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Hindustan Coca-Cola beverages sees three-fold surge in profit to INR 2808 Cr for FY24

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Ashutosh Dubey
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Hindustan Coca-Cola beverages sees three-fold surge in profit to INR 2808 Cr for FY24

Hindustan Coca-Cola Beverages Ltd (HCCBL), the bottling arm of Coca-Cola in India, has reported a significant three-fold increase in net profit to INR 2,808.31 crore for the fiscal year ending March 2024.

HCCB income stands at INR 14,236 Cr, expenses at INR 13,044 Cr

This growth was accompanied by a 10.10% rise in revenue, reaching INR 14,021.54 crore.

Continue Exploring: Bhartia Family, Goldman Sachs in talks for 40% stake in Hindustan Coca-Cola Beverages

Notably, the company’s total income for FY24 rose 10.77% to INR 14,236.18 crore, while total expenses increased 10.48% to INR 13,044.50 crore. HCCBL’s profit before tax climbed three-fold to INR 3,718.38 crore. However, tax expenses surged to INR 910.07 crore, compared to INR 204.32 crore in FY23.

HCCBL operates 16 factories across India and manufactures over 60 products, including popular brands like Coca-Cola, Thums Up, Sprite, Minute Maid, Maaza, and Fanta. The company’s advertising and sales promotion expenses in FY24 jumped 69.21% to INR 108.11 crore, and inventory losses rose by 25.4% to INR 94.07 crore.

Coca-Cola India registers 42% decline in profit

In contrast, Coca-Cola India Pvt Ltd, the entity managing brand operations, experienced a decline in net profit by 41.82% to INR 420.29 crore, down from INR 722.44 crore in FY23. Revenue increased by 4.24% to INR 4,713.38 crore. Total income reached INR 4,801.84 crore, and total expenses rose by 16.27% to INR 4,210.11 crore.

Continue Exploring: Dabur, Jubilant Group in talks for major stake in Coca-Cola’s Indian bottler HCCB

Meanwhile, HCCBL has also adopted an asset-light strategy, divesting certain business undertakings through Business Transfer Agreements (BTA) and Asset Transfer Agreements (ATA). This move aligns with Coca-Cola’s broader strategic focus, which includes franchising operations in key Indian territories.

“Our focus on operational efficiency, innovation, and strategic partnerships has driven our growth,” said an HCCBL spokesperson. “We will continue to invest in our brands, people, and infrastructure to drive sustainable growth and profitability.”

Further, India remains Coca-Cola’s fifth-largest market, with varied financial performances within its brand and bottling segments. The company’s growth is attributed to its diversified product portfolio and expanding presence in the Indian market.

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The Montana Group and Bikanervala launch second outlet in Bathinda

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Ashutosh Dubey
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The Montana Group and Bikanervala Launch Second Outlet in Bathinda

The Montana Group, a retail and hospitality player, has collaborated with Bikanervala, a renowned snack food and restaurant chain, to launch the latter’s second outlet in Bathinda.

Bikanerwala at Bathinda: a QSR format

Located at Park Panorama Colony, the outlet will offer a diverse range of Indian sweets, snacks, and multi-cuisine delicacies in a quick-service restaurant (QSR) format.

Continue Exploring: Global delivery service Borzo adds 3-Wheelers and Trucks to fleet 

“Our goal is to make Indian flavours a staple in the global culinary scene, blending tradition with innovation through our ‘Reverse Food Drainage’ initiative,” said Manoj Madhukar, Founder of The Montana Group. “Through partnerships, collaborations, and new market strategies, we aim to use the global fascination with Indian flavours as a means for cultural exchange.”

Meanwhile, Monty Singh, Founder of The Montana Group, added, “We aim to engage global youth in a culinary journey that celebrates India’s age-old traditions. Just as global brands like McDonald’s and KFC have embraced Indian twists in their menus, we want international consumers to connect with Indian culture through our flavourful food. Our ambitious expansion plans for the UK reflect the immense potential we see to bring authentic Indian flavours to a wider audience.”

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

Further, Suresh Goel, CEO of Bikanervala Foods Pvt. Ltd, stated that the Bathinda outlet’s launch exemplifies the shared commitment of Bikanervala and The Montana Group to introducing Indian flavours to a global audience and enhancing India’s culinary heritage visibility worldwide.

The Montana group to launch 25 outlets in 2025

Looking ahead, the Montana Group plans to open over 25 new outlets in 2024-2025, expanding domestically and internationally. Bikanervala, established in 1905, operates over 200 outlets in India and has a presence in countries such as the USA, Canada, the UAE, Qatar, New Zealand, Singapore, and Nepal.

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Global delivery service Borzo adds 3-Wheelers and Trucks to fleet

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Ashutosh Dubey
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Global delivery service Borzo adds 3-Wheelers and Trucks to fleet

Global delivery service Borzo has introduced 3-wheeler and truck delivery services to cater to larger deliveries and enhance flexibility for businesses in key metros.

Borzo to launch first in Mumbai

Initially launching in Mumbai, the service will expand to Delhi, Bengaluru, Hyderabad, and Pune, with plans to onboard 1,500 couriers using 3-wheelers and Tata Aces by the end of 2024.

Continue Exploring: Burger & Lobster debuts in India at Shangri-La Eros, New Delhi

This expansion enables the company to manage larger shipments, such as furniture and bulk grocery orders, for business-to-business clients. The goal is to handle 500 3-wheeler and truck deliveries daily by 2025.

“Since the demand for heavier and more massive cargo shipments continues to rise, we could not handle all these shipments with our two-wheeler fleet alone,” said Alina Kisina, CEO of Borzo. “By involving 3-wheelers into our operations, we are not only enhancing our capacity to handle diverse delivery requirements but also positioning ourselves as a comprehensive logistics partner that can scale with our client’s growth.”

Borzo now onboards 2,50,000 active couriers

Couriers will own their vehicles and work as gig-workers, managing schedules and ensuring operational efficiency. Initially, traditional 3-wheelers will be used, with plans to incorporate electric vehicles in the future. Borzo’s existing 2-wheeler fleet of 50,000 riders will continue to handle intra-city deliveries.

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

Notably, Borzo’s expanded services will provide businesses with a one-stop solution for all their logistics needs. With operations in various Asian and Latin American countries, Borzo boasts over 250,000 active couriers and 1.5 million customers.

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Burger & Lobster debuts in India at Shangri-La Eros, New Delhi

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Ashutosh Dubey
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Burger & Lobster debuts in India at Shangri-La Eros, New Delhi

Burger & Lobster, a globally renowned seafood concept, is set to make its Indian debut with a pop-up at Grappa Bar, Shangri-La Eros New Delhi, starting November 15, 2024.

Founded in London in 2011 by four friends, the brand has gained international recognition for its unique focus on perfecting just two ingredients: burgers and lobsters.

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

Burger & Lobsters team to serve seafood 

Since its inception, Burger & Lobster has expanded worldwide, bringing its high-quality, no-frills approach to dining. Now, Indian food lovers can experience the brand’s signature dishes in an exciting new setting. Leading the culinary team are Chef Brian Bennet Chong, Corporate Development Chef, and Chef Gagandeep Sawhney, Executive Chef at Shangri-La Eros New Delhi. With over 27 years of expertise, Chef Chong ensures the brand’s iconic dishes are delivered vibrantly, freshly, and full of flavour.

The menu features crowd-pleasers like the Mayfair Burger, Lobster Roll, and Classic Whole Lobster. Guests can also opt for special combos allowing them to enjoy both lobster and burger in one meal. The pop-up promises a lively atmosphere, blending Burger & Lobster’s playful spirit with Grappa Bar’s refined ambiance.

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

This collaboration offers a unique dining experience in New Delhi, perfect for those seeking high-quality seafood and burgers. Burger & Lobster’s Indian debut marks a significant expansion, bringing its global sensation to the country’s culinary scene.

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

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Ashutosh Dubey
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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.

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

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Ashutosh Dubey
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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.

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

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Ashutosh Dubey
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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.

Continue Exploring: IHG Hotels to expand in India with new Vignette Collection brand

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.

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FSSAI launches statewide operation to test golgappa for microbial contamination

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Ashutosh Dubey
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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.

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IHG Hotels to expand in India with new Vignette Collection brand

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Ashutosh Dubey
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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.

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

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Ashutosh Dubey
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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.

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