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Dabur India suffers 17.65% profit drop amidst high inflation, weak urban demand

By
Ashutosh Dubey
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0

FMCG giant Dabur India Ltd reported a 17.65% drop in its net profit to INR 417.52 crore for the September 2024 quarter due to high food inflation and reduced urban demand.

Dabur India revenue drops by 5.46% to INR 3, 028 Cr 

According to India Retailing, Dabur India recorded a net profit of INR 507.04 crore in the same quarter last year. This quarter, their revenue from operations dropped by 5.46%, down to INR 3,028.59 crore from INR 3,203.84 crore in the same period the previous year.

Meanwhile, Dabur India’s total expenses dropped by 1.31% to INR 2,634.40 crore in the September quarter. “Despite a challenging demand environment marked by high food inflation and a resultant squeeze in urban demand, Dabur continued to drive consumer engagement across its key brands to end the second quarter of 2024-25 with a consolidated revenue of Rs 3,029 crore,” said Dabur in an exchange filing.

Dabur India sees 13% growth globally

Furthermore, its standalone revenue, mainly from domestic business, was 8.17% lower at INR 2,143.58 crore in the September quarter. “Our focused approach towards expanding our rural footprint to over 1.22 lakh villages reaped a rich dividend as rural demand outpaced urban demand by 130 bps during the quarter,” said CEO Mohit Malhotra.

Notably, FMCG giant’s International Business grew by 13% in the second quarter on a constant currency basis. “The Egypt business reported nearly 73% growth, while the MENA region grew by 10%, and Sub-Saharan Africa grew by 2%. The Badshah business also saw a 15% growth in Q2,” it said.

In the Q2, Dabur’s consumer care segment revenue fell by 4.13% to INR 2,487.60 crore. The food business saw a 13.45% drop to INR 467.39 crore, and revenue from the retail business decreased by 5.9% to INR 28.11 crore.

“Over the past couple of years, we have witnessed a marked shift in consumer buying patterns in favour of emerging channels like quick commerce, driven by the convenience this channel offers. This has resulted in the emerging channels growing at high teens, putting the General Trade under stress,” Malhotra added.

To adapt to market changes and support distributor partners, Dabur decided to adjust its inventory in General Trade, causing a temporary sales dip this quarter. “However, the move has resulted in improving the long-term health and hygiene of our business, paving the way for healthy growth going forward,” stated Malhotra.

Additionally, Dabur India owns brands like Dabur Amla, Dabur Vatika, Dabur Chyawanprash, Dabur Honey, Honitus, PudinHara, Dabur Lal Tail, and the juice brand Real. On the Brand’s future, Malhotra said, “We expect a recovery in consumer demand in the coming quarters, both in urban and rural markets. We are focusing on strengthening our competitive edge in the marketplace by investing in scaling up our rural footprint and rolling out consumer-centric innovations.”

To cater to this wider network, we have expanded our product basket with the launch of affordable and rural-specific pack bundles across categories, besides investing in consumer activations in the hinterland to establish a better connection with our consumers,” Malhotra further added.

Moving forward, Dabur India announced that its board has declared an interim dividend of 275% for FY 2024-25, which amounts to INR 2.75 per share, each having a face value of INR 1.

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Ninjacart’s revenue soars by 74%, hits INR 2000 Cr

By
Ashutosh Dubey
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0

Ninjacart, a B2B agritech startup, saw its operating revenue rise by 74% in FY24, reaching INR 2,002.7 Cr, up from INR 1,153.4 Cr the previous year.

Ninjacart cuts revenue losses to INR 259.6 Cr

According to INC42, the company cut its net loss by 20% to INR 259.6 Cr in FY24 from INR 326.3 Cr the previous year. This was due to various strategies to lower costs and boost business volumes. Ninjacart also added premium fruits and vegetables to its offerings.

Continue Exploring: Meesho slashes losses by 96.6% in FY24, orders surge by 36% YoY

Furthermore, the company used AI to cut waste in its fulfilment business, improving supply chain efficiency. Ninjacart is also expanding into new channels and customer segments, especially in tier 2 and 3 cities, by working with local traders and retailers.

The company to become profitable by FY26- Ninjacart CEO

In a media release, Ninjacart’s co-founder and CEO Kartheeswaran KK stated, “We are thrilled to report these positive numbers, which reflect our unwavering commitment to transforming the agricultural ecosystem in India. Our continued investment in technology and partnerships is enabling us to provide high-quality produce while simultaneously empowering farmers, traders, retailers and local economies.”

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

It’s worth noting that last year, KK mentioned the company expects to become profitable by fiscal 2026.

Established in 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK, and Vasudevan Chinnathambi, Ninjacart started as a B2C business but later shifted to the B2B model. It competes with companies like WayCool Foods, Dehaat, and FarmLink.

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Meesho slashes losses by 96.6% in FY24, orders surge by 36% YoY

By
Ashutosh Dubey
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0

Meesho‘s operating revenues surged by 32.7%, reaching INR 7,615 Cr in FY24, up from INR 5,735 Cr the previous year.

Meesho adjusted losses to INR 53Cr

According to INC42, the startup reduced its adjusted losses to INR 53 Cr in FY24, a 96.6% decrease from INR 1,569 Cr last year, as stated in their blog on October 30. This figure excludes Employee Share-Based Compensation expenses.

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

Meanwhile, e-commerce major’s higher revenue and reduced losses were due to more users and more frequent orders from existing customers. Orders delivered grew by 36% year-on-year to 843 million in FY24, up from 622 million in FY23.

“We became the first horizontal Indian ecommerce company to achieve profitability during the year and the first to generate positive free cash flow,” Meesho wrote in the blog post. They achieved an operating cash flow of INR 232 Cr for FY24. The company improved logistics, used Generative AI and Machine Learning for better discovery, and enhanced in-app experience and 24/7 customer support.

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

Meesho secures about $1.36 Bn

Furthermore, Meesho has successfully reduced its operational expenses, thanks to growing consumer awareness and the efficiency of its online marketplace model. The company’s selling, management, and administrative costs have decreased significantly as a percentage of revenue.

Established by Vidit Aatrey and Sanjeev Barnwal in 2015, Meesho began as a social ecommerce startup. In 2022, it shifted to a marketplace model to compete with giants like Flipkart and Amazon. The startup has raised about $1.36 Bn and is currently valued close to $5 Bn.

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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
-
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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