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Swiggy rolls out ‘international login’ for overseas food orders

By
Ashutosh Dubey
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0

Swiggy has introduced ‘international login’ allowing people abroad to order food and groceries for their families and loved ones in India.

Swiggy’s ‘international login’ available in 27 countries

The feature will be available in 27 countries, such as the US, Canada, Germany, the UK, Australia, and the UAE. This launch, timed for the festive season, aims to serve international customers who have used the app before.

Continue Exploring: Amazon India records 25% surge in sales of home, kitchen, and outdoor items in Assam 

“Food and gifts are essential to family gatherings, especially during festivals,” said Phani Kishan, co-founder and CGO of Swiggy. This news comes a day after Swiggy reportedly lowered the valuation target for its upcoming IPO to $12.5-13.5 Bn.

Previously in October, Swiggy got shareholder approval to increase the fresh issue size in its IPO to INR 5,000 Cr from INR 3,750 Cr. The IPO will include an offer-for-sale of up to 18.53 Cr shares.

Swiggy’s DRHP net loss rises to INR 611 cr

Additionally, Swiggy’s DRHP shows its consolidated net loss grew over 8% to INR 611 Cr in Q1 FY25 from INR 564.08 Cr last year due to higher operating costs. Recently, the Bengaluru company raised its platform fee to INR 10 from INR 7 per order, a 43% increase.

Continue Exploring: Coca-Cola sees Q3 volume drop amid heavy monsoons in India

Prosus-backed Swiggy reduced its loss by 44% to INR 2,350 Cr in FY24, compared to INR 4,179.3 Cr in FY23. Meanwhile, its operating revenue jumped 36% to INR 11,247.3 Cr in FY24 from INR 8,264.5 Cr last year, driven by the growth of Swiggy Instamart.

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Godrej Consumer registers 13.5% growth in net profit to INR 491.31 cr in Q2

By
Ashutosh Dubey
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0

Godrej Consumer Products Ltd reported a 13.52% increase in consolidated net profit to INR 491.31 crore in the September quarter, thanks to volume growth in the domestic market and Indonesia. Last year, they posted a net profit of INR 432.77 crore in the same quarter, according to a Godrej Consumer Products Ltd (GCPL) filing.

Godrej Consumers’ revenue reaches INR 3,647.11 cr

According to ET Retail, GCPL, the FMCG division of Godrej Industries Group, saw its product sales revenue rise by 2.2% to INR 3,647.11 crore in the September quarter. This is up from INR 3,568.36 crore in the same period last year. Their total expenses in this quarter slightly increased to INR 3,039.88 crore.

Continue Exploring: PepsiCo, Coca-Cola plan cheaper soft drinks to counter Reliance’s Campa

Meanwhile, GCPL, which owns brands like Good Knight, Cinthol, and HIT, saw total revenue rise by 2.3% to INR 3,752.32 crore in the September quarter. Domestic market revenue increased by 6.1% to INR 2,300.65 crore, up from INR 2,168.21 crore a year ago.

“GCPL has had a steady quarter given the headwinds of oil costs and tough consumer demand in India. Our standalone business grew by 7 per cent in both volume and value and flat reported EBITDA,” Managing Director and CEO Sudhir Sitapati said.

Godrej EBITDA margin suffers due to palm oil inflation

Additionally, GCPL’s standalone earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of 24.3% is lower than their target due to high palm oil inflation and import duties. “We think this is a short-term hit and we will recover the margins through judicious price increase and stabilising of costs,” he commented.

Continue Exploring: Tata Tea plans price hikes to boost profit margins in upcoming months

Likewise, GCPL’s revenue from its second-largest market, Indonesia, grew by 8.63% to Rs 513.81 crore from Rs 472.96 crore last year. Sitapati said Indonesia showed “steady performance” with a 7% rise in volume and 17% EBITDA growth. However, revenue from Africa, including Strength of Nature, dropped by 21% to Rs 644.56 crore in the September quarter.

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Swiggy lowers IPO valuation to $13.5 Bn amid market volatility

By
Ashutosh Dubey
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0

Swiggy has reportedly lowered the valuation target for its upcoming initial public offering IPO to between $12.5 Bn and $13.5 Bn.

Originally aimed for a $15 Bn valuation, Swiggy reduced it to $12.5-13.5 Bn for its $1.4 Bn IPO because of market volatility and corrections in the Indian equities market, Reuters reported. The company wants to ensure that “a lot of value is left on the table” for investors who bid for the public issue, one source commented.

Zomato’s valuation stands strong at $26.7 Bn

Meanwhile, Swiggy’s rival Zomato was valued at around $26.7 Bn by the end of trading on Thursday, October 24. The report says Swiggy aims to list on the stock market on November 13, with its public issue opening the week before.

Previously in this month, Swiggy got shareholder approval to increase the fresh issue size in its IPO to INR 5,000 Cr from INR 3,750 Cr. The IPO will include an offer-for-sale of up to 18.53 Cr shares. According to Swiggy’s DRHP, its net loss grew over 8% to INR 611 Cr in Q1 FY25 from INR 564.08 Cr a year ago due to rising operating costs.

Swiggy raises platform fee to INR 10

In recent days, Swiggy raised its platform fee to INR 10 from INR 7 per order, a 43% increase. Ahead of its IPO, the company has been launching new services to grow its user base and revenue. Earlier this month, Swiggy launched Swiggy Bolt, delivering quick-to-prepare dishes in 10 minutes, now operating in six cities: Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and Pune.

Additionally, the food tech giant is testing a high-priced concierge membership called Rare Club. It gives subscribers access to exclusive high-end experiences and events. The yearly membership fee starts at INR 50,000.

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OYO posts 19.6% net profit rise to INR 158 Cr in Q2 FY25

By
Ashutosh Dubey
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0

OYO‘s parent company, Oravel Stays Ltd, has announced a net profit of INR 158 crore (approximately $19.5 million USD) for the July-September quarter. This is a 19.6% increase from the previous quarter’s profit of INR 132 crore.

OYO’s H1 FY25 net profit hits INR 291 Cr

According to INC42, OYO’s CEO Ritesh Aggarwal shared the numbers during a town hall today. This brings the total net profit for the first half of FY25 to INR 291 Cr, a big recovery from the net loss of INR 91 Cr in the same period last year. This improvement is due to OYO’s focus on premiumisation with new company-serviced hotels under the Townhouse, Collection O, Palette, and Sunday brands.

Continue Exploring: Swiggy introduces ‘Seal’ programme to enhance restaurants hygiene standards

Meanwhile, the company’s revenue climbed to INR 1,578 Cr in Q2 FY25, a 12% increase from INR 1,413 Cr in Q1 FY25. Additionally, OYO’s EBITDA reached INR 266 Cr in Q2, a 27.4% rise from INR 174 Cr in the previous quarter (Q1 FY25).

OYO GBV rises to INR 3,242 Cr in Q2 FY25

Furthermore, OYO’s Gross Booking Value rose to INR 3,242 Cr in Q2 FY25 from INR 3,048 Cr in Q1 FY25, a 17% increase from the INR 2,767 Cr in the same quarter last year. A source close to the company said, “In a sense, OYO’s quest of profitability has been similar to some of the new age platform companies with Zomato delivering Q2 FY25 PAT of INR 176 Cr, Makemytrip reported PAT Q1FY25 of INR 174 Cr ($21 Mn).”

Continue Exploring: Blinkit introduces Seller Hub for streamlined brand sales management

With these Q2 results, OYO will report eight straight quarters of positive Adjusted EBITDA. In August, the company said it had its first profitable fiscal year in FY24 with a profit after tax (PAT) of INR 229.57 Cr. In the previous month, OYO announced it bought G6 Hospitality, the parent company of Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 Mn (around INR 4,382.72 Cr) in an all-cash deal.

Due to recent acquisitions, sources say OYO expects to surpass INR 2,000 Cr in EBITDA in FY26, boosting its topline. This acquisition marks OYO’s expansion in the US since launching there in 2019. The company also aims to strengthen its presence in Europe, where it earns more due to larger ticket sizes.

Looking ahead, OYO is getting ready to go public again after delaying its IPO plans twice. The company plans to refile its DRHP with SEBI after refinancing its $660 Mn Term Loan B.

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Blinkit introduces EMI for purchases over INR 2,999

By
Ashutosh Dubey
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0

Blinkit now offers EMI (equated monthly instalments) for customers, letting them split payments for purchases above INR 2,999.

Albinder Dhindsa, CEO of Blinkit took to Linkedin and wrote, “We believe this will improve affordability and enable better financial planning for our customers.”

Blinkit updates EMI feature after ‘Seller Hub’

Notably, the EMI feature applies to all orders except those with gold and silver coins. This update comes a day after Blinkit launched the ‘Blinkit Seller Hub’ to help brands list and sell their products on its platform.

Continue Exploring: Zomato stock gains 4.6%, ends day 2.9% higher on Q2 results

Additionally, the quick commerce major added a return option for clothing and footwear in cities like Delhi NCR, Mumbai, Bengaluru, Hyderabad, and Pune. They also introduced a feature for businesses to add their Goods and Services Tax Identification Number (GSTIN) during purchases on the platform.

Blinkit to offer cafe feature for F&B

Furthermore, Blinkit is thinking about introducing a cafe feature for snack and beverage deliveries. It has become a major growth driver for Zomato, with revenue doubling to INR 1,156 Cr in Q2 FY25 from INR 505 Cr last year.

Continue Exploring: Amazon India launches campaign to protect customers from cyber fraud

For now, Blinkit now runs 639 dark stores nationwide, each averaging INR 10 Lakh in daily Gross Order Value. It plans to grow this network to 2,000 stores by the end of FY26.

Meanwhile, the company is losing market share in Delhi NCR as it focuses on expanding in other major cities.

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Coca-Cola sees Q3 volume drop amid heavy monsoons in India

By
Ashutosh Dubey
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0

Coca-Cola reported on Wednesday that heavy monsoons in several states hurt its volume growth in India for the third quarter. The company, which shared its Q3 earnings, saw a 2% decline in unit volume cases but expects growth to resume in the coming months.

Coca-Cola beverage company reports 2% decline in volume growth

According to The Hindu Business Line, during the earnings call, Coca-Cola Chairman and CEO James Quincey mentioned, “In India, volume declined in states that were impacted by higher-than-normal monsoons. In geographic areas that were unaffected, volume grew mid-single digits. We remain upbeat about progress in integrated execution and our ability to capture long-term growth opportunities.”

Continue Exploring: OYO targets corporate travel market with new B2B offering

Meanwhile, heavy rains and floods affected the FMCG industry in the September quarter, particularly beverage companies, which saw slow domestic volume growth.

Quincey mentioned, “India had a particularly heavy monsoon in a number of states and that affected the volume. Actually, by the way, heavy monsoons tend to be a good predictor of agricultural yield, which would be then better next year.” He called the heavy rains a “temporary factor” and said the company is “looking for India to return to growth.”

Coca-Cola refranchising cuts unit volume 31%

Notably, Coca-Cola stated that “unit case volume declined 31 per cent, largely due to the impact of the refranchising of bottling operations,” referring to its company-owned bottling investments.

Continue Exploring: Zomato’s net profit drops 30% to INR 176 Cr in Q2 FY25 

In January, Coca-Cola transferred its company-owned bottling operations in Bihar, Rajasthan, the Northeast, and parts of West Bengal to independent partners. “During the nine months ended September 27, 2024, the company recorded a net gain of $290 million related to the refranchising of our bottling operations in certain territories in India, including the impact of post-closing adjustments,” it noted in its financial statement.

The packaged food and beverage industry is banking on the festival season. Coca-Cola India previously mentioned seeing a positive sales trend, especially during festivals.

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PepsiCo, Coca-Cola plan cheaper soft drinks to counter Reliance’s Campa

By
Ashutosh Dubey
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0

PepsiCo and Coca-Cola are considering launching soft drinks 15-20% cheaper than their main brands to target regional markets and combat competition from Reliance Consumer Products’ Campa, according to industry executives.

Reliance’s better retailer margins spur B-Brands from PepsiCo

According to Economic Times, Reliance Consumer Products is aggressively pricing its Campa brand and offering retailers better margins as it expands distribution. This move pressures PepsiCo and Coca-Cola, which have mostly dominated the market, to develop counter strategies like launching cheaper products or B-brands to protect their core brands’ image and margins.

Continue Exploring: Varun Beverages achieves 24% revenue growth, 22% PAT surge in Q3CY24

“If need be, we will make a range which will fight that (B-segment) pricing also,” commented Ravi Jaipuria, chairman of Varun Beverages, PepsiCo’s largest bottling partner in India. He added that PepsiCo “is not affected” by Campa’s pricing strategy. “They (Reliance) have a different play,” Jaipuria said while talking to ET in response to a query about Campa’s pricing. He acknowledged Campa as “formidable competition,” saying, “Going forward, they will take share of the total market. Who will get affected first – I’m not sure … I don’t know. But we are improving our go-to market.”

Coca-Cola surges distribution of returnable INR 10 bottles

Two executives familiar with Coca-Cola’s plans said the company is increasing the distribution of returnable glass bottles at inr 10, especially for tier-2 markets. They also plan to launch regional brands that can be scaled as needed. One such brand is RimZim jeera, which was launched briefly and is now supplied on a limited scale. “This will protect margins of their mainstream brands which the cola major doesn’t want to compromise on, as well as not dilute equity of the brands,” one executive said.

Continue Exploring: CCPA issues notice to quick commerce companies like Blinkit, Zepto over metrology violations

Meanwhile, Campa sells its 200 ml bottles for INR 10, while Coca-Cola and PepsiCo sell 250 ml bottles for INR 20. Campa’s 500 ml bottle is priced at INR 20, compared to INR 30 for Coke and INR 40 for Pepsi. Although PepsiCo and Coca-Cola haven’t officially lowered prices, they’re using local promotions and bundling deals on quick-commerce platforms, the report further stated.

Furthermore, prominent regional competitors like Chennai’s Bovonto, Rajasthan’s Jayanti Cola, and Gujarat’s Sosyo Hajoori Beverages (partly owned by Reliance Consumer) are also big players in the soft drink market.

Reliance Consumer offers a 6-8% margin to distributors, compared to 3.5-5% by other soft drink makers. Tata Consumer Products MD Sunil A D’Souza said to ET that the entry of a new player with a different price point disrupts the industry. “While on paper it (price) is ’10 versus ’10, the other piece that you have (it didn’t surface quickly enough) was that while the ’10 (retail price) was the same to the consumer, the trade price was dramatically different,” he said, referring to the trade margins.

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Tata Tea plans price hikes to boost profit margins in upcoming months

By
Ashutosh Dubey
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0

Tata Tea plans to raise prices across its brands in the next few months to boost profit margins, which have been affected by higher input costs, a top official announced on Wednesday, October 23.

Higher input costs led to price surge – Tata Consumer CEO

According to ET Retail, Tata Consumer Products expects an increase in overall volumes, which had been affected by urban flooding, a sluggish rural economy, and a general slowdown in growth, said CEO and Managing Director Sunil A D’Souza.

Continue Exploring: Varun Beverages achieves 24% revenue growth, 22% PAT surge in Q3CY24

Meanwhile, the company reported a 1% profit increase in the July-September quarter, despite an 11% revenue jump. They believe tea prices have risen by over 25% this year due to supply disruptions.

It has begun taking “calibrated price increases” to avoid demand shock and stay competitive, D’Souza told. “… You would see some price implementations every quarter, if not a fortnight, and over a two-to-three-month period, we should be equalising margins,” he stated.

Tata Tea holds 28% of India’s tea retail market

Reports indicate that Tata Tea holds about 28% of the tea retail market in the country, competing with HUL. D’Souza explained that tea prices are up because overall production is down by 20%, and exports have increased.

Continue Exploring: Blinkit revenue soars 2x to INR 1,156 Cr in Q2 FY25

Furthermore, the tea board decided to stop plucking leaves at the end of November instead of mid-December, which will further impact supply. Regarding Starbucks’ 18% sales drop, D’Souza attributed it to urban flooding and the overall economy but mentioned that new product lines should help.

In addition, D’Souza said the company expects volume growth from improved rural demand, due to better monsoons and expanded distribution. They also announced a partnership with Salesforce to launch ‘Mavic,’ an integrated sales and service platform aimed at boosting revenue and cutting costs.

Still, he did not specify the benefits expected from the tie-up. Salesforce’s India head, Arundhati Bhattacharya, said the company grew 35% in FY24 from Indian operations and hopes India remains one of its fastest-growing markets.

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Swiggy introduces ‘Seal’ programme to enhance restaurants hygiene standards

By
Ashutosh Dubey
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0

Swiggy has launched a new initiative called the ‘Seal’ programme to improve hygiene and food quality among its restaurant partners. Currently live in Pune, it will expand to over 650 cities across India during November, Swiggy announced.

Swiggy to revoke partners failing hygiene standards

According to INC42, the programme aims to improve restaurant hygiene by providing partners with insights and support to ensure hygienic, well-cooked food in quality packaging. “Since the programme’s launch two weeks ago, restaurant partners have shown high interest, with hundreds of requests for hygiene audits already received. Should any concerns arise about a restaurant holding the Seal, Swiggy will thoroughly review the feedback and may revoke the badge if the restaurant fails to maintain the established standards,” the statement further stated.

Continue Exploring: CCPA issues notice to quick commerce companies like Blinkit, Zepto over metrology violations

By this initiative, Swiggy will give verified customer feedback to restaurant partners, focusing on preventing contamination, proper cooking, and packaging quality. This will help restaurants improve hygiene. Swiggy will also provide support through account managers, detailed reports, and educational webinars on hygiene best practices to help them maintain high standards.

Swiggy teams up with FSSAI-accredited agencies for hygiene audits

Meanwhile, Deepak Maloo, head of customer and restaurant experience at Swiggy Food, commented, “As Swiggy completes a decade in food delivery, we believe that access to clean, hygienic food is just as important as great-tasting food. With the launch of the Swiggy Seal, we aim to support our restaurant partners with actionable insights to improve hygiene standards. The Swiggy Seal gives customers confidence to order, backed by genuine reviews, while helping restaurant partners enhance their practices through expert collaboration.”

Continue Exploring: Zomato ventures into kitchen appliances, secures 8% stake in Byondnxt

Furthermore, the food tech giant has teamed up with FSSAI-accredited agencies like Eurofins and Equinox to offer restaurants professional hygiene audits at special rates. These partnerships aim to improve contamination prevention, food handling, and cleanliness.

Including recent service expansions, Swiggy launched Swiggy Bolt for 10-minute food delivery in six cities and Swiggy XL EV fleet for bulk orders in Gurugram. The company is also testing a premium membership program, Rare Club, with annual fees from INR 50,000 for high-end consumers.

Recently, Swiggy raised its platform fee to INR 10 from INR 7 per order on its food delivery service, a 43% increase, following rival Zomato’s lead.

Financially, Swiggy reported a revenue of INR 11,247 Cr in FY24. The food delivery business generated a Gross Order Value (GOV) of INR 24,717 Cr. Swiggy’s losses decreased by 44%, from INR 4,179.3 Cr in FY23 to INR 2,350 Cr in FY24.

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Blinkit introduces Seller Hub for streamlined brand sales management

By
Ashutosh Dubey
-
0

Blinkit has introduced the ‘Blinkit Seller Hub’ to help brands list and sell their products on its platform. This hub allows brands to manage their sales themselves without needing to deal with intermediaries or the platform. Blinkit’s Chief Technology Officer (CTO) Sajal Gupta shared this update in a post on X.

Over 200 brands now access seller hub: Blinkit CTO

Sajal took to X (formerly twitter) to announce and wrote, ““We believe we can serve the community of brands better by building tech that gives them more power and control over their quick commerce presence. Over 200 brands already have access to their Seller Hub and we are rolling out to more brands soon, after the required regulatory verifications.”

Continue Exploring: Blinkit revenue soars 2x to INR 1,156 Cr in Q2 FY25

With this move, Blinkit aims to emulate e-commerce giant Amazon. Gupta said the company wants to “create a seller program in quick commerce which is significantly better than any other.” He added that their benchmark has always been “the OG, Fulfilment by Amazon (FBA).”

Blinkit launches return option for apparel, footwear

Amid the service updates, Blinkit introduced a return option for clothing and footwear in select cities such as Delhi NCR, Mumbai, Bengaluru, Hyderabad, and Pune.

Furthermore, Blinkit recently introduced a feature for businesses to add their GSTIN while making purchases on the platform. The startup is also considering a cafe feature to deliver snacks and beverages.

Continue Exploring: Zomato’s net profit drops 30% to INR 176 Cr in Q2 FY25

Meanwhile, Blinkit has become a major growth driver for Zomato recently. The quick commerce division’s revenue doubled to INR 1,156 Cr in Q2 FY25, up from INR 505 Cr in the same period last year.

Moving forward, Blinkit plans to boost its dark store count to 2,000 by FY26. Meanwhile, Zomato, its parent company, has raised the platform fee to INR 10 during the festive season.

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