Wednesday, December 25, 2024
Home Blog Page 13

Flipkart receives internal approval to shift domicile from Singapore to India ahead of IPO

By
Online Desk
-
0
Image of flipkart
Flipkart receives internal approval to shift domicile from Singapore to India ahead of IPO

Flipkart has reportedly received an internal nod to shift its domicile from Singapore to India in a major move. 

This development comes in the backdrop of its upcoming initial public offering (IPO). The company is going public in 2025 or early 2026 with a clear timeframe to effectuate the same. 

Flipkart’s Upcoming IPO

The upcoming shift in domicile is a crucial step in its listing in the Indian market. The same is expected to bring rich tax benefits to the Indian government. Discussions to re-domicile its parent entity from Singapore to India began in May for Flipkart. Flipkart Pvt Ltd, which is currently based in Singapore works through several complicated arrangements and this move is set to bring much needed simplicity in its structure and operations. 

Flipkart was acquired for a whopping $16 billion in 2018, and has since then planned to take the e-commerce giant public. 

Continue Exploring: D2C baby care brand Chicco to open 40 outlets in India by 2027, doubling turnover

In this context, Walmart International President and CEO Kath McLay stated, “We have seen a growth in some premiumisation and that is, kind of, lifting the profile of the Flipkart business. And so it (Flipkart) is on track for the growth trajectory that we had them on. And we are looking and exploring when will be the right time to IPO that business.” 

Flipkart Produces Impressive Financial Performance 

Flipkart India’s B2B division saw a 26% increase in operating revenue, reaching INR 70,541.9 crore for the year ending March 2024. Meanwhile, Flipkart Internet, the company’s marketplace arm, grew its revenue by 21% to INR 17,907.3 crore in FY24. 

Continue Exploring: Titan Company premiumizes watch line, base price now INR 3,000

The company also reduced its losses by 41% year-on-year, bringing them down to INR 2,358 crore for the same period. These figures reflect the robust performance of the popular e-commerce platform.

Advertisement

Amazon India’s head of consumer electronics Ranjit Babu tenders his resignation

By
Online Desk
-
0
Image of amazon with ranjit babu
Amazon India’s head of consumer electronics Ranjit Babu tenders his resignation

In a shock move, the consumer electronics head of Amazon India, Ranjit Babu, has reportedly tendered his resignation. 

This comes amidst reports of major corporate restructuring of the tech behemoth. He had been associated with Amazon for nearly three years. 

Amazon India Senior Executive Resigns

In a statement issued to Inc42 an unnamed spokesman of Amazon India said, “Like any company around the world, employees can leave for either personal or professional reasons.” 

He continued, “Regardless, we remain focused on innovating and investing on behalf of our customers, sellers, and partners in India.”

Continue Exploring: Coolberg eyes to achieve INR 100 Cr revenue in FY26

Babu has held several key positions in Amazon India which include director in the following departments: selling partner experience, wireless and home entertainment and consumer electronics. After leaving Amazon in 2017, he moved to a critical position in online retail business Cloudtail India. He served as the managing director and chief executive in that organisation. A corporate veteran of 22 years, he is a key figure in the Indian retail industry. 

This reported resignation closely follows on the heels of Amazon India’s head of operations Manish Tiwary’s resignation after an eight year association with the company. 

Amazon India launches q-comm Tez

The Indian market is in the midst of fierce competition with emerging players challenging established veterans. Amidst all this, Amazon India is committed to holding its position as a market leader. Amazon India is making a sensational debut in the quick commerce market with the launch of Tez.

Continue Exploring: Dabur India to appeal against INR 4.42 Cr tax demand from Customs Commissioner

Further, a huge land acquisition by the company in Palava from Lodha Group worth more than INR 450 Crores shows its aggressive growth oriented strategy. The same is reportedly being carried out to set up a hyperscale data centre. These moves by the tech titan clearly shows that it sees India as a crucial market with a tremendous potential for growth.

Advertisement

Coolberg eyes to achieve INR 100 Cr revenue in FY26

By
Shweta
-
0
Image of coolberg
Coolberg eyes to achieve INR 100 Cr revenue in FY26

Coolberg, a non-alcoholic beer retailer, is aiming to achieve INR 100 crore in revenue by the end of the fiscal year 2026.

Ghodawat Consumer acquires Coolberg in 2022

The company, which was launched in 2016 and acquired by Ghodawat Consumer Ltd. (GCL) in 2022, is confident about reaching its target.

Continue Exploring: Dabur India to appeal against INR 4.42 Cr tax demand from Customs Commissioner

“Coolberg’s eight-year journey is a true reflection of how consumer preferences are changing towards quality and taste. We aim to reach the INR 100 crore brand by FY 2025 – 2026,” said Salloni Ghodawat, Director and Chief Operating Officer, Ghodawat Consumer Ltd. Coolberg’s products are now widely available, sold in over 50,000 locations across 150 cities and exported to more than 15 countries.

Coolberg expands through quick commerce

Interestingly, Coolberg is also available at popular Indian fast-food chains like KFC, Barbeque Nation, and Wow! Momo. Additionally, it can be found on quick commerce platforms such as Blinkit, Zepto, Swiggy Instamart, Flipkart Quick, and Amazon.

Continue Exploring: ITC aims for 4,000 FPOs, connecting 10 Mn farmers in next five years

With its wide reach and growing popularity, Coolberg is well on its way to achieving its revenue target.

Advertisement

Titan Company premiumizes watch line, base price now INR 3,000

By
Online Desk
-
0
Image of titan
Titan Company premiumizes watch line, base price now INR 3,000

Titan Company is pushing the boundaries of price for its flagship watch business, with the base price moving up to INR 3,000 per watch, from about INR 2,000 within two years. This move is part of the company’s strategy to premiumize its watch business.

Premiumisation has now reached deep – MD, Titan

While talking to ET Retail, managing director CK Venkataraman said, “Premiumisation has now reached deep; customers are buying a INR 50,000 watch even in small markets like Satna or Katni. If you look at every research study, they point to a rising share of income classes in the country…See the homes that are being advertised, the cars that are being advertised-you can see it there.”

Continue Exploring: OreGin: India’s first Kinnow-based Gin expands market reach

Consumer categories across India have been exhibiting divergent growth trends, with rising sales of premium goods across watches, smartphones, apparel, and cars compared to last year.

However, Titan reported a 23% drop in net profit from a year earlier in the September quarter at INR 704 crore. Profit took a toll from the jewellery business, which was impacted by a customs duty cut, leading the company to sell existing stocks at lower market prices. 

Revenue grew 26% year-on-year in the quarter to INR 13,473 crore. The company’s watches and wearables division, which includes Titan and Fastrack brands, reported 19% year-on-year rise in total income at INR 1,301 crore in the September quarter.

“The stock markets are on fire and people are acquiring things that symbolise their success,” Venkataraman said. The company’s wearables segment includes Titan Smart and Fastrack smartwatches, fitness trackers, and smart rings which track health metrics such as body movement and sleep. A joint venture between Tata Sons and Tamil Nadu government’s TIDCO, Titan operates over 1,110 stores across retail formats such as Helios and Titan World and SF.

“We are there in the smallest of towns, not just in the malls. We are in the typical markets of Faridabad or Ballabgarh,” Venkataraman said.

Continue Exploring: OYO’s luxury brand SUNDAY launches overseas properties in London & Dubai

India’s watch market to grow up to $10.2 Bn by 2033

Meanwhile, the Indian watch market is expected to grow from $6.4 billion in 2024 to $10.2 billion by 2033, according to market researcher IMARC. The growth is driven by increased marketing investments by watch manufacturers, innovations, and the launch of customized watches. The mass watch segment, priced under INR 5,000, makes up 30% of the market, while the fashion segment, priced between INR 5,000 and INR 25,000, contributes nearly 21%. 

The premium and luxury segment, however, is the biggest growth driver, accounting for about 49% of the market.

In India, watches made up 8% of Titan’s total sales of INR 47,624 crore in FY24.

Advertisement

D2C baby care brand Chicco to open 40 outlets in India by 2027, doubling turnover

By
Shweta
-
0
Image of Chicco
D2C baby care brand Chicco to open 40 outlets in India by 2027, doubling turnover

Italian baby care brand, Chicco, is expanding its presence in the Indian market, with plans to double its turnover in the next three years.

Chicco reports 30% growth rate

The company has reported a high growth rate of 28-30% in 2024 compared to 2023.

According to ET Retail, Rajesh Vohra, CEO, Artsana India (parent company of Chicco), said, “We changed the gear in 2024 as compared to 2023. Our Global management also supported us with time as we should look at India differently, especially with changing customer needs and the demand for more evolved products.”

Continue Exploring: American whisky brand Sazerac to unveil new bourbon lineup in India

The company is eyeing to double its turnover in the next three years, Vohra added. Chicco sells products across multiple categories, with the majority of its revenues coming from the nursing and oral care segment in India, followed by travel and apparel.

Chicco targets to launch 12 stores annually

Furthermore, the brand sells its nursing and oral care products primarily via its distribution network across shop-in-shops, pharmacies, supermarkets, and more. It also sells via online marketplaces such as Amazon, Firstcry, and Flipkart, along with quick commerce platforms such as Blinkit, Zepto, and Swiggy. Chicco, which entered India in 2010, currently runs seven exclusive brand stores. The company plans to open 10-12 stores annually to reach the 40-store mark in the next three years.

Continue Exploring: Swiggy’s market value climbs to $14.9 Bn as shares reach all-time high

“We are planning to add 10-12 stores annually. Over the next three years, we aim to have around 40 stores. The expansion will be much higher than what it is today because we need to reach the consumers directly so that they can also touch and feel our products,” said Vohra. Commenting on the investment plans to support India expansion, Vohra said that the brand has put a strong foundation for growth with more global focus on the Indian subsidy. “CAPEX has been put into place, it’s a pretty decent amount. We are looking at a good store size to maintain the look and feel of Chicco Global.”

Advertisement

Vegetarian Thali prices climb 7.2%, Non-Veg Thali sees 1.8% surge: Report

By
Online Desk
-
0
Image of vegetarian Thali
Vegetarian Thali prices climb 7.2%, Non-Veg Thali sees 1.8% surge: Report

The cost of home-cooked vegetarian and non-vegetarian thalis has increased significantly, revealed a recent report by CRISIL. 

Higher tomatoes and potatoes prices drive surge

In November, the cost of vegetarian thalis rose by 7.2% year-on-year (YoY), while non-vegetarian thalis increased by 1.8%. The surge in vegetarian thali costs was driven by higher prices of tomatoes and potatoes, which account for 26% of the thali’s cost.

Continue Exploring: Flipkart’s EOSS kicks off Dec 7 with new app features, fast delivery

According to the report, tomato prices rose by 35% YoY in November, while potato prices surged by 50% due to lower yields caused by late blight infestation in Punjab, Uttar Pradesh, and Gujarat. “We expect prices of vegetables and pulses to stabilise from December as fresh supplies enter the market, providing some respite to the veg thali cost,” said Pushan Sharma, Director-Research, CRISIL Market Intelligence and Analytics.

The report also noted a 10% increase in pulse prices and a 13% rise in vegetable oil costs. However, a 11% drop in fuel costs, from INR 903 to INR 803 for a 14.2 kg LPG cylinder in Delhi, helped mitigate further increases in thali prices. For the non-vegetarian thali, a decline of around 3% in broiler prices, which account for 50% of the cost, helped curb the rise in cost.

Continue Exploring: OYO’s luxury brand SUNDAY launches overseas properties in London & Dubai

Cost of Vegetarian thali decline by 2% in Nov

However, the coming few months are likely to witness YoY growth in non-veg thali on account of a low base created from December 2023, said Sharma. On a monthly basis, the cost of vegetarian thali declined by 2% in November, while that of non-vegetarian thali remained unchanged, according to the report. The average cost of preparing a thali at home is calculated based on input prices prevailing in north, south, east, and west India.

Advertisement

Milaf Cola: Saudi Arabia’s date-based drink set to challenge Pepsi & Coke

By
Online Desk
-
0
Image of milaf cola
Milaf Cola: Saudi Arabia's date-based drink set to challenge Pepsi & Coke

Saudi Arabia has launched a unique cola drink made from dates, touted as the world’s first soft drink made from this ingredient.

Saudi Arabia claims no sugar in Milaf Cola

Developed by Thurath Al-Madina, Milaf Cola, a subsidiary of the Saudi Arabian Public Investment Fund, claims to contain no added sugar and harnesses the health benefits of dates. This positions it as a healthier alternative to conventional sodas without compromising on flavor.

Continue Exploring: Dabur, Jubilant Group in talks for major stake in Coca-Cola’s Indian bottler HCCB

Launched at the Riyadh Date Festival, Milaf Cola, by the company’s CEO, Bander Al-Qahtani, and the Saudi agriculture minister Abdulrahman Al-Fadley. Dates are considered a superfood, packed with fiber, antioxidants, and essential minerals like magnesium and potassium. Milaf Cola is produced using the finest quality dates available locally and is known for its fibers and minerals, making it a healthier alternative to most soft drinks.

Interestingly, Milaf Cola’s star ingredient is premium dates, which are packed with fiber, antioxidants, and essential minerals. The company claims that Milaf Cola contains no added sugar and is able to harness the superfood’s health benefits. Not only does Milaf Cola have nutritional appeal, but it also complies with international standards of food safety and is eco-friendly. Using local ingredients, Milaf Cola supports sustainable production and fits Saudi Arabia’s vision for economic diversification and supporting local products.

Continue Exploring: Zomato launches ‘Recommendations from Friends’ to enhance user experience

Thurath Al-Madina to expand beverage in international market

Festival attendees were eager to sample the new alternative to traditional sugary sodas and praised its flavor, describing it as both familiar and refreshingly different. “It’s like drinking sunshine, if sunshine tasted like dates and happiness,” one festival attendee was quoted as saying. According to international media, the drink is being touted as a perfect blend of health and flavor. Thurath Al-Madina plans to expand the new beverage line and introduce the drinks in regional and international markets.

“Milaf Cola is just the beginning. We are working on a variety of products that will revolutionize how dates are consumed globally,” a company spokesperson said. With its unique blend of health and flavor, Milaf Cola is set to make a mark in the beverage industry.

Advertisement

Dabur India to appeal against INR 4.42 Cr tax demand from Customs Commissioner

By
Online Desk
-
0
Image of dabur product
Dabur India to appeal against INR 4.42 Cr tax demand from Customs Commissioner

Dabur India has received a tax demand of INR 4.42 crore from the Commissioner of Customs (Prev.), Patna.

Tax demand on IGST on imported goods 

The demand includes tax liability of INR 1.06 crore, applicable interest, a penalty of INR 2.11 crore, and a fine of INR 1.25 crore. This order pertains to IGST on imported goods for the period from June 2019 to April 2024.

Continue Exploring: OYO’s luxury brand SUNDAY launches overseas properties in London & Dubai

“The order issued by the learned Commissioner is related to IGST on import of goods for the period from June 2019 to April 2024,” the company stated in an exchange filing. Dabur India plans to appeal this decision before the appellate tribunal, confident of getting a favourable outcome. “The company will challenge the order on strong merits and is likely to get a favourable outcome in higher forums,” the company said.

The tax demand is not expected to impact the company’s financial operations and other activities. “There is no impact on the financial operations and other activities of the company due to this order. The impact (if any) will be limited to the extent of the final demand towards tax as may be ascertained along with applicable interest and penalty, if any,” the company stated.

Dabur India announces new facility in Tamil Nadu

In other news, Dabur India is setting up a INR 400-crore manufacturing facility in Tamil Nadu’s Villupuram district, marking its first venture in the southern region. The new facility aims to strengthen Dabur’s presence in South India, which currently contributes approximately 18-20 per cent of its domestic revenue.

Continue Exploring: ITC aims for 4,000 FPOs, connecting 10 Mn farmers in next five years

Located in SIPCOT Tindivanam, Villupuram district, the facility will be established with an initial investment of INR 135 crore, which will increase to INR 400 crore within five years.

Advertisement

OreGin: India’s first Kinnow-based Gin expands market reach

By
Online Desk
-
0
Image og oregin gin
OreGin: India’s first Kinnow-based Gin expands market reach

OreGin, India’s first gin made from the native kinnow fruit, has carved a niche in the country’s growing retail and spirits market.

OreGin carves niche with Punjab’s Kinnow

Produced using kinnows from Punjab’s orchards, OreGin stands out for its natural composition and sustainable sourcing, offering a distinct flavor profile that blends citrus notes with juniper and fresh coriander.

Continue Exploring: Ranveer Singh’s protein brand SuperYou secures funding from Zerodha’s Kamath brothers

Reportedly, Punjab Agro, a Punjab Government Undertaking, partnered with OreGin to utilize surplus and undersized kinnows that traditional retail channels often overlooked. Ranbir Singh, CEO of Punjab Agri Export Corporation Ltd said, “OreGin has emerged as both a friend and a partner to Punjab’s farming community. By purchasing smaller-sized kinnows, we provide farmers with a reliable buyer while adding value to the supply chain.”

The handcrafted gin is distilled in copper vessels under the expertise of master distiller Regan Henriques. Henriques, along with OreGin’s Manpreet Singh, has ensured that each batch reflects meticulous craftsmanship, balancing traditional techniques with modern innovation. OreGin is more than a spirit; it embodies transparency and sustainability. Each bottle features a QR code that allows consumers to trace the journey of the kinnow from Punjab’s farms to the distillery in Goa.

Further, the brand’s commitment to ethical sourcing and environmental consciousness resonates with evolving consumer preferences in India’s retail and hospitality sectors.

Continue Exploring: Mumbai-based activewear brand Terractive raises INR 8 Cr in Pre-Series A funding

Oregon in Goa and Haryana

Currently available in Goa and Haryana, OreGin plans to expand its distribution to other major states across India. This initiative not only enriches the spirits industry but also supports sustainable agriculture, showcasing how the integration of business and community can yield meaningful impact.

Advertisement

Flipkart’s EOSS kicks off Dec 7 with new app features, fast delivery

By
Online Desk
-
0
Image of flipkart EOSS
Flipkart's EOSS kicks off Dec 7 with new app features, fast delivery

Flipkart, one of India’s e-commerce platforms, has announced its End of Season Sale (EOSS), which will start from December 7, 2024.

Flipkart to feature 10 lakh trendy styles

The sale will feature over 10 lakh trendy styles from participating brands and sellers, catering to millions of customers across India. To enhance the shopping experience, especially for Gen Z consumers, Flipkart has introduced new app features, expanded collections, and immersive video shopping experiences.

Continue Exploring: Zomato launches ‘Recommendations from Friends’ to enhance user experience

Interestingly, the revamped Flipkart app will include a new destination called ‘Play’ and advanced video commerce options, making this EOSS one of the most engaging to date. Customers can also explore over 50 product categories eligible for faster delivery through the ‘Flipkart Minutes’ service. 

Flipkart opens opportunity to earn more

Additionally, the increased order volume during EOSS is expected to provide last-mile delivery personnel with an opportunity to earn supplementary income.

Highlighting Flipkart’s commitment to serving India’s diverse retail market, the sale will deliver styles to all serviceable pin codes nationwide. It will also feature discounts and promotions in collaboration with Axis Bank and Bank of Baroda on debit and credit cards, adding further value for customers during the event.

Continue Exploring: Nihir Parikh steps down as CEO of Nykaa Fashion!

“With every new edition, Flipkart’s End of Season Sale becomes an even larger celebration of fashion and trends that brings joy to millions of our customers across India,” said Pallavi Saxena, Senior Director of Flipkart Fashion.

Advertisement
1...121314...1,220Page 13 of 1,220