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Central Govt to act against e-commerce brands for violating dark pattern norms

By
Ashutosh Dubey
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0
Image of central consumer protection authority building
Central govt may act against ecommerce brands

The government plans to act against e-commerce companies after getting complaints about them breaking dark pattern rules during festive sales. The Central Consumer Protection Authority (CCPA) is investigating and will take action against those who violate the rules.

E-commerce tricks to mislead consumers through dark patterns

According to Economic Times, an official of CCPA said, “We have received several complaints about companies not following dark patterns which we are examining.”

Continue Exploring: India’s E-commerce market targets $325 billion by end of 2030 with 21% CAGR – Reports

With more people getting the internet and smartphones, e-commerce has quickly grown in the country over the past decade. To rush or mislead customers into buying things, online platforms use certain design elements like Dark patterns as a trick.

Meanwhile, the Centre has received complaints from offline retailers about e-commerce players breaking rules and using dark patterns. To tackle this, the government issued guidelines last year to regulate dark patterns and stop e-commerce companies from misleading customers.

E-commerce giants Amazon and Flipkart are under radar of CCI

In May 2024, reports said the government was planning to launch an app to warn customers about dark patterns. This is part of increasing scrutiny of ecommerce platforms in the country. Amazon and Flipkart, two e-commerce giants, are already being investigated by the Competition Commission of India (CCI) for alleged unfair trade practices. A recent report found Amazon and Walmart-backed Flipkart guilty of breaking competition laws.

Continue Exploring: Wealthtech startup Jar taps into e-commerce with its D2C jewellery brand Nek

Despite this, ecommerce remains a great opportunity for startups and businesses. On September 19, ET noted that e-commerce businesses and brands are expected to reach $12 billion in Gross Merchandise Volume (GMV) this festive season, a 23% increase from last year’s $9.7 billion.

Notably, the sector has produced 25 unicorns and 18 soonicorns. According to an Inc42 report, India’s ecommerce market is expected to grow at 19% annually, reaching $400 billion by 2030, up from $116 billion in 2023.

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India’s e-commerce sales soar to $6.5 billion in first week of festive season, see 26% YOY growth

By
Ashutosh Dubey
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0
A laptop showing e-commerce page
Indian E-commerce Sales News

The online marketplaces in India did grow by a rather impressive 26 percent year-over-year in terms of festive sales, amounting to $6.5 billion (55,000 crore) in one week. And of these sales, mobiles and electronics, appliances, and essentials accounted for 75% of the total sales.

E-commerce targets  $12 billion in GVM this season 

Datum Intelligence reported that sales in the week starting September 26 accounted for 55% of the expected ecommerce sales for this festive season. On September 19, ET noted that e-commerce businesses and brands are expected to reach $12 billion in Gross Merchandise Volume (GMV) this festive season, a 23% increase from last year’s $9.7 billion.

Continue͏͏ Exploring:͏͏ Reliance Consumer Products eyes INR 10,000 Cr revenue target in two years

In e-commerce,  GMV stands for total sales on an online marketplace. According to industry insiders, many online shoppers – from small towns and cities – are buying pricier things, with many of them opting for EMI payments. Some brands were concerned about supply issues, as the demand went above and beyond what they had expected.

Interestingly, Amazon and Flipkart Plus Prime subscribers got their pre-sale from the 26th of September as Flipkart, owned by Walmart, and Amazon India launched their annual festival sale, Big Billion Days and Great Indian Festival, on the 27th of September.

Furthermore, Meesho, backed by SoftBank, started its Mega Blockbuster Sale on the same day and saw a 40% increase in orders compared to last year. This growth was driven by strong demand from tier-II cities, with nearly 45% of shoppers coming from tier IV and beyond.

While talking to ET, Meesho co-founder and chief executive Vidit Aatrey said, “Our first week was much better than the plan, which means the demand was front-loaded, indicating that many people planned their purchases because they wanted to make sure everything arrived well in advance for the festivals.” He further said, “I think it’s just a very healthy set of demands across the country.”

Meanwhile, Flipkart stated that they’re focusing on faster deliveries nationwide and expanding same-day and next-day services. “While major metro cities such as New Delhi, Kolkata, Hyderabad, Bengaluru continue to lead, we are also witnessing strong demand from customers across tier-II+ regions such as Medinipur, Hisar, Berhampore, Bankura, and Agartala to name a few,” said a company executive about their Big Billion Days programme.

E-commerce festive sale reaches $6-6.5 billion in first week 

Notably, in recent years, festive sales have started earlier, before Navratri. Despite worries that people might not buy during the 16-day ‘Shradh’ period (September 17 to October 2 this year), brands and marketplaces have been surprised by strong demand during this time.

According to an adviser at Datum Intelligence, Satish Meena, around INR 50,000-55,000 crore ($6-6.5 billion) worth of goods were sold in the first week of the e-commerce festive sale. “The start was very fast… However, in the last day or so, we saw things slowing down,” he noted. “It’s typically like this; almost 55-60% spending happens in the first period (and) then the focus moves towards the lower average selling price (ASP) category. There will be one more wave between Dussehra and Diwali,” he concluded.

Following the growth in sales this festive season, Ranjit Babu, director of consumer electronics at Amazon India, pointed out that there has been strong customer demand for consumer electronics. The premium segment (priced above INR 30,000) witnessed the highest year-on-year growth, standing at 30%.

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Reliance Consumer Products eyes INR 10,000 Cr revenue target in two years

By
M Haziq Pandit
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0

Reliance Consumer Products, the FMCG division of Reliance Industries, aims to reach a revenue target of INR 9,000 to INR 10,000 crore in the next two years,͏͏ according͏͏ to͏͏ The͏͏ Hindu͏͏ Businessline,͏͏ citing͏͏ sources͏͏ familiar͏͏ with͏͏ the͏͏ company’s͏͏ strategy.͏͏ This͏͏ ambitious͏͏ target͏͏ underscores͏͏ a͏͏ growth͏͏ trajectory͏͏ that͏͏ established͏͏ players͏͏ in͏͏ the͏͏ sector͏͏ typically͏͏ take͏͏ decades͏͏ to͏͏ achieve.

Strategic͏͏ Market͏͏ Penetration:

Marico͏͏ spent͏͏ over͏͏ thirty͏͏ years͏͏ to͏͏ hit͏͏ the͏͏ INR͏͏ 10,000͏͏ crore͏͏ milestone,͏͏ while͏͏ Hindustan͏͏ Unilever,͏͏ the͏͏ market͏͏ leader,͏͏ crossed͏͏ this͏͏ mark͏͏ back͏͏ in͏͏ 1999,͏͏ well͏͏ after͏͏ its͏͏ establishment͏͏ in͏͏ India.͏͏ In͏͏ contrast,͏͏ Reliance͏͏ aims͏͏ to͏͏ rapidly͏͏ scale͏͏ its͏͏ FMCG͏͏ business͏͏ through͏͏ a͏͏ strategic͏͏ combination͏͏ of͏͏ acquisitions,͏͏ a͏͏ stronger͏͏ focus͏͏ on͏͏ rural͏͏ markets,͏͏ and͏͏ an͏͏ assertive͏͏ sales͏͏ approach͏͏ that͏͏ utilises͏͏ kirana͏͏ stores,͏͏ its͏͏ grocery͏͏ retail͏͏ outlets,͏͏ and͏͏ the͏͏ JioMart͏͏ online͏͏ platform.͏͏ Mukesh͏͏ Ambani’s͏͏ strategy͏͏ centres͏͏ on͏͏ competitive͏͏ pricing,͏͏ a͏͏ robust͏͏ omnichannel͏͏ presence,͏͏ and͏͏ pursuing͏͏ inorganic͏͏ growth͏͏ through͏͏ partnerships͏͏ and͏͏ acquisitions.

According͏͏ to͏͏ reports,͏͏ Reliance͏͏ Consumer͏͏ has͏͏ already͏͏ reached͏͏ sales͏͏ of͏͏ INR͏͏ 3,000͏͏ crore.͏͏ A͏͏ spokesperson͏͏ from͏͏ RIL͏͏ did͏͏ not͏͏ provide͏͏ any͏͏ clarification͏͏ regarding͏͏ the͏͏ company’s͏͏ plans.

Expanding͏͏ Distribution͏͏ Reach:

Reliance’s͏͏ FMCG͏͏ products͏͏ are͏͏ currently͏͏ available͏͏ at͏͏ around͏͏ 10͏͏ lakh͏͏ outlets͏͏ in͏͏ general͏͏ trade,͏͏ with͏͏ plans͏͏ to͏͏ double͏͏ this͏͏ number͏͏ within͏͏ a͏͏ year͏͏ and͏͏ aim͏͏ for͏͏ 1͏͏ crore͏͏ outlets͏͏ over͏͏ the͏͏ next͏͏ five͏͏ years.͏͏ The͏͏ company͏͏ is͏͏ focusing͏͏ on͏͏ key͏͏ growth͏͏ markets,͏͏ including͏͏ Kerala,͏͏ Madhya͏͏ Pradesh,͏͏ Himachal͏͏ Pradesh,͏͏ Uttarakhand,͏͏ and͏͏ Maharashtra.͏͏ In͏͏ the͏͏ first͏͏ quarter͏͏ of͏͏ FY25,͏͏ its͏͏ consumer͏͏ brands͏͏ achieved͏͏ an͏͏ impressive͏͏ 150%͏͏ growth͏͏ through͏͏ general͏͏ trade.

JioMart͏͏ Digital͏͏ has͏͏ partnered͏͏ with͏͏ over͏͏ 40͏͏ lakh͏͏ kirana͏͏ stores.

Furthermore,͏͏ Reliance͏͏ plans͏͏ to͏͏ unify͏͏ its͏͏ parent͏͏ company͏͏ Reliance͏͏ Retail’s͏͏ consumer͏͏ brands͏͏ under͏͏ the͏͏ Reliance͏͏ Consumer͏͏ umbrella,͏͏ a͏͏ move͏͏ anticipated͏͏ to͏͏ enhance͏͏ revenue.

Competitive͏͏ Pricing͏͏ and͏͏ Product͏͏ Range:

The͏͏ company’s͏͏ ‘Independence’͏͏ brand,͏͏ launched͏͏ in͏͏ 2023,͏͏ includes͏͏ a͏͏ range͏͏ of͏͏ staples͏͏ and͏͏ daily͏͏ essentials͏͏ such͏͏ as͏͏ flour,͏͏ edible͏͏ oil,͏͏ rice,͏͏ and͏͏ sugar,͏͏ along͏͏ with͏͏ personal͏͏ care͏͏ products͏͏ like͏͏ soaps͏͏ and͏͏ detergents.͏͏ Many͏͏ of͏͏ these͏͏ items͏͏ are͏͏ priced͏͏ lower͏͏ than͏͏ those͏͏ of͏͏ competitors.͏͏ Additionally,͏͏ several͏͏ pilot͏͏ projects͏͏ for͏͏ biscuits,͏͏ snacks,͏͏ and͏͏ home͏͏ care͏͏ products͏͏ are͏͏ set͏͏ to͏͏ be͏͏ launched͏͏ in͏͏ the͏͏ coming͏͏ months.

Continue͏͏ Exploring:͏͏ Reliance Consumer Products to͏͏ focus͏͏ on͏͏ beverages,͏͏ confectioneries,͏͏ and͏͏ Independence͏͏ brand

In͏͏ the͏͏ food͏͏ sector,͏͏ the͏͏ portfolio͏͏ includes͏͏ Campa͏͏ and͏͏ Sosyo͏͏ Hajoori͏͏ beverages,͏͏ confectionery͏͏ from͏͏ Lotus͏͏ Chocolates,͏͏ the͏͏ candy͏͏ brand͏͏ Toffeeman,͏͏ various͏͏ snack͏͏ brands͏͏ like͏͏ Alan’s͏͏ Bugles,͏͏ and͏͏ Maliban͏͏ biscuits͏͏ from͏͏ Sri͏͏ Lanka.

Since͏͏ its͏͏ entry͏͏ into͏͏ the͏͏ FMCG͏͏ sector͏͏ in͏͏ 2022,͏͏ Reliance͏͏ has͏͏ been͏͏ methodically͏͏ building͏͏ its͏͏ foundation͏͏ by͏͏ introducing͏͏ proprietary͏͏ products,͏͏ forging͏͏ partnerships͏͏ with͏͏ global͏͏ and͏͏ local͏͏ brands,͏͏ and͏͏ harnessing͏͏ its͏͏ general͏͏ trade͏͏ networks͏͏ in͏͏ conjunction͏͏ with͏͏ an͏͏ online͏͏ presence͏͏ to͏͏ increase͏͏ product͏͏ visibility͏͏ and͏͏ drive͏͏ sales.

Reliance͏͏ Retail͏͏ boasts͏͏ almost͏͏ 19,000͏͏ stores͏͏ in͏͏ its͏͏ diverse͏͏ formats,͏͏ recording͏͏ a͏͏ billion͏͏ footfalls͏͏ over͏͏ the͏͏ past͏͏ year.

Continue͏͏ Exploring:͏͏ Reliance Consumer Products bolsters͏͏ confectionery͏͏ portfolio͏͏ with͏͏ acquisition͏͏ of͏͏ Ravalgaon’s͏͏ assets͏͏ for͏͏ INR͏͏ 27͏͏ Crore

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Wealthtech startup Jar taps into e-commerce with its D2C jewellery brand Nek

By
M Haziq Pandit
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0
jewellery NEK

In a move to diversify its product mix, Tiger Global-backed wealthtech startup Jar is reportedly entering the e-commerce space with its D2C jewellery brand, Nek.

The͏͏ co-founder͏͏ and͏͏ CEO͏͏ of͏͏ Nishchay͏͏ AG,͏͏ a͏͏ gold-focused͏͏ micro-savings͏͏ platform,͏͏ shared͏͏ with͏͏ Livemint͏͏ that͏͏ the͏͏ company͏͏ ventured͏͏ into͏͏ the͏͏ sector͏͏ in͏͏ February͏͏ and͏͏ is͏͏ poised͏͏ to͏͏ surpass͏͏ INR͏͏ 100͏͏ crore͏͏ in͏͏ annual͏͏ recurring͏͏ revenue͏͏ (ARR)͏͏ by͏͏ October.

Aligning͏͏ Strategies:͏͏ Nek as͏͏ a͏͏ Logical͏͏ Extension͏͏ of͏͏ Digital͏͏ Gold͏͏ Savings

According͏͏ to͏͏ the͏͏ report,͏͏ Nischay͏͏ noted͏͏ that͏͏ this͏͏ initiative͏͏ aligns͏͏ with͏͏ Jar’s͏͏ strategy͏͏ to͏͏ diversify͏͏ its͏͏ revenue͏͏ streams͏͏ and͏͏ mitigate͏͏ losses.͏͏ “Gold͏͏ is͏͏ well͏͏ understood͏͏ and͏͏ stable.͏͏ Since͏͏ our͏͏ users͏͏ save͏͏ in͏͏ gold,͏͏ launching͏͏ Nek͏͏ as͏͏ a͏͏ jewellery͏͏ brand͏͏ was͏͏ a͏͏ logical͏͏ progression,”͏͏ he͏͏ stated.

Continue͏͏ Exploring:͏͏ Gold͏͏ jewellery demand͏͏ set͏͏ to͏͏ rise͏͏ with͏͏ 18%͏͏ volume͏͏ growth͏͏ anticipated,͏͏ says͏͏ Nuvama͏͏ Report

Focus͏͏ on͏͏ Gold͏͏ Jewellery:

According͏͏ to͏͏ the͏͏ report,͏͏ Nek͏͏ centres͏͏ on͏͏ gold͏͏ jewellery͏͏ and͏͏ takes͏͏ advantage͏͏ of͏͏ Jar’s͏͏ established͏͏ customer͏͏ base͏͏ investing͏͏ in͏͏ digital͏͏ gold.͏͏ However,͏͏ Nischay͏͏ highlighted͏͏ that͏͏ revenue͏͏ from͏͏ the͏͏ core͏͏ digital͏͏ gold͏͏ segment͏͏ will͏͏ still͏͏ be͏͏ the͏͏ primary͏͏ growth͏͏ driver,͏͏ contributing͏͏ more͏͏ than͏͏ 50%͏͏ to͏͏ the͏͏ total͏͏ topline.

Established͏͏ in͏͏ January͏͏ 2021͏͏ by͏͏ Nischay͏͏ and͏͏ Misbah͏͏ Ashraf,͏͏ Jar͏͏ runs͏͏ a͏͏ mobile-based͏͏ app͏͏ that͏͏ enables͏͏ users͏͏ to͏͏ invest͏͏ as͏͏ little͏͏ as͏͏ INR͏͏ 1.͏͏ The͏͏ platform͏͏ claims͏͏ to͏͏ have͏͏ over͏͏ 1.5͏͏ crore͏͏ users.

Exploring͏͏ New͏͏ Features͏͏ and͏͏ Ventures:

This͏͏ development͏͏ comes͏͏ after͏͏ Jar͏͏ secured͏͏ $22.6͏͏ million͏͏ in͏͏ its͏͏ Series͏͏ B͏͏ funding͏͏ round,͏͏ reaching͏͏ a͏͏ post-money͏͏ valuation͏͏ of͏͏ $300͏͏ million,͏͏ with͏͏ contributions͏͏ from͏͏ Tiger͏͏ Global͏͏ and͏͏ Eximius͏͏ Ventures,͏͏ among͏͏ others.͏͏ The͏͏ company͏͏ has͏͏ also͏͏ recently͏͏ partnered͏͏ with͏͏ PhonePe͏͏ to͏͏ introduce͏͏ a͏͏ new͏͏ ‘Daily͏͏ Savings’͏͏ feature͏͏ designed͏͏ to͏͏ encourage͏͏ the͏͏ purchase͏͏ of͏͏ digital͏͏ gold.

Significantly,͏͏ the͏͏ e-commerce͏͏ entry͏͏ follows͏͏ reports͏͏ that͏͏ Jar͏͏ was͏͏ considering͏͏ a͏͏ venture͏͏ into͏͏ the͏͏ peer-to-peer͏͏ (P2P)͏͏ lending͏͏ sector͏͏ with͏͏ its͏͏ new͏͏ offering,͏͏ ‘Jar͏͏ Plus’.

Financially,͏͏ Jar͏͏ experienced͏͏ a͏͏ nearly͏͏ 77%͏͏ year-on-year͏͏ (YoY)͏͏ increase͏͏ in͏͏ net͏͏ loss,͏͏ reaching͏͏ INR͏͏ 122.8͏͏ crore͏͏ in͏͏ FY23,͏͏ despite͏͏ a͏͏ significant͏͏ rise͏͏ in͏͏ revenues.͏͏ In͏͏ contrast,͏͏ operating͏͏ revenue͏͏ soared͏͏ by͏͏ 1,000%,͏͏ rising͏͏ to͏͏ INR͏͏ 8.7͏͏ crore͏͏ during͏͏ the͏͏ review͏͏ period,͏͏ up͏͏ from͏͏ INR͏͏ 73.8͏͏ lakh͏͏ in͏͏ FY22.

Continue͏͏ Exploring:͏͏ E-commerce sales͏͏ in͏͏ India͏͏ expected͏͏ to͏͏ hit͏͏ $12͏͏ Bn͏͏ this͏͏ festive͏͏ season,͏͏ up͏͏ 23%͏͏ from͏͏ last͏͏ year

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The Good Glamm Group completes full buyout of femtech brand Sirona for INR 450 Cr

By
M Haziq Pandit
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0
The Good Glamm Group Sirona

Following its acquisition of a majority stake in D2C feminine hygiene startup Sirona two years ago, The Good Glamm Group has now completed the full acquisition of the brand.

Acquisition͏͏ Details:

In͏͏ a͏͏ statement,͏͏ the͏͏ company͏͏ announced͏͏ that͏͏ the͏͏ content-to-commerce͏͏ firm͏͏ completed͏͏ the͏͏ acquisition͏͏ for͏͏ INR͏͏ 450͏͏ Cr͏͏ ($60͏͏ Mn),͏͏ securing͏͏ the͏͏ remaining͏͏ 49.42%͏͏ stake͏͏ and͏͏ offering͏͏ an͏͏ all-cash͏͏ exit͏͏ to͏͏ founders͏͏ Deep͏͏ and͏͏ Mohit͏͏ Bajaj.

The͏͏ Good͏͏ Glamm͏͏ Group͏͏ previously͏͏ invested͏͏ INR͏͏ 100͏͏ Cr͏͏ in͏͏ Sirona͏͏ in͏͏ December͏͏ 2021,͏͏ acquiring͏͏ a͏͏ 41.15%͏͏ stake͏͏ through͏͏ a͏͏ combination͏͏ of͏͏ primary͏͏ and͏͏ secondary͏͏ investments.

By͏͏ the͏͏ end͏͏ of͏͏ FY23,͏͏ the͏͏ company͏͏ had͏͏ increased͏͏ its͏͏ stake͏͏ in͏͏ the͏͏ femtech͏͏ startup͏͏ to͏͏ 50.58%͏͏ for͏͏ an͏͏ undisclosed͏͏ sum.

Interestingly,͏͏ both͏͏ cofounders͏͏ stepped͏͏ down͏͏ from͏͏ their͏͏ active͏͏ roles͏͏ at͏͏ Sirona͏͏ earlier͏͏ this͏͏ year,͏͏ and͏͏ with͏͏ the͏͏ latest͏͏ deal,͏͏ they͏͏ will͏͏ also͏͏ resign͏͏ from͏͏ their͏͏ positions͏͏ as͏͏ active͏͏ directors.

Furthermore,͏͏ according͏͏ to͏͏ The͏͏ Good͏͏ Glamm͏͏ Group,͏͏ the͏͏ transaction͏͏ will͏͏ enhance͏͏ benefits͏͏ for͏͏ Sirona’s͏͏ employees͏͏ by͏͏ accelerating͏͏ the͏͏ vesting͏͏ of͏͏ their͏͏ ESOPs.

“It͏͏ hasn’t͏͏ been͏͏ an͏͏ easy͏͏ journey—bootstrapping,͏͏ navigating͏͏ fundraising͏͏ challenges,͏͏ breaking͏͏ taboos,͏͏ and͏͏ handling͏͏ copycats—we’ve͏͏ experienced͏͏ it͏͏ all.͏͏ This͏͏ all-cash͏͏ acquisition͏͏ feels͏͏ like͏͏ validation͏͏ for͏͏ our͏͏ hard͏͏ work,”͏͏ Deep͏͏ remarked.

Sirona’s͏͏ Product͏͏ Offerings:

Established͏͏ in͏͏ 2015,͏͏ Sirona͏͏ offers͏͏ a͏͏ range͏͏ of͏͏ female͏͏ hygiene͏͏ products,͏͏ including͏͏ herbal͏͏ pain͏͏ relief͏͏ patches,͏͏ period͏͏ stain͏͏ removers,͏͏ oxo-biodegradable͏͏ sanitary͏͏ napkins,͏͏ and͏͏ menstrual͏͏ cups.

The͏͏ femtech͏͏ startup͏͏ is͏͏ reported͏͏ to͏͏ have͏͏ tripled͏͏ its͏͏ revenues͏͏ since͏͏ 2022,͏͏ while͏͏ Sirona͏͏ has͏͏ yet͏͏ to͏͏ disclose͏͏ its͏͏ financial͏͏ results͏͏ for͏͏ the͏͏ fiscal͏͏ year͏͏ 2023-24͏͏ (FY24).

Continue͏͏ Exploring:͏͏ Femtech startup͏͏ Laiqa͏͏ Wellness͏͏ secures͏͏ INR͏͏ 15͏͏ Cr͏͏ seed͏͏ funding͏͏ from͏͏ IvyCap͏͏ Ventures͏͏ to͏͏ advance͏͏ AI-driven͏͏ hormonal͏͏ health͏͏ solutions

Revenue͏͏ Growth͏͏ Amid͏͏ Losses:

In͏͏ its͏͏ most͏͏ recent͏͏ financial͏͏ filing͏͏ with͏͏ the͏͏ MCA,͏͏ the͏͏ feminine͏͏ hygiene͏͏ startup͏͏ reported͏͏ a͏͏ net͏͏ loss͏͏ that͏͏ increased͏͏ by͏͏ 97%͏͏ to͏͏ INR͏͏ 33.10͏͏ Cr͏͏ in͏͏ FY23,͏͏ up͏͏ from͏͏ INR͏͏ 16.83͏͏ Cr͏͏ the͏͏ previous͏͏ fiscal͏͏ year.͏͏ Meanwhile,͏͏ operating͏͏ revenue͏͏ rose͏͏ by͏͏ 81%͏͏ to͏͏ INR͏͏ 75.28͏͏ Cr͏͏ in͏͏ the͏͏ reviewed͏͏ fiscal͏͏ period,͏͏ compared͏͏ to͏͏ INR͏͏ 41.51͏͏ Cr͏͏ in͏͏ FY22.

Financial͏͏ Snapshot͏͏ of͏͏ The Good Glamm Group:

For͏͏ The͏͏ Good͏͏ Glamm͏͏ Group,͏͏ net͏͏ losses͏͏ surged͏͏ to͏͏ INR͏͏ 917͏͏ Cr͏͏ in͏͏ FY23,͏͏ marking͏͏ a͏͏ 153%͏͏ increase͏͏ from͏͏ the͏͏ INR͏͏ 362.5͏͏ Cr͏͏ loss͏͏ reported͏͏ in͏͏ FY22.͏͏ The͏͏ startup’s͏͏ revenue͏͏ grew͏͏ 2.8͏͏ times͏͏ in͏͏ FY23,͏͏ with͏͏ operating͏͏ revenue͏͏ reaching͏͏ INR͏͏ 603͏͏ Cr,͏͏ a͏͏ year-on-year͏͏ increase͏͏ of͏͏ 185%.

Continue͏͏ Exploring:͏͏ The Good Glamm Group posts͏͏ INR͏͏ 917͏͏ Cr͏͏ loss͏͏ in͏͏ FY23,͏͏ sales͏͏ climb͏͏ to͏͏ INR͏͏ 603͏͏ Cr

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Millenium Babycares raises INR 122 Cr from Bharat Value Fund to expand Bumtum brand

By
M Haziq Pandit
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0
Millenium Babycares

Millenium Babycares, the parent company of D2C brand Bumtum, has raised INR 122 crore ($14.5 million) in a private placement round from Pantomath Capital-managed Bharat Value Fund (BVF).

Fund͏͏ Utilisation:

The͏͏ investment͏͏ firm͏͏ secured͏͏ a͏͏ minority͏͏ stake͏͏ in͏͏ the͏͏ company.͏͏ The͏͏ capital͏͏ will͏͏ be͏͏ utilized͏͏ to͏͏ enhance͏͏ the͏͏ startup’s͏͏ manufacturing͏͏ capabilities͏͏ and͏͏ to͏͏ bolster͏͏ its͏͏ presence͏͏ in͏͏ both͏͏ general͏͏ trade͏͏ (GT)͏͏ and͏͏ export͏͏ markets.

Commenting͏͏ on͏͏ the͏͏ fundraise,͏͏ Millenium͏͏ Babycare͏͏ founder͏͏ Ramprakash͏͏ Beria͏͏ stated,͏͏ “This͏͏ private͏͏ placement͏͏ reinforces͏͏ our͏͏ confidence͏͏ in͏͏ Millennium’s͏͏ potential͏͏ for͏͏ robust͏͏ growth.͏͏ We͏͏ are͏͏ dedicated͏͏ to͏͏ our͏͏ mission͏͏ of͏͏ providing͏͏ hygiene͏͏ care͏͏ products͏͏ while͏͏ broadening͏͏ our͏͏ market͏͏ reach͏͏ and͏͏ enhancing͏͏ value͏͏ for͏͏ our͏͏ stakeholders.”

“Bharat͏͏ Value͏͏ Fund͏͏ is͏͏ dedicated͏͏ to͏͏ investing͏͏ in͏͏ companies͏͏ that͏͏ create͏͏ long-term͏͏ value,͏͏ and͏͏ Bumtum’s͏͏ commitment͏͏ to͏͏ quality͏͏ and͏͏ innovation͏͏ resonates͏͏ with͏͏ our͏͏ vision.͏͏ Their͏͏ flagship͏͏ brand͏͏ is͏͏ poised͏͏ for͏͏ swift͏͏ market͏͏ expansion,͏͏ both͏͏ domestically͏͏ and͏͏ internationally,”͏͏ remarked͏͏ Madhu͏͏ Lunawat,͏͏ chief͏͏ investment͏͏ officer͏͏ (CIO)͏͏ of͏͏ Bharat͏͏ Value͏͏ Fund.

Continue͏͏ Exploring:͏͏ D2C͏͏ kids͏͏ personal͏͏ care͏͏ brand͏͏ Tuco͏͏ Intelligent͏͏ raises͏͏ $2͏͏ Mn͏͏ to͏͏ expand͏͏ operations

Diverse͏͏ Portfolio͏͏ of͏͏ Millenium Babycares:

Founded͏͏ in͏͏ 2015,͏͏ Millenium͏͏ Babycares͏͏ operates͏͏ in͏͏ three͏͏ verticals:͏͏ baby͏͏ care,͏͏ femcare,͏͏ and͏͏ adult͏͏ care͏͏ products.͏͏ The͏͏ company͏͏ sells͏͏ baby͏͏ diapers͏͏ under͏͏ the͏͏ “Bumtum”͏͏ brand͏͏ and͏͏ produces͏͏ adult͏͏ incontinence͏͏ and͏͏ femcare͏͏ products͏͏ under͏͏ the͏͏ brand͏͏ names͏͏ “Elduro”͏͏ and͏͏ “Freeme,”͏͏ respectively.

The͏͏ company͏͏ adopted͏͏ the͏͏ D2C͏͏ model͏͏ in͏͏ 2021,͏͏ launching͏͏ its͏͏ products͏͏ on͏͏ e-commerce͏͏ platforms͏͏ like͏͏ Amazon͏͏ and͏͏ Flipkart.͏͏ Additionally,͏͏ its͏͏ products͏͏ are͏͏ available͏͏ for͏͏ purchase͏͏ on͏͏ its͏͏ own͏͏ website.

The͏͏ startup͏͏ produces͏͏ 4͏͏ million͏͏ baby͏͏ diapers,͏͏ 5͏͏ lakh͏͏ sanitary͏͏ napkins,͏͏ and͏͏ 1͏͏ lakh͏͏ adult͏͏ diapers͏͏ daily.͏͏ It͏͏ has͏͏ also͏͏ reached͏͏ a͏͏ revenue͏͏ of͏͏ INR͏͏ 585͏͏ crore͏͏ in͏͏ the͏͏ fiscal͏͏ year͏͏ 2023-24͏͏ (FY24).

Strong͏͏ Revenue͏͏ Growth͏͏ Reported:

In͏͏ a͏͏ statement,͏͏ the͏͏ investment͏͏ firm͏͏ highlighted͏͏ that͏͏ the͏͏ company͏͏ achieved͏͏ a͏͏ compounded͏͏ annual͏͏ growth͏͏ rate͏͏ (CAGR)͏͏ of͏͏ 53%͏͏ from͏͏ FY20͏͏ to͏͏ FY24.͏͏ It͏͏ also͏͏ noted͏͏ that͏͏ Millennium͏͏ Babycare͏͏ reported͏͏ a͏͏ revenue͏͏ of͏͏ INR͏͏ 150͏͏ crore͏͏ for͏͏ the͏͏ fiscal͏͏ year͏͏ that͏͏ ended͏͏ in͏͏ March͏͏ 2023.

The͏͏ startup͏͏ has͏͏ secured͏͏ new͏͏ capital͏͏ from͏͏ Pantomath͏͏ Capital’s͏͏ second͏͏ Category͏͏ II͏͏ alternative͏͏ investment͏͏ fund͏͏ (AIF),͏͏ known͏͏ as͏͏ BVF.

In͏͏ August,͏͏ Pantomath͏͏ set͏͏ a͏͏ target͏͏ corpus͏͏ of͏͏ INR͏͏ 2,000͏͏ crore͏͏ ($240͏͏ million)͏͏ for͏͏ the͏͏ Bharat͏͏ Value͏͏ Fund͏͏ (BVF).͏͏ The͏͏ fund͏͏ achieved͏͏ its͏͏ first͏͏ close͏͏ with͏͏ commitments͏͏ above͏͏ INR͏͏ 1,000͏͏ crore.

In͏͏ addition͏͏ to͏͏ BVF,͏͏ Pantomath͏͏ also͏͏ manages͏͏ another͏͏ AIF,͏͏ the͏͏ India͏͏ Inflection͏͏ Opportunity͏͏ Fund,͏͏ which͏͏ has͏͏ backed͏͏ eight͏͏ entities͏͏ to͏͏ date,͏͏ including͏͏ Nurture͏͏ Well͏͏ Foods,͏͏ Vardhman͏͏ Group,͏͏ and͏͏ MKC͏͏ Agro͏͏ Fresh.

Continue͏͏ Exploring:͏͏ Kidbea͏͏ secures͏͏ funding͏͏ from͏͏ notable͏͏ investors͏͏ for͏͏ expansion͏͏ and͏͏ R&D͏͏ in͏͏ kidswear͏͏ market

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Senco Gold in talks to acquire struggling online jewellery brand Melorra for INR 40-50 Cr

By
M Haziq Pandit
-
0
Melorra

Senco Gold, a listed jewellery retailer, is reportedly in talks to acquire the struggling online jewellery brand Melorra for INR 40 crore to INR 50 crore.

Valuation͏͏ and͏͏ Due͏͏ Diligence͏͏ Ongoing:

According͏͏ to͏͏ sources͏͏ cited͏͏ by͏͏ Livemint,͏͏ the͏͏ valuation͏͏ is͏͏ yet͏͏ to͏͏ be͏͏ determined,͏͏ and͏͏ the͏͏ deal͏͏ size͏͏ could͏͏ fluctuate.͏͏ Another͏͏ source͏͏ reportedly͏͏ indicated͏͏ that͏͏ due͏͏ diligence͏͏ is͏͏ ongoing,͏͏ and͏͏ the͏͏ transaction͏͏ will͏͏ move͏͏ forward͏͏ once͏͏ the͏͏ process͏͏ is͏͏ “satisfactorily͏͏ completed.”

The͏͏ report͏͏ mentions͏͏ that͏͏ Melorra͏͏ has͏͏ been͏͏ in͏͏ talks͏͏ with͏͏ multiple͏͏ potential͏͏ buyers͏͏ over͏͏ the͏͏ past͏͏ few͏͏ months͏͏ for͏͏ a͏͏ potential͏͏ acquisition.

The͏͏ acquisition,͏͏ meanwhile,͏͏ will͏͏ strengthen͏͏ the͏͏ Kolkata-based͏͏ jewellery͏͏ retailer’s͏͏ presence͏͏ in͏͏ the͏͏ ecommerce͏͏ space.

Melorra’s͏͏ Business͏͏ Model͏͏ and͏͏ Expansion:

Founded͏͏ in͏͏ 2016͏͏ by͏͏ Saroja͏͏ Yeramilli,͏͏ Melorra͏͏ offers͏͏ lightweight͏͏ and͏͏ trendy͏͏ gold͏͏ and͏͏ diamond͏͏ jewellery͏͏ through͏͏ its͏͏ online͏͏ platform.͏͏ The͏͏ company͏͏ asserts͏͏ that͏͏ it͏͏ delivers͏͏ products͏͏ not͏͏ only͏͏ in͏͏ India͏͏ but͏͏ also͏͏ to͏͏ the͏͏ US,͏͏ UK,͏͏ Europe,͏͏ and͏͏ the͏͏ UAE.

With͏͏ backing͏͏ from͏͏ investors͏͏ like͏͏ Lightbox,͏͏ Norwest͏͏ Ventures,͏͏ 100Unicorns,͏͏ and͏͏ Value͏͏ Quest,͏͏ Melorra͏͏ has͏͏ secured͏͏ more͏͏ than͏͏ $88͏͏ million͏͏ in͏͏ funding͏͏ to͏͏ date.͏͏ However,͏͏ despite͏͏ this͏͏ significant͏͏ financial͏͏ support,͏͏ the͏͏ company͏͏ continues͏͏ to͏͏ operate͏͏ at͏͏ a͏͏ loss.

Surge͏͏ in͏͏ Losses͏͏ Amidst͏͏ Revenue͏͏ Growth:

The͏͏ Bengaluru-based͏͏ startup͏͏ reported͏͏ a͏͏ 73%͏͏ increase͏͏ in͏͏ losses,͏͏ reaching͏͏ INR͏͏ 106.7͏͏ crore͏͏ in͏͏ FY22,͏͏ up͏͏ from͏͏ INR͏͏ 61.4͏͏ crore͏͏ in͏͏ FY21.͏͏ Simultaneously,͏͏ sales͏͏ surged͏͏ by͏͏ 363.6%,͏͏ climbing͏͏ to͏͏ INR͏͏ 364.4͏͏ crore͏͏ in͏͏ FY22͏͏ from͏͏ INR͏͏ 78.6͏͏ crore͏͏ in͏͏ FY21.

The͏͏ company͏͏ has͏͏ not͏͏ yet͏͏ submitted͏͏ its͏͏ financial͏͏ statements͏͏ for͏͏ FY23͏͏ and͏͏ FY24.͏͏ Due͏͏ to͏͏ a͏͏ funding͏͏ crunch,͏͏ it͏͏ reportedly͏͏ raised͏͏ a͏͏ bridge͏͏ round͏͏ of͏͏ $1.1͏͏ million͏͏ from͏͏ existing͏͏ investors͏͏ in͏͏ June͏͏ this͏͏ year,͏͏ at͏͏ just͏͏ one-tenth͏͏ of͏͏ its͏͏ previous͏͏ valuation.

The͏͏ company͏͏ was͏͏ valued͏͏ at͏͏ an͏͏ estimated͏͏ $120͏͏ million͏͏ during͏͏ its͏͏ last͏͏ funding͏͏ round͏͏ in͏͏ 2021.͏͏ Furthermore,͏͏ there͏͏ have͏͏ been͏͏ reports͏͏ that͏͏ it͏͏ has͏͏ stopped͏͏ paying͏͏ salaries͏͏ to͏͏ its͏͏ employees.

Continue͏͏ Exploring:͏͏ Senco Gold expects͏͏ 12%͏͏ revenue͏͏ growth͏͏ this͏͏ festive͏͏ season

Competitive͏͏ Landscape͏͏ in͏͏ Online Jewellery:

It͏͏ competes͏͏ with͏͏ Tata-owned͏͏ CaratLane͏͏ and͏͏ BlueStone͏͏ in͏͏ the͏͏ Indian͏͏ online͏͏ jewellery͏͏ market.͏͏ The͏͏ report͏͏ of͏͏ potential͏͏ funding͏͏ comes͏͏ at͏͏ a͏͏ time͏͏ when͏͏ many͏͏ of͏͏ Melorra’s͏͏ competitors͏͏ have͏͏ outpaced͏͏ it.͏͏ In͏͏ August͏͏ 2023,͏͏ Tata-owned͏͏ Titan͏͏ acquired͏͏ an͏͏ additional͏͏ 27.18%͏͏ stake͏͏ in͏͏ CaratLane͏͏ for͏͏ INR͏͏ 4,621͏͏ crore͏͏ at͏͏ a͏͏ valuation͏͏ of͏͏ nearly͏͏ INR͏͏ 17,000͏͏ crore,͏͏ providing͏͏ substantial͏͏ exits͏͏ for͏͏ its͏͏ co-founder.

In͏͏ the͏͏ meantime,͏͏ BlueStone͏͏ is͏͏ making͏͏ plans͏͏ to͏͏ list͏͏ on͏͏ the͏͏ stock͏͏ exchanges͏͏ and͏͏ secured͏͏ INR͏͏ 920͏͏ crore͏͏ in͏͏ a͏͏ pre-IPO͏͏ round͏͏ earlier͏͏ this͏͏ year͏͏ from͏͏ investors͏͏ like͏͏ Peak͏͏ XV͏͏ and͏͏ Prosus.͏͏ Last͏͏ month,͏͏ Giva͏͏ raised͏͏ INR͏͏ 100͏͏ crore͏͏ in͏͏ an͏͏ extended͏͏ Series͏͏ B͏͏ round͏͏ led͏͏ by͏͏ Premji͏͏ Invest.

Continue͏͏ Exploring:͏͏ Senco Gold Q1͏͏ FY25͏͏ net͏͏ profit͏͏ jumps͏͏ 85%,͏͏ revenue͏͏ up͏͏ 7.5%

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The Baker’s Dozen collaborates with actress Soha Ali Khan ahead of festive season, eyes 30-40 cr sales

By
Ashutosh Dubey
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0
FMCG, Brand, Food & Beverages, D2C
Left to Right: , Sneh Jain, co-ounder of TBD; Soha Ali Khan and Aditi Handa, co-founder of TDB

The Baker’s Dozen (TBD), an artisan bakery brand, has partnered with Bollywood actress Soha Ali Khan for its consumer awareness campaign, ‘The Truth We Knead,’ as announced in a press release on Thursday, October 10.

With the festive season coming up, TBD aims to take advantage of the higher demand for cakes and cookies, which usually sees a double-triple times sales increase. They aim for Rs 30-40 crores in sales from October to December.

Continue Exploring: Kisanserv partners with Milky Mist to expand into dairy segment

Co-founder Aditi praises Soha Ali Khan for commitment to quality

Furthermore, Aditi Handa, co-founder of The Baker’s Dozen, released a statement, saying, “We have always admired Khan for her commitment to quality and authenticity, which perfectly aligned with what we wanted to communicate to our customers.” She further added, “Her partnership amplifies our message and helps us reach more people who value authenticity and excellence in their food.” Interestingly, the campaign is designed to make the most of the festive season.

Expressing her excitement, Aditi remarked, “This campaign is a great initiative to educate people about the importance of knowing what’s in their food. I am proud to be part of a movement that promotes honest and delicious bakery products.”

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

The Baker Dozen now functions in 50 cities across India

Founded in Mumbai in 2013 by Sneh Jain and his wife, Aditi Handa. The company offers a variety of baked goods, including cakes, cookies, sourdoughs, daily bread, and snacks. Since its humble beginnings, TBD has expanded to over 50 cities across India. Its state-of-the-art factory spans 30,000 square feet, featuring advanced European machinery and rigorous quality checks to ensure the highest standards.

Moreover, besides its retail stores, TBD is available on quick commerce and e-commerce platforms like Blinkit, Instamart, Zepto, and Big Basket. It’s also sold through retail partners like Nature’s Basket and Namdhari’s.

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Kisanserv partners with Milky Mist to expand into dairy segment

By
Ashutosh Dubey
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0
Business, D2C, FMCG, Retail Sector, Farming, Dairy
Kisanserv partners with Milky Mist to expand into dairy segment

Kisanserv, a retailer of fresh fruits and vegetables, is expanding by partnering with Milky Mist, an Indian dairy brand. This partnership will add over 200 premium dairy products, made from 100% cow’s milk, to Kisanserv’s stores in Pune and Mumbai. 

Kisanserv targets INR 500 crore revenue in four years with 250 stores

According to ET Retail, Kisanserv aims to become a one-stop shop for fresh daily essentials by adding dairy products. This move is key to their plan of reaching 250 stores and INR 500 crore in revenue in the next four years. Regarding the partnership, Niranjan Sharma, CEO of Kisanserv, released a statement, saying, “Our customers have long demanded dairy products alongside fresh fruits and vegetables. With a strong customer base, introducing dairy is a natural step that will enhance convenience and boost both revenue and profit margins.”

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

Niranjan further added, “Our association with Milky Mist aligns perfectly with our vision, creating a strong synergy between the two companies. Milky Mist’s revenue reached Rs 2,000 crore last year, and both companies have aggressive growth plans for the coming years. Milky Mist’s ambitions in India, along with Kisanserv’s focus on expansion in Western India, will mutually benefit both businesses.”

Kisanserv lowers prices to 20-25% than online retailer

Notably, in a competitive market, Kisanserv stands out by sourcing directly from farms, offering better quality produce with less handling and longer shelf life distinguishing itself from traditional vendors and e-commerce companies. Their prices are 10-15% lower than local shops and 20-25% lower than online retailers. The company maintains strict hygiene, with almost all produce sold in packed form for food safety.

Founded in 2019, Kisanserv has swiftly gained a presence in India’s fruits and vegetables market. They focus on efficient operations, direct farmer partnerships, and a unique hybrid retail model.

Continue Exploring: Blinkit’s growth is not affecting kirana stores: Zomato CEO Deepinder Goyal

Looking ahead, this partnership lets Kisanserv sell premium dairy products like milk, curd, paneer, butter, ghee, ice creams, and chocolates at lower prices than other retailers. This will improve the shopping experience for customers, boost store sales, and increase profit margins as per him.

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

By
Ashutosh Dubey
-
0
Finance, UPI, UPI Transactions, Fintech
UPI Transactions Soar 52% to 78.97 Billion in H1 2024, value hits INR 116.63 lac cr - Report

India’s digital payment system saw remarkable growth in the first half of 2024. Transactions using Unified Payments Interface (UPI) surged 52% to 78.97 billion, from 51.9 billion compared to the same period last year according to reports.

Month-wise, UPI Transaction surges to 13.9 billion

As per the report by Worldline, a global leader in payment services, UPI transactions jumped from 8.03 billion to 13.9 billion from January to June of last year, month-wise. The transaction value also grew, rising from INR 12.98 lakh crore in January to INR 20.07 lakh crore in June accordingly. Additionally, the overall value of transactions also grew by 40%, rising from INR 83.16 lakh crore to INR 116.63 lakh crore.

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

Following recent revelations, Ramesh Narasimhan, CEO, Worldline India released a statement, saying, “This significant rise in UPI transactions, particularly in the person-to-merchant (P2M) segment, further cements its position as the preferred method for micro-transactions, demonstrating long-term sustainability and even movement to larger transactions in the coming years.”

Notably, the average UPI transaction value fell to INR 1,478 in the first half of this year, down from INR 1,603 last year, an 8% decrease. Meanwhile, the payment infrastructure is expanding, with over 8.96 million point of sale (POS) terminals now in use.

Grocery stores, restaurants, service stations etc makes up 68% of transactions

Furthermore, the report showed that the most popular in-store shopping categories were grocery stores, restaurants, service stations, clothing stores, government services, pharmacies, and hospitals. These made up about 68% of transaction volume and 53% of transaction value. For online shopping, e-commerce, gaming, utilities, government services, and financial services accounted for around 81% of transaction volume and 74% of transaction value.

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

Interestingly, UPI QR codes have seen a significant 39% growth, increasing from 244.23 million to 340 million. This surge has also led to a rise in UPI transactions. The UPI market is largely dominated by three popular apps: PhonePe, Google Pay, and Paytm. Until June, these three apps comprised an impressive 94.83% of all UPI transactions.

Meanwhile, card transactions saw steady growth in the first half of 2024. The total number of transactions rose 3% to 3.735 billion compared to the same period last year. More notably, the total value of transactions jumped 21% to INR 13.49 lakh crore.

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