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India’s Gold demand surges to 50 times production in 2023

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Ashutosh Dubey
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India's Gold demand surges to 50 times production in 2023

India’s gold production in 2023 was 15.1 tonnes, while demand for gold was 747 tonnes, 50 times more than the supply, according to a report released by the UK-based The Gold Bullion Company.

India’s Gold demand reaches 747 tonnes

With a population of over a billion, India has a substantial demand for gold, amounting to more than 747 tonnes in 2023, made up of jewelry and gold bar demand. This works out to roughly 0.52 grams per person.

Continue Exploring: NCLAT rejects INR 3.7 Cr insolvency petition against Amazon Wholesale

Meanwhile, Turkey follows behind in second place, with mine production in 2023 standing at 36.5 tonnes, which is six times lower than the demand of 201.6 tonnes. Gold demand in Turkey has also been rising, going from 1.13 grams per person in 2021 to 1.43 grams in 2022 and 2.34 grams in 2023. China rounds out the top three, with a yearly gold demand of 909.7 tonnes. Although the mine production figure is the highest seen in all 10 countries, it still falls short of the demand by two times.

Sustainable metal production lead to long-term cost efficiency- MD

Following the surge in demand, Rick Kanda, Managing Director of The Gold Bullion Company said, “Sustainable metal production is vital for environmental, economic, and social reasons. Environmentally, it helps conserve finite resources, reduces energy consumption, and minimises pollution, mitigating climate change and protecting ecosystems.”

Continue Exploring: PhonePe’s Pincode pilots 20-minute quick delivery service, challenges Zepto, Blinkit

He added, “Economically, sustainable practices lead to long-term cost efficiency, cater to the growing market demand for eco-friendly products, and ensure compliance with stringent environmental regulations. Socially, these practices protect community health by reducing pollution and upholding ethical labour standards, providing fair wages and safe working conditions.”

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Reliance Consumer boosts distributor margins following Cola market disruption

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Ashutosh Dubey
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Reliance Consumer boosts distributor margins following Cola market disruption

Reliance Consumer Products (RCPL) is offering higher margins to its distributors and trade partners to incentivize them to stock up and promote its portfolio of groceries and daily essentials.

RCPL offers 6-8% margin, twice industry average

The company is providing margins of 6-8%, which is nearly twice the industry average of 3-5%. This move is part of RCPL’s strategy to disrupt the market and gain a competitive edge.

Continue Exploring: Curefood goes global, opens Sharief Bhai outlet in Dubai

Notably, large consumer goods firms such as Britannia, Hindustan Unilever, Reckitt, Coca-Cola, Parle, and Nestle typically offer margins of between 3% and 5% to distributors and trade. RCPL’s higher margins are aimed at encouraging its trade partners to push its products, which include edible oils, staples, and pulses under its Independence brand, as well as Glimmer beauty soaps, Puric hygiene soaps, Alan Bugles snacks, and Snactac biscuits.

“Reliance Consumer Products is replicating the strategy it began with (cola brand) Campa to all categories it is present in… it is a disruptive strategy and works to incentivise the supply chain, more so for new entrants,” said an executive with direct knowledge of the matter to ET. “The company is offering these trade margins starting with smaller markets and plans to scale up distribution in metros over the coming quarters.”

RCPL products prices are 20-40% cheaper than rivals

However, the trade-level disruption is on top of the pricing strategy that the company is following. Almost all RCPL brands are priced 20-40% cheaper than rivals, setting the stage for a price war in the near term.

Continue Exploring: PhonePe’s Pincode pilots 20-minute quick delivery service, challenges Zepto, Blinkit

“After Reliance’s play in FMCG goes national, margins for the industry in general are bound to increase. Almost all daily essentials categories, from soap and biscuits to staples, are seeing heightened competition from regional players, so terms of trade become even more crucial, which all large category players want to protect,” said another executive at a large distributor platform.

Meanwhile, Coca-Cola and PepsiCo are offering bigger trade promotions in some areas to counter Campa’s lower prices, according to an executive. RCPL sells Campa for INR 10 per 200 ml bottle, while Coca-Cola and PepsiCo sell 250 ml bottles for INR 20. RCPL focuses on higher margins in general trade channels like neighborhood kirana stores, which make up 85-90% of sales in tier-2 and smaller markets. For now, Mukesh Ambani’s consumer business has a limited presence on quick-commerce platforms.

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Quick commerce delivery workers ‘out-earn’ food delivery counterparts

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Ashutosh Dubey
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Quick commerce delivery workers ‘out-earn’ food delivery counterparts

Delivery executives working for quick-commerce platforms earn more than those delivering food, revealed a recent report .

Morgan Stanley states Q-comm delivery man earn INR 21,402

This reflects the rapid growth of quick commerce, which is transforming consumer buying behavior and benefiting gig workers. According to a report by Morgan Stanley, delivery partners in quick commerce earn a net income of INR 21,402 a month, compared to INR 18,595 for their food-delivery counterparts.

Continue Exploring: PhonePe’s Pincode pilots 20-minute quick delivery service, challenges Zepto, Blinkit

The report also states that a quick-commerce delivery partner completes 533 orders per month, nearly 30% more than the 411 orders for food delivery. “In terms of cost structure, quick commerce’s costs are better than food delivery due to its lower last-mile cost. This is partially offset by other costs pertaining to mid-mile, partner commission for running franchisee stores and lease costs for renting out warehouses and dark stores,” the report published on November 13 said.

Faster turnaround helps Q-comm delivery man

According to Zomato‘s latest shareholder letter, its quick commerce arm Blinkit had 127,000 monthly active delivery partners on average in the quarter ended September 30. The average delivery time for a quick commerce order is 10-15 minutes, compared to 30-40 minutes for food delivery.

Continue Exploring: CCI approves Google’s Alphabet acquiring stake in Flipkart

This faster turnaround helps quick commerce delivery partners to do more deliveries per hour. In quick commerce, the delivery distance per order ranges from 2 km to 3 km, compared with 5-7 km for food delivery.

“The last mile delivery architecture is simpler for quick commerce (one to many) than for food delivery (many to many), which makes it possible for a higher number of deliveries per hour for quick commerce,” the report said. 

Meanwhile, the quick commerce market in India is expected to be worth $42-55 billion by 2030, as per the report. The sector is seeing increased competition, with players like Blinkit, Swiggy Instamart, and Zepto facing new entrants such as Flipkart, Tata Group, and Amazon. 

Rivalry among the top three has escalated as they aggressively expand their dark store networks. Blinkit opened 152 new dark stores in the second quarter, bringing its total to 791 as of September 30. According to ET, more than 1 billion of kirana sales are expected to move to quick commerce in 2024, as per e-commerce consultancy Datum Intelligence.

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Curefood goes global, opens Sharief Bhai outlet in Dubai

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Ashutosh Dubey
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Curefood goes global, opens Sharief Bhai outlet in Dubai

Curefoods has expanded its brand globally by opening its first Sharief Bhai outlet in Dubai, UAE.

Curefood to serve handcrafted Dakhni flavors from Deccan

Located in the iconic BurJuman Mall, Sharief Bhai aims to introduce Dubai’s diverse community to authentic Dakhni cuisine. The brand is celebrated for its unique, handcrafted Dakhni flavors that capture the essence of India’s Deccan region.

Continue Exploring: Bikaji Foods International extends funding period to three months for US subsidiary

From biryanis infused with signature spices to succulent kebabs, every dish is crafted to bring the homely, aromatic warmth of Dakhni food to the table. This Dubai opening marks a significant milestone, reflecting Curefoods’ commitment to sharing Indian culinary traditions on a global stage.

Sharief Bhai to bring Indian flavors globally – Founder, Curefoods

Meanwhile, Ankit Nagori, founder of Curefoods, said, “Dubai is an incredibly dynamic city with a cosmopolitan food culture, and we are thrilled to introduce the authentic taste of Dakhni cuisine to the UAE. Sharief Bhai’s expansion to Dubai represents a major step forward in our journey to bring the heart of Indian flavors to the world. We’re excited to see how Dubai’s diverse community embraces our flavors and becomes a part of our story.”

Continue Exploring: Health Minister Rane announces revamped hygiene rating for Goa’s eateries

Dubai’s vibrant food culture, known for its international cuisines, makes it a perfect launchpad for Sharief Bhai’s signature dishes. Each recipe is curated from age-old family secrets, ensuring that every dish served resonates with the warmth of home-cooked meals. The BurJuman Mall, one of Dubai’s top retail and leisure destinations, offers a unique ambiance inspired by the heritage of Dakhni culture, giving patrons an immersive dining experience.

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NCLAT rejects INR 3.7 Cr insolvency petition against Amazon Wholesale

By
Ashutosh Dubey
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NCLAT rejects INR 3.7 Cr insolvency petition against Amazon Wholesale

The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea seeking to initiate insolvency proceedings against Amazon Wholesale (India). 

This decision comes after Multiplier Brand Solutions, a vendor, filed a petition alleging Amazon defaulted on payments of INR 3.7 Cr for eight invoices raised between March 2023 and May 2023.

Continue Exploring: CCI approves Google’s Alphabet acquiring stake in Flipkart

Amazon accused by brands of unpaid services

Multiplier Brand Solutions claimed that Amazon failed to pay for services provided under a “novation and substitution agreement” signed in 2021. However, Amazon disputed the amount, citing allegations of fake data submitted by the firm for a separate project. The NCLAT upheld the previous order passed by the National Company Law Tribunal (NCLT), which also dismissed the plea, stating that the claim was “disputed much before demand notice was issued”.

Further, the Appellate Tribunal stated, “The adjudicating authority (NCLT) has not committed any error in refusing to initiate CIRP (Corporate Insolvency Resolution Process), there being (a) pre-existing dispute which is reflected with the correspondence which took place between the parties much prior to issuance of demand notice.” This decision brings relief to Amazon, which has been facing heavy regulatory scrutiny in India lately.

Continue Exploring: Tata Cliq reports 42% sales drop to INR 247 Cr, attributes decline to exit from electronics

Amazon Wholesale India narrows loss to INR 344.7 Cr

Notably, Amazon Wholesale (India) is the B2B arm of the ecommerce major, supplying products from various brands in bulk to third-party vendors. The B2B vertical narrowed its loss by 34% to INR 344.7 Cr in the financial year 2023-24 (FY24) from INR 615.7 Cr in the previous year. Revenue from operations declined 0.6% to INR 3,576.7 Cr during the fiscal year under review from INR 3,600.5 Cr in FY23.

Earlier in September, the Competition Commission of India (CCI) found Amazon, along with Flipkart, guilty of flouting competition laws by giving preference to certain sellers on its platform. The Enforcement Directorate (ED) also conducted raids at multiple sellers linked to Amazon India for violating foreign exchange laws.

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CCI gives nod to Temasek investment in Rebel Foods

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Ashutosh Dubey
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CCI gives nod to Temasek investment in Rebel Foods

The Competition Commission of India (CCI) has given the nod for Temasek, through its wholly-owned subsidiary Jongsong Investments, to acquire a stake in Rebel Foods.

Temasek subsidiary Jongsong Investments acquires stake

In a statement, the competition watchdog said that the companies proposed Jongsong subscribing to compulsorily convertible preference shares of Rebel Foods and acquiring equity shares of the cloud kitchen unicorn.

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“CCI approves the proposed acquisition of shares in Rebel Foods Private Limited by Jongsong Investments Pte. Ltd,” the regulatory watchdog said in a statement.

Earlier this year, reports said that Temasek was looking to acquire a significant stake in Rebel Foods via a mix of primary equity infusion and secondary share sale. Notably, Rebel Foods is mulling a public listing within the next 12-18 months. 

Early investors to bail out from Rebel Foods

Before that, early investors including Coatue Management, Lightbox, and Peak XV Partners are said to be looking for partial exits. Their combined 20-25% stake is expected to be acquired by Jongsong Investments for approximately $180-200 Mn. Following the transaction, Temasek will emerge as Rebel Foods’ largest shareholder.

Continue Exploring: Tata Cliq reports 42% sales drop to INR 247 Cr, attributes decline to exit from electronics

Currently, the startup’s founders hold a 12% stake in it, while Qatar Investment Authority owns about 10%. Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods operates multiple quick-service restaurant (QSR) brands such as Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee, and Wendy’s. The startup primarily generates revenue through the sale of food items via its own cloud kitchens and third-party kitchens.

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PhonePe’s Pincode pilots 20-minute quick delivery service, challenges Zepto, Blinkit

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Ashutosh Dubey
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PhonePe's Pincode pilots 20-minute quick delivery service, challenges Zepto, Blinkit |credit:Money Control|

PhonePe‘s Pincode has entered the quick commerce space, piloting a quick delivery service in parts of Bengaluru, Delhi NCR, Mumbai, Pune, Hyderabad, and Varanasi. The ecommerce app delivers groceries and other products in 10-20 minutes.

Pincode works on marketplace model

According to INC42, the products will be delivered by Pincode’s delivery executives, and delivery partners of logistics companies such as Shadowfax and Loadshare. Unlike most quick commerce players, Pincode doesn’t have a dark store model. Instead, it has a marketplace model, under which it brings together neighbourhood kirana stores and buyers on its platform.

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“We figured delivery from a neighborhood kirana store or a supermarket within 20 minutes can be done without setting up dark stores and that is what we are doing,” one of the sources said.

This model eliminates the need for costly inventory storage or warehouse management, and Pincode believes that this asset-light approach can benefit both retailers and customers. In the pilot stage, customers can get groceries, personal care products, sports equipment, among others in 10-20 minutes.

Phonepe introduces Pincode to deliver in Bengaluru in 2023

In April 2023, PhonePe initially launched Pincode app in Bengaluru to sell groceries, apparel, food and technology products on the Open Network for Digital Commerce (ONDC) platform. Back then, Pincode was primarily a buyer-side app. However, since last quarter, the startup has moved away from the ONDC network as it began developing its own marketplace.

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With the entry into the quick commerce space, Pincode will take on the likes of Blinkit, Swiggy Instamart, Zepto, and Big Basket. The development comes at a time when major players in the quick commerce space are firming up their expansion plans. To fuel this expansion, Zepto has raised over $1.3 Bn across three funding rounds in 2024 so far.

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CCI approves Google’s Alphabet acquiring stake in Flipkart

By
Ashutosh Dubey
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CCI approves Google's Alphabet acquiring stake in Flipkart

The Competition Commission of India (CCI) has given the green light for Google parent company Alphabet to acquire a stake in ecommerce giant Flipkart.

Flipkart Deal comprise acquisition of minority investment

The watchdog stated that the proposed deal comprises the acquisition of a “minority, non-controlling investment” in Flipkart through subscription of shares. Additionally, the transaction will involve an arrangement between an affiliate of Google and a subsidiary of Flipkart for the “provision of additional cloud services”.

Continue Exploring: Tata Cliq reports 42% sales drop to INR 247 Cr, attributes decline to exit from electronics

This development comes six months after Flipkart announced that it had added Google to its cap table as a minority investor as part of a larger round led by its parent and retail giant Walmart. The deal was contingent on regulatory approvals and terms that both parties needed to agree upon. Flipkart raised a massive $1 Bn round earlier this year, with Walmart committing $600 Mn and Google reportedly contributing $350 Mn.

Alphabet raises premium to 5%-10%

Reportedly, the capital was raised at a 5%-10% premium to Flipkart’s last reported valuation of $33 Bn during the previous fundraise. Flipkart’s marketplace entity also received an infusion of INR 1,421 Cr from its Singapore parent in April 2024, which was preceded by another INR 924 Cr infusion earlier this year.

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Meanwhile, the approval comes at a time when Flipkart has been on an expansion spree. Earlier this year, it forayed into the quick commerce segment with the launch of ‘Flipkart Minutes’ and has plans to rapidly scale up the offering. However, the company has also been facing renewed regulatory scrutiny. 

In September this year, the CCI found Flipkart, along with Amazon, guilty of flouting antitrust rules by giving preference to certain sellers.

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Tata Cliq reports 42% sales drop to INR 247 Cr, attributes decline to exit from electronics

By
Ashutosh Dubey
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0
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Tata Cliq reports 42% sales drop to INR 247 Cr, attributes decline to exit from electronics

Tata Cliq, the ecommerce platform of the Tata Group, has seen its sales drop for the second consecutive year.

Tata UniStore registers INR 430 Cr loss in FY23

According to its latest filing with the Registrar of Companies (RoC), Tata UniStore, which owns and runs Tata Cliq, reported a 42% drop in sales to INR 247 crore in fiscal 2024 from INR 430 crore in FY23. The company’s sales have been under pressure since it exited the electronics category.

Continue Exploring: Meesho introduces voice bot Gen AI, expects 20% cost reduction

Meanwhile, the company attributed the drop in revenue to the exit from the electronics category. However, it narrowed its net loss to INR 391 crore in FY24 from INR 874 crore in FY23 and INR 750 crore in FY22. The company did not attribute any reason for this improvement in its filing.

Further, Tata UniStore said in its filing that while profitability has improved during FY24, revenue in FY24 was not comparable with FY23 as the previous year had revenue from the electronics business that it exited in early part of FY23. The exit of electronics was part of the transfer of the electronics category exclusively to the group’s super app, Tata Neu, so that it would scale up rapidly.

“With aggressive growth targets for future years, the company plans to continue to improve its contribution margins and further strengthen its position as a leading omnichannel multi-brand e-retail player in India,” Tata UniStore said in the filing. The company said it took significant steps to grow its platforms, have stronger partnerships with brands and strong association with Tata Neu.

“Tata UniStore improving loss trajectory masks a concerning reality — its revenue has collapsed by 42% last fiscal suggesting the turnaround comes from retreating rather than recovering,” said Mohit Yadav, an analyst and founder at business intelligence firm AltInfo.

Continue Exploring: CEO Deepinder Goyal’s net worth surpasses INR 10,100 Cr; holds 4.18% stake in Zomato

Tata UniStore sees equity in minus, borrowings surges 12X 

With a negative equity of INR 183 crore and a 12-fold jump in borrowings to INR 517 crore, the ecommerce venture appears to be in strategic limbo, raising questions about its future in India’s hyper-competitive digital retail space, he concluded.

In the last week, Tata Cliq rebranded itself as Tata Cliq Fashion. It shifted from being a marketplace that sold everything to focusing on fashion and lifestyle products like apparel, footwear, watches, accessories, beauty items, gadgets, and home goods. In a regulatory filing, the company mentioned that it launched the Tata Cliq Palette app nationally last fiscal year and opened two beauty retail stores named Tata Cliq Palette in Navi Mumbai and Pune. They aim to grow their platform by focusing on personalized beauty.

“The company continues to focus on being a strong partner to all brands by helping them leverage their existing retail footprint to offer customers a unique and differentiated omnichannel experience,” it said.

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Meesho introduces voice bot Gen AI, expects 20% cost reduction

By
Ashutosh Dubey
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Meesho introduces voice bot Gen AI, expects 20% cost reduction

Meesho, an e-commerce platform, has announced the launch of a multilingual Gen AI-powered voice bot to enhance its customer support on Tuesday, November 26.

Meesho’s Gen AI supports Hindi, English for now

The bot, which was launched a month ago, integrates emotion recognition, human-like interactions, and language transitions. Currently, it supports Hindi and English, with plans to expand to additional languages in the future.

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Reportedly, the voice bot has already shown promising results, with a 10% higher Customer Satisfaction (CSAT) score and a 95% resolution rate. It is currently handling 60,000 customer calls per day in post-order experience, which accounts for less than 50% of the total calls Meesho receives. However, the company plans to scale the bot to manage all post-order queries within a year.

Meesho’s AI reduces per-call costs by 25%

According to Sanjeev Barnwal, Co-founder and CTO of Meesho, the voice bot has also helped reduce per-call costs by 25% compared to human-operated calls. He anticipates a further cost reduction to 15-20% in the future. Despite the automation, Barnwal assured that there would be no layoffs in the customer executive division. Instead, Meesho is upskilling its employees to handle more complex calls.

Continue Exploring: Flipkart’s Ekart achieves 8x growth in three years, boosts monetization efforts

Meanwhile, the launch of the voice bot is part of Meesho’s efforts to enhance its customer support and improve overall customer experience. With its ability to recognize emotions and provide human-like interactions, the bot is well-equipped to handle customer queries and concerns. As Meesho continues to scale the bot’s capabilities, it is likely to have a positive impact on the company’s customer satisfaction scores and overall business operations.

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