Swiggy Partners with Rishabh Pant to Co-Own Mumbai Pickle Power in World Pickleball League

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January 24, 2025

Image of rishab pant — Swiggy Partners with Rishabh Pant to Co-Own Mumbai Pickle Power in World Pickleball League

Swiggy has teamed up with Indian cricket sensation Rishabh Pant to co-own the Mumbai Pickle Power franchise ahead of the debut season of the World Pickleball League (WPBL), India’s first official global franchise-based pickleball competition. This collaboration marks Swiggy’s entry into the fast-growing sport and highlights its aim to back emerging trends and connect with audiences in new, meaningful ways.

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Rohit Kapoor, CEO of Swiggy’s Food Marketplace, expressed his excitement about the partnership, saying, “Pickleball already has a fun and dynamic vibe, making it perfect for families to enjoy together. And with Rishabh Pant joining forces with us? The game just got a whole lot more exciting! As co-owners of Mumbai Pickle Power, we’re not just here to win; we want to create joyful moments, inspire future players, and make pickleball a household name in India. Rishabh’s energy and our vision to embrace new trends make this partnership one to watch. Let’s bring some real power to pickleball!”

Sharing his enthusiasm, Rishabh Pant said, “Pickleball’s energy is infectious, and I’ve personally fallen in love with the sport. Joining forces with Swiggy to invest in the World Pickleball League felt like the perfect opportunity to take the game to new heights. Together, we aim to amplify the excitement and make pickleball a go-to sport for Indians.”

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Globally, pickleball is one of the fastest-growing sports due to its simplicity, fast pace, and appeal to people of all ages. In India, it’s quickly gaining traction as a recreational and lifestyle activity, and the partnership between Swiggy and Rishabh Pant is set to further accelerate its popularity in the coming years.

Zomato Faces Market Share Decline as Swiggy and Zepto Lead in Ultra-Fast Delivery: Report

Quick Commerce

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January 24, 2025

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Imge of quick commerce — omato Faces Market Share Decline as Swiggy and Zepto Lead in Ultra-Fast Delivery: Report

Zomato appears to be losing ground in the food delivery space, as its competitors have moved more quickly to scale up their ultra-fast delivery services. According to a research note by ICICI Securities, rivals have gained momentum in the growing 10-15 minute delivery niche, leaving the Gurugram-based company trailing.

Zomato has recently launched a 15-minute food delivery service on its main app and introduced a standalone 10-minute food delivery app, Bistro, under its quick commerce subsidiary Blinkit. However, these efforts face stiff competition from Swiggy’s Bolt and Snacc, Zepto Cafe, and emerging players like Accel-backed Swish.

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While Zomato reported strong growth in its quick commerce arm during the October-December quarter, its core food delivery business experienced a noticeable slowdown. Gross order value (GOV) for food delivery grew 17% year-on-year during the quarter, down from 21% growth in the July-September period. ICICI Securities pointed out that the company may have ceded some market share as competitors expanded their ultra-fast delivery services more aggressively.

Though the research note didn’t specify Zomato’s exact market share for the quarter, earlier earnings reports indicated that the company held a 57% share of food delivery GOV in the July-September period, compared to Swiggy’s 43%. However, Zomato’s user base saw a dip, with monthly transacting customers slipping to 20.3 million from 20.5 million in the previous quarter.

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Zomato’s management acknowledged the slowdown but attributed it to weaker demand. The company maintained its long-term goal of achieving 20% annual growth in food delivery. The report by ICICI Securities, however, suggested that the rapid scaling of 10-15 minute delivery services by competitors likely contributed to Zomato’s weaker performance.

The impact of these challenges was reflected in the stock market, where Zomato shares dropped nearly 11% on Tuesday, closing at Rs. 214.65. The decline came after the company reported a sharp drop in net profit, partly due to increased spending and quicker-than-expected expansion in Blinkit.

Despite these setbacks, Zomato sought to downplay the effect of ultra-fast deliveries on its main food delivery business. In an analyst call, CFO Akshant Goyal said the 10-15 minute delivery segment is still in its infancy and hasn’t had a significant impact on Zomato’s operations.

Meanwhile, competitors like Swiggy are making strides. The company’s 15-minute Bolt service now accounts for over 5% of its total food delivery order volumes, with Bolt operating in more than 400 cities as of December.

Zomato CEO Deepinder Goyal remained optimistic about the potential of ultra-fast delivery to drive future demand. In a letter to shareholders, he pointed out that shorter delivery times have historically boosted demand for restaurant food. Goyal expressed confidence that scaling 10-15 minute deliveries would yield similar results over time, contributing to the platform’s long-term growth.

Bewakoof Opens First Store in Pune, Expanding Its D2C Footprint Beyond E-Commerce

Retail & Ecommerce

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January 24, 2025

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Image of bewakoof — Bewakoof Opens First Store in Pune, Expanding Its D2C Footprint Beyond E-Commerce

Bewakoof, the popular direct-to-consumer fashion and lifestyle brand, has unveiled its first-ever physical store in Pune, located at Amanora Mall. The new store offers a wide selection of fashion essentials such as t-shirts, casual wear, and accessories, bringing the brand’s signature style to a broader audience.

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“We’re excited to have Bewakoof join us at Amanora Mall, marking their first store in Pune,” shared Surjit Singh Rajpurohit, CEO of Amanora Mall. “This partnership underscores our focus on fostering the growth of dynamic D2C brands and providing our shoppers with a carefully curated retail experience.”

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In addition to Bewakoof, the mall is home to several other D2C brands, such as NewMe, Odette, Mokobara, Bonkers Corner, Snitch, Tokyo Talkies, and Highlander, enhancing its appeal as a hub for innovative retail experiences.

Founded in 2012 by IIT graduates Prabhakaran Singh and Siddharth Munot, Bewakoof initially made its mark as an online-first brand, offering a variety of clothing and accessories for men, women, and children. The opening of its physical store marks a significant step in expanding its reach beyond the digital space.

Shoppers Stop Reports 37% Profit Growth in Q3 FY24, Driven by Strong Premium and Beauty Sales

Growth

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January 24, 2025

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Image of shoppers-stopper — Shoppers Stop Reports 37% Profit Growth in Q3 FY24, Driven by Strong Premium and Beauty Sales

Shoppers Stop Ltd., the prominent department store chain, has reported a notable 37% increase in its consolidated net profit, reaching Rs 49 crore for the third quarter ending 31 December 2024. This marks an improvement from Rs 35 crore in the same period last year.

The company’s revenue for the quarter amounted to Rs 1,311 crore, up from Rs 1,207 crore in the previous year’s third quarter. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) also saw a rise, standing at Rs 262 crore compared to Rs 219 crore in Q3 FY24.

Kavindra Mishra, Managing Director and CEO of Shoppers Stop, expressed optimism about the results, noting, “We are pleased with our performance this quarter. Despite challenges like inflation and a dip in consumer spending, we achieved a solid 9% growth in volume-led revenue and 4% like-for-like (LFL) growth.”

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Mishra highlighted that premium categories were a significant contributor, accounting for 64% of total revenue. The company’s strategic efforts are focused on boosting the profitability of its private brands, which generated Rs 186 crore in sales, making up 12% of total sales and 18% of apparel sales.

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The beauty segment performed well with Rs 268 crore in sales, reflecting a 3% year-on-year increase, driven by a strong 14% growth in fragrances. Additionally, Global SS Beauty Brands Ltd. saw a remarkable 26% growth, recording Rs 78 crore in sales for the quarter.

Aditya Birla Fashion Plans Major Fundraise of Over Rs 2,300 Crore

INVESTMENTS

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January 24, 2025

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Image of aditiya birla — Aditya Birla Fashion Plans Major Fundraise of Over Rs 2,300 Crore

Aditya Birla Fashion and Retail Ltd. (ABFRL) announced on Wednesday that its board has approved a plan to raise a total of Rs 2,378.75 crore through a combination of promoter and market funding.

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The proposal includes the issuance of up to 4.08 crore shares with a face value of Rs 10 each at a price of Rs 317.45 per share, which will generate Rs 1,297.50 crore for Pilani Investment and Industries Corporation, a promoter group entity. In addition, up to 3.96 crore shares, priced at Rs 272.37 per share, will be offered to Qualified Institutional Buyers (QIBs), totaling Rs 1,081.25 crore.

The QIBs involved in this fundraising include prominent investors such as Fidelity Blue Chip Growth Fund, Fidelity Blue Chip Growth Commingled Pool, Fidelity Blue Chip Growth K6 Fund, Fidelity Series Blue Chip Growth Fund, and FIAM Target Date Blue Chip Growth Commingled Pool.

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To formalize this, the ABFRL board has scheduled an Extraordinary General Meeting (EGM) for February 13, 2025, to seek approval for the proposed fundraise.

At the time of reporting, ABFRL shares were trading at Rs 270.20 on the NSE, showing a modest increase of 0.04% from the previous day’s close.

Bengaluru Fashion Scene Gets a Boost: Soch Apparels Opens New Store in Electronic City

Retail & Ecommerce

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January 24, 2025

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Image of soch — Bengaluru Fashion Scene Gets a Boost: Soch Apparels Opens New Store in Electronic City

Soch Apparels, a brand known for its elegant occasion wear, has expanded its presence in Bengaluru with the opening of a new store in the city’s Electronic City area. Located within the newly launched M5 Ecity Mall, this 1,200 sq. ft. outlet adds to the brand’s growing footprint.

Vinay Chatlani, Co-founder and CEO of Soch Apparels, expressed his excitement about the new store: “We are thrilled to bring Soch’s signature style and sophistication to even more fashion-conscious women in Bengaluru. After almost 20 years since we opened our first store in Koramangala, we continue to be grateful for the warm support from the city and remain committed to offering a memorable shopping experience.”

The new store showcases the full range of Soch products, including sarees, kurtas, lehengas, churidar sets, fusion wear, and dresses.

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Founded in 2005 in Bengaluru, Soch now operates over 175 stores across 70 cities in India. The brand’s retail strategy blends standalone stores with online channels, shop-in-shop locations, and major e-commerce platforms like Amazon, Myntra, and Ajio.

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In addition to its domestic expansion, Soch recently opened its first international store in Brampton, Canada, and has plans to extend its reach to the USA, Malaysia, Singapore, Indonesia, Mauritius, the Middle East, and the UK in the near future.

Medusa Beverages Raises ₹56 Crore in Series A Funding Led by Amal N Parikh and Ashwin Kedia

Food & Beverage

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January 24, 2025

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Image of medusan beverage — Medusa Beverages Raises ₹56 Crore in Series A Funding Led by Amal N Parikh and Ashwin Kedia

Delhi-based craft beer company Medusa Beverages has raised ₹56 crore (approximately $6.5 million) in a Series A funding round. The round was co-led by Amal N Parikh, managing director of Ohm Stock Broker, and Ashwin Kedia, co-founder of Alchemy Capital Management. Other notable investors include Ramesh Damani, Crest Opportunities, and a network of high-net-worth individuals (HNIs) from Singapore, the UK, and the UAE.

The fresh capital will be used to ramp up Medusa’s operations, forge new distribution partnerships, and strengthen its footprint across India. Founder and CEO Avneet Singh announced plans to expand into key markets such as Assam, Andhra Pradesh, and Maharashtra. Singh commented, “This funding gives us the resources to grow aggressively, diversify our product offerings, and deepen our presence in strategic regions.”

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Founded in 2017 by Avneet Singh, Medusa Beverages is a homegrown craft beer brand that has quickly gained a strong foothold in the market. The company offers three unique beer variants and has made its products available in 7,000 retail outlets across seven states, including Delhi, Punjab, Chandigarh, Uttarakhand, Uttar Pradesh, Chhattisgarh, and Himachal Pradesh. Prior to this funding round, Medusa had secured ₹13 crore in total funding.

The beer industry in India has seen significant investor interest recently, as brands look to tap into the growing demand for alcoholic beverages. Last year, Delhi-based Proost Beer raised ₹30 crore (around $3.5 million) to enhance its supply chain and expand its product portfolio. Similarly, Goa-based Latambarcem Brewers (LB Brewers) raised ₹12.5 crore ($1.5 million) to boost its manufacturing capacity, strengthen marketing efforts, and expand its market presence.

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With this new investment, Medusa Beverages aims to not only increase its distribution reach but also cement its position as one of the leading players in India’s craft beer market. The funding signals growing confidence in the country’s alcohol sector and the potential for homegrown brands to scale nationally.

Festive Boost Propels Reliance Retail to 10% Profit Growth and ₹90,333 Crore in Revenue

Growth

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January 24, 2025

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Image of reliance retail — Festive Boost Propels Reliance Retail to 10% Profit Growth and ₹90,333 Crore in Revenue

Reliance Retail Ventures Ltd. (RRVL), the retail division of Mukesh Ambani’s Reliance Industries, has reported a solid financial performance for the December quarter, marking an 8.75% increase in gross revenue, which reached ₹90,333 crore. Profit after tax (PAT) rose by 10%, totaling ₹3,458 crore, a boost driven by strong festive demand.

In the same quarter of the previous year, the company posted gross revenue of ₹83,063 crore and PAT of ₹3,145 crore, according to a regulatory filing from Reliance Industries Ltd. The company’s operating revenue for the quarter was ₹79,595 crore, up 7% from ₹74,373 crore last year.

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Digital and new-age commerce channels now contribute to 18% of the company’s total revenue, reflecting Reliance Retail’s focus on expanding its digital presence and adapting to evolving consumer behaviors.

The company also saw its pre-tax profit (EBITDA) rise 9.45%, reaching ₹6,828 crore for the quarter. This growth was fueled by productivity improvements and increased customer engagement, particularly during the festive period, through fresh product launches and promotional activities.

In terms of expansion, Reliance Retail opened 779 new stores, bringing its total to 19,102 across 77.4 million square feet of operational space.

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Mukesh Ambani, Chairman and Managing Director of Reliance Industries, commented on the results, noting, “The retail business performed exceptionally well, benefiting from a resurgence in consumption during the festive season. Our deep understanding of customer preferences and needs allows us to offer the right products at the right time through the right channels, continually enhancing the shopping experience. With customer-centric innovation as a core focus, Reliance Retail is constantly expanding its reach and product offerings to meet diverse consumer demands.”

Desmond D’Souza Joins Coca-Cola India as C&CL Head to Drive Growth and Customer Engagement

Business

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January 23, 2025

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Image-of-coca-cola — Desmond D’Souza Joins Coca-Cola India as C&CL Head to Drive Growth and Customer Engagement

Desmond D’Souza, with his extensive experience and forward-thinking approach in the FMCG sector, is set to play a pivotal role in advancing our goals at Coca‑Cola India Southwest Asia. His leadership expertise and deep understanding of market trends make him the ideal fit for driving customer satisfaction and elevating our commercial strategies. “We’re excited to have someone of Desmond’s caliber join us, as his experience will be crucial in guiding us towards sustained growth,” said Sanket Ray, President, Coca‑Cola India Southwest Asia.

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In his new position, D’Souza will oversee the C&CL function across INSWA, where his focus will be on accelerating value growth, enhancing partnerships, and shaping strategies for long-term commercial success.

Before joining Coca‑Cola, Desmond served as Vice President of Sales at Mondelez, where he played an instrumental role in driving the company’s growth through strategic footprint expansion, digital innovations in sales, and the development of new commercial capabilities. He also held leadership roles at PepsiCo, focusing on transformative initiatives and sales strategies. At Zomato, he contributed to the company’s subscription model, further showcasing his versatility across industries.

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Desmond holds an MBA from XLRI Jamshedpur and a Bachelor’s degree in Engineering from Visvesvaraya Technological University.

The Organic World Expands in Mysore: A New Chapter for Nimida Group’s Grocery Chain

Business

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January 23, 2025

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Image of organi world — The Organic World Expands in Mysore: A New Chapter for Nimida Group’s Grocery Chain

The Organic World (TOW), a popular South Indian grocery chain and the flagship brand of Nimida Group, has made its foray into Mysore as part of its expansion plans in Karnataka. The company has opened two stores in the city, one in Ramakrishna Nagar and the other in Vijayanagar.

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Gaurav Manchanda, Founder of Nimida Group, expressed his excitement about the launch, saying, “Mysore, with its strong cultural roots and increasing shift towards chemical-free living, was an ideal location for us to grow beyond the metro cities. By opening stores here, we hope to offer local families access to healthy, curated products that align with their values.”

TOW’s growth strategy includes opening more outlets in cities like Pune, Coimbatore, Chennai, and Delhi. These will include a mix of company-owned and franchise-operated stores, all situated in strategic locations to best serve their customer base.

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Founded in 2017, TOW now operates 24 stores in Bengaluru, Mysore, and Hyderabad, offering a wide selection of nearly 3,000 products across food, grocery, personal care, and home care categories. The Bengaluru-based company has set an ambitious target to hit a revenue of ₹100 crore by FY25, a significant increase from ₹35 crore in FY24, as shared by Manchanda in a previous interview with IndiaRetailing.

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