Swiggy appoints ex- Lenskart executive Supriya Shankar as VP of Events

Quick Commerce

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November 16, 2024

image-of-supriya-shankar — Swiggy appoints ex- Lenskart executive Supriya Shankar as VP of Events

Foodtech giant Swiggy has appointed Supriya Shankar, a former Lenskart executive, as Vice President of its events and experience vertical. Shankar brings over a decade of experience from companies like OYO, Zomato, and Airtel.

“I look forward to contributing to a culture that values creativity and purposeful scaling… and collaborating with diverse teams to make a meaningful impact,” said Shankar.

Continue Exploring: Shark Tank-featured Perfora secures INR 40 Cr from RPSG Capital, plans expansion

Zomato invests in “going out” vertical with District launch

Shankar’s appointment comes as Swiggy’s rival Zomato invests in its “going out” vertical with the upcoming launch of District. Swiggy plans to expand its SteppinOut vertical with ticketing, experiences, and live events. Additionally, the company is piloting Rare Club, a concierge membership targeting high net worth individuals (HNIs) with annual membership fees over INR 50,000.

Further, the food delivery platform welcomed Shankar, stating, “… With 14 years of experience in driving growth, expansion, and P&L management for Internet commerce, she brings invaluable expertise to our leadership team.”

Continue Exploring: Luxury jewellery brand Giva registers 66% revenue growth to INR 274 Cr

Swiggy ropes VPs in driver and Instamart

This appointment follows Swiggy’s recent leadership reshuffle, ahead of its public listing, to strengthen its quick commerce and food delivery services. The company also appointed Shalabh Shrivastava as Senior VP of driver organisation and Hari Kumar G as Senior VP and Chief Business Officer for Swiggy Instamart.

For now, Swiggy listed on Indian stock exchanges after a public issue, with a fresh issue of shares worth INR 4,999 Cr and an offer for sale of 17.5 Cr shares. The stock debuted at INR 420 on the NSE, an 8% premium from its IPO issue price, and INR 412 on the BSE, a 6% premium.

Shark Tank-featured Perfora secures INR 40 Cr from RPSG Capital, plans expansion

D2C

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Ashutosh Dubey

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November 16, 2024

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Image of perfora — Shark Tank-featured Perfora secures INR 40 Cr from RPSG Capital, plans expansion

Perfora, a direct-to-consumer (D2C) oral care startup, has secured INR 39.8 Cr ($4.7 Mn) in funding led by RPSG Capital Ventures. Existing investors Sauce VC, Lotus Herbals Family Office, and Sara International Family Office also participated.

Perfora receives $2.5 Mn from RPSG in Feb 2023

This funding round follows a $2.5 million investment from RPSG Capital Ventures in February 2023, which aimed to scale Perfora’s online presence. The startup plans to utilise the funds to expand its product portfolio. Founded in August 2021 by Bawa and Tushar Khurana, the Delhi NCR-based startup offers oral care products such as electric toothbrushes and probiotic mouthwash.

Continue Exploring: Converse announces Harsh Varrdhan Kapoor, Khushi Kapoor as new brand ambassador

Notably, the brand gained popularity after appearing on Shark Tank India. To date, the startup has raised $8.4 Mn in total funding, with angel investors including Aman Gupta (boAt) and Shashank Mehta (The Whole Truth).

Perfora sales surge 970% in FY23

Further, Perfora’s sales surged 970% to INR 15 Cr in FY23 from INR 1.4 Cr in the previous year. However, net loss increased 5X to INR 4.9 Cr from INR 1 Cr in FY22.

Continue Exploring: FSSAI launches statewide operation to test golgappa for microbial contamination

The startup competes with established brands like Patanjali, Biotique, and Colgate. This funding round reflects the growing interest in D2C startups, which have experienced rapid growth in recent years.

Recent investments in D2C startups highlight significant financial support from venture capital firms. Boldfit, a D2C fitness startup, raised INR 110 crore ($13 million) from Bessemer Venture Partners. Additionally, Zouk, a D2C lifestyle brand, secured $10 million (INR 84 crore) in funding led by Aavishkaar Capital.

Converse announces Harsh Varrdhan Kapoor, Khushi Kapoor as new brand ambassador

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Ashutosh Dubey

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November 15, 2024

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Converse announces Harsh Varrdhan Kapoor, Khushi Kapoor as new brand ambassador

Converse, the iconic American lifestyle brand, has announced its latest collaboration with Indian actors Harsh Varrdhan Kapoor and Khushi Kapoor as the brand’s newest ambassadors in India.

Harsh and Khushi represents spirit of Converse – Converse

“This association underscores the brand’s commitment to inspiring new generations to embrace their authentic selves,” the company stated in a press release. The partnership comes ahead of Converse’s debut store launch in India, located on Linking Road in Mumbai.

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The store promises to offer an all-new shopping experience, contributing to India’s thriving sneaker culture. “We are excited to have Harsh and Khushi on board, representing the spirit of Converse,” the company added.

Converse evolves as global lifestyle brand under Nike

Founded by Marquis Mills Converse in 1908, Converse has evolved into a global lifestyle brand marketing footwear, apparel, and accessories. Now a subsidiary of Nike, Inc., Converse continues to empower individuals to express themselves authentically.

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

With this partnership, Converse aims to connect with India’s younger generation, encouraging them to be true to themselves. Harsh Varrdhan Kapoor and Khushi Kapoor’s influence will help showcase Converse’s iconic styles, such as Chuck Taylor All Star and One Star.

The debut store in Mumbai will offer an immersive brand experience, featuring Converse’s latest collections and exclusive products. The brand’s presence in India is expected to grow, with more store openings planned in the future.

FSSAI launches statewide operation to test golgappa for microbial contamination

By

Ashutosh Dubey

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November 15, 2024

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Image of FSSAI — FSSAI launches statewide operation to test golgappa for microbial contamination

The Food Safety and Standards Authority of India (FSSAI) has launched a statewide crackdown on golgappa sellers in Karnataka after finding artificial colours and carcinogenic substances in tamarind sauces and chutney varieties served with panipuri.

FSSAI crackdowns stalls in Karnataka

To ensure consumer safety, FSSAI officials are conducting microbial exams on 150 collected samples, 80% of which are from Bengaluru city. These tests aim to detect harmful micro-organisms, including bacteria and viruses, which can affect consumer health.

Continue Exploring: Luxury jewellery brand Giva registers 66% revenue growth to INR 274 Cr

Food Safety Commissioner K Srinivas explained that their previous tests in June 2024 found 22% of panipuri samples to be inferior. However, those tests only sampled chutney and sauces, not the filling ingredients. “We’ve decided to conduct microbial tests” due to allegations of vendors using unhygienic water sources and rotten ingredients, said Srinivas.

While some debate whether golgappa and panipuri are the same, foodies point out slight variations. “Unlike panipuri, which requires elaborate preparation, golgappa is made by stuffing the puri with mashed boiled potato, pudina, and onion,” a food blogger explained. Panipuri is filled with boiled green peas, sprouts, and masala, and vendors use green chutney or coriander-flavoured tangy pani.

Continue Exploring: FMCG growth sluggish due to rising housing cost and lower wage in urban areas – Britannia

FSSAI discovers substandard food items from Kerala

Additionally, FSSAI officials discovered substandard food items from Kerala, with 34% of 90 samples failing to meet standards. “Some food packets delivered to vendors had expiry dates of Oct 29, and most packets didn’t have labels or information on contents,” Srinivas revealed. The FSSAI is now considering testing similar items from other border districts.

The FSSAI’s efforts aim to ensure food safety and regulate the manufacture, storage, distribution, and sale of food articles. As a statutory body under the Ministry of Health and Family Welfare, the FSSAI is responsible for setting standards and enforcing regulations.

IHG Hotels to expand in India with new Vignette Collection brand

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Ashutosh Dubey

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November 15, 2024

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Image of IHC Hotels — IHG Hotels to expand in India with new Vignette Collection brand

IHG Hotels & Resorts is expanding its luxury presence in India with plans to introduce its Vignette Collection brand.

IHG hotels operates 52 hotels, mainly Holiday Inn

Currently, the group’s 52 operating hotels in India are mainly comprised of mid-market Holiday Inn and Holiday Inn Express properties.

Continue Exploring: Flipkart to create 600 jobs with new FSC centre in Indore

IHG recently signed a management agreement to launch its luxury InterContinental brand in Kodaikanal by 2028. Haitham Mattar, IHG’s Managing Director for India, Middle East, and Africa, stated, “We are seeing a shift in demand for luxury.”

While expanding its luxury offerings, IHG will continue to grow its mid-market brands. Mattar emphasised, “Holiday Inn and Holiday Inn Express continue to be the mainstay of the group, and we will open brands that are relevant to the market.” He added, “In India, which is largely a domestic-driven market, brands like Holiday Inn have a better appeal.”

IHG’s revenue per room up to 9%

Meanwhile, IHG’s Indian operations are performing well, with revenue per available room up 9% compared to 2023. Mattar noted, “The Indian market has outperformed compared to 2023… India is helping to balance the growth in the region.” This growth offsets the impact of conflicts in Jordan and Lebanon on IHG’s properties.

Continue Exploring: Japanese home furnishing retailer Nitori to debut in India, plans 289 stores by 2032

With four InterContinental hotels currently operating in India and Bangladesh, six more are in the pipeline. Additionally, IHG has two luxury Six Senses resorts in India. As IHG diversifies its Indian portfolio, it aims to cater to the growing demand for luxury accommodations while maintaining its mid-market presence.

Luxury jewellery brand Giva registers 66% revenue growth to INR 274 Cr

By

Ashutosh Dubey

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November 15, 2024

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Image of GIVA Store — Luxury jewellery brand Giva registers 66% revenue growth to INR 274 Cr

Giva, a jewellery startup, saw a 66% surge in operating revenue to INR 274 crore, despite a 30% year-over-year (YoY) increase in losses.

Giva secures $30 mn in Series B round

The company has secured $30 million in extended Series B funding in October, building on its impressive performance in FY24. The startup’s growth is attributed to its diversification into gold and lab-grown diamond offerings, expanding beyond its initial affordable jewellery brand. The omnichannel brand operates 150 stores across India, adopting a franchise-driven model for further expansion.

Continue Exploring: Japanese home furnishing retailer Nitori to debut in India, plans 289 stores by 2032

Meanwhile, the company’s primary revenue source remains jewellery sales, with procurement costs accounting for 34% of overall expenditure. Giva allocated INR 87 crore to branding and marketing initiatives, while employee benefits expenses increased by 2.38 times to INR 50 crore.

Giva suffers losses to INR 59 cr

Despite higher customer acquisition costs and increased employee benefits, Giva’s losses expanded to INR 59 crore. However, the company’s Return on Capital Employed (ROCE) and EBITDA margin improved to -24.4% and -17.1%, respectively.

Continue Exploring: Kalyan Jewellers reports 3.3% decline in Q2 net profit to INR 130.32 Cr

Further, Giva reported INR 83 crore in cash and bank balances, with total current assets standing at INR 244 crore. The company has raised over INR 690 crore in funding across various rounds, backed by Premji Invest.

Led by Ishendra Agarwal, Giva faces competition from notable industry players like Melorra, Bluestone, and CaratLane. Despite sector challenges, including reduced gold import duties and rising gold prices, Giva aims to solidify its position in the jewellery market.

Flipkart to create 600 jobs with new FSC centre in Indore

By

Ashutosh Dubey

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November 15, 2024

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Image of flipkart — Flipkart to create 600 jobs with new FSC centre in Indore

Flipkart, India’s leading e-commerce platform, has launched a new Fulfilment and Sortation Center (FSC) in Indore, Madhya Pradesh. Spanning 1.59 lakh sq. ft., this facility aims to enhance delivery efficiency, create over 600 local jobs, and cover all pin codes in the state.

Flipkart’s Indore facility enables to dispatch 18 mn orders

The inauguration event was attended by Shri Shankar Lalwani, Honourable Member of Parliament, and Rajneesh Kumar, Chief Corporate Affairs Officer at Flipkart Group. The facility is equipped with advanced conveyor automation technology, enabling a dispatch capacity of over 18 million orders monthly.

Continue Exploring: FirstCry narrows loss to INR 62.85 Cr, revenue jumps 26.7%

Meanwhile, Rajneesh Kumar noted, “Flipkart is committed to driving inclusive growth and digital empowerment across India. The launch of our new fulfilment centre in Indore, Madhya Pradesh along with our engagement with rural communities, reflects our dedication to fostering sustainable development and supporting MSMEs and creating new local jobs. By equipping communities with the necessary tools, market access, and a strong supply chain, we are helping them build sustainable livelihoods and play an active role in India’s broader economic development.”

Flipkart to hold workshop with NRLM

The expansion is expected to generate over 600 jobs, including inclusive hiring initiatives for more than 100 female contractors and 11 individuals with disabilities. Flipkart also hosted a workshop in Indore in partnership with the National Rural Livelihood Mission (NRLM), targeting over 70 rural women and Self-Help Groups (SHGs).

Continue Exploring: Zepto doubles target, aims to secure $300 Mn from domestic investors

Further, Shri Shankar Lalwani praised Flipkart’s efforts, saying, “Such training initiatives will support women in achieving self-reliance and contributing to national progress.” He emphasised Prime Minister Narendra Modi’s vision of empowering women through digital proficiency to enable their economic independence.

Flipkart’s platform now supports over 42,000 sellers in Madhya Pradesh. The company’s collaborations with entities like the Madhya Pradesh Industrial Development Corporation and the Khadi and Village Industries Board underscore its commitment to fostering local enterprises and driving economic growth in the region.

Japanese home furnishing retailer Nitori to debut in India, plans 289 stores by 2032

By

Ashutosh Dubey

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November 15, 2024

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Image of nitori — Japanese home furnishing retailer Nitori to debut in India, plans 289 stores by 2032

Japan’s largest furniture and home furnishing retail chain, Nitori, is set to enter the Indian market with its first store at R City Mall in Mumbai, scheduled to open in December 2024.

This strategic move is part of the company’s global expansion plan, aiming to strengthen its footprint in the $23.9 billion Indian home furnishing market.

Nitori aims to achieve sales of INR 1.65 lakh cr

Nitori has ambitious plans for India, targeting 289 stores by 2032 and operating 3,000 stores worldwide by the same year. The company also aims to achieve a sales goal of 3 trillion yen (approximately INR 1.65 lakh crore) by 2032.

Continue Exploring: Zepto doubles target, aims to secure $300 Mn from domestic investors

Meanwhile, Akio Nitori, Representative Director and CEO of Nitori Holdings Co Ltd, stated, “Based on our mission statement ‘To enrich homes of people all over the world,’ we are aiming to be a company where customers all over the world would feel ‘glad that Nitori is here.’ We are going to accelerate our business expansion within the Asian region, which could achieve economic growth over the long term and serve as the core of the supply chain that supports the Group.”

Further, Masanori Takeda, Executive Vice President in charge of Overseas Businesses, added, “We are accelerating our store openings within the Asian region and managed to open the first store in the Philippines in April and in Indonesia in July. Now, we are opening a store in India, where economic growth is remarkable and demand for an enriched lifestyle with furniture and interior goods is on the rise. We will continue to take on the challenge of providing the same standards of quality refined in Japan to more customers, and to deliver ‘Offering the Unexpected’ to customers all over the world.”

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Notably, R City Mall, spanning 1.2 million sq. ft. with over 350 premium brands, attracts 8-10 lakh visitors monthly. Sandeep Runwal, MD of Runwal Realty, said, “We are thrilled to welcome Nitori, the Japanese home furniture giant, to R City Mall as they embark on their journey in the Indian market… Nitori’s launch marks an exciting addition that will undoubtedly enhance our shoppers’ experience, and we look forward to the delight it will bring to our patrons.”

Nitori operates in 203 locations globally

For now, Nitori operates 832 stores in Japan and 203 international locations, offering furniture, home improvement stores, furnishing outlets, and women’s apparel stores. By FY2024-end, the company aims to have 279 stores outside Japan and plans to open 200 overseas stores annually to strengthen its global position.

Zepto doubles target, aims to secure $300 Mn from domestic investors

By

Ashutosh Dubey

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November 15, 2024

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Image of zepto ceo — Zepto doubles target, aims to secure $300 Mn from domestic investors

Indian quick commerce startup Zepto is set to raise $300 million from domestic investors, doubling its initial target, as per sources close to the matter.

Zepto secures $1 bn earlier

This funding round comes after the company secured $1 billion in the past few months, amidst intense competition in the quick commerce market with rivals Zomato‘s Blinkit and Swiggy‘s Instamart.

Continue Exploring: Quick commerce market to reach $40 Bn by 2030, engulfs nearly half of kirana sales

According to ET, top Indian family offices and ultra-high net worth individuals (HNIs) will participate in the financing. Notable investors include the family offices of Ravi Jaipuria of RJ Corp and Harsh Goenka of RPG group, as well as the Motilal Oswal group, which has increased its investment from $40 million to over $60 million. Manipal group chief Ranjan Pai and Mankind Pharma brothers Ramesh Juneja and Rajeev Juneja are also investing in this round.

Bollywood star Amitabh Bachchan and former cricketer Sachin Tendulkar are also investing, showing strong confidence in the sector.

Indian shareholdings in Zepto at 35%

However, the quick commerce platform’s latest funding will increase Indian shareholding in the company to around 35%, including stakes held by founders Aadit Palicha and Kaivalya Vohra. The founders have been granted an additional 1% stock based on meeting performance goals. The company will sell about 6% stake at a valuation of $5 billion.

Continue Exploring: FSSAI directs e-Commerce FBOs to prevent misleading information about food products

“The round was oversubscribed, which is why they (Zepto) have increased the total offering. They will sell about 6% stake at the $5 billion valuation,” a source close to the matter revealed.

“We are doing this fundraise to start building Indian ownership in the company and deepen our relationships with high-quality domestic investors before we kick off an IPO process,” Zepto’s funding presentation.

Meanwhile, Zepto has achieved a significant milestone, surpassing 1 million daily orders. As a private player, it stands out in the market dominated by listed companies Swiggy’s Instamart and Zomato’s Blinkit.

FSSAI directs e-Commerce FBOs to prevent misleading information about food products

By

Ashutosh Dubey

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November 15, 2024

0

The Food Safety and Standards Authority of India (FSSAI) held a meeting in Delhi with e-commerce Food Business Operators (FBOs) to reinforce food safety compliance.

E-commerce to ensure products online claims match

The meeting, led by FSSAI CEO G Kamala Vardhana Rao, focused on ensuring that any product claims made online match the information on product labels, in accordance with FSSAI’s labelling and display regulations.

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Rao stressed that e-commerce FBOs must implement practices to guarantee that food products have at least 30 percent of their shelf life, or 45 days, remaining at the time of delivery. He warned against making unsupported claims online to prevent misleading information and ensure consumers receive accurate product details. Rao highlighted the crucial role of online platforms in protecting consumer health and maintaining transparency.

FBO can’t operate on e-commerce without licence

Additionally, Rao reiterated that no FBO can operate on any e-commerce platform without a valid FSSAI licence or registration. He stressed further on the importance of regulatory compliance for the industry.

Continue Exploring: Quick commerce market to reach $40 Bn by 2030, engulfs nearly half of kirana sales

The FSSAI CEO also instructed e-commerce FBOs to provide proper training programs for delivery personnel, focusing on essential food safety and hygiene protocols. He stressed the need to deliver food items separately from non-food items to avoid potential contamination.

In his concluding remarks, Rao underscored the necessity for all e-commerce FBOs to adhere diligently to food safety standards. He emphasised that a transparent, compliant, and accountable e-commerce food sector is vital for protecting consumer health and fostering confidence in digital food marketplaces.

The session saw over 200 participants, both in person and online from all over the country, highlighting the strong dedication to improving food safety standards in the e-commerce sector.

NewsHub

Zomato invests in “going out” vertical with District launch

Swiggy ropes VPs in driver and Instamart

Perfora receives $2.5 Mn from RPSG in Feb 2023

Perfora sales surge 970% in FY23

Harsh and Khushi represents spirit of Converse – Converse

Converse evolves as global lifestyle brand under Nike

FSSAI crackdowns stalls in Karnataka

FSSAI discovers substandard food items from Kerala

IHG hotels operates 52 hotels, mainly Holiday Inn

IHG’s revenue per room up to 9%

Giva secures $30 mn in Series B round

Giva suffers losses to INR 59 cr

Flipkart’s Indore facility enables to dispatch 18 mn orders

Flipkart to hold workshop with NRLM

Nitori aims to achieve sales of INR 1.65 lakh cr

Nitori operates in 203 locations globally

Zepto secures $1 bn earlier

Indian shareholdings in Zepto at 35%

E-commerce to ensure products online claims match

FBO can’t operate on e-commerce without licence