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Coffee Day Defaults on ₹425 Cr: Legal Fights, Loan Recalls, and the Shadow of VG Siddhartha’s Legacy

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Coffee Day Defaults on ₹425 Cr: Legal Fights, Loan Recalls, and the Shadow of VG Siddhartha’s Legacy

Coffee Day Enterprises Ltd (CDEL) is once again staring down the barrel of mounting debt, reporting a total default of ₹425.38 crore as of March 31, 2025. This includes missed payments on bank loans, institutional borrowings, and unlisted instruments such as non-convertible debentures (NCDs) and redeemable preference shares.

The company attributed the defaults to an ongoing liquidity squeeze. In a regulatory filing, it acknowledged, “Repayments have been delayed due to a severe cash crunch,” adding that lenders have now issued formal loan recall notices and initiated legal action. With these disputes unresolved, and a one-time settlement still hanging in the balance, CDEL also noted that it has stopped recognising any interest liabilities since April 2021.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

Of the total default, ₹174.83 crore is due on principal payments to banks and financial institutions, while an additional ₹5.78 crore remains unpaid as interest. Meanwhile, defaults on unlisted debt instruments amount to ₹200 crore in principal and ₹44.77 crore in interest.

This is not the company’s first financial standoff. Following the tragic death of its founder V.G. Siddhartha in 2019, Coffee Day had begun chipping away at its debt pile, selling off assets to stay afloat. A landmark deal with Blackstone in 2020, involving the sale of a tech park, helped it pay back ₹1,644 crore to 13 lenders.

But troubles have persisted. In August 2024, the National Company Law Tribunal (NCLT) admitted a plea from IDBI Trusteeship Services over a ₹228.45 crore claim, triggering insolvency proceedings. CDEL quickly contested the move, and just six days later, the National Company Law Appellate Tribunal (NCLAT) issued a stay on those proceedings.

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At the same time, the company continues to pursue legal avenues to recover an estimated ₹3,535 crore allegedly diverted to Mysore Amalgamated Coffee Estates Ltd (MACEL), a private entity run by Siddhartha. That case remains unresolved.

With no immediate resolution in sight, CDEL’s financial strain shows little sign of easing. Its survival now hinges on the success of pending settlements, asset monetisation efforts, and legal recoveries — all under the shadow of a business empire once seen as one of India’s great entrepreneurial stories.

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Kalyan Jewellers Posts Strong Q4 With 37% Surge in Revenue, Opens 39 New Stores Despite Gold Price Swings

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Kalyan Jewellers Posts Strong Q4 With 37% Surge in Revenue, Opens 39 New Stores Despite Gold Price Swings

Kalyan Jewellers wrapped up the fourth quarter of FY2024-25 on a high note, reporting a sharp 37% jump in consolidated revenue compared to the same period last year—even as gold prices swung wildly throughout the quarter.

The jewellery major pulled in Rs 4,563.72 crore in consolidated net revenue between January and March 2025, according to its latest filing with the stock exchanges.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

Its India business was the key growth driver, clocking a 39% rise in revenue for the quarter, with a notable 21% growth in same-store sales—a strong indicator of organic demand. Meanwhile, revenue from the Middle East business also showed a healthy uptick of 24%, now contributing 12% to the overall revenue mix.

Kalyan didn’t slow down on expansion either. In the three months alone, the company added 25 new Kalyan stores and 14 Candere outlets across India. The Candere vertical, focused on digitally native and design-centric jewellery, posted a 22% increase in revenue during the same period.

Looking ahead, the brand is going all in on growth: it plans to roll out 170 new stores across both Kalyan and Candere formats. The company said it has already locked in Letters of Intent for all the planned Franchisee Owned Company Operated (FOCO) stores for the year in India

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With Akshaya Tritiya around the corner—a key gold-buying festival—and the wedding season picking up steam, Kalyan is optimistic. Early signs point to solid advance bookings and healthy consumer sentiment.

As of March 31, 2025, Kalyan Jewellers had 388 showrooms under its belt across its various brands, signaling its aggressive push to dominate both traditional and digital jewellery retail in the months ahead.

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After Leading Zomato’s Core Delivery Arm, Rinshul Chandra Steps Down as COO of Eternal; Exit Comes Post Major Corporate Overhaul

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After Leading Zomato’s Core Delivery Arm, Rinshul Chandra Steps Down as COO of Eternal; Exit Comes Post Major Corporate Overhaul

Rinshul Chandra, the man who helped shape and scale Zomato’s core food delivery business, has officially parted ways with the company—now operating under the name Eternal Limited.

Chandra’s resignation was submitted on April 5, and his last working day is set for April 7. In a letter addressed to the company and stock exchanges, he cited a desire to explore new paths that better align with his evolving personal ambitions and professional aspirations.

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“After much thought, I’ve decided it’s time to move on,” he wrote. “The last seven years have been nothing short of extraordinary. I’m deeply thankful for the trust and support I’ve received along the way. Eternal is in great hands, and I’ll always root for its success.”

Chandra joined the company back in 2018 when it was still known as Zomato, starting out as AVP of Products. Over the years, he climbed the ladder to become Vice President and eventually took charge as Chief Operating Officer for the food delivery vertical—a role that placed him at the center of one of India’s most competitive internet sectors.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

His departure comes at an interesting time for the company. Just recently, Zomato Limited announced a full corporate makeover, rebranding the parent entity as Eternal Limited to house its four key businesses: food delivery platform Zomato, quick commerce player Blinkit, supply chain brand Hyperpure, and logistics unit, Zomato District.

While the Zomato app and customer-facing brand remain untouched, the corporate umbrella now carries the new identity of Eternal.

As of now, there’s no word on who will step into Chandra’s shoes. But with major shifts already underway at the top, all eyes will be on how Eternal navigates this next chapter.

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“This Isn’t Just Dukaandari”: Zepto’s Aadit Palicha Pushes Back on Piyush Goyal’s Startup Critique

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This Isn’t Just Dukaandari”: Zepto’s Aadit Palicha Pushes Back on Piyush Goyal’s Startup Critique

Aadit Palicha, the young CEO of Zepto, found himself in the middle of a public debate after BJP MP Praveen Khandelwal took issue with his reaction to Union Minister Piyush Goyal’s recent jab at India’s startup priorities.

Speaking at the Startup Mahakumbh, Goyal sparked a conversation when he questioned whether Indian entrepreneurs were too focused on “dukaandari”—a colloquial term loosely translating to small-scale selling. He pointedly contrasted India’s current wave of food delivery apps and fantasy sports platforms with China’s push into future-defining areas like electric mobility, battery tech, and artificial intelligence.

“Are we only going to run shops?” Goyal asked, pushing startups to introspect. He urged founders to look beyond immediate commercial success and start building for the long game—solving hard problems, scaling globally, and fueling real technological progress. India, he warned, has just about 1,000 deep-tech startups today—something he called “worrying.”

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Palicha wasn’t having it. In a strongly worded post, he countered that consumer internet businesses like Zepto are anything but small-time ventures. In fact, he argued, companies like his are laying the very foundation for India’s future in high-tech innovation.

“Amazon, Google, and Alibaba didn’t start with AI—they began with the internet,” Palicha wrote, highlighting how large-scale consumer platforms attract the data, talent, and funding needed to eventually fuel breakthroughs in deep tech.

He also used Zepto’s own success story to push back: “We’ve created 150,000 jobs in just three years. That’s not dukaandari—that’s a miracle in Indian innovation.”

Palicha further emphasized that India won’t see breakthroughs in AI or foundational tech until it builds internet-first companies that generate real cash flow and reinvest in advanced R&D.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

But Khandelwal wasn’t convinced. He criticized Palicha’s remarks, saying they missed the broader message—India needs to stop celebrating convenience and start creating impact.

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Swiggy Hit with Rs 7.59 Cr Tax Demand in Maharashtra, Plans to Push Back

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Swiggy Hit with Rs 7.59 Cr Tax Demand in Maharashtra, Plans to Push Back

Swiggy has found itself in the taxman’s crosshairs once again. The food and grocery delivery giant has received a fresh assessment order from the Profession Tax Office in Pune, demanding Rs 7.59 crore. The issue? Alleged lapses in deducting profession tax from employee salaries during the 2021-22 financial year.

The claim is based on provisions under the Maharashtra State Tax on Professions, Trades, Callings & Employments Act, 1975. Swiggy, however, isn’t taking it lying down. In a recent regulatory disclosure, the company said it plans to contest the order, arguing that it has solid legal grounds and expects no significant financial or operational disruption as a result of this notice.

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What makes this more interesting is that the Pune demand follows a much heftier blow. Just days earlier, Swiggy disclosed a separate Rs 158 crore tax demand issued by the Deputy Commissioner of Income Tax in Bengaluru, also tied to the same fiscal year.

In that case, tax authorities flagged two major concerns: cancellation fees paid to restaurants were disallowed as deductions under Section 37 of the Income Tax Act, 1961, and interest earned on an income tax refund wasn’t offered up for taxation.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

Swiggy, for its part, remains confident. It has indicated that both matters are being challenged and won’t rattle the company’s financial stability or daily business operations.

Zomato’s main rival has clearly got its legal and finance teams working overtime this quarter.

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Increff Cofounder Nirmal Jain’s OUTZIDR Raises INR 30 Cr from Stellaris and Top Angels to Shake Up Gen Z Fashion

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Increff Cofounder Nirmal Jain’s OUTZIDR Raises INR 30 Cr from Stellaris and Top Angels to Shake Up Gen Z Fashion

OUTZIDR, a fashion label aimed at Gen Z women, has secured INR 30 crore (approximately $3.5 million) in a seed funding round led by Stellaris Venture Partners. The round also drew backing from a group of prominent angel investors, including Ramakant Sharma (cofounder and CEO of Livspace) and Ghazal Alagh (cofounder and chief innovation officer at Mamaearth).

Founded by Nirmal Jain—who earlier helmed Styli under the Landmark Group in Dubai and later cofounded Increff—OUTZIDR is his latest foray into the world of direct-to-consumer retail. He teamed up with Mani Kant Mani and Justin Mario to launch the brand in 2024.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

The label targets women aged 17 to 27, focusing on trendy western wear and party outfits. Since its soft launch in February 2025, OUTZIDR has been selling through its own website and across major online fashion platforms like Myntra, AJIO, and Nykaa Fashion.

Currently operating out of Bengaluru with a lean team of 22, the brand follows a mixed manufacturing approach—working with around 30 partner factories in India along with a few international suppliers. Jain shared that a significant portion of the fresh capital will go into improving their design and operational frameworks, while the rest will help scale marketing, boost brand visibility, and manage inventory more effectively.

The company is eyeing an ambitious milestone: hitting an annual revenue run rate of INR 100 crore by the end of 2025.

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OUTZIDR finds itself in a competitive space, sharing the market with names like FS Life (formerly FableStreet) and Berrylush. With the D2C fashion segment undergoing a makeover—thanks to younger shoppers, new retail formats, and changing buying behaviors—OUTZIDR is positioning itself as a bold, youth-first brand ready to ride the wave of this evolution.

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Snack Giant Haldiram’s Unifies Delhi and Nagpur Arms into One Powerhouse—HSFPL to Lead Bold New FMCG Push

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Snack Giant Haldiram’s Unifies Delhi and Nagpur Arms into One Powerhouse—HSFPL to Lead Bold New FMCG Push

In a landmark move, two of the biggest branches of India’s iconic snack empire—Haldiram Snacks Private Limited (Delhi) and Haldiram Foods International Private Limited (Nagpur)—have merged their FMCG businesses to form a unified entity: Haldiram Snacks Food Private Limited (HSFPL).

The announcement came via LinkedIn from Krishan Kumar Chutani, CEO of Haldiram’s, who called it more than just a business merger. “It’s a fresh start,” he wrote, “a meaningful coming together of legacy, passion, and a shared vision for the future.”

This unification brings together decades of experience, innovation, and consumer trust under one banner—something that’s rarely been attempted in a legacy-led, family-rooted Indian business like Haldiram’s. For decades, the Delhi and Nagpur branches operated independently, each carving out their own regional and global footprints while sharing a common name and ethos.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

With this integration, HSFPL is now positioned to streamline operations, consolidate product lines, and expand faster—both in domestic and international markets. The merger is expected to create wider opportunities not just for the company’s workforce and partners but also for consumers eager for innovation without losing the traditional flavors they associate with the Haldiram name.

“For our people, it opens new doors. For our vendors and partners, it deepens relationships. And for our customers, it’s everything you already love—plus what’s coming next,” Chutani shared in his post.

While the finer details of the integration remain under wraps, industry insiders believe this move could give the newly formed HSFPL a stronger foothold in the competitive FMCG sector, particularly at a time when Indian snack brands are eyeing aggressive global expansion.

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From humble beginnings to now operating on shelves across the world, Haldiram’s has long been one of India’s most loved homegrown brands. This new chapter, as Chutani puts it, is about “honoring the past while building what’s next.”

The message is clear: the house of Haldiram isn’t just consolidating—it’s gearing up to go bigger.

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Yuvraj Singh Launches KOCA, a 14,000 Sq. Ft Culinary Playground in Gurugram—With Global Flavours, Vegan Options & Izumi Dubai Chefs on Board

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Yuvraj Singh Launches KOCA, a 14,000 Sq. Ft Culinary Playground in Gurugram—With Global Flavours, Vegan Options & Izumi Dubai Chefs on Board

After making waves on the cricket field, Yuvraj Singh is now ready to bat in a different league—hospitality. The former Indian cricketer has just launched his very first restaurant, KOCA, in the heart of Gurugram. And no, this isn’t just another celebrity vanity project—it’s personal.

Situated in the upscale Golf Avenue 42 on Golf Course Road, KOCA stretches across a generous 14,000 square feet, offering two distinct moods under one roof: refined dining for the quiet evenings and a buzzing, high-energy space for when the vibe calls for it.

The name KOCA might sound playfully Punjabi, but it actually stands for Kitchen of Celebratory Arts. “Food has always been close to my heart,” Yuvraj shares. “I didn’t want to be just another name behind the logo. I want people to actually enjoy what’s on their plates.”

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Yuvraj, who follows a vegan lifestyle, admits he often found himself scanning menus without finding many options. That frustration played a role in shaping KOCA’s approach. “Hazel and I have travelled a lot and we’ve had some amazing food experiences,” he says. “But even in the best places, it’s disappointing when dietary needs aren’t considered. I wanted to create a space where everyone feels included—without compromising on taste.”

KOCA’s menu draws inspiration from all corners of the globe—especially the places Yuvraj visited during his cricket career. The kitchen brings together Pan-Asian favourites, global small plates, and bold flavours, curated to be both familiar and exciting.

The opening team included chefs Megha Kohli and Noah Louis Barnes, but the current culinary torch is being carried by Prateek Jha and Adiba Jha, known for their work at Izumi in Dubai. Together, they’re aiming to build something that’s not just trendy—but truly memorable.

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With this debut, Yuvraj joins the growing list of cricketers-turned-restaurateurs like Virat Kohli, Shikhar Dhawan, and Suresh Raina—all of whom have turned their post-cricket innings into gastronomic ventures. But for Yuvraj, KOCA isn’t about cashing in on a trend—it’s about sharing a part of himself.

“It’s not just about how it looks or how famous the name is,” he says. “If the food doesn’t make you want to come back, then we’ve missed the point.”

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India’s Toy Industry Gears Up for $1 Billion Breakout as US Tariffs Hit China (54%) and Vietnam (46%)—Playgro’s Manu Gupta Eyes Global JV Surge

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India’s Toy Industry Gears Up for $1 Billion Breakout as US Tariffs Hit China (54%) and Vietnam (46%)—Playgro’s Manu Gupta Eyes Global JV Surge

With the United States slapping steep tariffs on toy imports from countries like China and Vietnam, Indian toy manufacturers see a golden window opening—and they’re not wasting any time. Domestic players are already ramping up production and partnering with global brands to fill the gap left by their higher-tariffed competitors, say industry insiders.

Unlike Vietnam, which now faces a hefty 46% import duty on toys entering the US, or China, burdened with a staggering 54%, India’s additional tariff stands at a relatively lower 26%. While not negligible, it’s giving Indian exporters a competitive edge in the world’s largest toy market.

The Underdog Advantage

“China alone ships around $80 billion worth of toys globally, while Vietnam is close to $6 billion. With these new tariffs, American buyers are suddenly taking a fresh look at India,” said Manu Gupta, CEO of Playgro Toys India. “We’ve got a real shot here, and international toy giants are actively scouting India to set up manufacturing bases.”

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

India’s toy exports have held steady between $326 million and $348 million over the past three years. While modest compared to the export volume of its Asian peers, industry leaders believe this could be the inflection point the sector has long awaited.

From Policy Push to Ground Reality

Gupta pointed out that it’s not just the central government fueling the momentum. Several states—Madhya Pradesh, Karnataka, Odisha, Haryana, and Bihar—are rolling out toy-sector-specific policies to woo investors. “What’s heartening is the level of coordination we’re seeing from both the centre and states. Everyone’s aligned on making India a serious player in this space,” he added.

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Major global brands in wooden and soft toys are reportedly in talks with Indian companies to explore joint ventures, hinting at a broader shift in manufacturing strategy among international firms.

Building on National Plans

Amitabh Kharbanda, promoter of Sunlord Group, believes that the recent Budget announcement of a National Action Plan for Toys is another boost. “It shows the government is thinking long-term. This isn’t just about tariffs—it’s about making India a global toy hub,” he said.

With the right mix of trade advantages, policy support, and foreign interest, the Indian toy industry is hoping to turn this moment into a movement. And if the current momentum holds, Indian-made toys might soon be filling a lot more shelves in American stores.

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Amul Set to Cross Rs 1 Lakh Crore in Revenue as Milk Demand Surges Across India

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Amul Set to Cross Rs 1 Lakh Crore in Revenue as Milk Demand Surges Across India

India’s beloved dairy brand, Amul, is heading toward a massive milestone: Rs 1 lakh crore in total revenue for the ongoing fiscal year, thanks to growing appetite for milk and dairy products nationwide.

The Gujarat Cooperative Milk Marketing Federation (GCMMF), which manages the Amul brand, expects to clock in Rs 75,000 crore in revenue alone. Add to that the Rs 25,000 crore expected from its 18 district-level milk unions that sell independently in their local markets, and the combined turnover of brand Amul is on track to hit the 1 lakh crore mark in FY 2025-26.

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“This year, we’re aiming for 14% growth,” said Jayen Mehta, Managing Director of GCMMF, in a recent conversation with PTI. “Demand is climbing steadily, and that’s across product lines.”

Year-on-Year Momentum

GCMMF’s own revenues rose 11% last year, reaching Rs 65,911 crore in FY 2024-25, up from Rs 59,250 crore the year before. The overall brand Amul—combining GCMMF and union sales—grew from Rs 80,000 crore in FY 2023-24 to around Rs 90,000 crore last year.

According to Mehta, Amul’s performance hasn’t just been driven by price hikes but by solid volume growth across categories—from milk and curd to butter, paneer, and ice cream. “It’s not just about more expensive milk; people are consuming more of it, and more frequently,” he noted.

Built on the Backs of Farmers

What makes Amul’s story even more remarkable is that it’s entirely farmer-owned. GCMMF represents 36 lakh dairy farmers spread across 18,600 villages in Gujarat. Every day, its 18 member unions collectively procure over 350 lakh litres of milk—making it the largest farmer-run dairy cooperative in the world.

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With strong rural roots and growing urban demand, Amul’s growth shows no signs of slowing down. If anything, it’s only picking up pace.

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