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Doodhvale Farms net $3 Mn funding to expand dairy business

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Ashutosh Dubey
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Doodhvale Farms net $3 Mn funding to expand dairy business

Doodhvale Farms, a dairy startup, has raised $3 million (approximately INR 25.33 crore) in an undisclosed funding round co-led by Atomic Capital and Singularity Early Opportunities Fund.

The round also saw participation from Indigram Labs Foundation and prominent angel investors, including Ramakant Sharma, Ankit Tandon, Saurabh Jain, and Arjun Vaidya, as per INC42.

Continue Exploring: Zomato expects 30% annual growth in core delivery business over next five years

Established in 2019 by Aman J Jain, Ishu Jain, Sanjay Jain, and Sudhir Jain, Doodhvale Farms delivers milk and dairy products across Delhi NCR. The company began with two Holstein Friesian cows on a single farm and now operates from a 2.5-acre automated processing farm in Sonipat, Haryana, housing 50 cows.

Doodhvale Farms claims 100% YoY growth inn 3 years

Meanwhile, Doodhvale Farms plans to utilise the fresh capital for expansion, strengthening distribution networks, diversifying its product portfolio, and upgrading technology infrastructure. The startup claims to have achieved 100% year-over-year growth and maintained profitability on an EBITDA basis for three consecutive years.

Continue Exploring: Zomato introduces ‘District’ App, enabling customers to book tables, tickets, and events

Its product portfolio includes Gaon Jaisa Safed Makkhan, Pure Milk Khoya, and Desi Treats. “With this funding, we are poised to expand our reach and enhance our commitment to delivering pure, farm-fresh dairy products to Indian households,” said Aman J Jain.

Doodhvale farms serves 10,000 customers

Currently serving over 10,000 customers across Delhi, Gurugram, Sonipat, Noida, Greater Noida, Faridabad, Ghaziabad, Chandigarh, Panchkula, Mohali, Kharar, and Zirakpur, Doodhvale Farms competes with Country Delight, Sid’s Farm, and Akshayakalpa in the D2C dairy segment.

Recently, Sid’s Farm raised $10 million in June 2024, while Akshayakalpa secured $15 million in September 2022. According to an Inc42 report, Indian agritech startups raised $1.4 billion across 189 funding deals between 2014 and January 2022, with the sector projected to reach $30-35 million by 2025.

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Commerce Minister Piyush Goyal reiterates stance on FDI rules for e-commerce platforms

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Ashutosh Dubey
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Commerce Minister Piyush Goyal reiterates stance on FDI rules for e-commerce platforms

Minister of Commerce, Government of India, Piyush Goyal has once again targeted online marketplaces, instructing e-commerce platforms to adhere to foreign direct investment (FDI) regulations.

E-commerce company should respect law of land – Piyush Goyal

According to PTI, “The law of the land is very clear about foreign direct investment…I have been repeatedly talking about the subject that every ecommerce company should respect the law of the land both (in) the letter and spirit,” Goyal said.

Continue Exploring: Proost Beer raises INR 30 Cr in Series A Funding to boost supply chain

He mentioned that the country’s FDI rules are clear for ecommerce players, adding, “If you read today’s papers, it opens up a lot of people to question.” His comments coincided with reports claiming that the Enforcement Directorate (ED) had found “direct links” between Amazon, Flipkart, and their preferred sellers.

A few months ago, Goyal criticised Amazon for alleged predatory pricing. He also claimed that Amazon’s plans to invest billions in India are merely to cover its losses, rather than to provide significant services or investments to benefit the Indian economy.

On the very next day, Goyal specifies that the government isn’t against online marketplaces but wants them to follow the rules. His comments come as the government continues its crackdown on ecommerce platforms.

Continue Exploring: 10-minute food delivery startup Swish raises $2 Mn in seed funding

ED seeks probe into Amazon & Flipkart

Earlier this month, the ED searched some of the main vendors of Amazon and Flipkart as part of an investigation into FDI norm violations.

Notably, a total of 19 locations linked to these “preferred” sellers were searched in Delhi, Gurugram, Panchkula, Hyderabad, and Bengaluru. Additionally, in September 2024, the Competition Commission of India (CCI) reportedly found Amazon and Walmart-backed Flipkart guilty of breaking competition laws. The CCI’s internal report indicated that both ecommerce platforms violated antitrust rules by favouring certain sellers on their platforms.

After the findings, one of Amazon’s former major sellers, Appario Retail, challenged them in the Karnataka High Court in September. The court then heard three similar petitions from other sellers and put a temporary hold on the CCI’s actions until November 20. Besides, over a dozen sellers from Amazon and Flipkart have filed petitions in the High Courts of Karnataka, Telangana, Madras, and Kolkata, challenging the CCI’s investigation report.

Recently, reports emerged that the Competition Commission of India (CCI) plans to take the antitrust case against Amazon and Flipkart to the Supreme Court. This move follows a letter from the Confederation of All India Traders (CAIT) to the central government. The letter accused the two ecommerce giants of violating FDI rules and harming small brick-and-mortar stores through deep-discounting tactics.

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Walmart reports 8% growth in International sales, credits Flipkart’s strong performance

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Ashutosh Dubey
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Walmart reports 8% growth in International sales, credits Flipkart's strong performance

US-based retail giant Walmart has announced an 8% year-on-year (YoY) growth in international sales to $30.3 billion in Q3 FY25, driven by Flipkart‘s solid sales growth. The company’s ecommerce sales surged 43% due to marketplace and store-fulfilled pickup and delivery.

Walmart attributes Flipkart’s The Big Billion Days event

Walmart attributed the growth spurt to Flipkart’s The Big Billion Days (BBD) event, which shifted from Q4 last year to Q3 this year. “Positively affected by the timing of Flipkart’s BBD event, which shifted from Q4 last year to the majority in Q3 this year,” the company’s earnings presentation stated.

Continue Exploring: 10-minute food delivery startup Swish raises $2 Mn in seed funding

Meanwhile, the company’s advertising business also saw a 50% growth, led by Flipkart. Walmart’s gross profit rate rose to 24.2% from 24.1% in the year-ago period, partially offset by the timing shift of BBD sales. However, Walmart International’s gross profit rate contracted by 85 basis points due to the change in timing of BBD.

Flipkart’s BBD benefited growth in Q3, to impact it in Q4 –  Walmart

“Timing of Flipkart’s BBD event benefited growth in Q3 and will impact growth in Q4. Ecommerce sales up 43%, led by marketplace and store-fulfilled pickup & delivery,” the company said.

Continue Exploring: ED launches probe against Amazon and Flipkart following seller investigations

In October, Flipkart reported 7.2 billion visits during the festive season, with sellers witnessing 40-50% YoY growth. Walmart’s operating income in Q3 stood at $6.7 billion, an 8% increase from the year-ago quarter but a 14% decline from the preceding Q2.

Further, Indian e-commerce giant is focusing on reducing losses and boosting revenue. The company’s marketplace arm, Flipkart Internet, reported a 41% YoY decline in net loss to INR 2,358 crore in FY24, with operating revenue growing 21% to INR 17,907.3 crore.

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Indic Wisdom bags $2 Mn in pre-Series A funding to expand wood-pressed oil business

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Ashutosh Dubey
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Indic Wisdom bags $2 Mn in pre-Series A funding to expand wood-pressed oil business

Mumbai-based wood-pressed oils manufacturer Indic Wisdom has raised $2 million (approximately INR 16.88 crore) in its Pre-Series A funding round, led by Rockstud Capital and supported by undisclosed investors.

Indic Wisdom to use capital for Q-commerce expansion

The fresh capital will be used to scale up Indic Wisdom’s manufacturing unit and venture into the quick commerce space.

Continue Exploring: Ranveer Singh acquires 50% of Kishore Biyani’s foods startup Elite Mindset

“With Indic Wisdom, we want to take India’s timeless tradition of prasad – food that is pure, sustainable, and meant for everyone – to the world. We are doing this by incorporating modern production best practices and quality standards in traditional food production practices,” said Prajakta Khare, according to INC42.

Meanwhile, Rockstud Capital’s managing partner, Abhishek Agarwal, expressed confidence in Indic Wisdom’s potential, stating, “As consumers become more aware of the importance of wood-pressed oils in the face of growing concerns about conventional refined oils’ quality, safety, nutrient content, and environmental impact, we believe Indic Wisdom has a great opportunity to cater to people with its extensive product line, which meets the diverse demands and preferences of health-conscious consumers.”

Continue Exploring: Luxury goods sales to decline 2% in 2024: Bain & Company report

Indic Wisdom raises INR 4 Cr led by HNIs, Investors

This funding round follows Indic Wisdom’s earlier raise of INR 4 crore, led by Inflection Point Ventures, along with Launch Capital, Bifco Finance, and other high net worth individuals.

Founded in 2016 by Kaustubh Khare and Prajakta Khare, Indic Wisdom specialises in traditional lakdi ghani-based extraction methods to produce cooking oils, multi-purpose oils, and specialty oils that preserve natural nutrients and flavours.

The Indian cold-processed and wood oil market is expected to grow at a rate of 5.94% from 2024 to 2032, reaching INR 1151 crore by 2032, according to a report. Indic Wisdom is well-positioned to capitalise on this growth, offering a range of products that cater to the increasing demand for healthy and sustainable food options.

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Motilal Oswal initiates coverage on Swiggy with ‘Neutral’ rating, sees 15% upside potential

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Ashutosh Dubey
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Motilal Oswal initiates coverage on Swiggy with 'Neutral' rating, sees 15% upside potential

Brokerage company Motilal Oswal has initiated coverage on Swiggy with a ‘neutral’ rating, predicting a 15% upside potential from its current stock price. This comes days after the food tech giant’s $1.3 billion public offering.

Swiggy loses market leader position to Zomato, Zepto – Motilal Oswal

According to INC42, analysts at Motilal Oswal noted that Swiggy has lost its market leader position to Zomato and Zepto, but its unified app approach will give it an edge in the competitive food delivery and quick commerce segments.

Continue Exploring: Zepto expands Cafe service to major cities after achieving INR160 Cr revenue run rate

“Swiggy stands out as India’s only unified app that seamlessly supports urban users’ food-related needs, from ordering in and dining out to cooking at home—all through a single platform,” the brokerage said.

However, Swiggy’s integrated app offering maximises cross-utilization of its services and promotes user stickiness, unlike Zomato’s multi-app approach. The brokerage expects Swiggy’s food delivery business to achieve stable unit economics, with margins improving from 6.4% to 9% by FY28.

Swiggy to grow 22.6% in GOV 

Further, Motilal Oswal expects Swiggy’s food delivery business will grow 22.6%, 27.9%, and 19.4% in gross order value (GOV) over FY25, FY26, and FY27, respectively. The quick commerce segment’s GOV is expected to grow 64.5%, 67.1%, and 56% during the same periods.

Continue Exploring: Biryani By Kilo secures $2 Mn from Pulsar Capital at $100 Mn Valuation

The brokerage also noted that Swiggy’s unified platform should allow it to extract higher average order volumes (AOV) for its Instamart business and monetize the platform better for ad-sales and other value-added services.

“Swiggy’s unified platform should allow it to mine its customers better and extract higher AOVs for its Instamart business. Further, it needs to monetise this platform better for ad-sales and other value-added services for FMCG brands,” the brokerage further stated.

This report follows JM Financial‘s initiation of coverage on Swiggy with a ‘buy’ rating and a price target of INR 470, citing its rapid growth and potential for sustainable margins. Swiggy made its stock market debut on November 13, listing at an 8% premium on the NSE.

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Zomato expects 30% annual growth in core delivery business over next five years

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Ashutosh Dubey
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Zomato expects 30% annual growth in core delivery business over next five years

Food delivery platform Zomato foresees its core delivery business to grow at an annual rate of 30% over the next five years, driven by the sector’s nascent stage in India.

Food delivery sector is in nascent stages – CEO, Zomato

“The food delivery sector is still in its nascent stages in the country and… more competition will only foster innovation and growth which will benefit the sector overall,” said Rakesh Ranjan, Zomato’s food delivery CEO, as per INC42.

Reportedly, Zomato currently dominates the food delivery space with a 58% market share, surpassing rival Swiggy‘s 34%. The company’s food delivery business, accounting for 58% of revenue, recorded a gross order value (GOV) of INR 322.24 billion last fiscal year, maintaining a 30% average annual growth over four years. Ranjan aims to sustain this growth pace for the next four to five years.

Meanwhile, the food delivery platform has expanded its restaurant network to 247,000 average monthly active partners, marking an 18% year-on-year increase. New features include scheduled delivery, discounted cancelled orders, and large order fleets. However, “phenomenally high” attrition among delivery drivers remains a challenge, prompting the company to offer benefits and flexibility to onboard gig workers.

Zomato’s revenue surges to INR 2,848 Cr

Further, Zomato’s recent performance shows strong growth, with operating revenue increasing 68.5% year-on-year to INR 2,848 crore in Q2. Profit after tax (PAT) surged 389% from INR 36 crore, while food delivery GOV rose 5% quarter-on-quarter to INR 9,690 crore. Quick commerce arm Blinkit’s GOV increased 25% quarter-on-quarter to INR 6,132 crore.

The company plans to launch an INR 8,500 crore qualified institutional placement (QIP) in December, with Morgan Stanley selected as the investment bank. The fundraise aims to enhance Zomato’s cash balance, which stood at INR 1,726 crore at the end of September 2024. Morgan Stanley maintains an “overweight” rating on Zomato’s stock and has raised its price target to INR 355 from INR 278, citing strong market leadership and growth potential in quick commerce.

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Proost Beer raises INR 30 Cr in Series A Funding to boost supply chain

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Ashutosh Dubey
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Proost Beer raises INR 30 Cr in Series A Funding to boost supply chain

Homegrown beer brand Proost Beer has secured INR 30 crore (approximately $3.5 million) in funding as part of its ongoing Series A round, co-led by Chimes Group and Porus Laboratories CEO Srinavasan Namala.

Hyderabad Angels, The Chennai Angels, HNIs participate

Hyderabad Angels, The Chennai Angels, and several high net worth individuals (HNIs) also participated in the round.

Founded in 2017 by Vijay P Sharma and Tarun Bhargava, Proost Beer manufactures and sells a range of beers, all made in India. The Delhi NCR-based brand aims to capture 5% of the Indian beer market by 2030 through innovation, customer-focused product development, and market expansion.

However, Proost Beer competes with established players like Diageo, United Breweries, and Pernod Ricard India, as well as startups like Bira91 and White Owl Brewery. “With these funds, we will focus on expanding and strengthening our production capacity, entering new markets, and deepening our presence in existing ones through brand building,” said Tarun Bhargava.

India’s beer market to grow at 7.1% CAGR

Notably, the Indian beer market has seen significant funding activity recently. In August, LB Brewers raised $1.5 million, while Bira 91 secured $25 million in June. According to a report, India’s beer market is expected to grow at a CAGR of 7.1% from 2024 to 2032, reaching ₹781.2 billion by 2032.

The funding will enable Proost Beer to enhance its supply chain, product offerings, and brand visibility. Bhargava added, “We will focus on expanding into strengthening our production capacity, expanding into a few new markets while also ensuring that we go deeper into our existing ones on the back of brand building.”

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10-minute food delivery startup Swish raises $2 Mn in seed funding

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Ashutosh Dubey
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10-minute food delivery startup Swish raises $2 Mn in seed funding

Just three months after its incorporation, Swish, a 10-minute food delivery startup, has secured $2 million in seed funding led by venture capital firm Accel. 

Angle investors Karthik G., Abhiraj B.l, Varun K. participate 

Angel investors Karthik Gurumurthy, ex-Swiggy Instamart head, and Urban Company founders Abhiraj Bhal and Varun Khaitan also participated in the round.

Continue Exploring: D2C apparel brand The Bear House launches first physical outlet to expand into retail

Reportedly, Swish plans to utilise the funding to expand its operations and scale its presence across Bengaluru. Launched in August, the startup currently operates in HSR Layout and Bellandur, with plans to open 150 centres across major areas in Bengaluru and eventually expand to other Tier-1 cities.

Founded by Aniket Shah, Saran S, and Ujjwal Sukheja, Swish delivers fast food through its app, available on Google Play Store and Apple Store, which has seen over 10,000 downloads since launch. The startup makes deliveries via its cloud kitchen, Pod, and reportedly receives 150-200 orders daily with an average order value of INR 250-300.

Continue Exploring: Coca-Cola Christmas ad controversy: netizens react to ‘Real Magic AI’ creation

Swish to bring ultra-fast experience to food delivery – Accel partner

“Customer expectations around delivery times have shifted with the rise of quick commerce. Swish is tackling this challenge with a new approach, rethinking the supply chain to bring the same ultra-fast experience to food delivery through their delight centres,” said Accel partner Abhinav Chaturvedi.

This development comes as competition in the 10-minute food delivery segment intensifies. Swiggy and Zepto are expanding their presence in this space, with Zepto announcing plans to take its Zepto Cafe service live in 120 cities. Swiggy launched its 10-minute food delivery service Bolt in six cities last month. Zomato is also reportedly reentering the space via its quick commerce arm Blinkit.

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Biryani By Kilo secures $2 Mn from Pulsar Capital at $100 Mn Valuation

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Ashutosh Dubey
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Biryani By Kilo secures $2 Mn from Pulsar Capital at $100 Mn Valuation

Cloud kitchen startup Biryani By Kilo has secured approximately $2 million (INR 16.5 crore) in funding from Dubai-based investment firm Pulsar Capital, according to regulatory filings. 

Further, as per Inc42, the funding valuation at around $100 million.

Reportedly, Pulsar Capital, a private equity firm run by former TPG partner Vish Nair, has investments in healthcare provider TruDoc and ecommerce enabler Assidus.

Biiryani By Kilo raises $9 Mn in 2023

This funding comes almost a year after Biryani By Kilo raised $9 million from existing investors Alpha Wave Ventures, Vevek Ventures, DSP HMK Holdings, IvyCap Ventures, Incred Wealth, and Clear Bridge Ventures.

Founded in 2015 by Vishal Jindal and Kaushik Roy, Biryani By Kilo offers biryanis, kebabs, kormas, and desserts through its 100+ outlets across India and delivery services in over 45 cities. The startup has raised a total of $52 million in funding and counts Falcon Edge Capital and IvyCap Ventures among its investors.

Biryani By Kilo’s net loss surges 2.7X

Meanwhile, Biryani By Kilo competes with Rebel Foods’ Behrouz Biryani and Biryani Blues, and Bengaluru-based Potful. In FY22, the startup’s net loss increased 2.7 times to INR 42.6 crore, while sales doubled to INR 132.6 crore.

To be noted, the cloud kitchen market is expected to reach $3 billion by FY31, driven by the growth of foodtech platforms like Zomato and Swiggy. This has led to the emergence of several cloud kitchen startups in India over the past few years.

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Zepto expands Cafe service to major cities after achieving INR160 Cr revenue run rate

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Ashutosh Dubey
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Zepto expands Cafe service to major cities after achieving INR160 Cr revenue run rate

Quick commerce company Zepto has announced the expansion of its cafe service to 120 cities, including Delhi NCR, Bengaluru, Hyderabad, Chennai, and Pune. 

This move follows the company’s achievement of an annualised revenue run rate of INR 160 crore from just 15% of its dark store network.

Continue Exploring: Simba Beer makers launch ZigZag Vodka, eye national presence

Zepto runs Cafe service in Mumbai, offers 148 items

Currently operating only in Mumbai, Zepto Cafe offers 148 items, including beverages and snacks, with a 10-minute delivery promise. The menu features chai, coffee, breakfast options, pastries, and savoury snacks. “We have cracked 10-minute delivery with high-quality food preparation processes. Our team has researched and sourced equipment for cafes, including coffee machines that employ handcrafted brewing techniques,” said Zepto CEO Aadit Palicha.

Founded in 2021, Zepto pioneered 10-minute delivery in India, delivering over 25,000 products across categories through its dark store network. The company launched Cafe in Mumbai in 2022, which boosted average order values as users ordered beverages and snacks with groceries.

Continue Exploring: The Good Glamm Group acquires 100% stake in The Moms Co.

Zepto raises $1 Bn in 2024

Zepto has raised over $1 billion in 2024, including $340 million at a $5 billion valuation in August and $665 million at a $3.6 billion valuation in June. The company plans to raise an additional $300 million from Indian investors.

With a GMV of over $1 billion in FY24, Zepto aims to expand from 350 to 700 stores, with 75% of stores achieving EBITDA positivity by May 2024. According to CLSA, the gross order value of major quick commerce players may reach $10 billion by FY26.

Looking ahead, the quick commerce platform plans to go public in the next couple of years and is in the process of redomiciling to India.

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