Sunday, December 21, 2025
Home Blog Page 207

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

By
Ashutosh Dubey
-
0
Image of bikaji
Bikaji Foods International extends funding period to three months for US subsidiary

Bikaji Foods International Limited has extended its investment timeline for its US-based subsidiary, Bikaji Foods International USA Corp.

Bikaji investment involves 50,000 stocks 

The company will now have an additional three months to complete an investment of up to $500,000 in the subsidiary. The investment involves subscribing to 50,000 common stocks at $10 each and was approved by the Board of Directors on July 24, 2024.

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

Notably, the subsidiary, incorporated on July 10, 2023, in New Jersey, aims to strengthen the company’s distribution network in the United States. As per the company’s disclosure, Bikaji USA has reported a turnover of $1,096,593 for the previous fiscal year that ended March 31, 2024, with a net loss of $70,130.51. The subsidiary is focused on trading food items and remains 100 per cent owned by Bikaji Foods International.

Bikaji eyes to expand in FMCG

Further, the firm’s promoters, Deepak Agarwal and Shweta Agarwal, are also directors of the US subsidiary. The investment is being made on an arm’s length basis and aligns with the company’s strategic expansion in the fast moving consumer goods (FMCG) sector.

Continue Exploring: Flipkart co-founder Binny Bansal leaves PhonePe, complete exit from Walmart ecosystem 

Reportedly, the extension of the investment timeline will provide the company with more time to complete the investment and strengthen its presence in the US market.

Advertisement

Swiggy enters sports, acquires Mumbai team in upcoming World Pickleball League

By
Shweta
-
0
Swiggy Sports
Swiggy ventures into sports & entertainment with ownership and operations plans

Swiggy Ltd, an online food delivery company, has acquired ownership of the Mumbai team in the World Pickleball League (WPBL).

WPBL takes place in January next year

The WPBL is India’s first global franchise-based pickleball league, co-founded by former Indian tennis stars Gaurav Natekar and Arati Ponnappa Natekar. The inaugural season will take place from January 24 to February 2, 2025, in Mumbai.

Continue Exploring: FM Nirmala Sitharaman: Quick Commerce to Enhance India’s Global Innovative Image

Pickleball, a fast-growing sport globally, has gained popularity for its accessibility and appeal across age groups. This acquisition underscores Swiggy’s strategy to connect with consumers innovatively.

We fit right into this scenario – Rohit Kapoor, CEO of Swiggy

Meanwhile, Rohit Kapoor, CEO of Swiggy Food Marketplace, noted, “Pickleball is fun and easy for most people. Imagine food stalls, a happy game, and families coming together for a great weekend. We fit right into this scenario and deliver joy as always.”

Continue Exploring: Zomato enters into BSE’s flagship index, joins ranks of Reliance, Infosys

Further, Swiggy’s Mumbai franchise is the second team announced, following Chennai’s team owned by actress Samantha Ruth Prabhu. Hosting the league’s first edition in Mumbai offers Swiggy’s team an opportunity to shine on its home turf. 

“We believe WPBL can become one of India’s most popular leagues in 3-5 years. Having Swiggy on board validates the league’s growing resonance with the masses,” commented Gaurav Natekar, WPBL’s co-founder.

With six teams vying for the championship, the league guarantees an exciting experience for fans. The WPBL’s format aims to blend high-energy sports with a vibrant lifestyle experience, uniting communities through their love for pickleball.

Advertisement

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

By
Ashutosh Dubey
-
0
Image of Reid & Taylor
Reid & Taylor launches e-commerce site, targets additional sales on Myntra

Reid & Taylor Apparel, a men’s ready-to-wear fashion brand, has launched its e-commerce website, reidandtaylor.in. The website allows customers to shop for a variety of menswear, including shirts, polos, suits, trousers, chinos, and accessories. 

The brand will also be available on the fashion e-commerce platform Myntra, starting from Friday midnight.

Continue Exploring: Zomato enters into BSE’s flagship index, joins ranks of Reliance, Infosys

CEO shares post on social media

“Today we have inaugurated our online business of Reid & Taylor Apparel. Now for all the men on the mission in India, we are just a few clicks away,” wrote Subrata Siddhanta, CEO – apparel and retail at Reid & Taylor in a LinkedIn post while sharing pictures of the website launch.

Established in the 1830s by Scottish entrepreneur Alexander Reid, Reid & Taylor was with financial backing from Joseph Taylor. The brand entered India in 1998 through S. Kumars Nationwide Ltd. (SKNL) and became a household name for its luxury fabrics and tailored menswear.

Continue Exploring: Zepto CEO claims quick commerce will create more jobs than Railways

Reid & Taylor signs Vicky Kaushal as brand ambassador

Recently, the company onboarded Bollywood actor Vicky Kaushal as its brand ambassador to connect with a younger consumer base.

The brand has been expanding its offline presence by launching stores. Seven stores were launched in Mumbai in April alone. Reid & Taylor aims to have 40 stores operational across India by the end of the financial year 2025.

Advertisement

Flipkart co-founder Binny Bansal leaves PhonePe, complete exit from Walmart ecosystem 

By
Ashutosh Dubey
-
0
Image of binny bansal
Flipkart co-founder Binny Bansal leaves PhonePe, complete exit from Walmart ecosystem 

Flipkart co-founder Binny Bansal has resigned from the board of directors of PhonePe, a digital payments company. 

Binny Bansal holds 1% stake in PhonePe

This move marks his complete exit from the Walmart-backed ecosystem. Bansal had been on PhonePe’s board since Flipkart acquired the fintech startup in 2016. He still owns approximately 1% of the company.

Continue Exploring: Tata CLiQ rebrands as Tata CLiQ Fashion, shifts focus to fashion and lifestyle

According to ET, PhonePe CEO Sameer Nigam said, “Binny has been one of PhonePe’s earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions.” Bansal’s resignation comes just months after he left Flipkart’s board in January 2024, where he sold his remaining stake in the e-commerce giant.

PhonePe appoints Manish Sabharwal, founder of TeamLease

Meanwhile, PhonePe has appointed Manish Sabharwal, founder of TeamLease Services, as its new independent director and audit committee chair. Sabharwal, who previously served on the Reserve Bank of India‘s board, will oversee the company’s financial reporting and risk management processes. The board restructuring comes at a time when PhonePe is reportedly preparing for an initial public offering (IPO).

Continue Exploring: Flipkart appoints Walmart executive Dan Bartlett to Its Board of Directors

Further, PhonePe continues to lead India’s digital payments space with nearly 50% market share in UPI transactions. The company has recently expanded beyond payments into financial services, including insurance and lending. It has also launched new ventures such as the Pincode and Indus App Store. 

Bansal’s exit from PhonePe’s board marks the end of an era for the company, which was acquired by Flipkart in 2016.

Advertisement

FM Nirmala Sitharaman: quick commerce to enhance India’s innovative image globally

By
Ashutosh Dubey
-
0
Image of nirmala sitharaman
FM Nirmala Sitharaman: Quick Commerce to Enhance India's Global Innovative Image

Finance Minister Nirmala Sitharaman believes that the success of quick commerce startups can boost India’s global reputation as a hub for innovative solutions. She described quick commerce as a “one-of-a-kind innovation” unique to India.

Q-commerce are one of an innovation that only India has – FM

“India’s businesses, particularly the startups, especially the quick commerce for instance are truly one of a kind innovation that only India has,” she said in an event.

Continue Exploring: Honasa Consumer’s shares plummet amid distributor row, loses ‘Unicorn’ status

Reportedly, Sitharaman urged startups in the segment to leverage their solutions internationally, positioning the country as a destination for modern and scalable innovations. However, she also acknowledged the challenges quick commerce platforms pose to traditional kirana stores. “… that’s not to say the brick-and-mortar retail is not doing fine, they are being challenged, I recognise that,” she said.

Meanwhile, she stressed the need for a balanced approach. “We need to handhold and support our brick-and-mortar retail. No doubt. But use this to brand India as a destination of innovative solutions to modern, urban needs. This will serve as an incentive to scale up internationally,” she added.

Continue Exploring: Zepto raises $350 Mn from Sachin Tendulkar, Amitabh Bachchan led by Motilal Oswal

AICPD alleges q-commerce violating competition laws

The quick commerce segment has seen rapid growth in popularity over the last few years. However, there have been demands to keep a check on the segment. The All India Consumer Products Distributors Federation alleged that quick commerce players are creating an uneven playing field. Veteran banker Uday Kotak said that quick commerce has succeeded only in India, posing a challenge to retailers.

Amidst the competition, companies are launching new features to stay ahead. Myntra is piloting a 30-minute to 2-hour delivery feature. Flipkart has launched its Flipkart Minutes product, offering 8-16 minute deliveries in select cities. 

Further, Amazon India is also planning to launch a similar service early next year.

Advertisement

Zomato enters into BSE’s flagship index, joins ranks of Reliance, Infosys

By
Ashutosh Dubey
-
0
Image of zomato and BSE
Zomato enters into BSE’s flagship index, joins ranks of Reliance, Infosys

The Bombay Stock Exchange (BSE) has announced that it will add Zomato, the foodtech major, to its flagship BSE Sensex index, replacing JSW Steel, effective December 23.

BSE index comprise of 30 financially sound firms 

This development makes Zomato the first new-age tech startup to feature in the benchmark index. The BSE Sensex serves as both a benchmark and an investable index, comprising 30 large, well-established, and financially sound companies across key sectors.

Continue Exploring: Zepto CEO claims quick commerce will create more jobs than Railways

The addition of Zomato to the Sensex is expected to bring in fund inflows into the stock as passive funds that track the index will allocate capital to the stock. With this addition, Zomato will join the ranks of established companies like Reliance Industries, Infosys, HDFC Bank, and Hindustan Unilever, among others. 

Further the BSE has also announced that PB Fintech will be added to the BSE Sensex Next 50 and BSE 100 indices. Additionally, Zomato, along with Jio Financial Services, will be added to the BSE Sensex 50 index.

NSE adds Zommato to F&O list

Earlier this month, the National Stock Exchange (NSE) added Zomato to the futures and options (F&O) stocks list. Other new-age tech stocks like Delhivery, Jio Financial Services, Paytm, Nykaa, and PB Fintech were also added to the segment. Zomato has been witnessing strong growth in its top and bottom lines.

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

Meanwhile, the company reported a net profit of INR 176 crore in the second quarter of the ongoing fiscal year, up over 4 times from the year-ago period. Operating revenue also zoomed 68.5% to INR 4,799 crore during the quarter.

Previously, the company acquired the entertainment ticketing business of Paytm for INR 2,048 crore earlier this year to further shore up its revenue. However, this resulted in the company’s cash reserves declining to INR 1,726 crore at the end of September 2024 quarter. 

To further strengthen its balance sheet, Zomato is looking to raise INR 8,500 crore via qualified institutional placement (QIP) in December. A part of the freshly raised capital is likely to be used for scaling up the ‘going out’ or District vertical and expanding the presence of Blinkit amid the rising competition in the quick commerce segment. 

Shares of Zomato ended Friday’s trading session 0.97% lower at INR 264.15 on the BSE. The stock has given 130% return year to date.

Advertisement

Zepto CEO claims quick commerce will create more jobs than Railways

By
Ashutosh Dubey
-
0
Image of zepto ceo
Zepto CEO claims quick commerce will create more jobs than RailwaysZepto CEO Aadit Palicha has made a bold claim that the quick commerce segment is poised to generate more jobs than what Indian Railways will create in the next two to three years. Quick commerce to bring significant tax revenueThis statement comes in response to concerns that quick commerce platforms are hurting traditional kirana stores.Continue Exploring: Myntra rolls out 30-Minute to 2-Hour Delivery amid quick commerce competitionAccording to a report by Moneycontrol, Palicha said that the quick commerce ecosystem is actually creating jobs and will bring in significant tax revenue for the country. He argued that the segment is well-positioned to create a large number of jobs, surpassing even the Indian Railways. Aadit Palicha addresses claims by CAITPalicha also addressed allegations by the Confederation of All India Traders (CAIT) that quick commerce players were "killing" local mom and pop stores."The same Datum Intelligence report that CAIT quoted to try and prove that we are hurting kirana stores also shows $46 billion in added grocery and household essentials consumption between FY23 and FY24. Quick commerce was less than $5 billion in FY24. So if the incremental consumption growth was $46 billion but QC is only $5 billion, then where did the remaining $41 billion go? It went mostly to the kirana store! Their own data shows that it’s impossible for quick commerce to have caused kirana stores to shrink," Palicha explained.Continue Exploring: Flipkart appoints Walmart executive Dan Bartlett to Its Board of DirectorsFurther, Palicha also rubbished concerns that Zepto was indulging in predatory pricing, claiming that only 0.2% of the units sold on the Zepto platform were below the cost price of the manufacturer in FY24. He argued that the platform's approach to cutting out middlemen was yielding cost benefits to end consumers, which was deflationary for the Indian consumer.Meanwhile, Zepto's CEO comments come at a time when India's quick commerce space is witnessing heightened competition, with players like Blinkit, Swiggy Instamart, and Flipkart Minutes vying for market share.

Zepto CEO Aadit Palicha has made a bold claim that the quick commerce segment is poised to generate more jobs than what Indian Railways will create in the next two to three years.

Quick commerce to bring significant tax revenue

This statement comes in response to concerns that quick commerce platforms are hurting traditional kirana stores.

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

According to a report by Moneycontrol, Palicha said that the quick commerce ecosystem is actually creating jobs and will bring in significant tax revenue for the country. He argued that the segment is well-positioned to create a large number of jobs, surpassing even the Indian Railways. 

Aadit Palicha addresses claims by CAIT

Palicha also addressed allegations by the Confederation of All India Traders (CAIT) that quick commerce players were “killing” local mom and pop stores.

“The same Datum Intelligence report that CAIT quoted to try and prove that we are hurting kirana stores also shows $46 billion in added grocery and household essentials consumption between FY23 and FY24. Quick commerce was less than $5 billion in FY24. So if the incremental consumption growth was $46 billion but QC is only $5 billion, then where did the remaining $41 billion go? It went mostly to the kirana store! Their own data shows that it’s impossible for quick commerce to have caused kirana stores to shrink,” Palicha explained.

Continue Exploring: Flipkart appoints Walmart executive Dan Bartlett to Its Board of Directors

Further, Palicha also rubbished concerns that Zepto was indulging in predatory pricing, claiming that only 0.2% of the units sold on the Zepto platform were below the cost price of the manufacturer in FY24. He argued that the platform’s approach to cutting out middlemen was yielding cost benefits to end consumers, which was deflationary for the Indian consumer. 

Meanwhile, Zepto’s CEO comments come at a time when India’s quick commerce space is witnessing heightened competition, with players like Blinkit, Swiggy Instamart, and Flipkart Minutes vying for market share.

Advertisement

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

By
Ashutosh Dubey
-
0
Image of myntra
Myntra rolls out 30-Minute to 2-Hour Delivery amid quick commerce competition

Myntra, the fashion e-commerce platform, has launched a new 30-minute to 2-hour delivery feature called “M-Now” in select areas of Bengaluru. 

This move is part of the company’s efforts to enhance its customer proposition and offer faster delivery options.

Look at expanding it further based on insights – Myntra

According to INC42, a spokesperson of Myntra told, “At Myntra, we are always looking for ways to sharpen our customer proposition. We launched M-Express earlier, towards enhancing the customer-experience with regard to speed and have been experimenting with a pilot for faster delivery in a select few pincodes.” The spokesperson added, “We will look at expanding it further based on the insights gained, before launching it formally.”

Continue Exploring: E-commerce platforms transforms consumer buying patterns in metro cities – NielsenIQ

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.

Myntra launches ‘M-Express’ service in 2022

However, the fashion tech giant has been continuously working to reduce its delivery time. In 2022, the company launched its ‘M-Express’ service, which aimed to deliver products within 24-48 hours in select cities. The ecommerce company claimed that its marketplace entity has turned EBITDA positive “since the last quarter (Q4) of calendar year 2023”.

Continue Exploring: Uniqlo India targets INR 1,000-Cr sales mark in FY25, experiences 30% growth

Further, the Flipkart-owned fashion ecommerce platform saw its net loss jump more than 30% year-on-year (YoY) to INR 782.4 Cr in the financial year 2022-23 (FY23). Operating revenue grew 25% to INR 4,375.3 Cr in FY23 from INR 3,501.2 Cr in FY22.

Notably, Myntra is currently tapping the Tier II & III cities, which accounts for 40% of the international brand orders for the company. To keep up with the trend, Flipkart recently launched its quick commerce service ‘Minutes’ for users in Delhi and Bengaluru. The service allows users to order groceries, electronics, smartphones, and other products within 8-16 minutes.

Advertisement

Flipkart appoints Walmart executive Dan Bartlett to Its Board of Directors

By
Ashutosh Dubey
-
0
Image of walmart & flipkart
Flipkart appoints Walmart executive Dan Bartlett to Its Board of Directors

E-commerce major Flipkart has appointed Dan Bartlett, a senior executive at Walmart Inc, to its board of directors. Bartlett, who is currently the executive vice president, corporate affairs at Walmart, will join the board effective November 21, 2024.

Flipkart brings in transformative change in India – Dan Bartlett

“The Flipkart Group has been instrumental in driving transformative change by enhancing value and access for customers across India. It has a significant opportunity to further contribute to job creation while focusing on equitable and sustainable growth,” Bartlett said.

Continue Exploring: Honasa Consumer’s shares plummet amid distributor row, loses ‘Unicorn’ status

However, Bartlett brings with him extensive experience in public policy, sustainability, and corporate strategy. He also oversees corporate real estate and leads the development of Walmart’s new home office campus in Bentonville, Arkansas. Before joining Walmart, Bartlett held senior positions at public relations firms like Hill+Knowlton Strategies and Public Strategies.

Flipkart merges with Walmart in 2018

Meanwhile, Kalyan Krishnamurthy, chief executive officer and member of the board, Flipkart Group, said, “Bartlett has been a close partner for Flipkart since our association with Walmart in 2018. We are proud to welcome him to the board, and will greatly benefit from his extensive experience in strategy, and building long-standing responsible and sustainable businesses.”

Continue Exploring: Flipkart-backed fintech startup Super.Money launches fixed deposit offering

Moving forward, the e-commerce giant has been expanding its operations in India, with its business-to-business arm, Flipkart India, reporting a 26% year-on-year surge in operating revenue to INR 70,541.9 crore in the year ended March 2024. The company has also launched its quick commerce service, Flipkart Minutes, to compete with other players in the market.

Advertisement

Honasa Consumer’s shares plummet amid distributor row, loses ‘Unicorn’ status

By
Ashutosh Dubey
-
0
Image of hosana & mamaearth
Honasa Consumer's shares plummet amid distributor row, loses ‘Unicorn’ status

Honasa Consumer, Mamaearth’s parent company, witnessed a significant decline in its share price, hitting an all-time low of INR 237.40 on November 21.

Honasa’s market cap shrinks to $0.91 bn

The company’s market cap also shrunk to $0.91 billion from $1.42 billion at the end of last week, causing it to fall below the unicorn valuation mark.

Continue Exploring: Mamaearth’s parent company Honasa registers loss of INR 18.57 Cr, revenue declines 6.9%

Meanwhile, the decline in share price comes amid a row with distributors. The All India Consumer Products Distributors Federation (AICPDF) alleged that Honasa was undertaking unethical stock dumping practices. The body claimed that while they continue to deal with issues pertaining to “unsold stocks nearing expiry” of Honasa, the company’s credit notes of about INR 50 crore are unsettled.

Following which, AICPDF’s national president Dhairyashil Patil said, “If the issues are not resolved, the body will be forced to explore a nationwide decision of non-cooperation.” However, Honasa strongly denied the allegations in its response to AICPDF shared with the bourses.

Continue Exploring: Mamaearth’s Honasa Consumer faces AICPDF heat over unsold inventory worth INR 300 Cr

Honasa refutes allegations of AICPDF

In its detailed response, Honasa countered a large chunk of the allegations made by the body. The company sighted data from its Distribution Management System to show that the distributor network currently carried an inventory worth INR 40.69 crore of its products. Honasa also countered AICPDF’s allegation of INR 50 crore of unsettled credit notes by saying that the claims for its general trade channel partners stood at INR 4.73 crore as on September 30, 2024.

Further the company stated, “Given these efforts, the claims made are not reflective of the current reality, and are spreading misinformation about us.” The company’s share prices have been on a freefall since it disclosed its financials for the second quarter of the fiscal year 2024-25. The company slipped into the red and posted a consolidated net loss of INR 18.6 crore during the quarter.

Advertisement
1...206207208...1,378Page 207 of 1,378