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

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Palm Oil

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.

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India may mull dairy products’ import amid tight milk supply

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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.

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

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Vikesh Shah

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.

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

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Dunzo
Dunzo (Representative Image)

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.

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ChrysCapital senior advisor Ashish Agrawal resigns to launch revolutionary snack venture

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Ashish Agrawal

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.

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

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Curefoods

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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Hershey’s announces investment in Jonas Brothers popcorn brand to expand market reach

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Rob’s Backstage Popcorn

Hershey, the US confectionery giant, has announced its investment in Rob’s Backstage Popcorn, a local snack brand founded by the Jonas Brothers and The Naked Market e-commerce platform. 

Hershey participated in a $7 million Series A funding round, which was led by Palm Tree Crew, the venture firm of Norwegian DJ Kygo, and included support from UTA Ventures, the investing arm of United Talent Agency. A number of celebrities, including Priyanka Chopra Jonas, Ryan Tedder, Mindy Kaling, and Joe Haden, also invested in the company.

Harrison Fugman, Co-founder of The Naked Market, said, “Within 12 months since launching [Rob’s], we’ve gone into 8,000 stores. Our core focus is to continue scaling the brand via retail-first strategy, and complementing that with new ways to enhance that unique Rob’s experiences.

“We’ve achieved it through a variety of ways, whether it be Instagram Reels competition, in which participants catch popcorn with their mouths to win a Tesla, to fun engagement with the Jonas Brothers at their MGM residency in Las Vegas.”

This is not the first time that Hershey has invested in a popcorn business. In 2017, Hershey acquired 100% of SkinnyPop for $1.6 billion to “strengthen” its position “in the snacking aisle.”

In April 2022, Hershey also invested in Fulfil, an Irish snack bar maker, and set up a new North America venture with the company’s founder, Barry Connolly. Hershey is a minority shareholder in Fulfil.

Additionally, Hershey has been expanding its range of snacks with deals in savory snacks and low-sugar confectionery. In 2021, the company bought two domestic suppliers of pretzels, Dot’s Homestyle Pretzels, and Pretzels Inc., for a combined $1.2 billion. 

Hershey’s investment in Rob’s Backstage Popcorn and other snack brands demonstrates the company’s commitment to expanding its portfolio and presence in the snacking market.

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Dessert startup Scuzo unveils expansion strategy, plans to launch 100 dessert outlets in India by 2024

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Scuzo

Scuzo, the dessert startup, is targeting a massive expansion plan with a goal of launching 100 outlets throughout India by 2024, aiming to become a dominant player in the dessert segment. With a current store segment profit of approximately 27 percent and a remarkable gross margin of 70 percent, the company is confident in its ability to capitalize on the growth potential of the dessert market.

According to Anand, a representative of Scuzo, the company’s primary objective is to achieve profitability for all of its franchise stores in the upcoming months. Additionally, Scuzo is aiming to increase its revenue to over INR 10 crore in the next fiscal year, more than doubling its current fiscal year earnings of INR 4.60 crore.

With the dessert market experiencing significant growth, Scuzo is determined to establish itself as the leading company in the segment. Boasting a remarkable 27 percent profit in its store segment, Scuzo is also able to maintain an impressive gross margin of 70 percent.

According to the company, Scuzo’s core focus is on producing handmade gelato and utilizing natural ingredients, and processed fruits to ensure consistent taste across all its outlets. Anand added, “We do not use oil and use fresh cream for making popsicles.”

Anand highlighted that the lower costs of food and raw materials facilitate the establishment of operations in foreign countries. Therefore, Scuzo aims to expand into the Canadian, UK, and UAE markets. Presently, the brand has a presence in 15 cities, with roughly 15 franchise stores and three company-owned stores. Furthermore, Scuzo is in discussions with various venture capitalists to raise approximately $1 million in funding to support its expansion plans.

Anand shared, “For starting a store, we do surveys in different regions. And we are already in the concluding stages of adding seven more store locations soon.”

In addition, he mentioned that the company plans to invest INR 2 crore in the upcoming fiscal year to establish its manufacturing units in Guntur, Andhra Pradesh, and Rajkot, Gujarat. The dessert startup has also partnered with Faasos to offer its products through the latter’s cloud kitchens.

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Mega food park near Kerala’s Cherthala to open on April 11

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food park

A mega food park located at the Industrial Growth Centre in Pallippuram, near Cherthala, is set to be inaugurated on April 11. The park, which spans 84.05 acres of land, has been constructed by the Kerala State Industrial Development Corporation (KSIDC) at a cost of INR 128.49 crore.

The inaugural ceremony will be attended by Chief Minister Pinarayi Vijayan and Union Minister of Food Processing Industries Pashupati Kumar Paras, who will jointly inaugurate the facility at 10.30 a.m. 

The project has been funded by the KSIDC/State government, which contributed INR 72.49 crore, as well as a grant-in-aid of INR 50 crore from the Union Ministry of Food Processing Industries under the Mega Food Park Scheme. The remaining funding was provided by a bank loan.

A KSIDC official said, “Twelve units have started operations, providing employment to 600 people.” 

The project’s first phase, which covers 68 acres of land, has been completed and includes basic infrastructure and state-of-the-art facilities such as cold storage, deep freezer, deboning centre, waste treatment plant, warehouse, and standard design factory common facility centre. The park’s construction has cost INR 100.84 crore so far.

Officials have stated that work on the second phase of the project, which covers 16 acres of land, is currently underway. The primary processing centres located at Thoppumpady, Vypeen, and Munambam will be connected to the park, with two processing centres already under construction at Vypeen and Thoppumpady.

The park is expected to provide a significant boost to the food-processing sector in the state, particularly the seafood processing and marketing sector. Once fully operational, the project is projected to attract an investment of INR 1,000 crore and create approximately 3,000 direct and indirect jobs.

The inauguration ceremony will be presided over by Industries Minister P. Rajeeve. Other officials in attendance will include Agriculture Minister P. Prasad, MP A.M. Ariff, MLA Daleema Jojo, Alappuzha district panchayat president K.G. Rajeshwari, and others.

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Here is the secret diet that keeps Deepika Padukone in top shape

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Deepika Padukone

Deepika Padukone, a popular Bollywood actress, is known for her flawless looks and fit body. Her svelte figure and glowing skin are the envy of many, and she has often been asked about her secret to maintaining her health and beauty. 

Deepika Padukone is a fitness enthusiast and follows a healthy diet plan to maintain her body. She believes in eating a balanced diet that includes all the essential nutrients like carbohydrates, proteins, and fats in the right proportions.

Here, we will delve into Deepika Padukone’s secret diet that helps her stay fit and healthy.

Deepika Padukone starts her day with a nutritious breakfast consisting of oats or muesli with fresh fruits and nuts, accompanied by a glass of fresh juice or green tea.

This breakfast is high in fiber, which helps to keep her feeling full for longer periods and reduces her chances of overeating during the day. Fruits and nuts provide essential vitamins, minerals, and healthy fats. Fresh juice or green tea provides antioxidants, which are known for their health benefits.

For a mid-morning snack, Padukone prefers fresh fruits or nuts. This snack is high in fiber and protein, which helps to keep her feeling full and satisfied until lunchtime. Fruits are also a good source of vitamins and minerals.

Padukone’s lunch usually consists of brown rice or quinoa with grilled vegetables or chicken, along with a bowl of dal or lentils for the required dose of proteins. This lunch is high in complex carbohydrates, fiber, and protein. 

Brown rice and quinoa are good sources of complex carbohydrates, which provide long-lasting energy to the body. Grilled vegetables and chicken are good source of protein and essential nutrients, while dal or lentils provide additional protein, fiber, and essential vitamins.

In the evening, Padukone has a bowl of Greek yogurt with fresh fruits or a bowl of sprouts. This snack is high in protein, which helps to keep her feeling full and satisfied until dinner time. Greek yogurt is a good source of protein and healthy bacteria, which are known to aid digestion. Sprouts are also a good source of protein, fiber, and essential vitamins and minerals.

For dinner, Deepika Padukone opts for grilled fish or chicken with a bowl of vegetables or a salad. She also includes a bowl of soup or clear broth in her dinner. This dinner is high in protein and essential nutrients, while the soup or clear broth provides additional hydration and essential vitamins.

Before going to bed, Deepika usually has a glass of warm milk with a pinch of turmeric or a small bowl of low-fat cottage cheese. This bedtime snack is high in protein and helps to promote muscle repair and growth during sleep. Turmeric is known for its anti-inflammatory and antioxidant properties, while low-fat cottage cheese is a good source of calcium and other essential nutrients.

Padukone’s diet plan is also based on certain principles that contribute to her fitness and health. She believes in staying hydrated throughout the day by drinking plenty of water, fresh juices, and green tea. She prefers natural foods and avoids processed foods, sugary drinks, and snacks.

She also believes in indulging in her favorite foods occasionally and follows a cheat day once a week to satisfy her cravings.

Following Deepika Padukone’s diet plan has several benefits. It is low in calories and high in protein and fiber, which helps in weight management.

It also includes plenty of fruits, vegetables, and fiber-rich foods that aid digestion and prevent constipation.The diet is rich in vitamins and antioxidants that help in maintaining healthy skin and providing energy to the body. It also helps in building a strong immune system.

While Deepika Padukone’s diet plan is simple and sustainable, it is important to note that every individual has different body types and nutritional needs. Hence, it is advisable to consult a nutritionist or a doctor before making any changes to one’s diet plan. 

Leading a healthy lifestyle that includes a balanced diet, regular exercise, and adequate sleep can go a long way in improving overall health and well-being.

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