Star Localmart eyes retail expansion with 3000 stores in next five years
Star Localmart, part of the Sanjay Ghodawat Group, plans to expand to 130 stores by March 2025. Over the next 5 years, they aim to open 3,000 stores in Maharashtra, Karnataka, Goa, Telangana, Madhya Pradesh, and Gujarat, according to a media release on Friday, November 8.
Star Localmart operates 80 stores
While making an announcement, Shrenik Ghodawat, managing director of Star Localmart said, “The aim is to reach every small town and village, offering a seamless shopping experience and redefining neighbourhood convenience.”
“We are dedicated to making convenience, affordability, and customer satisfaction the heart of everything we do, especially in communities where these options matter most,” he further said.
For now, the brand runs over 80 stores in tier-3 and tier-4 towns in Maharashtra and Karnataka, each ranging from 1,000 to 1,500 square feet.
As India moves towards becoming the world’s third-largest retail market, 2024 is set to be a big year for the industry. With more disposable income, fast urbanisation, a growing middle class, and tech-savvy consumers, the Indian retail sector looks like a great investment opportunity for both local and global companies.
Orkla India, parent of MTR Foods, eyes expansion with local spice businesses
Orkla India, the parent company of MTR Foods and Eastern Condiments, is seeking partnerships with local spice and masala businesses to strengthen its presence and dominance in India’s spice market, according to a top executive of the company.
Open to new partnerships with more local players – CEO
According to ET Retail, Sanjay Sharma, CEO of Orkla India, expressed, “We are open to new partnerships. Spices and masalas is an exciting category and we are looking out for partnering with more local players.”
Meanwhile, Orkla, a Norwegian investment company, entered India in 2007 by acquiring MTR Foods. In September 2020, they bought a majority stake in Eastern Condiments, run by the Meeran family. In the year 2023, Orkla reorganised its India operations into three units: MTR, Eastern, and International Business. MTR generates about 48% of revenues, Eastern 34%, and International Business 18%.
Orkla India identifies 9 key markets globally to evolve
“Our international segment is the fastest growing and continues to develop rapidly,” Sanjay added.
Further he mentioned that the company has identified 9 key markets worldwide that drive most of its business. The Middle East accounts for 70% of Orkla India’s international sales, followed by North America. The company is now looking to expand into the UK and 4-5 new markets in the Middle East.
Previously in July, Nils Selte, president and CEO of Orkla, informed investors that the company has started an IPO readiness study for Orkla India. He said, “We initiated a process to consider structural opportunities for Orkla India, including conducting an IPO readiness study. The results of the study are encouraging. And we will now proceed with an evaluation of accessing the capital markets in India. Any conclusion should not be expected until sometime 2025.”
Elan Group partners with AS Hotels to introduce luxury hotel Ramada Encore by Wyndham
Gurugram-based Elan Group has collaborated with AS Hotels & Residences Private Limited to launch Ramada Encore by Wyndham, a luxury hotel, at Elan Miracle Mall in Sector 84.
New Ramada Encore feature 91 rooms at Elan Miracle Mall
According to ANI, the hotel, spanning 1.2 lakh sq. ft., will feature 91 luxurious rooms, suites, and premium facilities.
Strategically located within Elan Miracle, a prime commercial destination, Ramada Encore will cater to business and leisure travellers. The hotel is expected to open by the end of this year.
“We are excited to welcome the Ramada Encore Hotel by Wyndham brand to Elan Miracle Mall,” said Venika Kapoor, Senior Vice President-CRM, Elan Group. “This initiative is a testimony to our vision of establishing a vibrant mixed-use development in a prime location on Dwarka Expressway.”
Elan Miracle Mall to welcome Levi’s, Snitch, and PVR Cinemas
Furthermore, Amar Bharati, Director, AS Hotels & Residences Private Limited, added, “Bringing Ramada Encore to Gurgaon, especially at the prime location of Elan Miracle Mall, marks a significant step in our mission to offer vibrant and rejuvenating hotel experiences.”
Notably, Elan Miracle Mall boasts an array of leading brands and will soon welcome new additions, including Levi’s, Snitch, and PVR Cinemas. Ankit Sharma, Vice President-Leasing, Elan Group, stated, “We are delighted to join hands with AS Hotels & Residences Private Limited… This move reinforces our commitment to creating world-class destinations.”
Additionally, the hotel Group aims to revolutionise the real estate industry with its focus on “Trust, Quality & Sustainability.” With this partnership, Elan Miracle Mall solidifies its position as a premier retail and lifestyle destination.
“Elan Group was established with an aim to revolutionise the principles of ‘Trust, Quality & Sustainability’ in the real estate industry,” said the company in a media release. “With a vision to ‘Build the Future,’ Elan is dedicated to transforming the Indian realty landscape.”
Deepinder Goyal with wife Grecia Munoz and Narayana Murthy marks presence
Host Kapil Sharma, known for his celebrity guests like movie stars and athletes, will feature these well-known Indian entrepreneurs in the latest episode of his show. Notably, A new promo shows the fun side of these business icons. The clip features Deepinder Goyal and Grecia Munoz enjoying a classic ring toss game.
In the video, Sharma shows some of Zomato’s cheeky notifications, like “There are many types of pasta, but our type is you!” He then asks Goyal if he accidentally sent these flirtatious messages to clients instead of his wife. Goyal credits his young marketing team, who may not have a marketing background but are full of innovative ideas.
Netizens react
Additionally, a humorous video shows Sudha Murty, Grecia Munoz, and Deepinder Goyal participating in a light-hearted ring-toss game. The caption jokingly reads, “Not a delayed delivery, but directly cancelled!” The clip begins with Sudha Murty attempting to win a prize by tossing a ring. Grecia Munoz successfully lands her ring around the target, while Deepinder Goyal misses. A cast member teasingly says, “Looks like you’re delivering to the wrong address,” sparking laughter.
In another promo, Narayana Murthy humorously showed a charming side by expressing sweet feelings for his wife. However, Sudha Murty playfully interrupted with a quick-witted reply.
Meanwhile, fans took to the comments section, praising the video and sharing humorous reactions. “The fact that they brought Narayan Murthy with Deepinder..” wrote one user, while another exclaimed, “Love Zomato Marketing.” A third user quipped, “Who all are in a committed relationship with Swiggy notifications?”
SAMHI Hotels expands in Hyderabad with new long-term lease
SAMHI Hotels Limited has signed a long-term lease for a new upscale hotel with 170-175 rooms in Hyderabad, adding it to their portfolio.
According to ET Hospitality, the new hotel will be created by converting an office building on the main road of Hitec City, Hyderabad’s largest office area, surrounded by high-quality office buildings. The building already has 270,000 sq. ft. of built-up space, and SAMHI will now start the interior work.
Through this lease, SAMHI boosts its market presence in Hyderabad, one of India’s biggest and fastest-growing office markets. The company already runs four hotels with 878 rooms in the city. This deal will add another 170-175 rooms in the Upper Upscale segment, managed by a major international operator.
Based on FY24 financials, leased assets contributed 13% to SAMHI’s total revenue. This transaction will help us reach our goal of 20%+ revenue from leased assets, which are more cost-efficient. Once completed, the hotel will boost our share of Upper Upscale & Upscale assets in a key market, following our last acquisition in Bengaluru.
Further, Ashish Jakhanwala, chairman and managing director of SAMHI Hotels Ltd., commented on the performance, “I am delighted to announce the signing of long-term variable lease in Hitec City, Hyderabad. This transaction aligns with our stated strategy of increasing the share of long-term leases for better capital efficiency and higher risk adjusted returns. We are also proud to have executed one of the first office building conversions to a hotel, which opens up a new avenue for our growth. With a quick conversion of this building to an Upper Upscale hotel, we have secured strong growth for our portfolio.”
Himanshu Saini wins best chef for Dubai, receives Three Knives award
The 8th edition of The Best Chef Awards recently concluded in Dubai, celebrating 550 chefs from 61 countries. Indian chefs made their mark at the prestigious event.
Himanshu Saini, Chef at Trèsind Studio in Dubai, received the coveted Three Knives award and was also recognized as the Best Chef for Dubai. Saini’s exceptional presentation skills and dishes combining technique, passion, and Indian gastronomy have captivated diners.
This year’s top three winners were Rasmus Munk (Alchemist, Denmark), Albert Adrià (Enigma, Spain), and Eric Vildgaard (Jordnær, Denmark). Special awards recognized chefs for contributions in areas like pastry, new entry, terroir, science, food art, and next generation.
Notably, the Best Chef Awards introduced its tiered Knife recognition system, honouring chefs based on impact and skill across three categories. 97 chefs received Three Knives, 177 received Two Knives, and 276 received One Knife.
“Dubai’s successful hosting of The Best Chef Awards 2024 has underlined its status as a global gastronomy capital, with the city providing a platform not only to celebrate global culinary talent, but also to bring the industry together to share knowledge and explore innovation. We congratulate all the chefs from around the world recognised in this year’s edition of the awards, and are proud to see Dubai-based culinary talent among them, as they continue to contribute to our goal to become the best city to visit, live and work in,” said Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment.
Further, Cristian Gadau, Co-founder of The Best Chef, added, “Bringing The Best Chef Awards to Dubai for the first time has been a landmark moment for us, and we couldn’t have asked for a more remarkable city to host this celebration. Dubai’s ambition, spirit, and dedication to excellence perfectly mirrored the calibre of talent we witnessed at this year’s awards.”
Co-founder of The Best Chef, Joanna Slusarczyk said, “We were privileged to acknowledge an extraordinary 550 chefs… The new Knife recognition system has allowed us to highlight chefs at all stages of their journey.”
The event drew over 3,000 attendees and featured panel discussions, the Food Meets Science conference, and exclusive culinary experiences. Dubai’s culinary scene was showcased, cementing its reputation as a global food hub.
Bengaluru court halts Swiggy from claiming former executive's ESOPs
A Bengaluru civil court has temporarily stopped Swiggy from selling or placing any claims on over 200 stock options held by a former executive who was fired earlier this year. This order is in effect until the next hearing.
Arun Cyril, former executive challenges cancellation of ESOPs
According to INC42, the court order issued on November 7 stated, “Defendant No.1 company (Swiggy) including its directors are restrained by way of temporary injunction from creating any charge, interest or alienate 185.454 vested and unexercised stock options and 24 exercised stock options of plaintiff, till next date of hearing…”
Meanwhile, the court has scheduled the next hearing for November 23. The decision came after a petition by Arun Cyril, a former Swiggy executive, who was fired earlier this year. Cyril, who worked at Swiggy from 2015 to 2024, is challenging his “unlawful” termination and the cancellation of his employee stock options (ESOPs).
CCI finds Swiggy, Zomato breaching competition laws
This adds to the company’s troubles as it prepares to go public next week. In addition, Reuters reported that the Competition Commission of India (CCI) found Swiggy and its competitor Zomato guilty of breaking antitrust laws and favouring certain restaurant chains on their platforms.
On November 6, the Delhi High Court issued a notice to the Competition Commission of India (CCI) and Swiggy. This was in response to a plea by the National Restaurant Association of India (NRAI), challenging their removal from a confidentiality ring set up by CCI to investigate alleged anti-competitive practices by Swiggy and Zomato.
Despite all the recent issues, Swiggy’s IPO closed today, being oversubscribed 3.59 times on the final day. The IPO received bids for 57.53 crore shares compared to 16.01 crore shares available, mainly driven by qualified institutional investors (QIBs).
Notably, the food tech giant’s IPO includes a fresh issue of shares worth ₹4,499 crore and an offer for sale of 17.5 crore shares. The price range for the public issue was set at ₹371 to ₹390 per share. Before opening the issue to the public, Swiggy raised ₹5,085 crore from anchor investors on November 5. The shares will be listed on November 13.
Day 3: Swiggy's IPO oversubscribed by 3.59 times, led by QIBs
Swiggy, the food delivery giant, had its initial public offering (IPO) oversubscribed by 3.59 times, despite a slow start in the first two days.
Swiggy raises INR 5,085 cr from institutional investors
According to The Hindu Business Line, the company raised INR 5,085 crore from institutional investors like Fidelity and Blackrock, along with significant contributions from domestic investors.
Notably, the qualified institutional buyers’ (QIBs) portion was booked 6.02 times, the highest among all. The non-institutional investors’ (NII) portion was booked 41%, and the retail investors’ portion was subscribed 1.14 times. The employees’ portion was subscribed 1.65 times.
Meanwhile, Swiggy’s INR 11,300-crore IPO includes a fresh capital raise of INR 4,499 crore and an offer for sale of 17.51 shares worth INR 6,828 crore. The IPO price band is INR 371-390 per share. At the top price, Swiggy’s valuation is about INR 95,000 crore. In comparison, rival Zomato, which went public in July 2021, has a market valuation of INR 2.25 lakh crore.
“Swiggy’s growth relies heavily on its ability to expand offerings while retaining and attracting users in a cost-effective way. However, the company faces intense competition from Zomato, which enjoys a broad customer base and strong brand loyalty, particularly in the food delivery sector. This competitive landscape puts pressure on Swiggy’s market share, challenging its ability to maintain and grow its customer base. If Swiggy is unable to retain existing customers or attract new users affordably, it risks negative impacts on its business performance, financial stability, and operational results. Effectively managing these challenges is critical for Swiggy’s sustained growth in the highly competitive food delivery industry,” stated Samco Securities.
IPO has a negative P/E ratio and aggressively priced – Bajaj Broking
Furthermore, Bajaj Broking Research released a statement regarding Swiggy’s going public, saying, “The company is an emerging e-commerce and food delivery technology service provider. It has shown steady growth in revenue over the reported periods but has consistently reported losses. Based on its financial performance, the IPO has a negative P/E ratio and is considered aggressively priced according to other metrics. The management is confident in turning operations profitable within the next few years by implementing their strategy and utilising the IPO funds to scale up their offerings. Well-informed investors with cash surplus and a higher risk tolerance may consider investing moderate funds for the long term.”
Additionally, the grey market premium (GMP) for Swiggy’s IPO suggests a modest listing gain, with shares trading at a premium of INR 1-2, according to IPO Watch and Investor Gain, which monitor grey market activities.
While Zomato leads with 58%, Swiggy holds a 34% market share in food delivery. In quick commerce, Swiggy’s Instamart has a 20-25% share, and Zomato’s Blinkit has around a 40-45% share, according to brokerage estimates.
Focusing heavily on its quick commerce segment, Swiggy is planning to invest nearly INR 1,179 crore in Instamart. This includes INR 755.4 crore for expanding its dark store network and INR 423.3 crore for lease and licence payments. By the end of June, Instamart had 557 dark stores, and this new investment will increase the number to 741.
Montblanc partners with GKB Opticals for exclusive eyewear collection
Montblanc, the renowned German luxury goods manufacturer, has teamed up with Indian multi-brand eyewear retailer GKB Opticals to launch the GKB Opticals x Montblanc eyewear collection.
Montblanc celebrates 100th anniversary with limited-edition
According to Indian Retailing, this collaboration marks Montblanc’s celebration of the 100-year anniversary of its iconic Meisterstück pen line. The limited-edition collection, launching on November 8, features elegant eyewear designs inspired by Meisterstück pens, complete with Montblanc’s signature snowcap emblem and nib details.
“GKB Opticals is honoured to partner with Montblanc, a brand that shares our dedication to heritage, timeless style, and sophisticated craftsmanship,” said Priyanka Gupta, Director of GKB Opticals. “Montblanc’s legacy perfectly complements GKB’s own heritage, making this collection an ideal choice for customers who appreciate both artistry and enduring style.”
Monteblanc new collection at 50 GKB Opticals locations
Notably, the collection will be priced between INR 16,000 and INR 32,000 and will be available at over 50 GKB Opticals locations, as well as on the brand’s direct-to-consumer website.
Established in 1968, GKB Opticals boasts over 90 stores nationwide and aims to expand to 100 by the end of FY25. With over 60 brands under its umbrella, the company is set for future collaborations with international luxury eyewear brands. “We are excited about upcoming partnerships with international luxury eyewear brands in the near future,” Gupta mentioned.
Meanwhile, the Montblanc Meisterstück line, introduced in 1924, has evolved from safety filling pens to include fountain pens, ballpoints, rollerballs, mechanical pencils, and highlighter pens, solidifying its legacy in luxury writing instruments.
Lingerie retailer Zivame suffers 34% net loss to INR 39 Cr in FY24
Zivame, the online lingerie retailer, has reported a 34% increase in net losses to INR 39 crore for the fiscal year ending March 2024.
Zivame sales are down to 42%
According to data sourced from business intelligence platform Tofler, the company’s sales also plummeted by 42% to INR 193 crore during the same period.
Meanwhile, Zivame’s struggles come despite the growing demand for innerwear in India. “Actoserba Active Wholesale Private Limited, an online lingerie store popularly known as Zivame, reported its revenues for the financial year 2023-24 as INR 193 crore, a 42 % fall since the last financial year,” Tofler said, as reported by Indian Retailing.
Zivame’s expenditure stands at INR 234 Cr
Notably, the company’s total expenditure stood at INR 234 crore, contributing to its widening losses. However, Reliance Industries Ltd Chairman Mukesh Ambani remains optimistic about Zivame’s potential. “Our investments in brands like Kalanikethan, Zivame, Clovia, Amante, and Urban Ladder have given us a strong foothold in these categories,” Ambani said during RIL’s annual general meeting in August.
In 2020, Reliance Retail bought Zivame for around $160 million as part of its strategy to expand its lingerie business. They also acquired other brands like Clovia and Amante during this time.
Further, Industry experts predict growth in the innerwear market, with Wazir Advisors estimating it will reach INR 75,466 crore by 2025, up from INR 61,091 crore in 2023. Women’s inner and comfort wear accounts for 60% of this market, presenting opportunities for Zivame to rebound.
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