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Mirah Hospitality merges with SKFS food company in INR 80 Cr deal, plans pan-India expansion

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Ashutosh Dubey
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Mirah Hospitality merges with SKFS food company in INR 80 Cr deal, plans pan-India expansion

Food services company SKFS Group has acquired Mirah Hospitality & Gourmet, owner of Rajdhani, Bayroute, and Hitchki, for INR 80 crore.

Looking to scale up the business nationally – Chairman, SKFS

While talking to ET, SKFS Group Chairman Dinakara Shetty stated, “We are looking to scale up the business nationally; we see this as a strategic acquisition to take forward our food services business, with fresh investments in upgradation of our existing outlets.” He added that the group’s existing business verticals “will align and synergise well” with the acquired brands.

Continue Exploring: Sula Vineyards ltd registers record revenue of INR 271.7 cr in H1FY25, 3.7% YoY

Further, Aji Nair, CEO of Mirah Hospitality, said, “We are looking to expand Mirah Hospitality pan-India and are exploring adding two new brands under the new ownership. Overseas expansion is also on the cards.” Mirah Hospitality operates 30 outlets and will become a 100% subsidiary of SKFS Group.

Founded over three decades ago, SKFS Group operates restaurants in hotel chains like Marriott and Ramada, and provides premium corporate catering. The INR 350-crore company aims to leverage this acquisition to strengthen its foothold in the market.

Tiger Global-backed Chaayos acquires Dohful

Recent months have seen increased deal activity in the food and beverages sector, driven by local competition and global brand influx. Notable deals include Tiger Global-backed Chaayos acquiring Dohful, and Devyani International signing franchisee deals with global cafes.

Continue Exploring: Nykaa rewards employees with 1.8 lakh equity shares under ESOP, following 66.3% jump

Meanwhile, Devyani International has secured exclusive master franchise rights for Tealive, New York Fries, and Sanook Kitchen. Tealive is a Malaysian tea chain with over 900 global outlets, while New York Fries is a Canadian multi-channel restaurant chain. Sanook Kitchen offers Thai and Asian cuisine.

According to the National Restaurant Association of India, the Indian food services market is valued at INR 5.69 lakh crore in FY24 and is projected to grow to INR 7.76 lakh crore by FY28. This growth is driven by a rising middle class, increasing dine-out propensity, and aspirational demand from tier-2 and tier-3 locations.

Further, the acquisition is expected to enhance SKFS Group’s presence in the market, while Mirah Hospitality expands its reach across India and internationally.

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

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Ashutosh Dubey
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Quick commerce companies are surpassing traditional retailers, with 46% of consumers reducing purchases from Kirana shops. The quick commerce market is expected to reach $40 billion by 2030, up from $6.1 billion in 2024, reveals a recent report by Datum Intelligence.

46% customers shift towards quick commerce – Datum report

“Nearly half (46%) of respondents report reduced spending at Kirana shops, indicating a shift in customer behaviour towards quick commerce platforms,” the report notes. Top quick commerce platforms in India include Blinkit, Zepto, Swiggy Instamart, and Flipkart Minutes.

Continue Exploring: Nashville Fried Chicken expands to Delhi with Massive Restaurants 

Reportedly, the report predicts that quick commerce will capture $1.28 billion of Kirana sales by 2024, accounting for 21% of total sales. “Quick commerce’s focus on speed and convenience aligns with consumers’ needs for efficient, on-demand grocery shopping experiences plays a major role in the adoption of online grocery,” it says.

82% spends 25% of grocery budget on q-commerce 

The study found that 75% of online grocery buyers have increased unplanned purchases, spending over INR 400 per order. Consumers opt for quick commerce due to its convenience and speed, facilitated by competitive pricing and eliminated intermediaries.

Continue Exploring: Rise of quick commerce is challenge to retailers, will become political issue – Uday Kotak

Kirana stores face an existential threat, with 82% of consumers shifting at least 25% of grocery spending to quick commerce. “Quick commerce has witnessed an unprecedented pace of adoption, significantly influencing consumer behaviours across the retail ecosystem… projected to experience a 74% growth in 2024,” the report states.

The report also highlights a surge in unplanned purchases, with 75% of online shoppers experiencing an increase. “The increased confidence in receiving grocery items within 10 minutes through quick commerce platforms has led to a surge in unplanned purchases.”

Conducted in October 2024, the study surveyed 3,000 adults across 10 Indian cities, incorporating expert insights and market data.

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Sula Vineyards ltd registers record revenue of INR 271.7 cr in H1FY25, 3.7% YoY

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Ashutosh Dubey
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Sula Vineyards ltd registers record revenue of INR 271.7 cr in H1FY25, 3.7% YoY

Sula Vineyards Limited, India’s leading wine producer, reported a record net revenue of INR 271.7 crore for the first half of FY25, marking a 3.7% year-over-year (YoY) increase.

Sula’s Elite and Premium segment drives 7% surge in Q2

The growth was driven by the Elite and Premium segment, which saw a 7% increase in Q2, particularly in states like Telangana, Madhya Pradesh, and West Bengal.

Continue Exploring: Indian Glycols ltd forays into local beverages market with Amrut Distilleries 

Meanwhile, Rajeev Samant, CEO, stated, “We are pleased to report our 10th consecutive quarter of growth in our Own Brands business. However, Q2 FY25 was a subdued quarter, due to a slowdown in consumer discretionary demand, particularly in urban areas where 90 percent of our sales are concentrated, and temporary disruptions in key markets like Karnataka and Delhi.”

Reportedly, The Elite and Premium segment now accounts for 78.5% of Q2 revenue, up from 73.5% last year. Wine tourism also saw growth, with a 9% increase in per-head spending and a 74% occupancy rate.

Sula’s The Source, RASA, and Dindori report double-digit growth

Furthermore, Sula’s iconic brands, The Source, RASA, and Dindori, recorded double-digit growth in the Elite and Premium range. The company is observing promising growth in non-core regions, with double-digit increases in states like Telangana, Himachal Pradesh, and West Bengal.

Continue Exploring: Zomato to raise INR 8,500 Cr via QIP in December

Looking ahead, Sula anticipates a positive impact from the festive season, driven by factors like the re-opening of Andhra Pradesh, introduction of new labels in the CSD market, and the return of the SulaFest event. Samant said, “We are confident the long-term Indian wine story remains intact, and we see a long runway of growth ahead of us.”

The company’s next earnings call is scheduled for November 13, 2024, where CEO Rajeev Samant and CFO Abhishek Kapoor will discuss further insights and developments.

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Nashville Fried Chicken expands to Delhi with Massive Restaurants 

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Ashutosh Dubey
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Nashville Fried Chicken (NFC), led by Zorawar Kalra, has expanded to Delhi-NCR after successful stints in Bangalore, Hyderabad, Chennai, and Mumbai.

As part of Massive Restaurants, NFC aims to revolutionise the fried chicken scene with its unique flavours and commitment to quality.

After the success of Louis Burger, thrilled to bring Nashville – Zorawar Kalra

Meanwhile, Zorawar Kalra stated, “After seeing the incredible love for Louis Burger, we’re thrilled to bring Nashville Fried Chicken to Delhi-NCR. We’ve poured our passion into creating a menu that marries global culinary expertise with the authentic flavours of fried chicken, offering an exceptional dining experience straight to your doorstep.”

Continue Exploring: Reliance Consumer to take over D2C snacking startup TagZ foods for INR 28 Cr

Interestingly, NFC’s menu boasts a variety of fried chicken options, including buckets with flavours like Peri Peri and Chilli Garlic, and chicken tenders in six flavours, including Nashville Style and Chipotle Lime. Burgers, fries, and sides like Animal-Style Tenders and Purple Slaw are also available.

NFC at doorsteps via online platforms

To ensure convenience, NFC operates exclusively through online platforms, with packaging designed to preserve crispiness during delivery. Specialised fryers maintain chicken freshness and quality.

Continue Exploring: KFC launches new campaign ‘Taste the Epic’ targeting the GenZs

With NFC’s entry into Delhi-NCR, customers can now enjoy high-quality fried chicken from the comfort of their own homes. Kalra’s vision is to provide a “Clucking Good” experience, catering to casual gatherings and relaxed evenings at home.

Further, NFC joins Massive Restaurants’ portfolio, which includes Louis Burger and Slyce Pizza, redefining India’s retail dining market.

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Indian Glycols ltd forays into local beverages market with Amrut Distilleries 

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Ashutosh Dubey
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Indian Glycols ltd forays into local beverages market with Amrut Distilleries 

India Glycols Limited (IGL), a leading specialty chemicals and alcoholic beverages company, has entered India’s premium alcoholic beverages market through a partnership with Bangalore-based Amrut Distilleries.

IGL to handle Amrut distribution in north

The agreement grants IGL rights to produce, distribute, and sell select Amrut premium brands in North India.

Notably, IGL has signed a brand licensing agreement with Amrut, renowned for its premium Indian single malt whiskies, gin, and rum. The partnership includes popular brands such as MaQintosh Whisky, Old Port Rum, Bejoice XO Brandy, and MaQintosh White Label Whisky. Amrut will ensure quality consistency by overseeing blending and packaging.

Continue Exploring: Zomato to raise INR 8,500 Cr via QIP in December

Meanwhile, Raju Vaziraney, Advising President for IMFL at IGL, stated, “The objective of this move is to leverage IGL’s strength in the sector at a time when the demand for premium alcobev products is at an all-time high. Through this partnership with Amrut, IGL plans to capture a double-digit market share in the relevant premium segment over the next couple of years.”

Whisky top’s IMFL consumption with 50% 

However, India’s alcoholic beverages market is dominated by brown spirits, with whisky accounting for over 58% of IMFL consumption. Vaziraney noted, “Amrut has all these products in their premium portfolio. Against this backdrop, we chose to associate with the House of Amrut for our premium foray.”

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

Reportedly, IGL’s existing facilities in Kashipur and Gorakhpur will support production. The company aims to build a presence in the premium alcohol sector, complementing its strong foothold in the regular segment with brands like Soulmate Whisky, Amazing Vodka, and Zumba Lemoni Citrus White Rum.

Further, Vaziraney added, “The agreement with Amrut completes a brand portfolio of IGL. The company will now focus on a wider product range and direct resources to make IGL a major player in the premium alcobev segment as well.” This strategic partnership enables IGL to tap into the growing demand for premium alcoholic beverages in India.

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Zomato to raise INR 8,500 Cr via QIP in December

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Ashutosh Dubey
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Zomato to raise INR 8,500 Cr via QIP in December

Food delivery giant Zomato is planning to launch a INR 8,500 crore qualified institutional placement (QIP) in December 2024, depending on market conditions.

Morgan Stanley to manage Zomato’s QIP  

Based on information from Money Control, which cited sources that Investment bank Morgan Stanley has been selected to manage the QIP, with one or two additional banks potentially being added.

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

Notably, Zomato received board approval last month to raise up to INR 8,500 crore via QIP. The company aims to enhance its cash balance, which declined to INR 1,726 crore at the end of September 2024, following a INR 2,014 crore investment in Paytm‘s entertainment ticketing business.

“… We believe that we need to enhance our cash balance given the competitive landscape and the much larger scale of our business today. We believe that capital by itself does not give anyone the right to win (and that service quality is the key determinant of success), but we want to ensure that we are on a level playing field with our competitors, who continue to raise additional capital,” Zomato founder and CEO Deepinder Goyal added.

Zomato’s QIP to surge domestic shareholding

Further, Goyal emphasised that the funds will not be used for minority investments or acquisitions. The QIP is expected to increase domestic shareholding to over 50%, although details on participating shareholders are unclear.

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

Meanwhile, the food tech giant reported a 389% year-on-year (YoY) increase in consolidated net profit to INR 176 crore during the September quarter, driven by strong growth in its quick commerce arm Blinkit. However, competition is rising, with rivals Swiggy, Zepto, Flipkart, JioMart, and BigBasket expanding their quick commerce networks.

The QIP proceeds are likely to be used to ramp up Blinkit‘s dark store network. Goyal’s strategy focuses on service quality, stating, “We want to ensure that we are on a level playing field with our competitors, who continue to raise additional capital.”

Reportedly, Zomato’s QIP comes as Swiggy made its public market debut last week, following an over INR 11,000 crore IPO. Zepto also raised over $1 billion earlier this year to expand its network.

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

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Ashutosh Dubey
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FirstCry narrows loss to INR 62.85 Cr, revenue jumps 26.7%

FirstCry, a leading kids-focused omnichannel retailer, reported a significant reduction in its consolidated net loss for the second quarter of FY25. The company’s net loss narrowed by 47.4% to INR 62.85 crore, compared to INR 119.41 crore in the same quarter last year.

FirstCry’s revenue driven by 16% YoY growth

The kid-centric product maker’s revenue from operations jumped 26.7% to INR 1,935.85 crore, driven by a 16% year-on-year growth in its Indian multi-channel operations. The company processed 9.5 million orders, up 19% from the previous year. Its gross merchandise volume (GMV) stood at INR 2,109.5 crore, a 21% increase.

Continue Exploring: Rise of quick commerce is challenge to retailers, will become political issue – Uday Kotak

Notably, the company’s adjusted EBITDA rose 66% to INR 80.1 crore. FirstCry’s India multichannel operations remained the primary revenue driver, generating INR 1,280.42 crore, up 19% from the previous year. Its roll-up business, GlobalBees, saw revenue surge 55% to INR 432.6 crore.

FirstCry’s global sell is 3.9X than India

Meanwhile, FirstCry has been expanding its roll-up business, investing in companies like Frootle India, Wellspire India, The Butternut Co, and Dynamic IT Solution. The company is now focused on replicating its India success in international markets. Its international segment average order value (AOV) is 3.9 times that of its India business.

Continue Exploring: Delhivery net profit surges to INR 10.2 Cr, revenue sees 8.1% jump in Q2 

As of now, total expenditure grew 22.2% to INR 1,847.88 crore, with significant increases in purchase of stock in trade (30.5%), employee benefit expenses (16%), and cost of materials consumed (30%). Ahead of the Q2 results, BrainBees shares ended 0.05% higher at INR 519.10 on the BSE.

Further, FirstCry’s international expansion plans are underway, with INR 155.6 crore invested in its UAE subsidiary. The company aims to leverage its India playbook to drive growth globally.

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Rise of quick commerce is challenge to retailers, will become political issue – Uday Kotak

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Ashutosh Dubey
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Kotak Bank Founder - Uday Kotak
Rise of quick commerce is challenge to retailers, will become political issue - Uday Kotak

Kotak Mahindra Bank founder Uday Kotak has sounded a warning that the rapid growth of quick commerce trade poses a significant challenge to traditional retailers and may become a political issue.

India is where quick service retail has succeeded – Uday

Speaking at a CNBC TV18 event, Kotak noted, “The successful rise of quick commerce trade is a challenge to retailers and will become a political issue.”

Continue Exploring: Delhivery net profit surges to INR 10.2 Cr, revenue sees 8.1% jump in Q2 

Kotak acknowledged India’s uniqueness in embracing quick service retail, unlike most other countries. “India is a unique country in the world where quick service retail has succeeded… This is a positive sign of Indian innovation and value creation that is real and sustainable.” He cited Swiggy’s successful public debut as an example.

Kotak push for global recognition of India businesses

However, Kotak emphasised the need for Indian businesses to focus on product innovation and creativity to join the ranks of globally recognized consumer brands like Apple, Meta, or Unilever.

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

“We need to focus on product and creativity to make a mark globally.” He also stressed the importance of fair trade practices, saying Indian businesses must become more competitive in a “free and fair trade” environment.

On cryptocurrency, Kotak expressed scepticism, stating, “I’m not excited by Bitcoin.” This comes despite Bitcoin’s recent surge to fresh highs, with a market capitalization exceeding $1.7 trillion, following Donald Trump’s US presidential election victory.

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Delhivery net profit surges to INR 10.2 Cr, revenue sees 8.1% jump in Q2 

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Ashutosh Dubey
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Delhivery net profit surges to INR 10.2 Cr, revenue sees 8.1% jump in Q2 

Delhivery, a leading logistics company, reported a consolidated net profit of INR 10.2 crore in the September quarter of FY25, marking its second consecutive profitable quarter. This significant turnaround comes after the company posted a loss of INR 102.9 crore in the same quarter last year.

Delhivery registers 13% rise of revenue from services

Notably, the e-commerce company’s revenue from services jumped 13% to INR 2,189.7 crore, driven by healthy growth in express parcel (7% YoY) and part truckload (27% YoY) revenue. Total revenue, including other income, rose 8.1% to INR 2,309.3 crore.

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

Meanwhile, the company also reported an EBITDA of INR 57 crore, a significant improvement from the INR 16 crore loss in Q2 FY24. Managing Director and CEO Sahil Barua stated, “The stable volume performance during Q2 FY25, along with the planned seasonal capacity additions we undertook towards the end of the quarter, set us up well for the festive season.”

Daily volume is 25% higher than pre-festive time – CEO Delhivery

Further, Barua added, “We saw a significant increase in Express volumes in October, with daily average volumes being about 25% higher than the pre-festive sale period.” This growth momentum is expected to continue, driven by the company’s expanded capacity and strategic initiatives.

Continue Exploring: KFC launches new campaign ‘Taste the Epic’ targeting the GenZs

As the logistics industry continues to evolve, Delhivery’s focus on efficiency and customer satisfaction will likely remain key drivers of its success.

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

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Ashutosh Dubey
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FMCG growth sluggish due to rising housing cost and lower wage in urban areas - Britannia 

Britannia Industries‘ executive vice-chairman, Varun Berry, revealed that metropolitan cities hindered the fast-moving consumer goods (FMCG) market growth in the previous quarter.

Housing cost is 22% of CPI – Varun Berry, executive Britannia

Rising housing costs and lower wage growth affected consumer spending, particularly in urban areas. According to ET, Berry stated, “The housing cost in urban and especially in metro areas is about 22% of the total consumer price index (CPI) basket rate… and that’s creating stress for most consumers in large cities and metros.”

Continue Exploring: Agri-startup Fresh From Farm to distribute private-label fruits, eyes INR 100 Cr revenue

Further, Berry noted that non-salaried workers saw a mere 3.4% increase in earnings, while salaried classes experienced a 6.5% rise. “There’s stress in almost 51% of the workforce sitting in urban areas. That is the double whammy, which is creating a demand shortfall as far as urban and especially metro is concerned.”

Britannia registers 5% revenue, 8% volume growth in Q2

Despite this, Britannia reported a 5% revenue growth and 8% volume growth for the quarter ended September. To offset rising input costs, the company plans to increase prices by 4-5% in the next two quarters. Berry emphasised, “We are not operators who look at a quarter to quarter… We want to have a robust solid business in the long term. So, if we feel that the volume is under stress and we need to be a little careful about our price increase, we will do that.”

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

Meanwhile, Unilever‘s global CEO, Hein Schumacher, echoed similar sentiments, stating, “India’s consumption is mimicking global trends… consumer confidence is back, but wages have been behind the rate of inflation, resulting in lower savings.” Schumacher added, “The aspiration level is going up, and that has consequences… on where people spend their money.”

Following Britannia’s comment, industry experts attribute the urban demand slowdown to the impact on daily wage earners and gig-workers. A large food company executive noted, “Urban poor… have been impacted the most over the past few quarters… And these consumers have been buying mass products like biscuits and snacks.” The executive also cited the normalisation of packaged food growth post-Covid-19 as a contributing factor.

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