Thursday, December 26, 2024
Home Blog Page 14

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

By
Online Desk
-
0
Image of oyo brand
OYO's luxury brand SUNDAY launches overseas properties in London & Dubai

OYO‘s parent firm, Oravel Stays, has expanded its luxury hotel brand, SUNDAY, to the UK and UAE. 

This move is part of OYO’s efforts to strengthen its premium property portfolio globally. SUNDAY Lansbury Heritage, a 35-room property near London’s Canary Wharf, is the brand’s first overseas property. The property is a restored Grade II listed building with a history dating back to 1628.

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

In Dubai, SUNDAY has launched SUNDAY Holiday International Hotel. The premium brand was originally launched in India in May 2023 as a joint venture between Softbank and Oravel Stays. Currently, there are three SUNDAY properties in India, with plans to increase to 25 by March 2025.

Our commitment to delivering value across all price points – Head of Oravel

Puneet Yadav, Head of Oravel’s UK business, stated, “Our data indicates a growing demand for premium, experience-driven accommodations. This strategic move allows us to tap into the luxury segment while maintaining our commitment to delivering value across all price points.” This expansion marks a significant step for OYO’s luxury hotel brand, SUNDAY, as it ventures into international markets.

Earlier, Global rating agency Moody’s has upgraded the corporate family rating of OYO‘s parent, Oravel Stays Limited, to “B2” from “B3” previously.

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

The rating agency has maintained a stable outlook for the travel tech major, which has shown significant improvement in its financial performance in recent quarters. According to Sweta Patodia, assistant vice-president and analyst at Moody’s, the upgrade is attributed to OYO’s improved profitability in recent quarters. She added that the positive numbers have significantly strengthened the startup’s credit metrics.

OYO finalises $825 Mn term loan with five-year tenure

This development came as OYO is finalizing a new $825 million term loan with a five-year tenure. A significant portion of these funds, along with the $174 million raised by OYO between June and August this year, will be utilized to repay existing loans that mature in June 2026.

Advertisement

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

By
Online Desk
-
0
Image of ITC Limited
ITC aims for 4,000 FPOs, connecting 10 Mn farmers in next five years

ITC is expanding its network of Farmer Producer Organizations (FPOs) with the goal of connecting one crore farmers in the next 4-5 years. 

ITC’s FPO collectivization is today, at about 1,600

The company plans to achieve this by scaling up sourcing of fruits and vegetables through its platform. S Ganesh Kumar, CEO of ITC‘s Agri Business Division, stated, “This agri stack and the FPO collectivization is today, at about 1,600 and our ambition is to take it to 4,000 and 10 million farmers in next 4 to 5 years.”

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

Currently, ITC is present in around 22 states through FPOs and works with 20 crops. The company plans to expand and deepen its presence in states such as Madhya Pradesh, Rajasthan, Haryana, Punjab, and Bihar. ITC is also working on expanding the reach of its super app MAARS, which provides personalized advisories to farmers on weather forecasts, sales of crops at mandi prices, supply of seeds and fertilizers, and services such as soil testing and helping them get credit from banks.

Through MAARS, ITC aims to enhance agricultural practices among small farmers through technology aggregation, AI-enabled solutions, AgTech, and an e-marketplace for commodities and inputs. Ganesh Kumar said, “They get the benefits of science, the better inputs in terms of seeds and various other inputs at all the crop stages, supported with an agri tech solution MAARS,…” He added, “now farmers are also realising that technology is benefiting them and their economic activity is increasing.”

Continue Exploring: Gautam Singhania’s appointment as Raymond Lifestyle executive chairman approved despite opposition!

ITC’s agri business revenue stands at INR 16000 Cr

ITC is the largest corporate house working directly with farmers, helping them improve the productivity and quality of various crops. The company’s revenue from its Agri Business division was INR 16,124 crore in FY24, contributing nearly one-fifth to its total revenue. Ganesh Kumar stated, “At present, around 40 per cent of ITC’s agri procurement from relevant hubs of the 10 states where MAARS has been rolled out, is sourced through MAARS.”

Under its NexGen Agri vision, ITC is working to make small farmers aware of the impact of climate change on crop zones and durations, the need for soil rejuvenation, and the importance of crop rotation. The company is also integrating MAARS with startups to provide efficient grassroots solutions. Ganesh Kumar said, “I also believe that as we work closely with the farmer, we will be able to extend more value into that system, in upgrading their produce into residue-free, organic where there are premiums…and introduce varieties.”

ITC started the brand Aashirvaad, which is now an over INR 9,000 crore brand, by directly sourcing wheat from farmers through its e-choupal network. The company has emerged as the second-largest purchaser of wheat after government-led agencies. Ganesh Kumar stated, “These are our farm level crop connects that we have built over 23-25 years when our FMCG portfolio was launched as a back end support and over a period of this journey, it has also evolved from e-Chaupal to FPOs.”

Advertisement

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

By
Online Desk
-
0
Image of terractive wear
Mumbai-based activewear brand Terractive raises INR 8 Cr in Pre-Series A funding

Terractive, a Mumbai-based activewear brand, has raised INR 8 crore in a Pre-Series A funding round led by Fireside Ventures and DeVC (Matrix Partners). 

The funding will be used to accelerate fabric development and enhance product innovation, positioning the brand to capitalize on India’s expanding retail and activewear segments.

Ambani launches Terractive in 2023

Founded in 2023 by sisters Raena Ambani and Rahee Ambani-Choksi, Terractive aims to create innovative activewear that combines advanced fabric technology with everyday comfort. The brand’s proprietary fabrics, such as TerraSoft and CoolKnit, are core to its product line. 

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

“Our goal has always been to create innovative, high-quality apparel that blends comfort and performance, tailored to the needs of the modern Indian. We are thrilled to have Fireside Ventures and DeVC-Matrix Partners join us on our journey in India,” said Raena Ambani and Rahee Ambani-Choksi, Co-Founders of Terractive.

The investment highlights the potential of India’s activewear market. Shuchi Pandya, Principal at Fireside Ventures said, “The activewear segment in India is poised for tremendous growth, and Terractive is a brand that stands out with its innovation-led approach.” Mohit Sadaani, MD at DeVC added, “At DeVC, our Collective was impressed with Raena and Rahee’s commitment to the customer and focus on innovation in the activewear segment at the fabric level.”

Notably, Terractive’s product lineup includes bestsellers such as TerraSoft Cuddle Tees, 365 Men’s Shorts, and Activity Skorts, which feature cotton-soft fabrics with anti-microbial and anti-odor properties.

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

India’s fashion and apparel industry to reach $105.50 bn

With the Indian fashion and apparel market projected to reach $105.50 billion in revenue in 2024, Terractive is strategically positioned to meet the increasing demand for versatile and premium lifestyle activewear in the country.

Advertisement

Zomato launches ‘Recommendations from Friends’ to enhance user experience

By
Online Desk
-
0
Image of zomato
Zomato launches 'Recommendations from Friends' to enhance user experience

Foodtech major Zomato has launched a new initiative that allows users to get food recommendations from their friends.

User to synchronize contact information with Zomato

The feature, ‘Recommendations from Friends’, requires users to synchronize their contact information with Zomato’s app, enabling them to see and give food recommendations. Zomato’s marketing head Sahibjeet Singh Sawhney announced the feature in a LinkedIn post.

Continue Exploring: L’Oréal India’s net income plummets to INR 487.46 Cr, revenue surges 12%

“Introducing Recommendations from Friends. See which restaurants your friends are ordering from; what dishes they are recommending — get inspired while feeling bad about your own food choices,” the post said. This feature is part of Zomato’s ongoing experimentation and expansion of its offerings. Recently, the company launched its ‘going-out’ business ‘District‘ app, which allows customers to discover and reserve tables at restaurants and book tickets for events.

Zomato introduces “Food Rescue” initiative

Earlier, Zomato has also introduced a “Food Rescue” initiative, which allows users to buy cancelled food orders from nearby areas. This aims to reduce food wastage caused by last-minute order cancellations. Additionally, Zomato’s ‘Book Now, Sell Anytime’ feature allows users to buy event tickets in advance and re-sell them on the app in case of any last-minute changes.

Continue Exploring: abCoffee introduces coconut-based, non-dairy beverages across 75-plus outlets in India

A few days ago, Zomato raised INR 8,500 Cr through its first qualified institutional placement (QIP), aiming to expand its quick commerce business Blinkit and support other key growth initiatives. Shares of Zomato jumped over 6% during the intraday trading session yesterday to hit a fresh all-time high at INR 304.50 apiece on the BSE. 

Today, the company’s shares were trading at INR 301.05 apiece, 0.52% up from its previous day close.

Advertisement

Nihir Parikh steps down as CEO of Nykaa Fashion!

By
Online Desk
-
0
Image of nykaa CEO
Nihir Parikh steps down as CEO of Nykaa Fashion!

Nykaa Fashion’s chief executive officer (CEO) Nihir Parikh has resigned from the company.

According to a filing with the BSE, Parikh cited personal commitments as the reason for his resignation. “… this is to inform that Nihir Parikh, CEO- Nykaa (link unavailable) and a senior management personnel of the company, has tendered his resignation, on account of personal commitments,” the filing said.

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

Nihir Parikh joins Nykaa in 2015

Parikh’s resignation will be effective immediately from the close of business hours of December 5. With nearly two decades of experience, Parikh previously worked with companies like GE Healthcare and Genentech. He joined Nykaa as its chief strategy officer in 2015 and rose through the ranks to become the CEO of Nykaa Fashion in April last year.

Parikh’s resignation comes just weeks after Nykaa roped in Cars24’s former South East Asia head Abhijeet Dabas as executive vice president and business head for its fashion segment. The development also comes at a time when the company has aggressively scaled up its quick commerce play and has been piloting deliveries between 30 minutes to 2 hours for select, high-demand beauty products.

Continue Exploring: HDFC Securities cuts Swiggy rating to ‘reduce,’ raises target price to INR 470

Nykaa fashion arm’s revenue grow by 21%

Despite playing second fiddle to the beauty vertical, Nykaa’s fashion arm’s revenue grew 21.7% year-on-year (YoY) to INR 166.10 Cr in the second quarter of the fiscal year 2024-25 (Q2 FY25). Meanwhile, it trimmed its EBITDA loss by 19.2% to INR 24.4 Cr during the quarter under review from an EBITDA loss of INR 29.1 Cr in the year-ago period.

Further, Nykaa’s net profit rose 66.3% to INR 12.97 Cr in Q2 FY25 from INR 7.8 Cr a year earlier. Its revenue from operations increased 24.4% to INR 1,874.74 Cr from INR 1,746.11 Cr in Q2 FY24. However, Nykaa’s shares fell 0.95% to INR 167.50 on the BSE by the end of Thursday, December 5.

Advertisement

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

By
Online Desk
-
0
Image of superyou with ranveer singh
Ranveer Singh's protein brand SuperYou secures funding from Zerodha's Kamath brothers

Bollywood actor Ranveer Singh‘s recently launched protein supplements brand SuperYou has raised Series A funding from Zerodha‘s Nikhil and Nithin Kamath.

SuperYou deals in undisclosed funding amount

The funding was received from Rainmatter Capital, the venture capital arm of Zerodha. However, the funding amount was not disclosed.

Continue Exploring: HDFC Securities cuts Swiggy rating to ‘reduce,’ raises target price to INR 470

Launched in November, SuperYou was founded under venture studio Think9 Consumer. Singh teamed up with Nikunj Biyani, the nephew of Future Group founder Kishore Biyani, to launch the venture. SuperYou currently sells protein wafers in various flavors and plans to utilize the fresh capital to scale up production and launch protein products in various categories.

“We want India to transform from a protein deficient to protein sufficient country. For this we will bring protein in different forms,” Biyani said. The co-founder added that the startup has priced its products aggressively to make it accessible to more users. SuperYou plans to invest INR 40 Cr to INR 50 Cr over time and aims to achieve INR 500 Cr revenue within the next five years.

In addition, SuperYou sells its products via its website, and platforms like Amazon, Flipkart, Zepto, Blinkit, and Swiggy Instamart. The startup’s products can also be found in offline retail stores such as Reliance Fresh, Noble Plus, WellnessForever, and 7/11 among others.

Continue Exploring: The Fern Hotels and Resorts to launch eco-friendly residency in Ayodhya

D2C Good Bug receives $3.5 Mn fund

The funding comes at a time when health and wellness-focused brands are seeing a lot of interest from investors amid rising awareness about healthy lifestyles. In November, The Good Bug, a direct-to-consumer gut health and wellness brand founded by Keshav Biyani, received $3.5 million in additional Series A funding from Sharrp Ventures, led by Harsh Mariwala. Zydus Wellness, known for Complan, has agreed to buy Naturell, the owner of Max Protein, for INR 390 crore. Additionally, last year, ITC, a major FMCG company, acquired Yoga Bar.

Advertisement

HDFC Securities cuts Swiggy rating to ‘reduce,’ raises target price to INR 470

By
Online Desk
-
0
Image of swiggy and HDFC
HDFC Securities cuts Swiggy rating to 'reduce,' raises target price to INR 470

Brokerage firm HDFC Securities has downgraded Swiggy to ‘reduce’ from ‘add’, but has increased its target price to INR 470 per share from INR 430 apiece earlier.

Swiggy stocks sees 9.2% drop

This implies a downside of 9.2% from the stock’s previous close. Shares of Swiggy ended Wednesday’s trading session at INR 518.10 apiece on the BSE.

Continue Exploring: Reid & Taylor launches e-commerce site, targets additional sales on Myntra

Despite the downgrade, Swiggy’s stock continued its upward swing in Thursday’s intraday trading session and rallied over 11% to INR 576.95 on the BSE. Analysts at HDFC Securities noted that while Swiggy’s key performance indicators are improving in food delivery and quick commerce segments, it still lags behind Zomato.

However, Swiggy reported a 4.8% quarter-on-quarter rise in monthly transacting users in the food delivery segment in Q2 FY25, while gross order value grew 5.6% QoQ to INR 7,190 Cr. However, HDFC Securities said that Swiggy still underperformed Zomato across KPIs in the food delivery segment in H1 FY25. While Swiggy reported a GOV growth of 14% in the food delivery segment in H1, Zomato’s GOV jumped 24%.

Further, Swiggy’s quick commerce arm Instamart continues to lag its Zomato counterpart Blinkit in terms of both growth and unit economics. “While step up in customer acquisition is encouraging, current market price now suggests that the path to convergence in quick commerce with Blinkit is a foregone conclusion,” the brokerage said.

Continue Exploring: Abercrombie & Fitch join forces with Myntra Jabong to tap Indian market

Swiggy’s loss widens by 2%

HDFC Securities’ downgrade on Swiggy comes after the company widened its net loss sequentially by over 2% to INR 625 Cr in Q2 FY25, while its operating revenue rose 12% QoQ to INR 3,601.45 Cr. In its Q2 FY25 investor presentation, Swiggy said that it was eyeing an adjusted EBITDA profitability on a consolidated level by Q3 FY26.

Advertisement

Abercrombie & Fitch join forces with Myntra Jabong to tap Indian market

By
Online Desk
-
0
Abercrombie & Fitch, Myntra Jabong
Abercrombie & Fitch join forces with Myntra Jabong to tap Indian market

American retail company Abercrombie & Fitch Co has announced a multi-year partnership with Myntra Jabong to expand its global reach in India. 

Myntra Jabong to expand via outlets, e-comm

As part of the agreement, Myntra Jabong will build a brick-and-mortar retail store presence in India, regional e-commerce sites, and branded digital storefronts.

Continue Exploring: Myntra rolls out 30-Minute to 2-Hour Delivery amid quick commerce competition

“With the strength of A&F Co.’s brands today, we are thrilled to partner with Myntra Jabong to more deeply engage with new and existing customers in India. It’s an incredibly dynamic and diverse market, and one where we see tremendous long-term potential as we continue to pursue global brand growth,” said Fran Horowitz, Chief Executive Officer of Abercrombie & Fitch Co.

Meanwhile, Myntra has established itself as a leading platform for brands looking to tap into the Indian market, with a base of 70 million Monthly Active Users and service in over 95% of the serviceable pincodes in the country. Horowitz added, “Staying close to our customers and putting them at the center of everything we do has been the foundation of our transformation and the key to our success in recent years. In Myntra Jabong, we have found a like-minded partner whose expertise and capabilities will allow us to go to market with these same strategies in India.”

Further, Nandita Sinha, Chief Executive Officer of Myntra, said, “We are delighted to bring the much-sought-after and iconic brands, Abercrombie & Fitch and Hollister, renowned for their commitment to enduring quality and exceptional comfort, to India, for our fashion-forward customers.” Myntra will apply its fashion and tech expertise to connect Abercrombie & Fitch and Hollister with India’s thriving fashion audience and help them scale in the market.

Continue Exploring: Reid & Taylor launches e-commerce site, targets additional sales on Myntra

Myntra launches M-Now to deliver in 30 minutes

Earlier, Myntra, the fashion e-commerce platform, had launched a new 30-minute to 2-hour delivery feature called “M-Now” in select areas of Bengaluru. This move was part of the company’s efforts to enhance its customer proposition and offer faster delivery options.

The M-Now feature is currently live on the Myntra app and promises to deliver products from popular brands like Mango, Lakme, Levi’s, and boAt, among others. This development comes after Myntra began testing a four-hour delivery service in four Indian cities, including Bengaluru and New Delhi, two months ago.

Meanwhile, the company’s efforts to enhance its delivery services come at a time when quick commerce players like Zepto, Zomato-owned Blinkit, and Swiggy‘s Instamart are expanding their catalogues to offer products in various categories.

Advertisement

The Fern Hotels and Resorts to launch eco-friendly residency in Ayodhya

By
Online Desk
-
0
Image of the Fern Hotels and Resort
The Fern Hotels and Resorts to launch eco-friendly residency in Ayodhya

The Fern Hotels and Resorts, known for its environmentally conscious hospitality, has announced the signing of The Fern Residency, Ayodhya. 

This greenfield project will add 63 rooms to the brand’s portfolio in Uttar Pradesh, offering modern accommodations and thoughtful hospitality for business and leisure travelers.

Continue Exploring: HyFun Foods enters Australian market with Woolworths collaboration

Fern Hotels commitment to eco-conscious operations 

Located in one of India’s most culturally significant cities, The Fern Residency, Ayodhya, will feature an all-day dining restaurant serving local and international cuisines and a banquet hall suitable for corporate events and social gatherings. Designed to provide comfort and convenience, the property aligns with The Fern Hotels and Resorts’ commitment to eco-conscious operations and quality service.

“We are pleased to introduce The Fern Residency to Ayodhya, a city of immense cultural and religious significance. This launch aligns with our mission to bring eco-conscious hospitality to key destinations across India, and we are confident this property will serve as a unique destination for both business and leisure travelers,” said, Suhail Kannampilly, Managing Director of The Fern Hotels and Resorts.

Continue Exploring: Shareholders block Gautam Singhania’s appointment as Raymond Lifestyle chairperson! 

The Fern Hotels and Resorts bring hospitality to historic city

Gopinath Samanta, Partner added, “Ayodhya holds a special place in the hearts of millions. We are proud to partner with The Fern Hotels and Resorts to bring a brand that embodies luxury, sustainability, and hospitality to this historic city.” Deepankar Samanta, from the ownership board said, “We are pleased to contribute to the growth of Ayodhya’s hospitality sector. The Fern Residency will offer guests an exceptional stay, combining modern amenities with the city’s rich cultural and spiritual heritage.”

Ayodhya, known for its historical temples, landmarks, and ghats, attracts millions of visitors annually as a prominent center for spiritual tourism in India. With its strategic location and modern amenities, The Fern Residency is positioned to cater to this influx of travelers while offering a tranquil retreat amidst the city’s vibrant heritage.

Advertisement

Gautam Singhania’s appointment as Raymond Lifestyle executive chairman approved despite opposition!

By
Online Desk
-
0
Image of raymonds store
Gautam Singhania's appointment as Raymond Lifestyle executive chairman approved despite opposition!

Raymond Lifestyle Limited, a major player in India’s retail market, has named Gautam Hari Singhania as its new executive chairman, according to a report to SEBI. 

This move is part of the company’s efforts to bolster its leadership as it nears its 100th year of operations.

13.5% vote against Gautam Singhania

In a recent SEBI filing, it was disclosed that 86.85% of the 4,17,57,480 votes were in favor of appointing Singhania, while 13.15% were against. The special resolution, proposed in a Postal Ballot Notice on November 04, 2024, was approved by the necessary majority.

Continue Exploring: Crown Basmati Rice, Shryoan Cosmetics enhance market reach via Zepto 

With his extensive industry experience, Singhania is expected to drive growth and improve efficiency in his new role. Raymond Lifestyle Limited was listed on the stock exchanges on September 5 after separating from Raymond Ltd, with Singhania continuing to lead both companies.

Shareholders block Gautam Singhania’s appointment 

Earlier, Corporate governance advisory firms urged shareholders to vote against Gautam Singhania’s proposed appointment as executive chairperson of Raymond Lifestyle Ltd.

Institutional Investor Advisory Services India (IiAS) had raised concerns over several aspects of the proposal, including Singhania’s remuneration package and the company’s governance practices.

Continue Exploring: Record-breaking sales for retail, brands during ‘Black Friday’ weekend

Singhania, the chairperson and managing director of Raymond Ltd., was seeking reappointment as executive chairperson of Raymond Lifestyle for five years, starting September 1, 2024, with a minimum remuneration commitment for three years. However, the terms of his appointment had raised eyebrows, with a monthly salary ranging between INR 55 lakh to INR 80 lakh, along with allowances for medical reimbursement, leave travel, and retirement benefits, totaling an estimated INR 12.35 crore annually.

IiAS had pointed out that the resolution to appoint Singhania lacks clarity on major issues, such as commission details and performance-linked targets. Furthermore, the proposal did not specify a ceiling limit on Singhania’s total pay, which could exceed 5% of Raymond Lifestyle’s net profit, raising concerns about unchecked salary growth.

Meanwhile, Singhania is currently engaged in divorce proceedings with his wife, Nawaz Modi, who has accused him of domestic violence and misusing company funds for personal benefits. While the board has not commented on these allegations, IiAS has expressed concerns about the possible impact on the company’s governance and reputation.

Advertisement
1...131415...1,220Page 14 of 1,220