D2C footwear brand Yoho secures INR 27 Cr in Pre-Series B funding for expansion

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October 15, 2024

Rebel Foods, the operator of cloud kitchens for brands like Faasos, Behrouz Biryani, and Oven Story, plans to invest INR 200 crore to expand its food court format, EatSure, and to open additional cloud kitchens and brand stores.

100͏͏ Food͏͏ Courts͏͏ by͏͏ 2028:

“The͏͏ offline͏͏ use͏͏ case͏͏ is͏͏ here͏͏ to͏͏ stay.͏͏ Consumers͏͏ will͏͏ always͏͏ seek͏͏ reasons͏͏ and͏͏ opportunities͏͏ to͏͏ dine͏͏ out.͏͏ We͏͏ aim͏͏ to͏͏ open͏͏ 100͏͏ EatSure͏͏ food͏͏ courts͏͏ within͏͏ the͏͏ next͏͏ 2-3͏͏ years,”͏͏ said͏͏ Sagar͏͏ Kochhar,͏͏ Co-Founder͏͏ and͏͏ CEO͏͏ of͏͏ EatSure,͏͏ Rebel͏͏ Foods.͏͏ He͏͏ also͏͏ mentioned͏͏ that͏͏ the͏͏ company͏͏ plans͏͏ to͏͏ extend͏͏ its͏͏ presence͏͏ to͏͏ 150-200͏͏ cities͏͏ across͏͏ India͏͏ by͏͏ 2028.

“We’re͏͏ expanding͏͏ our͏͏ brands͏͏ into͏͏ tier͏͏ 2͏͏ and͏͏ tier͏͏ 3͏͏ cities͏͏ while͏͏ strengthening͏͏ our͏͏ presence͏͏ in͏͏ tier͏͏ 1͏͏ cities.͏͏ By͏͏ December͏͏ 2024,͏͏ we͏͏ aim͏͏ to͏͏ launch͏͏ a͏͏ few͏͏ dozen͏͏ new͏͏ restaurants,”͏͏ said͏͏ Kochhar.

Plans͏͏ to͏͏ Go͏͏ Public͏͏ Soon:

This͏͏ comes͏͏ as͏͏ the͏͏ company͏͏ anticipates͏͏ achieving͏͏ profitability͏͏ at͏͏ the͏͏ adjusted͏͏ EBITDA͏͏ level͏͏ by͏͏ the͏͏ end͏͏ of͏͏ FY25,͏͏ with͏͏ its͏͏ kitchens͏͏ already͏͏ profitable͏͏ on͏͏ a͏͏ unit͏͏ basis,͏͏ and͏͏ is͏͏ aiming͏͏ to͏͏ list͏͏ on͏͏ the͏͏ Indian͏͏ stock͏͏ market.

“We͏͏ intend͏͏ to͏͏ go͏͏ public͏͏ within͏͏ the͏͏ next͏͏ 18͏͏ to͏͏ 24͏͏ months,͏͏ and͏͏ discussions͏͏ with͏͏ leading͏͏ bankers͏͏ are͏͏ already͏͏ underway,”͏͏ he͏͏ added.

Rebel͏͏ operates͏͏ over͏͏ 450͏͏ cloud͏͏ kitchens͏͏ across͏͏ 75͏͏ cities͏͏ in͏͏ India,͏͏ as͏͏ well͏͏ as͏͏ in͏͏ the͏͏ Middle͏͏ East,͏͏ North͏͏ Africa,͏͏ Indonesia,͏͏ and͏͏ the͏͏ UK.

Last͏͏ year,͏͏ Rebel͏͏ Foods͏͏ partnered͏͏ with͏͏ quick͏͏ service͏͏ restaurant͏͏ (QSR)͏͏ chain͏͏ Wendy’s͏͏ to͏͏ launch͏͏ cloud͏͏ kitchens͏͏ and͏͏ offline͏͏ restaurants͏͏ in͏͏ India.͏͏ The͏͏ company͏͏ is͏͏ now͏͏ in͏͏ talks͏͏ with͏͏ several͏͏ other͏͏ global͏͏ brands.͏͏ It͏͏ oversees͏͏ 160͏͏ Wendy’s͏͏ fast-food͏͏ outlets͏͏ in͏͏ India,͏͏ and͏͏ its͏͏ food͏͏ court͏͏ format͏͏ currently͏͏ comprises͏͏ eight͏͏ locations.

“We͏͏ aim͏͏ to͏͏ expand͏͏ to͏͏ 350͏͏ locations͏͏ for͏͏ Wendy’s͏͏ in͏͏ the͏͏ next͏͏ few͏͏ years͏͏ through͏͏ our͏͏ cloud͏͏ kitchens͏͏ and͏͏ by͏͏ opening͏͏ new͏͏ outlets,”͏͏ he͏͏ noted.

Continue͏͏ Exploring:͏͏ Rebel Foods expands͏͏ Wendy’s͏͏ footprint͏͏ with͏͏ new͏͏ restaurant͏͏ in͏͏ Bengaluru

Rebel͏͏ Launcher͏͏ for͏͏ New͏͏ Brands:

Rebel͏͏ is͏͏ also͏͏ seeking͏͏ to͏͏ diversify͏͏ its͏͏ revenue͏͏ stream͏͏ by͏͏ adding͏͏ more͏͏ brands͏͏ to͏͏ its͏͏ launcher͏͏ platform,͏͏ which͏͏ enables͏͏ third-party͏͏ restaurants͏͏ to͏͏ utilise͏͏ its͏͏ cloud͏͏ kitchens.

The͏͏ company͏͏ is͏͏ engaging͏͏ with͏͏ new͏͏ brands͏͏ for͏͏ collaboration͏͏ under͏͏ its͏͏ Rebel͏͏ Launcher͏͏ vertical,͏͏ which͏͏ facilitates͏͏ rapid͏͏ scaling͏͏ by͏͏ providing͏͏ supply͏͏ chain͏͏ support͏͏ and͏͏ comprehensive͏͏ technology͏͏ solutions.͏͏ So͏͏ far,͏͏ it͏͏ has͏͏ partnered͏͏ with͏͏ more͏͏ than͏͏ 20͏͏ brands͏͏ through͏͏ this͏͏ initiative,͏͏ including͏͏ Naturals,͏͏ Bakingo,͏͏ Anand͏͏ Sweets,͏͏ Mad͏͏ Over͏͏ Donuts,͏͏ Narula’s,͏͏ Daryaganj,͏͏ Chaipoint,͏͏ Big͏͏ Wong,͏͏ and͏͏ MOPP.

The͏͏ company͏͏ is͏͏ also͏͏ aiming͏͏ to͏͏ develop͏͏ new͏͏ formats͏͏ and͏͏ categories.

“We͏͏ have͏͏ introduced͏͏ a͏͏ new͏͏ brand͏͏ in͏͏ the͏͏ fried͏͏ chicken͏͏ category͏͏ called͏͏ Fricken,͏͏ as͏͏ we͏͏ believe͏͏ there͏͏ are͏͏ only͏͏ one͏͏ or͏͏ two͏͏ competitors͏͏ in͏͏ the͏͏ market,͏͏ allowing͏͏ us͏͏ to͏͏ capture͏͏ a͏͏ significant͏͏ market͏͏ share.͏͏ Likewise,͏͏ Behrouz͏͏ Biryani͏͏ is͏͏ performing͏͏ well͏͏ in͏͏ the͏͏ UAE,͏͏ and͏͏ we͏͏ plan͏͏ to͏͏ expand͏͏ it͏͏ to͏͏ London,”͏͏ he͏͏ said.

Rebel͏͏ Foods͏͏ became͏͏ a͏͏ unicorn͏͏ after͏͏ raising͏͏ $175͏͏ million͏͏ in͏͏ 2021,͏͏ led͏͏ by͏͏ the͏͏ Qatar͏͏ Investment͏͏ Authority,͏͏ at͏͏ a͏͏ valuation͏͏ of͏͏ $1.4͏͏ billion.͏͏ In͏͏ April͏͏ of͏͏ last͏͏ year,͏͏ the͏͏ company͏͏ secured͏͏ $9.1͏͏ million͏͏ in͏͏ a͏͏ debt͏͏ funding͏͏ round͏͏ from͏͏ Northern͏͏ Arc͏͏ and͏͏ Stride͏͏ Ventures.

The͏͏ company͏͏ has͏͏ cut͏͏ its͏͏ losses͏͏ by͏͏ 42%͏͏ to͏͏ INR͏͏ 378͏͏ crore͏͏ in͏͏ FY24,͏͏ down͏͏ from͏͏ INR͏͏ 657͏͏ crore͏͏ in͏͏ FY23,͏͏ while͏͏ achieving͏͏ a͏͏ revenue͏͏ of͏͏ INR͏͏ 1,420͏͏ crore͏͏ in͏͏ FY24,͏͏ marking͏͏ a͏͏ 19%͏͏ increase͏͏ from͏͏ INR͏͏ 1,195͏͏ crore͏͏ in͏͏ FY23.

Continue͏͏ Exploring:͏͏ Rebel Foods cuts͏͏ net͏͏ loss͏͏ by͏͏ 42%͏͏ in͏͏ FY24,͏͏ revenue͏͏ increases͏͏ 19%͏͏ YoY

Nykaa issues 3.08 Lakh equity shares to employees under ESOP scheme

Fashion

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October 15, 2024

Ahead͏͏ of͏͏ its͏͏ quarterly͏͏ financial͏͏ disclosures,͏͏ beauty͏͏ and͏͏ fashion͏͏ ecommerce͏͏ major͏͏ Nykaa͏͏ has͏͏ allotted͏͏ 3.08͏͏ Lakh͏͏ equity͏͏ shares͏͏ to͏͏ its͏͏ employees͏͏ under͏͏ its͏͏ employee͏͏ stock͏͏ option͏͏ plan͏͏ (ESOP)͏͏ schemes.

In͏͏ an͏͏ exchange͏͏ filing,͏͏ Nykaa͏͏ confirmed͏͏ that͏͏ the͏͏ newly͏͏ allotted͏͏ shares͏͏ will͏͏ rank͏͏ “pari-passu”͏͏ with͏͏ its͏͏ existing͏͏ equity͏͏ shares͏͏ in͏͏ all͏͏ respects.͏͏ For͏͏ those͏͏ unfamiliar,͏͏ pari͏͏ passu͏͏ refers͏͏ to͏͏ “ranking͏͏ equally͏͏ and͏͏ without͏͏ preference.”

ESOPs Valued͏͏ at͏͏ INR͏͏ 5.92͏͏ Cr:

The͏͏ allotted͏͏ ESOPs͏͏ are͏͏ valued͏͏ at͏͏ approximately͏͏ INR͏͏ 5.92͏͏ Cr,͏͏ based͏͏ on͏͏ the͏͏ stock’s͏͏ last͏͏ closing͏͏ price͏͏ of͏͏ INR͏͏ 192.15.

It’s͏͏ worth͏͏ noting͏͏ that͏͏ Nykaa͏͏ conducted͏͏ a͏͏ similar͏͏ exercise͏͏ ahead͏͏ of͏͏ its͏͏ Q4͏͏ FY24͏͏ financial͏͏ disclosures.͏͏ The͏͏ company͏͏ has͏͏ carried͏͏ out͏͏ several͏͏ ESOP-related͏͏ actions͏͏ throughout͏͏ this͏͏ year.

Previous͏͏ ESOP Allocations:

In͏͏ September,͏͏ Nykaa͏͏ allotted͏͏ 7.65͏͏ Lakh͏͏ equity͏͏ shares͏͏ to͏͏ employees͏͏ under͏͏ various͏͏ ESOP͏͏ schemes.͏͏ Earlier,͏͏ in͏͏ July,͏͏ it͏͏ allotted͏͏ 1.73͏͏ Lakh͏͏ shares,͏͏ followed͏͏ by͏͏ 4.73͏͏ Lakh͏͏ in͏͏ June.͏͏ In͏͏ May,͏͏ the͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ (BPC)͏͏ giant͏͏ granted͏͏ 4.05͏͏ Lakh͏͏ stock͏͏ options͏͏ to͏͏ its͏͏ employees.

Continue͏͏ Exploring:͏͏ Nykaa issues͏͏ equity͏͏ shares͏͏ worth͏͏ INR͏͏ 15.9͏͏ Cr͏͏ under͏͏ ESOP schemes

In͏͏ its͏͏ quarterly͏͏ update͏͏ for͏͏ the͏͏ quarter͏͏ ended͏͏ September͏͏ 30,͏͏ Nykaa͏͏ indicated͏͏ that͏͏ it͏͏ expects͏͏ strong͏͏ revenue͏͏ growth͏͏ for͏͏ the͏͏ period.͏͏ The͏͏ company͏͏ reported͏͏ a͏͏ consolidated͏͏ net͏͏ revenue͏͏ increase͏͏ in͏͏ the͏͏ “mid-twenties”͏͏ for͏͏ the͏͏ second͏͏ quarter͏͏ (Q2)͏͏ of͏͏ the͏͏ current͏͏ financial͏͏ year͏͏ 2024-25͏͏ (FY25).

“The͏͏ omnichannel͏͏ retail͏͏ business,͏͏ owned͏͏ brands,͏͏ and͏͏ eB2B͏͏ distribution͏͏ business͏͏ demonstrated͏͏ strong͏͏ overall͏͏ performance͏͏ ahead͏͏ of͏͏ the͏͏ festive͏͏ season.͏͏ Dot͏͏ &͏͏ Key,͏͏ a͏͏ new͏͏ age͏͏ skincare͏͏ brand,͏͏ is͏͏ experiencing͏͏ rapid͏͏ growth,͏͏ with͏͏ Nykaa͏͏ increasing͏͏ its͏͏ ownership͏͏ to͏͏ 90%͏͏ at͏͏ the͏͏ start͏͏ of͏͏ this͏͏ financial͏͏ year,”͏͏ the͏͏ company͏͏ stated.

Nykaa’s͏͏ consolidated͏͏ net͏͏ profit͏͏ surged͏͏ by͏͏ 152%͏͏ to͏͏ INR͏͏ 13.6͏͏ Cr͏͏ in͏͏ Q1͏͏ FY25,͏͏ up͏͏ from͏͏ INR͏͏ 5.4͏͏ Cr͏͏ in͏͏ the͏͏ same͏͏ quarter͏͏ of͏͏ the͏͏ previous͏͏ fiscal͏͏ year.͏͏ Operating͏͏ revenue͏͏ rose͏͏ by͏͏ 22.8%͏͏ to͏͏ INR͏͏ 1,746.1͏͏ Cr͏͏ in͏͏ the͏͏ reported͏͏ quarter,͏͏ compared͏͏ to͏͏ INR͏͏ 1,421.8͏͏ Cr͏͏ in͏͏ Q1͏͏ FY24.

This͏͏ development͏͏ comes͏͏ as͏͏ both͏͏ listed͏͏ and͏͏ unlisted͏͏ startups͏͏ are͏͏ increasingly͏͏ allotting͏͏ company͏͏ shares͏͏ to͏͏ their͏͏ employees.͏͏ Recently,͏͏ listed͏͏ dronetech͏͏ startup͏͏ ideaForge͏͏ allocated͏͏ 3,936͏͏ equity͏͏ shares͏͏ under͏͏ its͏͏ ESOP͏͏ 2018͏͏ plan.

Other͏͏ companies͏͏ that͏͏ have͏͏ engaged͏͏ in͏͏ ESOP-related͏͏ activities͏͏ this͏͏ month͏͏ include͏͏ Delhivery,͏͏ Tracxn,͏͏ WinZo,͏͏ Zaggle,͏͏ and͏͏ Zomato,͏͏ among͏͏ others.

Continue͏͏ Exploring:͏͏ Nykaa reports͏͏ mid-twenties͏͏ revenue͏͏ growth͏͏ in͏͏ Q2;͏͏ fashion͏͏ vertical͏͏ faces͏͏ slowdown

Beauty e-commerce unicorn Purplle completes Series F round, raising INR 1,500 Cr

Fashion

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October 14, 2024

Beauty e-commerce unicorn Purplle has successfully completed its Series F funding round, securing INR 1,500 crore (around $178.5 million). This funding was backed by notable investors, including the Abu Dhabi Investment Authority (ADIA), Premji Invest, and Blume Ventures, among others.

In͏͏ July,͏͏ it͏͏ was͏͏ reported͏͏ that͏͏ Purplle͏͏ raised͏͏ INR͏͏ 1,000͏͏ crore͏͏ in͏͏ its͏͏ Series͏͏ F͏͏ funding͏͏ round,͏͏ led͏͏ by͏͏ ADIA,͏͏ through͏͏ a͏͏ combination͏͏ of͏͏ primary͏͏ equity͏͏ infusion͏͏ and͏͏ secondary͏͏ share͏͏ sales.

Continue͏͏ Exploring:͏͏ Beauty e-commerce giant Purplle raises͏͏ INR͏͏ 1,000͏͏ Cr͏͏ funding͏͏ led͏͏ by͏͏ ADIA͏͏ subsidiary

The͏͏ Mumbai-based͏͏ omnichannel͏͏ beauty͏͏ retailer͏͏ has͏͏ now͏͏ secured͏͏ an͏͏ additional͏͏ INR͏͏ 500͏͏ crore,͏͏ with͏͏ Sharrp͏͏ Ventures͏͏ joining͏͏ the͏͏ cap͏͏ table.͏͏ This͏͏ brings͏͏ Purplle’s͏͏ total͏͏ Series͏͏ F͏͏ funding͏͏ to͏͏ INR͏͏ 1,500͏͏ crore.

Focus͏͏ on͏͏ Expansion͏͏ and͏͏ Profitability:

The͏͏ startup͏͏ intends͏͏ to͏͏ use͏͏ the͏͏ new͏͏ funds͏͏ to͏͏ enhance͏͏ its͏͏ online͏͏ platform,͏͏ expand͏͏ its͏͏ offline͏͏ stores,͏͏ and͏͏ boost͏͏ profitability.

Founded͏͏ in͏͏ 2012͏͏ by͏͏ Manish͏͏ Taneja͏͏ and͏͏ Rahul͏͏ Dash,͏͏ Purplle͏͏ offers͏͏ a͏͏ diverse͏͏ selection͏͏ of͏͏ beauty,͏͏ personal͏͏ care,͏͏ skincare,͏͏ and͏͏ cosmetics͏͏ products,͏͏ primarily͏͏ targeting͏͏ households͏͏ in͏͏ Tier-II͏͏ and͏͏ III͏͏ towns.͏͏ A͏͏ significant͏͏ portion͏͏ of͏͏ its͏͏ gross͏͏ merchandise͏͏ value͏͏ (GMV)͏͏ is͏͏ generated͏͏ from͏͏ smaller͏͏ cities͏͏ like͏͏ Mysore,͏͏ Coimbatore,͏͏ Kochi,͏͏ Ernakulam,͏͏ Kozhikode,͏͏ and͏͏ Siliguri.

Purplle’s͏͏ strategy͏͏ of͏͏ acquiring͏͏ D2C͏͏ brands͏͏ like͏͏ Faces͏͏ Canada,͏͏ Carmesi,͏͏ and͏͏ Good͏͏ Vibes͏͏ for͏͏ its͏͏ private͏͏ label͏͏ has͏͏ enabled͏͏ the͏͏ company͏͏ to͏͏ establish͏͏ a͏͏ strong͏͏ presence͏͏ in͏͏ India’s͏͏ rapidly͏͏ growing͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ market.

In͏͏ contrast,͏͏ competitors͏͏ such͏͏ as͏͏ Nykaa,͏͏ Meesho,͏͏ and͏͏ Tata͏͏ Cliq͏͏ have͏͏ focused͏͏ on͏͏ developing͏͏ a͏͏ premium͏͏ product͏͏ portfolio͏͏ by͏͏ forming͏͏ partnerships͏͏ with͏͏ sought-after͏͏ brands.

“As͏͏ we͏͏ strive͏͏ to͏͏ innovate͏͏ and͏͏ utilise͏͏ our͏͏ technology͏͏ and͏͏ data͏͏ capabilities͏͏ to͏͏ provide͏͏ the͏͏ best͏͏ omnichannel͏͏ experience͏͏ for͏͏ our͏͏ customers,͏͏ this͏͏ latest͏͏ round͏͏ of͏͏ investment͏͏ underscores͏͏ the͏͏ significance͏͏ of͏͏ our͏͏ vision͏͏ to͏͏ make͏͏ every͏͏ Indian͏͏ feel͏͏ beautiful,”͏͏ stated͏͏ Taneja.

IPO͏͏ Plans:

This͏͏ news͏͏ comes͏͏ as͏͏ Purplle͏͏ is͏͏ reportedly͏͏ gearing͏͏ up͏͏ for͏͏ an͏͏ IPO͏͏ in͏͏ 2025͏͏ or͏͏ 2026.͏͏ Although͏͏ the͏͏ company͏͏ reduced͏͏ its͏͏ net͏͏ loss͏͏ to͏͏ INR͏͏ 124͏͏ crore͏͏ in͏͏ the͏͏ financial͏͏ year͏͏ 2023-24͏͏ (FY23),͏͏ marking͏͏ a͏͏ 46%͏͏ decrease͏͏ from͏͏ the͏͏ INR͏͏ 230͏͏ crore͏͏ loss͏͏ reported͏͏ the͏͏ previous͏͏ year,͏͏ it͏͏ continues͏͏ to͏͏ operate͏͏ at͏͏ a͏͏ loss.

Purplle’s͏͏ revenue͏͏ moved͏͏ closer͏͏ to͏͏ the͏͏ INR͏͏ 700͏͏ Cr͏͏ mark͏͏ during͏͏ the͏͏ review͏͏ period,͏͏ as͏͏ the͏͏ startup͏͏ reported͏͏ an͏͏ operating͏͏ revenue͏͏ of͏͏ INR͏͏ 679.6͏͏ Cr͏͏ in͏͏ FY24,͏͏ reflecting͏͏ a͏͏ 43%͏͏ increase͏͏ from͏͏ INR͏͏ 475͏͏ Cr͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.

Continue͏͏ Exploring:͏͏ Purplle revenue͏͏ soars͏͏ 43%͏͏ to͏͏ INR͏͏ 679.6͏͏ Cr͏͏ in͏͏ FY24,͏͏ reduces͏͏ net͏͏ loss͏͏ by͏͏ 46%

This͏͏ funding͏͏ comes͏͏ as͏͏ investors͏͏ show͏͏ growing͏͏ interest͏͏ in͏͏ the͏͏ Indian͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ industry,͏͏ which͏͏ is͏͏ projected͏͏ to͏͏ reach͏͏ a͏͏ market͏͏ size͏͏ of͏͏ $30͏͏ Bn͏͏ by͏͏ 2027.

In͏͏ June,͏͏ D2C͏͏ beauty͏͏ brand͏͏ RENEE͏͏ Cosmetics͏͏ secured͏͏ INR͏͏ 100͏͏ Cr͏͏ (approximately͏͏ $11.9͏͏ Mn)͏͏ in͏͏ its͏͏ Series͏͏ B1͏͏ funding͏͏ round,͏͏ co-led͏͏ by͏͏ existing͏͏ investors͏͏ Evolvence͏͏ India͏͏ and͏͏ Edelweiss͏͏ Group.

That͏͏ same͏͏ month,͏͏ personal͏͏ care͏͏ giant͏͏ Lotus͏͏ Herbals͏͏ launched͏͏ a͏͏ $50͏͏ Mn͏͏ fund͏͏ to͏͏ invest͏͏ in͏͏ early-stage͏͏ startups͏͏ within͏͏ the͏͏ beauty͏͏ sector.

Recently,͏͏ Deepika͏͏ Padukone’s͏͏ D2C͏͏ personal͏͏ care͏͏ startup͏͏ 82°E͏͏ was͏͏ reportedly͏͏ aiming͏͏ to͏͏ raise͏͏ INR͏͏ 50͏͏ Cr͏͏ (approximately͏͏ $6͏͏ Mn)͏͏ in͏͏ an͏͏ extended͏͏ seed͏͏ funding͏͏ round.

Daryaganj Restaurants set to launch first International outlet in Bangkok by January 2025

Food & Beverage

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October 14, 2024

Food & Beverages, Hotels & Restaurants, Retail, Retail Business, Food Brands — Daryaganj Restaurants set to launch first International outlet in Bangkok by January 2025

Daryaganj Restaurants shared that they will open their first international restaurant in Bangkok, Thailand. Amit Bagga, co-founder and CEO, revealed about the company’s upcoming plans.

Daryaganj Restaurants receives 150 Global queries

In an interview with ET Hospitality World, Amit Bagga mentioned that the company wasn’t planning to go international initially—they have numerous enquiries for locations in India and abroad. “We have had 150-odd queries from India and another 25-30 from international locations. And we keep saying no when it comes to international locations. The person who approached us from ParkRoyal Co. Ltd (the company’s JV partner in Thailand) had the same vision as us—to be uncompromising on quality, not cut corners and have a long term plan,” Bagga revealed.

Continue Exploring: Oven Story opens first flagship Store in Patna, catering to city’s craving for Pizza

However, Daryaganj Restaurants has partnered with ParkRoyal Co. Ltd exclusively for Thailand, though other outlets in the country are possible. It’s an excellent spot to understand the SE Asian market and the next target country is Singapore, said Amit. “Bangkok had 22 million tourists visiting it last year, that was more than many European cities—and a large number of visitors are from India, which made it an automatic choice to open a Daryaganj outlet there,” he added.

Daryaganj Restaurants soon to set 13 outlets in Delhi NCR!

Interestingly, the Bangkok restaurant will have two menus: classic dishes from Daryaganj India and dishes with local Thai ingredients. Their Bangkok outlet is set to open in mid-January 2025. The company will soon have 13 outlets—12 in Delhi NCR (Delhi, Noida, Gurugram) and one in Ludhiana. They plan to open two more in Delhi NCR, one in Mohali, one in Mumbai, and the Bangkok outlet by the end of this financial year. Next financial year, they will focus on expanding in southern India.

Continue Exploring: Gadda CO ties up with ‘Shaktimaan’ Mukesh Khanna as Brand Ambassador

Meanwhile, the company plans to first capture the main metro cities in India, mainly Delhi and Mumbai, before expanding to other locations. Amit goes further, “A recent study states that 40 percent of India’s retail business is centred around Delhi and Mumbai and we want to capture these two markets fully before we look ahead to other locations. The biggest reason behind why we have the confidence to open to many new outlets and look at new markets is that whichever outlet we have opened till date, has been successful and profitable till now. We’ve never shut any store.”

So far, the company has grown using internal funds. Amit Bagga believes they can only think about external funding after reaching an INR 100 crore turnover by the end of the current financial year.

The Good Bug secures $3.5 Mn in Series A extension round led by Sharrp Ventures

Food & Beverage

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October 14, 2024

The Good Bug, a Mumbai-based D2C startup, has raised $3.5 Mn (around INR 30 Cr) in its Series A extension round, with funding from Sharrp Ventures, the family office of Marico Group chairman Harsh Mariwala.

As͏͏ per͏͏ the͏͏ startup’s͏͏ RoC͏͏ filing,͏͏ existing͏͏ investors͏͏ Fireside͏͏ Ventures͏͏ and͏͏ cofounder͏͏ Keshav͏͏ Biyani͏͏ also͏͏ participated͏͏ in͏͏ the͏͏ funding͏͏ round.

Investment͏͏ Details:

The͏͏ startup͏͏ allocated͏͏ 630͏͏ Series͏͏ A1͏͏ and͏͏ Series͏͏ A2͏͏ compulsory͏͏ convertible͏͏ preference͏͏ shares͏͏ (CCPS)͏͏ to͏͏ the͏͏ three͏͏ investors͏͏ to͏͏ raise͏͏ the͏͏ funds.͏͏ As͏͏ stated͏͏ in͏͏ the͏͏ filing,͏͏ these͏͏ CCPS͏͏ will͏͏ convert͏͏ into͏͏ equity͏͏ shares͏͏ at͏͏ a͏͏ 1:10͏͏ ratio͏͏ in͏͏ the͏͏ next͏͏ fundraising͏͏ round.

Out͏͏ of͏͏ the͏͏ INR͏͏ 30͏͏ Cr,͏͏ the͏͏ startup͏͏ has͏͏ already͏͏ secured͏͏ INR͏͏ 20͏͏ Cr,͏͏ with͏͏ the͏͏ remaining͏͏ amount͏͏ expected͏͏ to͏͏ be͏͏ received͏͏ shortly.

Queries͏͏ directed͏͏ towards͏͏ The͏͏ Good͏͏ Bug͏͏ regarding͏͏ the͏͏ fundraising͏͏ went͏͏ unanswered.

Capital͏͏ Utilisation:

The͏͏ startup͏͏ is͏͏ expected͏͏ to͏͏ use͏͏ the͏͏ new͏͏ capital͏͏ to͏͏ broaden͏͏ its͏͏ product͏͏ portfolio.

This͏͏ development͏͏ comes͏͏ nearly͏͏ a͏͏ year͏͏ after͏͏ The͏͏ Good͏͏ Bug͏͏ raised͏͏ $3.5͏͏ Mn͏͏ in͏͏ its͏͏ Series͏͏ A͏͏ funding͏͏ round,͏͏ led͏͏ by͏͏ Fireside͏͏ Ventures.͏͏ The͏͏ round͏͏ also͏͏ saw͏͏ participation͏͏ from͏͏ Think9͏͏ Consumer͏͏ Technologies,͏͏ founded͏͏ by͏͏ Kishore͏͏ Biyani’s͏͏ daughters,͏͏ Ashni͏͏ and͏͏ Avni.

Continue͏͏ Exploring:͏͏ The Good Bug secures͏͏ $3.5͏͏ Million͏͏ in͏͏ Series͏͏ A͏͏ funding͏͏ to͏͏ transform͏͏ gut͏͏ health͏͏ in͏͏ India

It’s͏͏ worth͏͏ noting͏͏ that͏͏ Keshav͏͏ Biyani͏͏ is͏͏ the͏͏ nephew͏͏ of͏͏ Kishore͏͏ Biyani.

Established͏͏ in͏͏ 2022͏͏ by͏͏ Keshav͏͏ Biyani͏͏ and͏͏ Prabhu͏͏ Karthikeyan,͏͏ The͏͏ Good͏͏ Bug͏͏ offers͏͏ a͏͏ selection͏͏ of͏͏ gut͏͏ health͏͏ and͏͏ wellness͏͏ products͏͏ aimed͏͏ at͏͏ addressing͏͏ chronic͏͏ lifestyle͏͏ issues͏͏ such͏͏ as͏͏ bloating,͏͏ constipation,͏͏ and͏͏ weight͏͏ management͏͏ through͏͏ enhanced͏͏ gut͏͏ health.

Financial͏͏ Performance͏͏ of͏͏ The Good Bug:

In͏͏ the͏͏ financial͏͏ year͏͏ 2022-23͏͏ (FY23),͏͏ the͏͏ startup͏͏ reported͏͏ sales͏͏ of͏͏ INR͏͏ 2.79͏͏ Cr,͏͏ a͏͏ notable͏͏ rise͏͏ from͏͏ INR͏͏ 0.26͏͏ Cr͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.͏͏ However,͏͏ it͏͏ incurred͏͏ a͏͏ net͏͏ loss͏͏ of͏͏ INR͏͏ 3.9͏͏ Cr͏͏ during͏͏ the͏͏ year,͏͏ compared͏͏ to͏͏ a͏͏ net͏͏ loss͏͏ of͏͏ INR͏͏ 0.15͏͏ Cr͏͏ in͏͏ FY22.

It͏͏ competes͏͏ with͏͏ brands͏͏ such͏͏ as͏͏ Power͏͏ Gummies͏͏ and͏͏ Man͏͏ Matters,͏͏ among͏͏ others.

Continue͏͏ Exploring:͏͏ Gutsy͏͏ Greek͏͏ Yoghurt͏͏ to͏͏ move͏͏ beyond͏͏ Mumbai;͏͏ targets͏͏ expansion͏͏ in͏͏ West͏͏ and͏͏ South͏͏ to͏͏ meet͏͏ demand

Oven Story opens first flagship Store in Patna, catering to city’s craving for Pizza

Food & Beverage

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October 14, 2024

Food & Beverages, Retail, E-commerce, Quick Commerce — Oven Story opens first flagship Store in Patna, catering to city’s craving for Pizza

Oven Story, by Rebel Foods, has opened its first flagship store at Saguna More, Bailey Road, Patna. This new store responds to the city’s increasing interest in new food trends and love for pizza.

Oven Story to expand 200 stores across India

Bringing its tasty and innovative pizzas to one of India’s fastest-growing markets, this store is a big milestone for Oven Story. The 700-square-foot outlet offers a cosy dine-in experience and take away and delivery services. The opening was done by ex-DGM of Bihar, Suresh Kumar Bhardwaj.

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According to ET Hospitality brand, talking about the new store, Raghav Joshi, co-founder of Rebel Foods, mentioned, “We are delighted to open our first flagship store in Patna. This will further help us solve the food missions and make them accessible to pizza enthusiasts across the nation. Our vision is to create a space where people can come together to enjoy our unique standout topping pizza and make Oven Story the go-to place for gatherings. This store marks the beginning of our expansion plan, and we look forward to bringing Oven Story to over 200 stores across the country.”

Oven Story focuses to extend to Tier I & II cities

Interestingly, the store offers unique features like free garlic bread and free cheese burst upgrades for dine-in customers. Customers can also watch their pizzas being made and served hot in a pan. Oven Story Pizza plans to open around 200 stores in the next two years, focusing on Tier I & II cities, according to a company release.

However, this expansion plan shows the brand’s dedication to making its delicious pizzas available to more people in India. The new store will offer improved customer service with diverse topping options like Dragonfire, Feta, Pesto, Veggie Fantasy, and extra cheese, according to the company.

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Rebel Foods owns Oven Story, Faasos, Behrouz Biryani and others with 450 kitchens

Featuring brands like Faasos, Behrouz Biryani, Oven Story Pizza, Mandarin Oak, The Good Bowl, SLAY Coffee, Sweet Truth, Wendy’s, and more, Rebel Foods is the world’s biggest and fastest-growing online restaurant company. With over 450 kitchens in 70+ cities, Rebel Foods uses its technology, Rebel OS, to quickly launch and grow multiple brands.

Using the Rebel Launcher powered by Rebel OS, the company has launched over 25 brands and expanded quickly across the country. The food brand now runs 45+ brands in India, the UAE (Dubai, Abu Dhabi, Sharjah), the UK, and Saudi Arabia.

D2C GIVA raises INR 255 cr to expand offline presence

Luxury

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October 14, 2024

D2C e commerce quick commerce jewellery — D2C GIVA raises INR 255 cr to expand offline presence

GIVA, a direct-to-consumer (D2C) jewellery brand, has raised INR 255 crore ($30.3 million) in its expanded Series B funding round. The investment came from Premji Invest, Epiq Capital, and Edelweiss Discover Fund.

Investments allow exit for A91 Partners and others

According to Inc42, the funding round, with 35% primary and 65% secondary investments, allowed partial exits for A91 Partners and India Quotient. The new capital will help GIVA expand its offline presence in India, increase its lab-grown diamond offerings, and support strategic investor exits.

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In a media release, Ishendra Agarwal, founder and CEO of GIVA Jewellery quoted after investments, “Our focus remains steadfast on holding our position as the no.1 silver jewellery player in the market with further fortifying our lab-grown diamond segment, broadening our gold offerings, and consolidating our market presence.”

GIVA to expand lab-grown diamond segment with partnerships

Moving forward, The brand plans to strengthen its lab-grown diamond segment with strategic partnerships and innovations. It will also expand its gold offerings to meet consumer needs. The company aims to boost its market presence with targeted marketing efforts.

Established in 2019 by Ishendra Agarwal, Nikita Prasad, and Sachin Shett, GIVA trades in genuine 925 fine silver jewellery. It later expanded into 14K and 18K gold and lab-grown diamond jewellery. The brand has its own stores nationwide and also sells through Shoppers Stop and other chains.

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GIVA secures INR 270 crore in 2023

In the previous year, The brand secured INR 270 crore ($32.9 million) in Series B funding, led by Premji Invest. Existing investors Aditya Birla Ventures, Alteria Capital, and A91 Partners also joined. Of the total, INR 200 crore was primary funding, while INR 70 crore came from a secondary stake sale, allowing some early investors to exit.

Meanwhile, GIVA’s operating revenue surpassed INR 100 crore in the financial year ending March 31, 2023. Their revenue jumped 97% to INR 165 crore in FY23, up from INR 84 crore the year before. However, their net loss increased 138% to INR 45.2 crore from INR 19 crore, as their total spending more than doubled to INR 212.3 crore from INR 104 crore.

India’s lifestyle brand Kingdom of White Secures Investment from Actor Rana Daggubati

Fashion

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October 14, 2024

Lifestyle, Apparel, Luxury, Investment, Funding — India’s lifestyle brand Kingdom of White Secures Investment from Actor Rana Daggubati

Actor Rana Daggubati has invested an unknown amount in Kingdom of White, an all-white lifestyle brand. On Monday, October 14, the digital-first brand announced its plan to expand across India using an omnichannel strategy.

Actor invests undisclosed amount in India’s first all white brand

According to ET Retail, Vineet Haralalka, co-founder of Kingdom of White, released a statement regarding the investment, saying, “We’re thrilled to welcome Rana Daggubati to our family. His investment will help us grow our footprint across India while introducing our curated, minimalist styles to more customers.”

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Meanwhile, Rana Daggubati joining Kingdom of White is a great match because of his keen business sense and success as an entrepreneur and investor, as well as his impressive acting career. His partnership shows his dedication to supporting innovative ideas that connect with consumers and promote stylish fashion choices.

Actor Rana Daggubati also mentioned, “Investing in brands with a unique story has always been important to me, and the Kingdom of White is truly redefining the essence of wearing white.” He further added, “Their commitment to quality, craftsmanship, and style immediately stood out to me. After exploring their collection, I was genuinely impressed by the versatility and timeless appeal of their designs. This is more than just clothing; it is about creating an elegant statement that resonates with consumers who value simplicity, sophistication, and the art of wearing white.”

Kingdom of White to expands its presence offline and online

Actor shared his excitement in relation to backing, saying, “I am thrilled to be part of this journey and connect with those who share a passion for refined, versatile fashion.”

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After the funding, Kingdom of White plans to grow its presence in physical stores and online platforms, making its stylish all-white products accessible to fashion-forward customers across India. With Rana Daggubati’s backing, the brand aims to leave a significant mark on the fashion industry by promoting the elegance and versatility of wearing white.

Right now, the brand is available in over 20 retail stores in major cities and also sells on e-commerce platforms like Myntra, Amazon, Ajio, and Nykaa Fashion.

Gadda CO ties up with ‘Shaktimaan’ Mukesh Khanna as Brand Ambassador

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October 14, 2024