UPI Transactions Soar 52% to 78.97 Billion in H1 2024, value hits INR 116.63 lac cr – Report

-

October 10, 2024

Kalyan Jewellers revenue soars 39% on strong same-store sales in Q2 of FY25

Kalyan Jewellers reported healthy financial performance in the second quarter of 2024-25. Revenues from Indian operations rose by 39% compared with the same period last fiscal. Growth was strong, powered by a spurt in customer visits to their stores across market spaces in combination with sales growth in existing stores.

Kalyan Jewellers same-store-sales-growth of 23% contribute to revenue growth

In a regulatory BSE, Kalyan Jewellers revealed, “Our India operations witnessed revenue growth of approximately 39 per cent during the second quarter of FY25, compared to the same period of FY24, led by robust operating momentum on the ground across all markets with healthy same-store-sales-growth of approximately 23 per cent.” as per India Retailing.

Continue Exploring: Watch brand Rado expects to end 2024 with double-digit growth in India

Further stating, the reduction in customs duty on gold imports, announced in the 2024-25 Union Budget, boosted sales for Kalyan Jewellers. The company witnessed an uptrend in customer footfalls from the last week of July till the end of August. All these positives negated a normal slowdown during the 14-day Shradh period and volatile gold prices.

Kalyan Jewellers sees 24% growth in Middle East

Meanwhile, in the Middle East, the jewellery retailer saw a 24% revenue growth compared to last year. Recently, they converted some owned showrooms to FOCO (Franchise-Owned, Company-Operated) showrooms, bringing the total number to four. The Middle East contributed 13% to the company’s total revenue for the recent quarter.

Notably, Kalyan Jewellers’ Candere, the online jewellery platform, saw about 30% revenue growth last quarter compared to the same time last year. “We launched 12 Candere showrooms during Q2 FY 2025,” the company noted.

Continue Exploring: BlueStone’s FY24 revenue surpasses INR 1,000 Cr, loss narrows 15% to INR 142.2 Cr

Looking ahead, the company plans to open 25 Kalyan showrooms in India, 18 Candere showrooms, and its first US showroom by Diwali. “The festive season has just started and we are gearing up with showroom launches, fresh collections and campaigns,” it revealed. As of September 30, 2024, they have 303 showrooms (231 Kalyan India, 36 Kalyan Middle East, and 36 Candere), it added.

Radisson group opens newly Svelte Delhi, a 108-Room Hotel

By

-

October 10, 2024

Luxury, Hotels & Restaurants, Brands, Business — Radisson group opens newly Svelte Delhi, a 108-Room Hotel

On Tuesday, October 8, Radisson Hotel Group announced the opening of Svelte Delhi, a Radisson Individuals member, making it the first of this brand in the capital.

Svelte Delhi: A must stay to historic Delhi sightseeing

According to Economic Times, Svelte Delhi, a Radisson Individuals member, is in Select Citywalk, Saket, South Delhi. The 108-room hotel offers “easy access to major attractions such as Qutub Minar, Humayun’s Tomb, and Lodhi Garden, as well as key corporate hubs,” the company said in a statement.

Continue Exploring: Nationwide hotel occupancy reaches decade-high of 67.5% in 2023-24: Hotelivate Report

Managing Director and Area Senior Vice President, South Asia, Radisson Hotel Group, Nikhil Sharma released a statement, saying, “The opening of Svelte Delhi, a member of Radisson Individuals, is another milestone in our continued growth trajectory in a tier–1 market like Delhi NCR. This is also a testament to the unabated trust and support of our valued partners and guests who are fueling the Group’s expansion across South Asia. We are motivated and driven to replicate this growth across key metros in India with a focus on our diverse brand offerings.”

While dining choices include in-room service and an all-day restaurant. Nikhil further added, “We are honoured to partner with Radisson Hotel Group for the opening of Svelte Delhi, a member of Radisson Individuals, marking an important milestone for us. Radisson Individuals as a brand, allows us to retain the individuality of the hotel while delivering guests with the Group’s signature ‘Yes I Can!’ service philosophy which we feel is the ideal match.”

Continue Exploring: Starbucks India partners with Bombay Sweet Shop to introduce exclusive festive culinary collection

Radisson Ranks Among Top Two Hotel Groups Globally

In the current scenario Radisson Hotel Group now has over 1,380 hotels and 227,310 rooms worldwide. Since joining Jin Jiang International in 2018, it has become one of the top two largest hotel groups globally by number of rooms and hotels.

Chef Harpal Singh Sokhi’s Karigari launches first cloud kitchen in Noida

Food & Beverage

By

-

October 10, 2024

Karigari by Chef Harpal Singh Sokhi, the culinary venture of celebrity chef Harpal Singh Sokhi, has launched its first cloud kitchen in Noida Sector 4. This͏͏ marks͏͏ the͏͏ 11th͏͏ outlet͏͏ for͏͏ Karigari,͏͏ highlighting͏͏ a͏͏ significant͏͏ milestone͏͏ in͏͏ the͏͏ brand’s͏͏ growth͏͏ and͏͏ an͏͏ important͏͏ step͏͏ in͏͏ its͏͏ strategy͏͏ to͏͏ expand͏͏ into͏͏ Tier͏͏ 1͏͏ and͏͏ Tier͏͏ 2͏͏ cities͏͏ across͏͏ India.

Cloud Kitchen Model:͏͏ Streamlining͏͏ Operations͏͏ for͏͏ Future͏͏ Growth

The͏͏ cloud͏͏ kitchen͏͏ model͏͏ is͏͏ integral͏͏ to͏͏ Karigari’s͏͏ broader͏͏ expansion͏͏ strategy,͏͏ enabling͏͏ the͏͏ brand͏͏ to͏͏ test͏͏ operational͏͏ efficiency͏͏ and͏͏ streamline͏͏ processes͏͏ ahead͏͏ of͏͏ entering͏͏ new͏͏ markets.͏͏ Mumbai,͏͏ Bangalore,͏͏ Chandigarh,͏͏ and͏͏ Jaipur͏͏ are͏͏ the͏͏ next͏͏ cities͏͏ targeted͏͏ for͏͏ Karigari’s͏͏ growth,͏͏ making͏͏ this͏͏ new͏͏ venture͏͏ a͏͏ significant͏͏ step͏͏ towards͏͏ achieving͏͏ that͏͏ vision,͏͏ according͏͏ to͏͏ a͏͏ press͏͏ release.

Continue͏͏ Exploring:͏͏ Chef Harpal Singh Sokhi’s Karigari makes͏͏ debut͏͏ in͏͏ South͏͏ India͏͏ with͏͏ Bengaluru͏͏ launch

Yogesh͏͏ Sharma,͏͏ founder͏͏ and͏͏ CEO͏͏ of͏͏ Futomic͏͏ Group,͏͏ expressed͏͏ his͏͏ excitement͏͏ about͏͏ the͏͏ launch,͏͏ stating,͏͏ “We͏͏ are͏͏ thrilled͏͏ to͏͏ introduce͏͏ Karigari͏͏ No.͏͏ 11͏͏ in͏͏ Noida͏͏ as͏͏ our͏͏ first͏͏ cloud͏͏ kitchen.͏͏ This͏͏ launch͏͏ demonstrates͏͏ our͏͏ commitment͏͏ to͏͏ making͏͏ the͏͏ Karigari͏͏ experience͏͏ more͏͏ accessible͏͏ while͏͏ preserving͏͏ the͏͏ quality͏͏ and͏͏ innovation͏͏ our͏͏ customers͏͏ appreciate.͏͏ The͏͏ cloud͏͏ kitchen͏͏ model͏͏ will͏͏ enable͏͏ us͏͏ to͏͏ reach͏͏ a͏͏ wider͏͏ audience,͏͏ delivering͏͏ our͏͏ carefully͏͏ crafted͏͏ dishes͏͏ to͏͏ more͏͏ homes͏͏ across͏͏ the͏͏ country.͏͏ As͏͏ we͏͏ gear͏͏ up͏͏ for͏͏ expansion͏͏ into͏͏ Tier͏͏ 1͏͏ and͏͏ Tier͏͏ 2͏͏ cities,͏͏ this͏͏ pilot͏͏ run͏͏ will͏͏ allow͏͏ us͏͏ to͏͏ refine͏͏ our͏͏ operations͏͏ and͏͏ offerings.”

Curated͏͏ Menu͏͏ Featuring͏͏ Signature͏͏ Dishes:

The͏͏ new͏͏ cloud͏͏ kitchen͏͏ will͏͏ showcase͏͏ Karigari’s͏͏ curated͏͏ menu,͏͏ featuring͏͏ Chef͏͏ Harpal͏͏ Singh͏͏ Sokhi’s͏͏ signature͏͏ dishes͏͏ that͏͏ blend͏͏ the͏͏ richness͏͏ of͏͏ traditional͏͏ Indian͏͏ flavours͏͏ with͏͏ modern͏͏ culinary͏͏ techniques.͏͏ From͏͏ indulgent͏͏ curries͏͏ to͏͏ innovative͏͏ fusion͏͏ dishes,͏͏ Karigari͏͏ No.͏͏ 11͏͏ promises͏͏ a͏͏ gourmet͏͏ experience͏͏ that͏͏ is͏͏ just͏͏ a͏͏ click͏͏ away.

Continue͏͏ Exploring:͏͏ Chef Harpal Sokhi’s͏͏ popular͏͏ restaurant͏͏ chain͏͏ Karigari set͏͏ to͏͏ expand͏͏ across͏͏ India͏͏ with͏͏ INR͏͏ 30͏͏ Crore͏͏ investment

Nationwide hotel occupancy reaches decade-high of 67.5% in 2023-24: Hotelivate Report

Hospitality

By

-

October 10, 2024

India’s branded and organised hotel sector achieved a decade-high occupancy rate of 67.5% in 2023-2024, with an all-time record average daily rate of INR 8,055, according to Hotelivate‘s͏͏ 27th͏͏ edition͏͏ of͏͏ the͏͏ Indian͏͏ Hospitality͏͏ Trends͏͏ &͏͏ Opportunities͏͏ Report.

Strong͏͏ RevPAR͏͏ Performance:

This͏͏ led͏͏ to͏͏ a͏͏ RevPAR͏͏ (revenue͏͏ per͏͏ available͏͏ room)͏͏ of͏͏ INR͏͏ 5,439,͏͏ slightly͏͏ below͏͏ the͏͏ lifetime͏͏ high͏͏ recorded͏͏ in͏͏ 2007-2008.

Mumbai͏͏ topped͏͏ the͏͏ occupancy͏͏ rates͏͏ at͏͏ 79%,͏͏ followed͏͏ closely͏͏ by͏͏ New͏͏ Delhi͏͏ at͏͏ 78.7%͏͏ and͏͏ Hyderabad͏͏ at͏͏ 75.1%.

Hyderabad͏͏ achieved͏͏ one͏͏ of͏͏ the͏͏ highest͏͏ RevPAR͏͏ growths͏͏ in͏͏ the͏͏ country͏͏ for͏͏ the͏͏ second͏͏ consecutive͏͏ year,͏͏ driven͏͏ by͏͏ a͏͏ 26.2%͏͏ rise͏͏ in͏͏ average͏͏ rates.

Five-Star͏͏ Hotels Dominate͏͏ RevPAR͏͏ Growth:

According͏͏ to͏͏ the͏͏ report,͏͏ five-star͏͏ deluxe͏͏ hotels͏͏ recorded͏͏ a͏͏ substantial͏͏ 147.4%͏͏ increase͏͏ in͏͏ RevPAR͏͏ over͏͏ a͏͏ 24-month͏͏ period,͏͏ the͏͏ highest͏͏ among͏͏ all͏͏ categories.͏͏ Five-star͏͏ hotels͏͏ followed͏͏ with͏͏ a͏͏ robust͏͏ 131%͏͏ growth,͏͏ while͏͏ four-star͏͏ hotels͏͏ experienced͏͏ a͏͏ notable͏͏ 99.3%͏͏ rise.

Hotels͏͏ with͏͏ average͏͏ rates͏͏ of͏͏ INR͏͏ 7,500͏͏ or͏͏ higher͏͏ increased͏͏ from͏͏ 23%͏͏ (354͏͏ hotels)͏͏ in͏͏ 2022-23͏͏ to͏͏ 30%͏͏ (517͏͏ hotels)͏͏ in͏͏ 2023-24.

The͏͏ report͏͏ was͏͏ based͏͏ on͏͏ a͏͏ participation͏͏ base͏͏ of͏͏ 1,742͏͏ hotels,͏͏ which͏͏ had͏͏ a͏͏ combined͏͏ inventory͏͏ of͏͏ 180,403͏͏ rooms.

Continue͏͏ Exploring:͏͏ From͏͏ sparkling͏͏ wines͏͏ to͏͏ spa͏͏ treatments:͏͏ Indian͏͏ hotels roll͏͏ out͏͏ deluxe͏͏ offers͏͏ for͏͏ business͏͏ travelers

Manav͏͏ Thadani,͏͏ founder͏͏ chairman͏͏ of͏͏ Hotelivate,͏͏ described͏͏ the͏͏ anticipated͏͏ 49%͏͏ increase͏͏ in͏͏ hotel͏͏ room͏͏ supply͏͏ in͏͏ India͏͏ as͏͏ ‘remarkable’͏͏ and͏͏ indicative͏͏ of͏͏ ‘significant’͏͏ growth͏͏ in͏͏ the͏͏ hospitality͏͏ sector.͏͏ He͏͏ noted͏͏ that͏͏ key͏͏ markets͏͏ like͏͏ Bengaluru,͏͏ Mumbai,͏͏ and͏͏ Goa͏͏ are͏͏ at͏͏ the͏͏ forefront͏͏ of͏͏ this͏͏ expansion,͏͏ with͏͏ 77%͏͏ of͏͏ the͏͏ proposed͏͏ supply͏͏ currently͏͏ under͏͏ active͏͏ development.͏͏ “This͏͏ trend͏͏ highlights͏͏ a͏͏ positive͏͏ outlook͏͏ for͏͏ the͏͏ industry,͏͏ driven͏͏ by͏͏ increasing͏͏ tourism,͏͏ business͏͏ travel,͏͏ and͏͏ enhancements͏͏ in͏͏ infrastructure,”͏͏ he͏͏ stated.

“As͏͏ of͏͏ March͏͏ 2024,͏͏ the͏͏ branded͏͏ pipeline͏͏ for͏͏ the͏͏ next͏͏ five͏͏ years͏͏ consists͏͏ of͏͏ 88,706͏͏ keys,͏͏ regardless͏͏ of͏͏ their͏͏ current͏͏ construction͏͏ status,”͏͏ he͏͏ noted.

Achin͏͏ Khanna,͏͏ managing͏͏ partner͏͏ of͏͏ strategic͏͏ advisory͏͏ at͏͏ Hotelivate,͏͏ stated͏͏ that͏͏ the͏͏ industry͏͏ is͏͏ continuing͏͏ to͏͏ perform͏͏ strongly.

“With͏͏ half͏͏ of͏͏ fiscal͏͏ 2024-25͏͏ already͏͏ behind͏͏ us,͏͏ there͏͏ has͏͏ been͏͏ overall͏͏ growth͏͏ compared͏͏ to͏͏ the͏͏ remarkable͏͏ performance͏͏ of͏͏ 2023-24,͏͏ especially͏͏ with͏͏ the͏͏ stronger͏͏ winter͏͏ months͏͏ approaching.͏͏ However,͏͏ in͏͏ many͏͏ markets,͏͏ growth͏͏ has͏͏ slowed,͏͏ and͏͏ in͏͏ some͏͏ cases,͏͏ it͏͏ has͏͏ even͏͏ declined,”͏͏ he͏͏ noted.

Continue͏͏ Exploring:͏͏ Royal͏͏ Orchid͏͏ Hotels anticipates͏͏ 80%͏͏ occupancy͏͏ in͏͏ H2͏͏ 2024

GCPL, Dabur, Marico: FMCG Majors face margin pressure as palm oil, advertising and input costs rise

By

-

October 10, 2024

FMCG, D2C, Inflation, Brands, Food & Beverages — GCPL, Dabur, Marico: FMCG Majors face margin pressure as palm oil, advertising and input costs rise

Major FMCG companies predict that rising palm oil prices, higher input costs, and increased advertising and promotion expenses will affect their margins and profits for the September quarter.

In recent updates, companies like Godrej Consumer Products Ltd (GCPL), Dabur, and Marico mentioned that their margins might remain flat year-on-year due to higher prices of copra and vegetable oil in July-September.

FMCG giants foresee flatter profit margins for September quarter

According to ET Retail, Godrej Industries’ FMCG division, GCPL, expects flat earnings growth in the domestic market for the September quarter due to higher palm oil costs. “Palm input costs have been rising since March and have risen in the high teens as of date. Management has decided not to pass on the entire cost hike to consumers in one step and decided to continue investments on the long-term growth initiatives like rural van programme, new category development etc,” the company said.

Continue Exploring: Indian retail sector to see mixed fortunes in Q2 FY25, with value retail and jewellery outperforming QSR

Furthermore, GCPL, owner of brands like Good Knight, Cinthol, and HIT, forecasts minimal profit growth and said, “As a result, the standalone EBITDA (earnings before interest, taxes, depreciation, and amortisation) growth will be flattish.” The company also expects its domestic business to grow strongly. “to perform well with high single-digit underlying volume and value growth” GCPL added.

Moreover, Marico noted that copra prices rose more than expected, and a recent import duty hike increased vegetable oil prices at the end of the quarter. “Crude oil derivatives, however, remained range-bound. We expect gross margin to moderate on a year-on-year basis owing to partial absorption of higher input costs, as the company prioritised expanding its consumer franchise in the current demand environment,” said Marico, which owns brands like Saffola, Parachute, and Livon. They also said, “Consequently, we expect a moderate lag in operating profit growth vis-a-vis revenue growth on a year-on-year basis.”

Another FMCG giant, Dabur is adjusting its distributor inventory, which is expected to cause a small decline in quarterly revenue. The company, which owns Dabur Amla, Dabur Vatika, and Real juice, has increased advertising spending. “In line with our commitment to continue to invest behind our brands, the A&P investments continued during the quarter. However, as a result of lower primary sales, our profitability will be impacted during the quarter and the operating margin for the quarter is expected to decline in the range of mid to high teens due to deleveraging and continued investment behind brands,” they said. This temporary action is necessary to strengthen the GT channel and improve efficiency and growth in the future.

Continue Exploring: Evenflow strengthens Quick Commerce, D2C and supply chain verticals with new heads

Adani’s revenue increases 4X due to organised channels, Dabur notices

Meanwhile, FMCG companies have seen a rise in sales from alternate channels. In the second quarter, Adani Wilmar‘s revenue from these channels grew significantly year-on-year, exceeding Rs 3,000 crore over the past year. “The e-commerce channel has seen even more rapid growth, with its revenue increasing by around four times in the last four years,” it said. Dabur noticed “disproportionately higher growth” in organised channels like MT, e-commerce, and quick commerce in recent quarters, causing increased inventory in the General Trade (GT) channel and affecting distributor ROI. “The company has taken an important strategic decision to correct distributor inventory in the GT channel and improve their ROI,” it said.

Indian retail sector to see mixed fortunes in Q2 FY25, with value retail and jewellery outperforming QSR

Business

By

-

October 10, 2024

India’s retail sector is expected to deliver a mixed performance in Q2 FY25, as per the Centrum report.

Strong͏͏ Growth͏͏ in͏͏ Value Retail and Jewellery:

While͏͏ sectors͏͏ such͏͏ as͏͏ value͏͏ retail,͏͏ jewellery,͏͏ and͏͏ luggage͏͏ are͏͏ expected͏͏ to͏͏ see͏͏ strong͏͏ growth,͏͏ the͏͏ quick͏͏ service͏͏ restaurant͏͏ (QSR)͏͏ sector͏͏ is͏͏ grappling͏͏ with͏͏ significant͏͏ demand͏͏ challenges͏͏ due͏͏ to͏͏ heavy͏͏ rainfall͏͏ and͏͏ a͏͏ decline͏͏ in͏͏ out-of-home͏͏ consumption.

The͏͏ value͏͏ apparel͏͏ retail͏͏ segment͏͏ is͏͏ anticipated͏͏ to͏͏ achieve͏͏ a͏͏ 15͏͏ percent͏͏ same-store͏͏ sales͏͏ growth͏͏ (SSSG),͏͏ propelled͏͏ by͏͏ easing͏͏ inflation͏͏ and͏͏ a͏͏ resurgence͏͏ in͏͏ rural͏͏ demand.

Continue͏͏ Exploring:͏͏ India’s͏͏ apparel͏͏ retail industry͏͏ to͏͏ continue͏͏ growing͏͏ with͏͏ rising͏͏ incomes͏͏ and͏͏ demand͏͏ for͏͏ affordable͏͏ fashion:͏͏ Centrum

The͏͏ jewellery͏͏ segment͏͏ is͏͏ anticipated͏͏ to͏͏ experience͏͏ a͏͏ solid͏͏ 15͏͏ percent͏͏ same-store͏͏ sales͏͏ growth͏͏ (SSSG),͏͏ mainly͏͏ attributed͏͏ to͏͏ the͏͏ cut͏͏ in͏͏ customs͏͏ duty͏͏ from͏͏ 15͏͏ percent͏͏ to͏͏ 6͏͏ percent.

Impact͏͏ of͏͏ Seasonal͏͏ Factors͏͏ on͏͏ Overall͏͏ Performance:

However,͏͏ the͏͏ overall͏͏ performance͏͏ of͏͏ the͏͏ sector͏͏ was͏͏ affected͏͏ by͏͏ the͏͏ fewer͏͏ wedding͏͏ days͏͏ during͏͏ the͏͏ quarter.͏͏ Despite͏͏ this,͏͏ premiumization͏͏ and͏͏ strong͏͏ consumer͏͏ demand͏͏ have͏͏ driven͏͏ healthy͏͏ foot͏͏ traffic.

However,͏͏ fluctuations͏͏ in͏͏ gold͏͏ prices͏͏ and͏͏ aggressive͏͏ promotional͏͏ strategies͏͏ are͏͏ expected͏͏ to͏͏ strain͏͏ operating͏͏ margins.

Luggage͏͏ Industry͏͏ on͏͏ a͏͏ Growth͏͏ Trajectory:

The͏͏ luggage͏͏ industry͏͏ is͏͏ set͏͏ to͏͏ experience͏͏ strong͏͏ growth,͏͏ with͏͏ volume͏͏ anticipated͏͏ to͏͏ increase͏͏ by͏͏ 15-18͏͏ percent͏͏ and͏͏ value͏͏ by͏͏ 10-12͏͏ percent.

E-commerce͏͏ sales͏͏ have͏͏ played͏͏ a͏͏ crucial͏͏ role,͏͏ with͏͏ online͏͏ channels͏͏ accounting͏͏ for͏͏ around͏͏ 50͏͏ percent͏͏ of͏͏ total͏͏ sales͏͏ for͏͏ major͏͏ players.

Footwear͏͏ companies͏͏ are͏͏ expected͏͏ to͏͏ register͏͏ low͏͏ to͏͏ mid-single-digit͏͏ growth͏͏ as͏͏ a͏͏ result͏͏ of͏͏ heavy͏͏ rainfall͏͏ and͏͏ a͏͏ decline͏͏ in͏͏ discretionary͏͏ spending.

Metro͏͏ Brands͏͏ is͏͏ expected͏͏ to͏͏ perform͏͏ better͏͏ than͏͏ its͏͏ peers͏͏ due͏͏ to͏͏ its͏͏ store͏͏ expansion͏͏ strategy,͏͏ while͏͏ mass-market͏͏ players͏͏ like͏͏ Bata͏͏ and͏͏ Relaxo͏͏ are͏͏ likely͏͏ to͏͏ encounter͏͏ revenue͏͏ weakness.

QSR Sector͏͏ Remains͏͏ Under͏͏ Pressure:

The͏͏ QSR͏͏ sector͏͏ remains͏͏ subdued,͏͏ impacted͏͏ by͏͏ aggressive͏͏ store͏͏ expansions,͏͏ reduced͏͏ out-of-home͏͏ consumption,͏͏ and͏͏ increased͏͏ competition͏͏ from͏͏ local͏͏ and͏͏ online͏͏ food͏͏ delivery͏͏ platforms.

Continue͏͏ Exploring:͏͏ QSR industry͏͏ sees͏͏ continued͏͏ pressure͏͏ on͏͏ dine-in͏͏ channel͏͏ as͏͏ delivery͏͏ platforms͏͏ gain͏͏ ground

Operating͏͏ margins͏͏ in͏͏ the͏͏ retail͏͏ sector͏͏ are͏͏ expected͏͏ to͏͏ stay͏͏ under͏͏ pressure,͏͏ mainly͏͏ due͏͏ to͏͏ increasing͏͏ input͏͏ costs,͏͏ intense͏͏ promotional͏͏ spending,͏͏ and͏͏ store͏͏ expansions͏͏ resulting͏͏ in͏͏ operating͏͏ de-leverage.

Centrum͏͏ predicts͏͏ that͏͏ EBITDA͏͏ margins͏͏ in͏͏ the͏͏ jewellery͏͏ and͏͏ luggage͏͏ sectors͏͏ will͏͏ face͏͏ challenges,͏͏ while͏͏ the͏͏ QSR͏͏ and͏͏ footwear͏͏ industries͏͏ are͏͏ likely͏͏ to͏͏ experience͏͏ similar͏͏ difficulties͏͏ due͏͏ to͏͏ lower͏͏ sales͏͏ and͏͏ rising͏͏ discount͏͏ levels.

Long-term͏͏ Positive͏͏ Outlook͏͏ for͏͏ Retail:

Despite͏͏ these͏͏ obstacles,͏͏ the͏͏ Indian͏͏ retail͏͏ sector͏͏ maintains͏͏ a͏͏ positive͏͏ outlook,͏͏ bolstered͏͏ by͏͏ long-term͏͏ trends͏͏ including͏͏ the͏͏ transition͏͏ from͏͏ unorganised͏͏ to͏͏ organised͏͏ retail,͏͏ growing͏͏ disposable͏͏ incomes,͏͏ and͏͏ a͏͏ rising͏͏ consumer͏͏ inclination͏͏ toward͏͏ premium͏͏ products.

The͏͏ sector͏͏ is͏͏ presently͏͏ trading͏͏ at͏͏ a͏͏ 5͏͏ percent͏͏ premium͏͏ compared͏͏ to͏͏ its͏͏ 10-year͏͏ average,͏͏ with͏͏ projected͏͏ double-digit͏͏ top-line͏͏ growth͏͏ anticipated͏͏ over͏͏ the͏͏ next͏͏ 2-3͏͏ years.

Continue͏͏ Exploring:͏͏ Retail sales͏͏ grow͏͏ 2%͏͏ YoY͏͏ in͏͏ August͏͏ 2024:͏͏ RAI͏͏ Survey

Entrepreneurs and startup founders pour out tributes to Ratan Tata following his sudden demise

By

-

October 10, 2024

Leadership, Entrepreneurs and startup, Business — Entrepreneurs and startup founders pour out tributes to Ratan Tata following his sudden demise

India’s startup community mourned the loss of Ratan Tata, former Tata Group chairman, who passed away in Mumbai on Wednesday, October 9.

At 86, Tata passed away at Mumbai’s Breach Candy Hospital, where he was in the ICU. Known for his philanthropy, he inspired many founders and was beloved by people of all ages. Ratan Tata was a supportive investor in Indian startups, backing passionate entrepreneurs. He recently partially sold his stake in Upstox, a brokerage platform.

Continue͏͏ Exploring:͏͏ Philanthropist and business icon Ratan Tata passes away at 86

Snapdeal, Paytm and Noise co-founders mourns legendary Tata

Notably, he was an early investor in major companies like Paytm and Urban Company. In 2014, Tata made one of his first startup investments in Snapdeal. Sharing his condolences on Tata’s death, Snapdeal and Titan Capital co-founder Kunal Bahl said, “India has lost one of its greatest titans, a true statesman of industry. Mr. Ratan Tata was more than just a business leader—his compassion, humility, and kindness inspired millions. His legacy will live on forever.”

Furthermore, Vijay Shekhar Sharma, Paytm’s founder and CEO paid tribute to Tata, calling him a legendary figure. “Entrepreneurs of the next generation will miss interacting with the most humble businessman of India,” Sharma said on X, sharing a photo with Tata.

Continue Exploring: Tata Group eyes expansion with potential stake purchase in Fabindia’s apparel business

Joining the row in mourning the loss of a legendary icon, Gaurav Khatri, co-founder and CEO of Noise, paid a heartfelt tribute to Ratan Tata. “Ratan Tata’s true legacy isn’t just in what he built, but in the quiet ways he’s shaped lives,” Khatri wrote. He remembered Tata as an industry veteran who touched hearts with “Empathy”, “compassion” and “kindness” that will last far beyond his lifetime.

Meanwhile business tycoon and Microsoft co-founder, Bill Gates paying tribute, said Tata “left an indelible mark on India—and the world.” Mayank Arya, YesMadam’s founder and CEO, praised him, “Ratan Tata laid the foundations of ‘the culture of possibility’ which changed the very language of ambition of India.”

Zomato-owned Blinkit to launch ‘Cafe’ for quick snack deliveries

Food & Beverage

By

-

October 10, 2024

In a bid to expand beyond the grocery segment, Zomato-owned Blinkit is set to launch a cafe feature for delivering snacks and beverages.

Rapid͏͏ Deliveries͏͏ of͏͏ Popular͏͏ Snacks:

The͏͏ feature͏͏ will͏͏ launch͏͏ in͏͏ select͏͏ cities͏͏ later͏͏ this͏͏ month,͏͏ enabling͏͏ rapid͏͏ deliveries͏͏ of͏͏ popular͏͏ snacks͏͏ like͏͏ samosas͏͏ and͏͏ sandwiches,͏͏ according͏͏ to͏͏ Mint.

Blinkit͏͏ plans͏͏ to͏͏ introduce͏͏ items͏͏ that͏͏ require͏͏ preparation,͏͏ such͏͏ as͏͏ pasta͏͏ and͏͏ noodles,͏͏ depending͏͏ on͏͏ the͏͏ demand͏͏ for͏͏ these͏͏ deliveries.

Competing͏͏ in͏͏ the͏͏ Quick͏͏ Delivery͏͏ Market:

This͏͏ offering͏͏ will͏͏ directly͏͏ rival͏͏ Zepto͏͏ Cafe͏͏ and͏͏ Swiggy’s͏͏ ‘Cafe’,͏͏ which͏͏ was͏͏ launched͏͏ to͏͏ deliver͏͏ snacks͏͏ and͏͏ beverages͏͏ in͏͏ just͏͏ 15͏͏ minutes͏͏ in͏͏ select͏͏ parts͏͏ of͏͏ Bengaluru.

Currently,͏͏ Swiggy͏͏ Cafe͏͏ has͏͏ curated͏͏ a͏͏ selection͏͏ of͏͏ beverage͏͏ options,͏͏ including͏͏ coffee,͏͏ milkshakes,͏͏ and͏͏ protein͏͏ bars͏͏ from͏͏ brands͏͏ like͏͏ Blue͏͏ Tokai͏͏ and͏͏ The͏͏ Whole͏͏ Truth.

Continue͏͏ Exploring:͏͏ Swiggy͏͏ rolls͏͏ out͏͏ ‘Cafe’͏͏ to͏͏ deliver͏͏ snacks͏͏ and͏͏ beverages͏͏ within͏͏ 15͏͏ minutes

Zepto͏͏ led͏͏ the͏͏ way͏͏ in͏͏ quick͏͏ snack͏͏ deliveries͏͏ by͏͏ launching͏͏ Zepto͏͏ Cafe͏͏ in͏͏ Mumbai͏͏ in͏͏ 2022.͏͏ The͏͏ platform͏͏ uses͏͏ a͏͏ hybrid͏͏ model͏͏ to͏͏ deliver͏͏ both͏͏ branded͏͏ pre-made͏͏ food͏͏ items͏͏ and͏͏ non-branded͏͏ options.

Zepto͏͏ asserts͏͏ that͏͏ this͏͏ addition͏͏ has͏͏ increased͏͏ average͏͏ order͏͏ values,͏͏ as͏͏ users͏͏ tend͏͏ to͏͏ order͏͏ tea,͏͏ coffee,͏͏ and͏͏ snacks͏͏ alongside͏͏ their͏͏ groceries.͏͏ However,͏͏ the͏͏ exact͏͏ revenue͏͏ generated͏͏ from͏͏ the͏͏ Cafe͏͏ vertical͏͏ remains͏͏ unclear.

Quick͏͏ Commerce͏͏ Platforms͏͏ Diversify:

In͏͏ the͏͏ past͏͏ six͏͏ months,͏͏ quick͏͏ commerce͏͏ players͏͏ have͏͏ expanded͏͏ their͏͏ operations͏͏ and͏͏ diversified͏͏ their͏͏ catalogues͏͏ to͏͏ cater͏͏ to͏͏ rising͏͏ consumer͏͏ demand.͏͏ Almost͏͏ 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.

Blinkit Sees͏͏ Significant͏͏ Growth:

For͏͏ Blinkit,͏͏ these͏͏ additions͏͏ led͏͏ to͏͏ a͏͏ 130%͏͏ increase͏͏ in͏͏ gross͏͏ order͏͏ value͏͏ (GOV),͏͏ rising͏͏ to͏͏ INR͏͏ 4,923͏͏ crore͏͏ in͏͏ Q1͏͏ FY25͏͏ from͏͏ INR͏͏ 2,140͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ quarter͏͏ last͏͏ year.͏͏ Sequentially,͏͏ this͏͏ marks͏͏ a͏͏ 22.2%͏͏ rise͏͏ 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

Blinkit͏͏ currently͏͏ 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 from͏͏ 383͏͏ stores͏͏ previously.͏͏ The͏͏ company͏͏ plans͏͏ to͏͏ expand͏͏ its͏͏ dark͏͏ store͏͏ count͏͏ to͏͏ 2,000͏͏ by͏͏ the͏͏ end͏͏ of͏͏ 2026͏͏ while͏͏ ensuring͏͏ profitability.

Brokerage͏͏ CLSA’s͏͏ analysis͏͏ indicates͏͏ that͏͏ the͏͏ gross͏͏ order͏͏ value͏͏ of͏͏ major͏͏ quick͏͏ commerce͏͏ players͏͏ like͏͏ Blinkit,͏͏ Zepto,͏͏ and͏͏ Swiggy͏͏ Instamart͏͏ is͏͏ set͏͏ 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.

BeeYoung expands its craft beer lineup with the launch of ‘BeeYoung Beyond’

Food & Beverage

By

-

October 10, 2024