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Pluckk partners with Spencer’s Retail as Exclusive Fresh Produce Supplier

By
Ashutosh Dubey
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pluckk , D2C, Food brand market
Pluckk partners with Spencer's Retail as Exclusive Fresh Produce Supplier

Pluckk, a unique digital fresh food brand for fruits and vegetables, has partnered with Spencer’s Retail. Spencer’s will now exclusively sell Pluckk’s premium produce in its Fresh Section in stores in Lucknow, Varanasi, and Gorakhpur.

Spencer’s Retail celebrates Pluckk’s partnership

According to sources, while addressing the collaboration, Saurabh Bansal, Chief Merchandising Officer of Spencer’s Retail, mentioned, “Our partnership with Pluckk marks a significant step towards enhancing the fresh food experience for our customers. Pluckk’s expertise and commitment to quality align perfectly with Spencer’s mission to offer the best products to our customers.”

Continue Exploring: Zomato set to relaunch logistics service ‘Xtreme’ with revised strategy

Further emphasising the outcomes, Pratik Gupta, CEO of Pluckk, explained, “We are excited to partner with Spencers Retail to introduce our high-quality produce to their customers. This collaboration allows us to showcase the best of our offerings, ensuring consumers have daily access to fresh, healthy, and safe food. We anticipate doubling our presence over the next 12 months.”

Pluckk offers 90 items, includes Ozone-washed fruits & Vegetables 

With HACCP-certified quality assurance, Pluckk offers ozone-washed fruits and vegetables from partner farms and certified non-GMO (Genetically Modified Organism) products. Their range includes daily essentials, exotic choices, cuts, mixes, and juices, totaling 90 items.

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

Founded in July 2021, Pluckk is a top digital brand for fresh fruits and vegetables. Co-founded by Pratik Gupta and funded by Exponentia Ventures (EV), it operates in Bengaluru and Mumbai. Pluckk supports the ‘farm-to-table’ concept, offering a variety of gourmet fruits and vegetables directly to consumers, cutting out the middlemen. The platform has already partnered with over 1,000 farmers in Mumbai and Bengaluru.

Currently, Pluckk runs in big cities like Delhi, Mumbai, Bengaluru, and Pune. It links farmers directly with consumers, delivering over 2 million products each month to 500,000 homes.

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As competition heats up in quick commerce, Blinkit scraps ‘zero notice period’ policy

By
M Haziq Pandit
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Blinkit

As competition heats up in the quick commerce sector and the fight for talent becomes increasingly fierce, Zomato-owned Blinkit has reportedly updated its employment contract.

According͏͏ to͏͏ Moneycontrol,͏͏ the͏͏ company͏͏ has͏͏ asked͏͏ several͏͏ employees,͏͏ especially͏͏ those͏͏ in͏͏ senior͏͏ roles,͏͏ to͏͏ sign͏͏ an͏͏ addendum͏͏ to͏͏ their͏͏ contracts,͏͏ increasing͏͏ their͏͏ notice͏͏ period͏͏ from͏͏ zero͏͏ to͏͏ two͏͏ months.

The͏͏ report͏͏ quoted͏͏ a͏͏ source͏͏ stating,͏͏ “Blinkit’s͏͏ move͏͏ is͏͏ both͏͏ pre-emptive͏͏ and͏͏ a͏͏ response͏͏ to͏͏ current͏͏ developments.͏͏ A͏͏ well-funded͏͏ competitor͏͏ like͏͏ Zepto͏͏ or͏͏ a͏͏ major͏͏ rival͏͏ like͏͏ Flipkart͏͏ could͏͏ make͏͏ attractive͏͏ offers͏͏ and͏͏ easily͏͏ lure͏͏ talent͏͏ away͏͏ from͏͏ Blinkit.͏͏ Many͏͏ companies͏͏ are͏͏ doing͏͏ this,͏͏ and͏͏ Blinkit͏͏ is͏͏ implementing͏͏ measures͏͏ to͏͏ prevent͏͏ talent͏͏ loss.”

Quick Commerce Landscape͏͏ Heats͏͏ Up:

The͏͏ decision͏͏ to͏͏ extend͏͏ the͏͏ notice͏͏ period͏͏ for͏͏ Blinkit͏͏ employees͏͏ comes͏͏ as͏͏ competition͏͏ in͏͏ the͏͏ quick͏͏ commerce͏͏ sector͏͏ intensifies.͏͏ Media͏͏ reports͏͏ indicate͏͏ that͏͏ Zomato,͏͏ the͏͏ parent͏͏ company͏͏ of͏͏ Blinkit,͏͏ implemented͏͏ this͏͏ policy͏͏ in͏͏ July.͏͏ Since͏͏ then,͏͏ Zepto͏͏ has͏͏ secured͏͏ $340͏͏ million͏͏ in͏͏ funding,͏͏ Walmart͏͏ has͏͏ launched͏͏ and͏͏ expanded͏͏ Flipkart͏͏ Minutes͏͏ across͏͏ several͏͏ Indian͏͏ cities,͏͏ and͏͏ Swiggy͏͏ has͏͏ received͏͏ approval͏͏ for͏͏ its͏͏ IPO,͏͏ which͏͏ is͏͏ one͏͏ of͏͏ the͏͏ largest͏͏ for͏͏ a͏͏ new-age͏͏ company͏͏ in͏͏ recent͏͏ years.

“In͏͏ instances͏͏ where͏͏ Blinkit͏͏ is͏͏ certain͏͏ that͏͏ an͏͏ employee͏͏ is͏͏ joining͏͏ a͏͏ direct͏͏ competitor,͏͏ the͏͏ employee͏͏ is͏͏ now͏͏ placed͏͏ on͏͏ a͏͏ two-month͏͏ garden͏͏ leave͏͏ or͏͏ relieved͏͏ immediately͏͏ to͏͏ prevent͏͏ sensitive͏͏ information͏͏ from͏͏ being͏͏ leaked͏͏ to͏͏ others,”͏͏ another͏͏ source͏͏ informed͏͏ Moneycontrol.

Continue͏͏ Exploring:͏͏ Blinkit best͏͏ positioned͏͏ to͏͏ benefit͏͏ from͏͏ quick commerce growth;͏͏ Zomato͏͏ PT͏͏ raised͏͏ to͏͏ INR͏͏ 353:͏͏ CLSA

It͏͏ is͏͏ important͏͏ to͏͏ highlight͏͏ that,͏͏ over͏͏ the͏͏ past͏͏ six͏͏ months,͏͏ quick͏͏ commerce͏͏ players͏͏ have͏͏ expanded͏͏ their͏͏ operations͏͏ and͏͏ diversified͏͏ their͏͏ catalogues͏͏ to͏͏ meet͏͏ increasing͏͏ consumer͏͏ demand.͏͏ Nearly͏͏ all͏͏ platforms,͏͏ including͏͏ Swiggy͏͏ Instamart͏͏ and͏͏ the͏͏ new͏͏ Flipkart͏͏ Minutes,͏͏ have͏͏ ventured͏͏ into͏͏ categories͏͏ such͏͏ as͏͏ electronics,͏͏ beauty,͏͏ pet͏͏ care,͏͏ toys,͏͏ and͏͏ smaller͏͏ household͏͏ appliances.

In͏͏ Blinkit’s͏͏ case,͏͏ the͏͏ additions͏͏ led͏͏ to͏͏ a͏͏ 130%͏͏ surge͏͏ in͏͏ gross͏͏ order͏͏ value͏͏ (GOV),͏͏ reaching͏͏ INR͏͏ 4,923͏͏ crore͏͏ in͏͏ Q1͏͏ FY25,͏͏ up͏͏ from͏͏ INR͏͏ 2,140͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ quarter͏͏ last͏͏ year.͏͏ Sequentially,͏͏ this͏͏ represents͏͏ a͏͏ 22.2%͏͏ increase͏͏ from͏͏ INR͏͏ 4,027͏͏ crore͏͏ in͏͏ Q4͏͏ FY24.

Continue͏͏ Exploring:͏͏ Blinkit sees͏͏ 22%͏͏ QoQ͏͏ revenue͏͏ growth͏͏ to͏͏ INR͏͏ 942͏͏ Cr͏͏ in͏͏ Q1,͏͏ adjusted͏͏ EBITDA͏͏ loss͏͏ drops͏͏ to͏͏ INR͏͏ 3͏͏ Cr

Currently,͏͏ Blinkit͏͏ operates͏͏ 639͏͏ dark͏͏ stores͏͏ nationwide,͏͏ with͏͏ the͏͏ average͏͏ daily͏͏ gross͏͏ order͏͏ value͏͏ (GOV)͏͏ per͏͏ store͏͏ increasing͏͏ to͏͏ INR͏͏ 10͏͏ lakh,͏͏ up͏͏ from͏͏ INR͏͏ 6͏͏ lakh͏͏ across͏͏ 383͏͏ stores͏͏ previously.͏͏ The͏͏ company͏͏ aims͏͏ to͏͏ expand͏͏ its͏͏ dark͏͏ store͏͏ count͏͏ to͏͏ 2,000͏͏ by͏͏ the͏͏ end͏͏ of͏͏ 2026͏͏ while͏͏ ensuring͏͏ profitability.

Future͏͏ Projections͏͏ for͏͏ Quick Commerce:

According͏͏ to͏͏ analysis͏͏ by͏͏ brokerage͏͏ CLSA,͏͏ the͏͏ gross͏͏ order͏͏ value͏͏ of͏͏ major͏͏ quick͏͏ commerce͏͏ players͏͏ such͏͏ as͏͏ Blinkit,͏͏ Zepto,͏͏ and͏͏ Swiggy͏͏ Instamart͏͏ is͏͏ projected͏͏ to͏͏ reach͏͏ $10͏͏ billion͏͏ by͏͏ the͏͏ financial͏͏ year͏͏ 2025-26͏͏ (FY26),͏͏ driven͏͏ by͏͏ their͏͏ expansion͏͏ beyond͏͏ groceries͏͏ and͏͏ into͏͏ Tier͏͏ 2͏͏ and͏͏ Tier͏͏ 3͏͏ markets.

Continue͏͏ Exploring:͏͏ India’s͏͏ quick commerce sales͏͏ surge͏͏ 280%͏͏ in͏͏ two͏͏ years,͏͏ expected͏͏ to͏͏ reach͏͏ USD͏͏ 9.95͏͏ Bn͏͏ by͏͏ 2029

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Zomato set to relaunch logistics service ‘Xtreme’ with revised strategy

By
M Haziq Pandit
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0
Zomato

Months after discontinuing its logistics service ‘Xtreme’ due to weak demand, foodtech giant Zomato is now reportedly set to overhaul the offering and launch it again in the market.

According͏͏ to͏͏ ET,͏͏ Zomato’s͏͏ Xtreme͏͏ is͏͏ undergoing͏͏ a͏͏ shift͏͏ in͏͏ focus.

Focus͏͏ on͏͏ Food͏͏ Delivery:

“The͏͏ service͏͏ is͏͏ being͏͏ adjusted͏͏ to͏͏ emphasize͏͏ the͏͏ company’s͏͏ core͏͏ strength͏͏ in͏͏ food͏͏ delivery.͏͏ Many͏͏ restaurants͏͏ already͏͏ handle͏͏ direct͏͏ deliveries.͏͏ This͏͏ could͏͏ remain͏͏ an͏͏ experiment͏͏ that͏͏ the͏͏ company͏͏ may͏͏ or͏͏ may͏͏ not͏͏ choose͏͏ to͏͏ expand,”͏͏ sources͏͏ indicated͏͏ in͏͏ the͏͏ report.

Xtreme,͏͏ a͏͏ quick͏͏ parcel͏͏ delivery͏͏ service͏͏ for͏͏ merchants͏͏ featuring͏͏ a͏͏ standalone͏͏ application,͏͏ was͏͏ launched͏͏ in͏͏ October͏͏ 2023͏͏ as͏͏ part͏͏ of͏͏ the͏͏ foodtech͏͏ startup’s͏͏ entry͏͏ into͏͏ the͏͏ logistics͏͏ sector.

However,͏͏ the͏͏ company͏͏ had͏͏ to͏͏ shut͏͏ down͏͏ its͏͏ logistics͏͏ division͏͏ in͏͏ July͏͏ due͏͏ to͏͏ low͏͏ demand,͏͏ leading͏͏ to͏͏ the͏͏ removal͏͏ of͏͏ the͏͏ Xtreme͏͏ app͏͏ from͏͏ the͏͏ Google͏͏ Play͏͏ Store.͏͏ Current͏͏ users͏͏ now͏͏ see͏͏ a͏͏ message͏͏ indicating͏͏ that͏͏ their͏͏ area͏͏ is͏͏ not͏͏ serviceable.

Continue͏͏ Exploring:͏͏ Zomato shuts͏͏ down͏͏ ‘Xtreme’͏͏ delivery͏͏ service,͏͏ relaunches͏͏ ‘Legends’͏͏ for͏͏ intercity͏͏ food͏͏ delivery

“There͏͏ are͏͏ several͏͏ restaurants͏͏ in͏͏ various͏͏ cities͏͏ that͏͏ prefer͏͏ to͏͏ keep͏͏ their͏͏ own͏͏ ordering͏͏ channels͏͏ while͏͏ still͏͏ wanting͏͏ the͏͏ quality͏͏ of͏͏ last-mile͏͏ delivery͏͏ provided͏͏ by͏͏ Zomato.͏͏ In͏͏ the͏͏ previous͏͏ experiment,͏͏ the͏͏ scale͏͏ never͏͏ grew͏͏ large͏͏ enough͏͏ to͏͏ impact͏͏ the͏͏ company’s͏͏ food͏͏ delivery͏͏ services͏͏ for͏͏ its͏͏ restaurant͏͏ partners.͏͏ However,͏͏ if͏͏ it͏͏ manages͏͏ to͏͏ reach͏͏ a͏͏ certain͏͏ scale,͏͏ a͏͏ decision͏͏ will͏͏ be͏͏ made͏͏ accordingly,”͏͏ one͏͏ of͏͏ the͏͏ sources͏͏ mentioned͏͏ in͏͏ the͏͏ report.

Exploring͏͏ New͏͏ Business͏͏ Ventures:

Additionally,͏͏ the͏͏ unicorn͏͏ attempted͏͏ to͏͏ relaunch͏͏ its͏͏ intercity͏͏ delivery͏͏ service,͏͏ Legends,͏͏ in͏͏ July,͏͏ but͏͏ it͏͏ was͏͏ suspended͏͏ just͏͏ a͏͏ month͏͏ after͏͏ entering͏͏ the͏͏ market.͏͏ The͏͏ decision͏͏ to͏͏ shut͏͏ down͏͏ Legends͏͏ was͏͏ in͏͏ line͏͏ with͏͏ Zomato’s͏͏ strategy͏͏ of͏͏ experimenting͏͏ with͏͏ new͏͏ offerings,͏͏ particularly͏͏ in͏͏ the͏͏ food͏͏ delivery͏͏ segment,͏͏ and͏͏ discontinuing͏͏ those͏͏ that͏͏ do͏͏ not͏͏ gain͏͏ sufficient͏͏ traction.

Continue͏͏ Exploring:͏͏ Zomato shuts͏͏ down͏͏ intercity͏͏ service͏͏ ‘Legends’͏͏ just͏͏ a͏͏ month͏͏ after͏͏ relaunch

The͏͏ company͏͏ has͏͏ been͏͏ conducting͏͏ various͏͏ experiments͏͏ this͏͏ year͏͏ to͏͏ assess͏͏ the͏͏ potential͏͏ of͏͏ expanding͏͏ its͏͏ business͏͏ lines͏͏ into͏͏ areas͏͏ such͏͏ as͏͏ logistics,͏͏ entertainment,͏͏ last-mile͏͏ deliveries,͏͏ large͏͏ order͏͏ fleets,͏͏ and͏͏ more.

In͏͏ late͏͏ August,͏͏ the͏͏ company͏͏ acquired͏͏ Paytm’s͏͏ ticketing͏͏ subsidiaries,͏͏ Wasteland͏͏ Entertainment͏͏ Private͏͏ Limited͏͏ and͏͏ Orbgen͏͏ Technologies͏͏ Private͏͏ Limited,͏͏ for͏͏ INR͏͏ 2,048͏͏ crore͏͏ in͏͏ an͏͏ all-cash͏͏ transaction.

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Reliance Retail Q2 profit rises to INR 2,836 Cr, revenue falls 3.5% amid weak consumer demand

By
M Haziq Pandit
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0
Reliance Retail

Reliance Retail Ventures reported a net profit of INR 2,836 crore for Q2 of FY25, reflecting a 1.3 per cent year-on-year increase. However,͏͏ revenue͏͏ from͏͏ operations͏͏ declined͏͏ by͏͏ 3.5͏͏ per͏͏ cent͏͏ to͏͏ INR͏͏ 66,502͏͏ crore͏͏ due͏͏ to͏͏ weakened͏͏ consumer͏͏ demand,͏͏ particularly͏͏ in͏͏ the͏͏ fashion͏͏ and͏͏ lifestyle͏͏ segment.

EBITDA͏͏ remained͏͏ unchanged͏͏ at͏͏ INR͏͏ 5,675͏͏ crore,͏͏ while͏͏ the͏͏ EBITDA͏͏ margin͏͏ experienced͏͏ a͏͏ modest͏͏ increase͏͏ of͏͏ 30͏͏ basis͏͏ points,͏͏ reaching͏͏ 8.8͏͏ per͏͏ cent͏͏ for͏͏ the͏͏ quarter.

Store͏͏ Network͏͏ Expands͏͏ Further:

The͏͏ company͏͏ ended͏͏ the͏͏ quarter͏͏ with͏͏ 18,946͏͏ stores,͏͏ reflecting͏͏ a͏͏ 1.6͏͏ per͏͏ cent͏͏ year-on-year͏͏ increase,͏͏ spread͏͏ across͏͏ 79.4͏͏ million͏͏ square͏͏ feet—an͏͏ 11͏͏ per͏͏ cent͏͏ expansion.͏͏ It͏͏ opened͏͏ 464͏͏ new͏͏ stores͏͏ during͏͏ the͏͏ quarter͏͏ and͏͏ noted͏͏ plans͏͏ to͏͏ enhance͏͏ its͏͏ digital͏͏ capabilities.

In͏͏ addition͏͏ to͏͏ weak͏͏ demand,͏͏ the͏͏ financials͏͏ were͏͏ impacted͏͏ by͏͏ the͏͏ company’s͏͏ ongoing͏͏ efforts͏͏ to͏͏ streamline͏͏ operations͏͏ and͏͏ a͏͏ measured͏͏ approach͏͏ to͏͏ its͏͏ B2B͏͏ business͏͏ aimed͏͏ at͏͏ improving͏͏ margins.

Digital͏͏ and͏͏ New͏͏ Commerce͏͏ Channels͏͏ Drive͏͏ Revenue:

The͏͏ focus͏͏ on͏͏ expanding͏͏ digital͏͏ commerce͏͏ and͏͏ new͏͏ commerce͏͏ continued,͏͏ with͏͏ these͏͏ channels͏͏ accounting͏͏ for͏͏ 17͏͏ per͏͏ cent͏͏ of͏͏ total͏͏ revenue.͏͏ The͏͏ registered͏͏ customer͏͏ base͏͏ grew͏͏ to͏͏ 327͏͏ million.

In͏͏ the͏͏ quarter,͏͏ the͏͏ company͏͏ established͏͏ exclusive͏͏ partnerships͏͏ with͏͏ Delta͏͏ Galil͏͏ to͏͏ strengthen͏͏ its͏͏ presence͏͏ in͏͏ the͏͏ lingerie͏͏ and͏͏ active͏͏ wear͏͏ segments͏͏ while͏͏ also͏͏ launching͏͏ ASOS͏͏ in͏͏ India.

Continue͏͏ Exploring:͏͏ Reliance Retail and͏͏ Delta͏͏ Galil͏͏ form͏͏ strategic͏͏ joint͏͏ venture͏͏ to͏͏ transform͏͏ India’s͏͏ apparel͏͏ market

In͏͏ the͏͏ consumer͏͏ electronics͏͏ segment,͏͏ digital͏͏ stores͏͏ continued͏͏ to͏͏ grow,͏͏ supported͏͏ by͏͏ a͏͏ notable͏͏ rise͏͏ in͏͏ average͏͏ bill͏͏ value.͏͏ The͏͏ number͏͏ of͏͏ digital͏͏ stores͏͏ exceeded͏͏ 650.͏͏ Meanwhile,͏͏ the͏͏ services͏͏ business,͏͏ resQ,͏͏ reported͏͏ a͏͏ 28͏͏ per͏͏ cent͏͏ increase͏͏ in͏͏ service͏͏ volume,͏͏ launched͏͏ multiple͏͏ new͏͏ products͏͏ under͏͏ its͏͏ own͏͏ brand,͏͏ and͏͏ successfully͏͏ doubled͏͏ its͏͏ merchant͏͏ base.

Grocery͏͏ Segment͏͏ Boosted͏͏ by͏͏ New͏͏ Formats:

Formats͏͏ like͏͏ Smart͏͏ Bazaar͏͏ and͏͏ Smart͏͏ Stores͏͏ drove͏͏ growth͏͏ in͏͏ the͏͏ grocery͏͏ sector,͏͏ with͏͏ categories͏͏ such͏͏ as͏͏ confectionery,͏͏ fruits,͏͏ and͏͏ apparel͏͏ experiencing͏͏ double-digit͏͏ increases.

JioMart͏͏ is͏͏ expanding͏͏ its͏͏ quick͏͏ commerce͏͏ service͏͏ by͏͏ leveraging͏͏ its͏͏ own͏͏ store͏͏ network,͏͏ the͏͏ company͏͏ said.

In͏͏ the͏͏ fashion͏͏ and͏͏ lifestyle͏͏ segment,͏͏ the͏͏ company͏͏ mentioned͏͏ it͏͏ was͏͏ focusing͏͏ on͏͏ keeping͏͏ customers͏͏ engaged͏͏ by͏͏ introducing͏͏ fresh͏͏ collections͏͏ in͏͏ stores͏͏ and͏͏ launching͏͏ various͏͏ marketing͏͏ initiatives͏͏ around͏͏ festivals.

Continue͏͏ Exploring:͏͏ Reliance Retail reports͏͏ 18.9%͏͏ YoY͏͏ footfall͏͏ growth͏͏ in͏͏ Q1͏͏ FY25͏͏ despite͏͏ drop͏͏ in͏͏ new͏͏ store͏͏ openings

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

By
M Haziq Pandit
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0
YOHO

Delhi-based D2C footwear brand Yoho has secured INR 27 crore ($3.21 million) in its Pre-Series B funding round, led by Gulf Islamic Investments (GII).

Notable͏͏ Investors͏͏ Join͏͏ Funding͏͏ Round:

The͏͏ funding͏͏ round͏͏ also͏͏ included͏͏ several͏͏ prominent͏͏ investors,͏͏ such͏͏ as͏͏ Rajeev͏͏ Misra,͏͏ CEO͏͏ of͏͏ SoftBank͏͏ Investment͏͏ Advisers,͏͏ Vijay͏͏ Shekhar͏͏ Sharma͏͏ of͏͏ Paytm,͏͏ Rukam͏͏ Capital,͏͏ and͏͏ Pankaj͏͏ Chaddah͏͏ of͏͏ Shyft.

Capital͏͏ for͏͏ Growth͏͏ and͏͏ R&D:

The͏͏ company͏͏ intends͏͏ to͏͏ utilise͏͏ the͏͏ new͏͏ capital͏͏ to͏͏ drive͏͏ its͏͏ domestic͏͏ and͏͏ international͏͏ expansion,͏͏ increase͏͏ investments͏͏ in͏͏ research͏͏ and͏͏ development͏͏ (R&D),͏͏ and͏͏ expand͏͏ its͏͏ product͏͏ portfolio.

In͏͏ a͏͏ joint͏͏ statement,͏͏ the͏͏ co-founders͏͏ remarked,͏͏ “This͏͏ capital͏͏ infusion͏͏ enables͏͏ us͏͏ to͏͏ accelerate͏͏ our͏͏ product͏͏ development,͏͏ broaden͏͏ our͏͏ market͏͏ reach,͏͏ and͏͏ make͏͏ an͏͏ even͏͏ greater͏͏ impact͏͏ on͏͏ the͏͏ lives͏͏ of͏͏ consumers.”

“GII͏͏ offers͏͏ innovative͏͏ growth͏͏ funding͏͏ solutions͏͏ that͏͏ cater͏͏ to͏͏ changing͏͏ consumer͏͏ preferences.͏͏ Yoho’s͏͏ strategy͏͏ of͏͏ merging͏͏ biomechanical͏͏ expertise͏͏ with͏͏ affordability͏͏ addresses͏͏ a͏͏ significant͏͏ gap͏͏ in͏͏ the͏͏ market,͏͏ which͏͏ GII’s͏͏ investment͏͏ can͏͏ help͏͏ bridge,”͏͏ said͏͏ GII’s͏͏ co-founder͏͏ and͏͏ co-CEO,͏͏ Mohammed͏͏ Al-Hassan.

Founded͏͏ in͏͏ 2020͏͏ by͏͏ Ahmad͏͏ Hushsham͏͏ and͏͏ Prateek͏͏ Singhal,͏͏ Yoho͏͏ manufactures͏͏ affordable,͏͏ lightweight͏͏ orthopaedic͏͏ footwear͏͏ using͏͏ AI-powered͏͏ solutions.

With͏͏ this͏͏ funding,͏͏ Yoho͏͏ has͏͏ raised͏͏ over͏͏ INR͏͏ 47͏͏ crore͏͏ to͏͏ date.͏͏ The͏͏ company͏͏ previously͏͏ secured͏͏ INR͏͏ 20͏͏ crore͏͏ in͏͏ a͏͏ Pre-Series͏͏ A͏͏ round͏͏ in͏͏ 2022,͏͏ led͏͏ by͏͏ Rajeev͏͏ Misra,͏͏ Rukam͏͏ Capital,͏͏ and͏͏ Vijay͏͏ Shekhar͏͏ Sharma.

Yoho’s͏͏ Sales͏͏ and͏͏ E-Commerce͏͏ Presence:

Since͏͏ its͏͏ launch,͏͏ Yoho͏͏ has͏͏ sold͏͏ over͏͏ 100,000͏͏ pairs͏͏ of͏͏ footwear.͏͏ The͏͏ company͏͏ sells͏͏ its͏͏ products͏͏ on͏͏ e-commerce͏͏ platforms͏͏ like͏͏ Amazon,͏͏ Flipkart,͏͏ Myntra,͏͏ and͏͏ Tata͏͏ 1mg,͏͏ as͏͏ well͏͏ as͏͏ through͏͏ its͏͏ own͏͏ website.

Looking͏͏ ahead,͏͏ the͏͏ startup͏͏ aims͏͏ to͏͏ enhance͏͏ its͏͏ offline͏͏ presence͏͏ by͏͏ partnering͏͏ with͏͏ 2,000͏͏ multi-brand͏͏ outlets͏͏ (MBOs)͏͏ in͏͏ Tier-I͏͏ and͏͏ Tier-II͏͏ cities͏͏ and͏͏ launching͏͏ exclusive͏͏ brand͏͏ outlets͏͏ (EBOs).͏͏ It͏͏ also͏͏ plans͏͏ to͏͏ expand͏͏ its͏͏ marketing͏͏ initiatives͏͏ and͏͏ increase͏͏ its͏͏ product͏͏ catalogue͏͏ from͏͏ 100͏͏ to͏͏ 300͏͏ styles͏͏ by͏͏ 2025.

In͏͏ a͏͏ statement,͏͏ the͏͏ company͏͏ indicated͏͏ plans͏͏ to͏͏ enter͏͏ international͏͏ markets,͏͏ targeting͏͏ regions͏͏ such͏͏ as͏͏ the͏͏ Middle͏͏ East,͏͏ Africa,͏͏ and͏͏ the͏͏ US.

Yoho͏͏ operates͏͏ within͏͏ the͏͏ broader͏͏ Indian͏͏ D2C͏͏ footwear͏͏ sector,͏͏ which͏͏ is͏͏ expected͏͏ to͏͏ reach͏͏ a͏͏ market͏͏ value͏͏ of͏͏ $14͏͏ billion͏͏ by͏͏ 2027,͏͏ according͏͏ to͏͏ reports.

Continue͏͏ Exploring:͏͏ India’s͏͏ footwear market͏͏ set͏͏ for͏͏ double-digit͏͏ growth,͏͏ expected͏͏ to͏͏ reach͏͏ INR͏͏ 191K͏͏ Crore͏͏ by͏͏ FY͏͏ 2028:͏͏ 1Lattice͏͏ Report

Recent͏͏ Investments͏͏ in͏͏ the͏͏ Indian͏͏ Footwear Industry:

This͏͏ funding͏͏ round͏͏ comes͏͏ on͏͏ the͏͏ heels͏͏ of͏͏ other͏͏ significant͏͏ investments͏͏ in͏͏ the͏͏ Indian͏͏ footwear͏͏ sector.͏͏ In͏͏ July͏͏ this͏͏ year,͏͏ D2C͏͏ sneaker͏͏ brand͏͏ Comet͏͏ secured͏͏ INR͏͏ 42͏͏ crore͏͏ from͏͏ investors͏͏ including͏͏ Elevation͏͏ Capital͏͏ and͏͏ Nexus͏͏ Venture͏͏ Partners.

In͏͏ October͏͏ 2023,͏͏ Mumbai-based͏͏ omnichannel͏͏ footwear͏͏ brand͏͏ Inc.5͏͏ Shoes͏͏ raised͏͏ $10͏͏ million͏͏ in͏͏ a͏͏ Series͏͏ A͏͏ round͏͏ led͏͏ by͏͏ Carpediem͏͏ Capital.͏͏ Previously,͏͏ in͏͏ July͏͏ 2022,͏͏ casual͏͏ footwear͏͏ startup͏͏ Solethreads͏͏ secured͏͏ $3.7͏͏ million͏͏ in͏͏ Series͏͏ A͏͏ funding,͏͏ also͏͏ led͏͏ by͏͏ Fireside͏͏ Ventures.

Continue͏͏ Exploring:͏͏ Footwear retailer͏͏ Metro͏͏ Brands͏͏ to͏͏ open͏͏ 225͏͏ new͏͏ stores,͏͏ aims͏͏ for͏͏ 10-15%͏͏ sales͏͏ growth

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Rebel Foods plans INR 200 Cr investment to expand EatSure and cloud kitchen network

By
M Haziq Pandit
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0
Rebel Foods EatSure

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

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Nykaa issues 3.08 Lakh equity shares to employees under ESOP scheme

By
M Haziq Pandit
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0
Nykaa

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

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

By
M Haziq Pandit
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Purplle

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.

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

By
Ashutosh Dubey
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0
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.

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

By
M Haziq Pandit
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0
The Good Bug

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

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