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Country Delight secures INR 200 Cr in debt funding from Alteria Capital

By
Ashutosh Dubey
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0

Country Delight, a dairy tech startup has closed its INR 200 Cr debt funding round with Alteria Capital. Earlier in August, they raised INR 70 Cr from Alteria Capital.

According to INC42, the new funds will be used to boost the startup’s expansion and capacity. Part of the money will also go towards marketing efforts. Alteria Capital’s co-founder and managing partner, Vinod Murali, said, “… We are investing further in Country Delight, since the company is very well placed to capitalise on its strong operating foundation and access capital markets on a path to eventual listing.”

Continue Exploring: Rare Rabbit Reports Double-Digit Profit Surge, Revenue Soars by 69%

Country Delight raises over $248 Mn

Established by IIM Indore alumni Chakradhar Gade and Nitin Kaushal in 2015, Country Delight delivers milk and daily essentials like desi ghee, paneer, and eggs straight from farmers to consumers.

Country Delight operates on a subscription model, delivering to 15 lakh subscribers across 15 cities. They have raised over $248 Mn in funding and are backed by Orios Venture Partners, Z47 (formerly Matrix Partners India), and Temasek.

Additionally, Alteria Capital is a venture debt firm managing over INR 4,400 Cr in assets across three funds. Its portfolio includes startups like Rebel Foods, Ola Electric, and Zepto.

Continue Exploring: Bodycraft opens 22nd Beauty & Wellness clinic in Dehradun

B2B ecommerce Udaan closes INR 300 Cr debt funding

This advancement comes as many homegrown startups and unicorns are turning to debt for growth, with funding becoming scarce due to the funding winter. According to Inc42 data, the debt raised by Indian tech companies more than doubled to $576 Mn in the first half of 2024 compared to the same period last year.

Recently, B2B ecommerce unicorn Udaan closed a debt funding round of INR 300 Cr from Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. In October, agritech startup WayCool secured INR 100 Cr in debt funding from Grand Anicut.

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Rare Rabbit Reports Double-Digit Profit Surge, Revenue Soars by 69%

By
Ashutosh Dubey
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0

Bengaluru’s The House of Rare, which runs Rare Rabbit, more than doubled its net profit in the financial year ending March 31, 2024, thanks to rising sales. Its parent company, Radhamani Textiles, earned a profit of INR 74.5 Cr in FY24, up 131% from INR 32.2 Cr the previous year.

Rare rabbit total revenue raises to INR 641.8 Cr

Established in 2015 by Manish Poddar and Akshika Poddar, The House of Rare runs three brands: Rare Rabbit, Rareism for women, and everyday wear brand Articale. They make money by selling clothes, shoes, and more through both online and offline stores.

Continue Exploring: Tanishq’s CaratLane goes global with new store in New Jersey, USA

Meanwhile, the House of Rare’s operating revenue jumped 69% to INR 637 Cr in the review year, up from INR 376 Cr in FY23. With other income included, total revenue rose 1.5 times to INR 641.8 Cr in FY24, compared to INR 381 Cr the previous year.

Rare Rabbit expenditure surges by 60%

As the business grew, so did its expenses, but revenue rose even more. The House of Rare’s total expenditure increased by 60% to INR 542 Cr, up from INR 339 Cr last fiscal year.

Their biggest cost, due to being an omnichannel clothing brand, was materials, spending INR 208.4 Cr in FY24, a 53% increase from INR 136 Cr the previous year. Advertising expenses rose by 46% to INR 93 Cr from INR 64 Cr in FY23. Employee costs almost doubled to INR 78 Cr from INR 40 Cr the previous fiscal year.

Continue Exploring: Siyaram introduces Gen-Z fashion brand ‘Zecode’, to opens stores in Bengaluru

Previously in 2024, the startup secured INR 150 Cr in its first funding round from A91 Partners, Nikhil Kamath’s investment firm Gruhas, and Ravi Modi’s family trust (the promoter of Manyavar). This was likely part of a larger ongoing funding round of INR 500 Cr.

Furthermore, the startup raised funds at a pre-money valuation of INR 2,200 Cr (around $264 Mn). The House of Rare competes with brands like DaMenchs, The Souled Store, and XYXX.

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Tanishq’s CaratLane goes global with new store in New Jersey, USA

By
Ashutosh Dubey
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0

Jewellery brand, CaratLane, a Tanishq Partnership, has opened its first international store in the USA, located in New Jersey, the company announced on Tuesday, October 29.

Omnichannel brand CaratLane opens 300th store in Mumbai

According to Indian Retailing, Atul Sinha, chief operating officer of CaratLane stated, “While we have been available online to our customers in the US for a few years, we will now be able to offer them the full-stack omnichannel experience with the opening of this store.”

Continue Exploring: Siyaram introduces Gen-Z fashion brand ‘Zecode’, to opens stores in Bengaluru

After its global entry, CaratLane opened its 300th store in Mumbai on Karwa Chauth, inaugurated by celebrity influencer Nancy Tyagi. Located in Malad, the store covers about 900 sq. ft.

While talking to India Retailing, Deepika Khare, national head – business development at CaratLane – a Tanishq Partnership said, “The new store is located across from Infinity Mall, where we already operate another outlet. Customer response in Malad has been so positive that we have opened another bigger store to give them a better experience.”

Continue Exploring: Amazon partners with HPCL to promote Low Carbon Fuels

CaratLane starts as online D2C brand

Founded in 2008 by Mithun Sacheti and Srinivasa Gopalan, the Chennai-based jewellery brand CaratLane started as an online store offering rings, earrings, bracelets, bangles, and solitaires.

Meanwhile, previously in July 2016, Tata Group, through its subsidiary Titan Company Ltd., made a strategic investment in CaratLane. Titan now holds 99.64% of CaratLane’s equity. In February this year, Titan announced plans to buy the remaining 0.36% stake for Rs 60.08 crore.

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Siyaram introduces Gen-Z fashion brand ‘Zecode’, to opens stores in Bengaluru

By
Ashutosh Dubey
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0

Mumbai-based Siyaram’s is venturing into value fashion retail with a new format. The company is launching a Gen-Z focused fashion brand called ‘Zecode’. The first four stores will open in Bengaluru, with more to follow.

Zecode to offer fast-fashion in INR 1000

According to Indian Retailing, Gaurav Poddar, executive director of Siyaram’s released a statement, saying, “We are targeting a highly modern Gen-Z consumer in which India’s demographic landscape is currently tilting towards. At Zecode stores, we will be offering a fast-fashion value retail format with all products priced under INR 1,000.”

Continue Exploring: Bodycraft opens 22nd Beauty & Wellness clinic in Dehradun

“We are starting with Bengaluru for offline expansion because it is a city with a high concentration of educational hubs and abundant job opportunities in industries like IT and other emerging sectors, making it a vibrant centre for the youth population ,” stated Gaurav Poddar.

Zecode offers 5000+ items across various categories

The new stores opening this week will offer over 5,000 items across different categories. The ground floor will focus on youth fashion, while the other floors will have fusion wear and clothing for kids aged 2 to 14. Zecode will restock daily and release a new collection every week. They will outsource production, keeping the business light on assets. The first stores will be on high streets, ranging in size from 4,000 to 6,000 sq. ft.

“We will operate both small and big box format stores,” explained Jayakar Shettigar, chief executive officer of Zecode. “The small box format, covering 5,000 sq. ft., is ideal for high-potential locations with a large customer base. The big box format, at 10,000 sq. ft., will include a full range of categories—men’s, women’s, kids’ wear, accessories, and footwear.”

Continue Exploring: Allen Solly reveals new identity, opens largest store in Hyderabad

By the end of FY2025, Zecode aims to open 20-25 stores in Bengaluru and nearby areas in Karnataka, focusing on this region first. The company is investing around Rs 40 crores to open these stores by March.

“Initially, we will focus on tier-1 cities, but we also plan to explore tier-2 cities in the future. We have stores planned for Davangere, Hubli, Mysore, and Mangalore,” commented Shettigar.

Zecode will soon launch its own online direct-to-consumer (D2C) website as well. “In today’s market, a single channel cannot fully meet the needs of Gen Z consumers, so we need to operate in an omnichannel ecosystem,” added Poddar.

For now, Siyaram’s offers products under brands like J.Hampstead, Oxemberg, Mozzo, Inspiro, and Tessio. Fabric sales make up 80% of its revenue, garments account for 15%, and the remaining 5% comes from yarn and other sales.

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Bodycraft opens 22nd Beauty & Wellness clinic in Dehradun

By
Ashutosh Dubey
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0

Bodycraft, a beauty and wellness chain, has opened its 22nd clinic and salon in India, located in Dehradun. The new store spans over 5,200 sq. ft. and is the brand’s first in the city, the company announced on Monday, October 28.

Bodycraft onboards globally trained experts for services

In a press release, Swati Gupta, Director & Head of Creative Development at Bodycraft Salons released a statement regarding the launch, saying, “The focus is to set the bar high and ensure our fully customisable services appeal to individuals of all ages. Whether you’re coming with a parent or teenager, our renewed focus lies on satisfying and catering to the diverse beauty and wellness interests of our customers.”

Continue Exploring: Allen Solly reveals new identity, opens largest store in Hyderabad

“We have onboarded globally-trained and certified wellness experts and hair stylists, so patrons can expect a host of exciting services at the new outlet—from our signature spa and advanced facials to trendsetting nails and all things hair,” she added.

The store was inaugurated by Mr. Sunil Uniyal Gama, a BJP politician and Mayor of Dehradun. It will offer customizable services like spa treatments, facials, nail art, and hair care solutions.

Bodycraft now operates 22 stores across country

Founded by visionary Manjul Gupta in 1997, Bodycraft has been a leading name in the beauty and wellness industry for 27 years. In 2024, the brand introduced new-age treatments focused on slimming, hair regrowth (QR 678), skin boosters (SkinVive and Profhilo), and anti-ageing (dermal fillers and wrinkle relaxers) across its outlets.

Continue Exploring: Siyaram’s introduces men’s fashion brand ‘Devo’, opens store in Lajpat Nagar

With 22 clinics and salons nationwide, Bodycraft continues to expand its presence in India.

Meanwhile, Manjul Gupta, Founder and Director of Bodycraft Salons, sees great potential for the grooming and wellness industry in Dehradun. “Dehradun is becoming more cosmopolitan. There’s a young audience here that values wellness. We aim to tap into this market and provide a premium, luxurious clinic-salon accessible to both young and old,” said Gupta.

Furthermore, Dr. Mikki Singh, Founder and Medical Director of Bodycraft Clinics, believes their personalised services will attract Dehradun’s wellness-focused crowd. “Dehradun has hard water, so we’re confident that our hair services will garner love, and offer patrons the results they desire,” Singh said. Quality treatments like IV Wellness Drips, Hydra-Medi Facials, Chemical Peels, and Coolsculpting can greatly improve well-being. “While IV drips might be novel for the region, we’re seeing an incredible amount of interest!” Singh added.

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Allen Solly reveals new identity, opens largest store in Hyderabad

By
Ashutosh Dubey
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0

Allen Solly, owned by Aditya Birla Fashion and Retail, has launched a new brand identity and opened its largest store in India in Hyderabad’s Banjara Hills, the company announced on Tuesday, October 28.

New Allen Solly offers 10,000+ styles

Notably, the store covers 5,300 sq. ft. across three floors, offering 10,000+ styles, a wedding studio, and on-site professional tailors.

According to Indian Retailing, Richa Pai, chief operating officer, of Allen Solly released a statement, saying, “We are thrilled to introduce our flagship store in Banjara Hills, Hyderabad. This store represents a new retail identity for Allen Solly, rooted in our rich Nottingham heritage. We are confident that this will become Hyderabad’s go-to destination for the modern Indian consumer who embraces international style trends.”

Continue Exploring: Siyaram’s introduces men’s fashion brand ‘Devo’, opens store in Lajpat Ngar

Owned by Aditya Birla Fashion and Retail Ltd. (ABFRL), Allen Solly was introduced to India in 1993 by Madura Fashion & Lifestyle, a division of ABFRL.

Known for its women’s Western wear, Allen Solly has made a unique mark in India’s fashion scene. Aditya Birla Fashion and Retail Ltd reported a consolidated loss after tax of Rs 214.92 crore for the first quarter ending June 30, 2024, due to higher expenses in a slow consumption environment.

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Amazon partners with HPCL to promote Low Carbon Fuels

By
Ashutosh Dubey
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0

Amazon India announced on Monday, October 28 that it has signed an initial agreement with Hindustan Petroleum Corporation Ltd to promote the development and use of Low Carbon Fuels (LCFs) for long-haul transportation in India.

Amazon set to test fuels in long-haul transport vehicles

According to Indian Retailing, as part of the partnership, HPCL and Amazon will test fuels in Amazon’s long-haul transport vehicles and look into setting up fueling hubs and mobile refuelling stations for easier access to low carbon fuels (LCFs), Amazon India stated.

Continue Exploring: VasyERP introduces self- checkout system ‘V-Checkout’

This partnership is a big step in cutting carbon emissions in transportation. It supports Amazon’s goal to reach net-zero carbon by 2040 and helps India aim for net-zero carbon by 2070, Amazon India said.

“Biofuels are key to India’s energy transition and are set to contribute to jobs and economic growth. Amazon’s collaboration with HPCL is a step toward empowering this transformational shift,” stated Abhinav Singh, vice president for operations at Amazon India.

Amazon in line with global pledge of net-zero in 2040 

Further he added, “In line with The Climate Pledge’s global goal to reach net-zero carbon by 2040, accelerating fuel alternatives in our transportation network reinforces our commitment to India’s energy ambitions and is helping our mission to reduce emissions.” Amazon India stated that both companies will work with government bodies and industry think tanks to support policies that promote the use of low carbon fuels (LCFs) in India.

Continue Exploring: Curefoods Plans Expansion to 1000 Locations, Opens First International Store

Meanwhile, the collaboration will use agricultural and industrial waste to produce fuel in Visakhapatnam and Bahadurgarh. This initiative aims to create fueling hubs and mobile refuelling stations across India. Additionally, the companies will promote low-carbon fuels through policy advocacy and research.

“We are committed to developing and scaling sustainable fuel solutions that benefit our country, the industry, and the environment. This collaboration marks a pivotal step toward decarbonising long-haul transportation and aligns with our vision of supporting India’s long-term low-carbon development strategy,” HPCL said.

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VasyERP introduces self- checkout system ‘V-Checkout’

By
Ashutosh Dubey
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0

Gujarat-based VasyERP has launched V-Checkout, a self-checkout system designed to make shopping easier during India’s festive season, the company announced on Monday, October 28.

VasyERP to offer counterless experience to consumer

With Diwali approaching, V-Checkout aims to ease the workload on retail staff and improve the customer experience by making checkout five times faster than traditional billing, the company announced further.

Continue Exploring: Swiggy sets IPO price band at INR 371-390, valuing company at $11.3 Bn

“Festive seasons bring both opportunities and challenges for Indian retailers. With V-Checkout, we are aiming to improve the shopping experience by making it queue-free and reducing billing pressures,” said Dharmendra Ahuja, CEO of VasyERP.

With V-Checkout, customers can scan product barcodes using their mobile devices and add items to a virtual cart. Once done, they can pay directly from their phones via UPI or linked cards, skipping the billing counter. For those who prefer paying at the counter, V-Checkout offers quick-scanning to reduce time spent there.

V-Checkout to manage stock better

Meanwhile, V-Checkout not only speeds up checkout but also gives retailers real-time inventory updates and analytics, helping them manage stock better.

Continue Exploring: Bigbasket teams up with Tanishq for 10-Minute gold and silver coin deliveries

Furthermore, VasyERP is a powerful cloud-based ERP platform that simplifies various business functions, including eCommerce, ERP, production, and inventory management. It supports Cloud-POS, Smart Retail, Omnichannel e-commerce, and features like Self-Checkout, Smart Cart, mPOS, Self-Ordering, and Cloud Printing.

Notably, VasyERP also includes tools for customer loyalty programs, memberships, CRM, self-service kiosks, promotions, GST returns, accounting, and Hybrid POS, making it a complete solution for modern retail and business management.

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Curefoods Plans Expansion to 1000 Locations, Opens First International Store

By
Ashutosh Dubey
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0

Curefoods, the Bengaluru headquartered food and beverages service, which is one of the largest food tech companies in India, intends to grow to 1,000 locations in the next five years, as per a senior official.

Curefoods now runs in 450+ locations across country

While talking to IndianRetailing, Ankit Nagori, founder of Curefoods commented, “Over the last four years, we have expanded to 450+ locations, including cloud kitchens, restaurants, and takeaway kiosks. Post-pandemic, the market has shifted back to hybrid consumption, with people dining in and ordering online. Food will always be multi-channel, and we focus on building both dine-in and delivery options.”

Continue Exploring: Lahori to raise INR 400 Cr, tripling Its valuation

Further, Curefoods also plans to enter the international market, with its first store in the Gulf Cooperation Council (GCC) opening this month. The company uses a hybrid model of cloud kitchens, dine-in restaurants, and takeaway kiosks, and is present in 250 locations in Bengaluru, Delhi, Chennai, Hyderabad, Mumbai, Pune, Kolkata, and Ahmedabad.

Curefoods’ six brands generates 90% of revenue

Additionally, Curefoods runs six main brands, each catering to different tastes. These include Eatfit for healthy food, CakeZone for desserts, Sharief Bhai for biryani, Nomad Pizza for gourmet pizzas, and Olio Pizza, a cloud kitchen brand that is widely distributed across India.

Continue Exploring: Swiggy raises fresh share size to INR 4,499 cr, files RHP

Meanwhile, Curefoods’ six main brands make up 90% of its revenue. Eat Fit is the most popular, followed by Olio Pizza and Sharief Bhai Biryani. Each brand caters to different demographics and customer preferences, ensuring broad appeal. “Eat Fit is our highest-volume and most popular brand. It is our oldest brand, offering comfort food with a health twist, making it ideal for daily consumption and high-frequency orders,” added Nagori.

“Currently, online orders account for 70% of the company’s business, with offline orders making up the remaining 30%,” said Nagori. Curefoods has limited presence in malls but plans to expand Nomad Pizza and Sharief Bhai Biryani into these areas to attract more customers. 

However, the company reported a 50% year-on-year growth in FY24 and projects a 35%-40% growth rate for FY25.

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Swiggy raises fresh share size to INR 4,499 cr, files RHP

By
Ashutosh Dubey
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0

After much anticipation, Swiggy filed its red herring prospectus (RHP) late on Monday, October 28. According to the IPO papers, the public issue will open for subscription from November 6 to November 8, with anchor investors bidding on November 5.

Swiggy reduces OFS to 17.5 Cr equity shares

According to the RHP, Swiggy has raised the fresh issue size to INR 4,499 Cr from INR 3,750 Cr in the updated DRHP. However, this is lower than the INR 5,000 Cr approved by shareholders recently.

Continue Exploring: Swiggy sets IPO price band at INR 371-390, valuing company at $11.3 Bn

Notably, the company has reduced its offer for sale (OFS) to up to 17.5 Cr equity shares from 18.53 Cr in the updated DRHP filed in September. This is due to Naspers’ subsidiary MIH India Food Holdings selling 10.9 Cr shares now, instead of 11.82 Cr as mentioned in the updated DRHP.

Meanwhile, Swiggy hasn’t disclosed its IPO price band yet, but reports suggest it will be between INR 371 and INR 390. At the upper end, the IPO size would exceed INR 11,300 Cr ($1.3 Bn). Swiggy will likely finalise the share allotment by November 11, credit shares to successful bidders’ demat accounts by November 12, and list the shares on BSE and NSE on November 13.

Swiggy uses INR 1,178.7 cr to expand dark stores

Regarded as the second biggest IPO of the year, the public issue will see investors like Accel, Apoletto Asia, Alpha Wave Ventures, Coatue, Elevation Capital, Norwest Venture Partners, and Tencent selling shares through the OFS component. Cofounders Sriharsha Majety (managing director and group CEO), Lakshmi Nandan Reddy (whole-time director, head of innovation), and Rahul Jamini will also sell some of their shares.

Continue Exploring: Tata CLiQ teams up with Bvlgari to bring luxury products online in India

Furthermore, Swiggy has saved 75% of the IPO for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. The company has also set aside 7.5 Lakh shares for its employees. According to the RHP, Swiggy will use INR 1,178.7 Cr to expand its dark store network, INR 1,115.3 Cr for brand marketing and business promotion, and INR 164.8 Cr for its logistics subsidiary, Scootsy.

Some capital will also be used for acquisitions and general corporate purposes. Financially, the company’s net loss increased by 8% YoY to INR 611 Cr in Q1 FY25. Operating revenue grew 35% YoY to INR 3,222.2 Cr in the same quarter.

Earlier, Swiggy’s net loss was INR 2,350 Cr in FY24, down from INR 4,179.3 Cr in FY23. Revenue from operations increased by 36% to INR 11,247.3 Cr in FY24 from INR 8,264.5 Cr in the previous year.

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