnes.

During a press conference, the Animal Husbandry and Dairy Secretary, Rajesh Kumar Singh, reported that the country’s milk production was stagnant in the 2022-23 fiscal year, mainly due to lumpy skin disease affecting cattle. However, the domestic demand for milk increased by 8-10% during the same period due to a post-pandemic demand rebound.

“There is no constraint in milk supply as such in the country…There is an adequate inventory of skimmed milk powder (SMP). But in the case of dairy products, especially fats, butter and ghee etc, the stocks are lower than the previous year,” he said.

He added, “The government will intervene to import dairy products like butter and ghee, if required, after assessing the stock position of milk in Southern states, where the flushing (peak production) season has started now.”

Singh commented that importing milk may not be advantageous at present since international prices have remained firm in recent months.

“If global prices are high, there is no point in importing. We will assess the flush season in the rest of the country and then take a call,” he said.

The shortage will be less in north India where the lean season has been postponed with temperature cooling down due to untimely rains in the last 20 days, he added.

As per the Secretary’s statement, the country’s milk production was stagnant due to the impact of lumpy skin disease, which resulted in the loss of 1.89 lakh cattle last year, along with a surge in milk demand following the pandemic.

“The impact of lumpy skin disease on cattle can be felt to the extent that the total milk production is a little stagnant. Normally, milk production has been growing at 6 per cent annually. However this year (2022-23), it will be either stagnant or grow at 1-2 per cent,” Singh said.

Since the government takes into account the milk production data of the cooperative sector and not the entire private and unorganised sector, “we assume it will be stagnant,” Singh said.

It is a true rise in fodder prices that has led to milk inflation. There is a problem in fodder supply as the fodder crop area has remained stagnant in the last four years, while the dairy sector has been growing annually at 6 per cent, he added.

India’s most recent import of dairy products was in 2011.

QSR Chain 99 Pancakes enters FMCG market with the launch of Brownie Brittle Chips

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April 6, 2023

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QSR chain 99 Pancakes has recently made its entry into the FMCG segment with its first product, Brownie Brittle Chips. The company, which opened its first pancakes speciality outlet in Kala Ghoda, Mumbai in 2017, has now expanded to over 40 outlets across 15 cities of India.

The Brownie Brittle Chips range comes in four delicious variants – Almond, Pistachio, Strawberry, and Coffee, each offering a unique flavor experience. The product is manufactured and marketed by Euphoriya Hospitality, the parent company of 99 Pancakes, and sub-branded by 99 Pancakes.

Vikesh Shah, Founder, 99 Pancakes, said, “We started 99 Pancakes six years ago with a specialty product – Pancakes, and we’ve been able to penetrate the markets across India very well. The overwhelming response from our customers has given us the courage and motivation to further expand ourselves and venture into a new segment of Fast Moving Consumer Durables (FMCG).”

Vikesh added, “The Brownie Brittle Chips is our first product in the FMCG segment. With this product, we wish to strike the mid-meal snacking craving or a dessert after-meal. The different flavours that we’re offering will match the taste buds of all generations.”

The Brownie Brittle Chips are currently available at all 99 Pancakes physical stores, the online store of 99 Pancakes, as well as on popular food delivery platforms like Swiggy and Zomato, with a price tag of INR 110.

Moreover, in the upcoming time, the product will be available on various other popular marketplaces like Amazon, Flipkart, Big Basket, Blinkit, Zepto, and many more. The availability of the product on these platforms will make it more accessible to customers across the country.

The introduction of Brownie Brittle Chips in the FMCG segment marks a significant milestone for 99 Pancakes and Euphoriya Hospitality, and is sure to delight customers with its unique and tasty offerings.

Dunzo downsizes workforce by 30% to cut costs as it secures $75 million in convertible note funding

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April 6, 2023

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Dunzo, an Indian online delivery platform, has recently secured $75 million in funding through convertible notes as it embarks on a major revamp of its business model.

This new model will see the company cutting back on about 50% of its dark stores and only running those that are profitable or nearing profitability. To achieve this, the company plans to partner with supermarkets and other merchants.

This restructuring will also entail a significant reduction in the company’s workforce, with over 300 workers expected to be laid off. The decision was announced by Founder and CEO Kabeer Biswas at a town hall meeting held on Wednesday. The restructuring is seen as a necessary step to ensure profitability for the company in the next 18 months.

The funding for this revamp was provided by key backers Reliance Retail and Alphabet Inc, with other existing investors contributing the remainder. However, the company is also in talks with other investors, such as the Abu Dhabi Investment Authority (ADIA), but any additional funding may only come after certain metrics are met and the business stabilizes.

The move by Dunzo comes as demand for quick and efficient delivery of household goods continues to grow, with other players in the market also stepping up their efforts to ensure that orders are delivered in 15 minutes or less. Despite this competitive landscape, Dunzo remains committed to its vision and is taking bold steps to ensure its success.

ChrysCapital senior advisor Ashish Agrawal resigns to launch revolutionary snack venture

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April 6, 2023

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Ashish Agrawal, a seasoned advisor at ChrysCapital, has expressed his intention to leave his current role and venture into entrepreneurship.

With almost two decades of experience at ChrysCapital, Ashish has successfully led investments in various sectors, including financial services and consumer industries, and has overseen the deployment of more than $1 billion in around 20 investments. Some of the companies he has worked with include Axis Bank, Au Small Finance Bank, Hero Fincorp, National Stock Exchange, and Wow Skincare.

In a recent LinkedIn post, Ashish expressed his gratitude for the learning experience he had while working with ChrysCapital, especially in collaborating with outstanding entrepreneurs and observing the growth of portfolio companies. He mentioned that he had felt the urge to transition to the other side for a while and has finally decided to take the plunge.

Ashish wrote, “I got the opportunity to work alongside many amazing entrepreneurs and witness the growth of multiple portfolio companies over the years. The passion and excitement of these promoters has had a huge rub off effect on me. There has been an urge to jump to the other side for some time and now I have finally decided to take the plunge.”

Regarding his new journey, Ashish shared that he is in the process of launching a consumer brand in the packaged snacking sector, with a vision to enable young individuals to enjoy indulgent food without the guilt.

He added in the post, “I am in the process of launching a consumer brand in the packaged snacking space with a vision to enable youngsters to remove the guilt whilst experiencing the joy of consuming indulgent food.

I look forward to continuing my existing relationships as I repivot to a new avatar for my second innings.”

He also expressed his excitement about continuing his relationships with professionals who share his passion for better snacking and have experience in the food industry, specifically in marketing and sales.

Curefoods secures INR 300 crore funding led by Three State Capital, aims to expand offline footprint

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April 6, 2023

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Curefoods is a Bengaluru-based cloud kitchen brand that offers a wide range of food options to customers across India. The company has recently raised INR 300 crore in a funding round that included both primary and secondary equity and debt.

The round was led by Three State Capital, which is headed by Binny Bansal, who invested INR 240 crore. Other investors who participated in the funding round included IronPillar, Chiratae Ventures, ASK Finance, and Winter Capital.

The funds raised by Curefoods will be used to expand the company’s geographical reach and diversify its brands into offline formats. Currently, Curefoods operates online-only cloud kitchens, but the company aims to expand its presence into offline formats in the future.

Ankit Nagori, Founder of Curefoods, said,”I am very delighted to have the continued support of all our existing investors, who have a major role to play as we continue to grow and expand our brands and geographical presence. Our investors understand our brand vision very well and are aligned to our long-term goal of creating multiple 500 crore brands.”

He added, “This funding will allow us to reach new customers and markets while also targeting our offline model expansion. We are excited about the future of consumer brands and look forward to innovating and leading brands in this space for India, while delivering authentic and nutritious food to many Indians, according to the Indian taste palette.”

Curefoods has experienced impressive growth in recent years, with a year-on-year growth of over 300% in the last financial year. The company plans to expand its presence in Tier 1 and Tier 2 cities in the North and West of India, where it sees significant growth potential.

Curefoods’ success can be attributed to its popular brands, including Nomad Pizza and Sharief Bhai, which have seen over 50% Quarter-on-Quarter growth. The company’s backend operation includes over 7 food factories and 150+ multi-brand cloud kitchens, servicing more than 200 locations across 15 cities.

In December 2022, Curefoods reached a significant milestone of processing over 1.1 million orders per month, leading to an annual recurring revenue of INR 550 crore.

Previously, the company had raised over INR 800 crore in January 2022 from investors such as Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital, and Trifecta Capital.

Curefoods has set ambitious targets for the future, aiming to achieve an objective annual recurring revenue of INR 1000 crore by the end of 2023. The company also plans to open 50 more locations and handle 2 million orders per month during the same period.

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