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Costa Coffee targets rapid expansion in India, aiming for 40-50 new stores annually

By
M Haziq Pandit
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0
Costa Coffee

Costa Coffee, the leading chain owned by Coca-Cola, is ramping up its growth strategy in India to capitalise on the rapidly expanding café culture.The͏͏ chain͏͏ recently͏͏ reached͏͏ the͏͏ milestone͏͏ of͏͏ 200͏͏ stores͏͏ and͏͏ aims͏͏ to͏͏ open͏͏ 40͏͏ to͏͏ 50͏͏ new͏͏ locations͏͏ annually.͏͏ The͏͏ brand͏͏ has͏͏ been͏͏ experiencing͏͏ double-digit͏͏ growth͏͏ in͏͏ the͏͏ Indian͏͏ market.

Focus͏͏ on͏͏ Omnichannel͏͏ Experience͏͏ and͏͏ Specialty͏͏ Coffee:

Vinay͏͏ Nair,͏͏ Vice͏͏ President͏͏ of͏͏ India͏͏ &͏͏ Emerging͏͏ Markets͏͏ at͏͏ Costa͏͏ Coffee,͏͏ stated͏͏ that͏͏ the͏͏ café͏͏ chain͏͏ is͏͏ concentrating͏͏ on͏͏ becoming͏͏ a͏͏ multi-occasion͏͏ and͏͏ omnichannel͏͏ brand͏͏ as͏͏ the͏͏ specialty͏͏ coffee͏͏ segment͏͏ reaches͏͏ a͏͏ tipping͏͏ point.

“India͏͏ is͏͏ a͏͏ key͏͏ market͏͏ for͏͏ Costa͏͏ Coffee,͏͏ and͏͏ we͏͏ have͏͏ a͏͏ robust͏͏ partnership͏͏ here.͏͏ There’s͏͏ a͏͏ surge͏͏ in͏͏ consumer͏͏ interest͏͏ in͏͏ the͏͏ specialty͏͏ coffee͏͏ space,͏͏ with͏͏ people͏͏ eager͏͏ to͏͏ try͏͏ new͏͏ innovations.͏͏ This͏͏ is͏͏ driving͏͏ momentum͏͏ in͏͏ the͏͏ segment.͏͏ For͏͏ us,͏͏ the͏͏ opportunity͏͏ is͏͏ to͏͏ tap͏͏ into͏͏ these͏͏ emerging͏͏ occasions͏͏ and͏͏ platforms,͏͏ embedding͏͏ ourselves͏͏ in͏͏ the͏͏ daily͏͏ coffee͏͏ routines͏͏ of͏͏ Indian͏͏ consumers.͏͏ We͏͏ see͏͏ a͏͏ significant͏͏ growth͏͏ trajectory͏͏ for͏͏ the͏͏ brand͏͏ in͏͏ the͏͏ country,”͏͏ Nair͏͏ said.

Continue͏͏ Exploring:͏͏ Costa Coffee unveils͏͏ Autumn͏͏ Maple͏͏ Hazel͏͏ menu͏͏ in͏͏ India

The͏͏ brand͏͏ operates͏͏ in͏͏ India͏͏ through͏͏ outlets͏͏ located͏͏ on͏͏ high͏͏ streets,͏͏ in͏͏ malls,͏͏ airports,͏͏ hospitals,͏͏ highways,͏͏ and͏͏ corporate͏͏ offices,͏͏ in͏͏ addition͏͏ to͏͏ institutional͏͏ vending͏͏ machines.

“As͏͏ part͏͏ of͏͏ our͏͏ efforts͏͏ to͏͏ strengthen͏͏ our͏͏ omnichannel͏͏ presence,͏͏ we͏͏ are͏͏ implementing͏͏ various͏͏ strategic͏͏ initiatives͏͏ to͏͏ unlock͏͏ new͏͏ consumption͏͏ occasions.͏͏ We͏͏ are͏͏ now͏͏ also͏͏ available͏͏ in͏͏ approximately͏͏ 85͏͏ PVR͏͏ INOX͏͏ cinemas.”

Plans͏͏ for͏͏ Aggressive͏͏ Expansion͏͏ in͏͏ Tier-1͏͏ and͏͏ Tier-2͏͏ Cities:

Devyani͏͏ International,͏͏ the͏͏ Indian͏͏ franchisee͏͏ for͏͏ Costa͏͏ Coffee,͏͏ plans͏͏ to͏͏ open͏͏ 40-50͏͏ new͏͏ outlets͏͏ each͏͏ year,͏͏ with͏͏ a͏͏ strong͏͏ focus͏͏ on͏͏ tier-1͏͏ and͏͏ tier-2͏͏ cities.͏͏ In͏͏ Q1FY25,͏͏ the͏͏ company͏͏ reported͏͏ a͏͏ 40.5%͏͏ year-on-year͏͏ revenue͏͏ growth͏͏ for͏͏ Costa͏͏ Coffee,͏͏ driven͏͏ by͏͏ store͏͏ expansion.͏͏ For͏͏ FY2024,͏͏ revenue͏͏ from͏͏ operations͏͏ for͏͏ the͏͏ Costa͏͏ Coffee͏͏ business͏͏ reached͏͏ INR͏͏ 151.8͏͏ crore,͏͏ marking͏͏ a͏͏ 49%͏͏ increase,͏͏ according͏͏ to͏͏ the͏͏ company’s͏͏ annual͏͏ report.

Continue͏͏ Exploring:͏͏ Costa Coffee reports͏͏ 49%͏͏ surge͏͏ in͏͏ revenue͏͏ to͏͏ INR͏͏ 152͏͏ crore͏͏ in͏͏ FY24,͏͏ adds͏͏ 67͏͏ new͏͏ stores

“We͏͏ are͏͏ taking͏͏ a͏͏ disciplined͏͏ approach,͏͏ prioritising͏͏ revenue͏͏ growth͏͏ from͏͏ our͏͏ existing͏͏ stores͏͏ while͏͏ continuing͏͏ to͏͏ open͏͏ new͏͏ outlets͏͏ each͏͏ year.͏͏ On͏͏ one͏͏ hand,͏͏ infrastructure͏͏ development͏͏ and͏͏ new͏͏ malls͏͏ have͏͏ created͏͏ fresh͏͏ opportunities.͏͏ Simultaneously,͏͏ there͏͏ has͏͏ been͏͏ an͏͏ increase͏͏ in͏͏ enquiries͏͏ from͏͏ corporates͏͏ and͏͏ large͏͏ institutional͏͏ spaces͏͏ as͏͏ employees͏͏ return͏͏ to͏͏ offices,”͏͏ Nair͏͏ added.

Coca-Cola͏͏ acquired͏͏ the͏͏ Costa͏͏ business͏͏ in͏͏ 2019.͏͏ When͏͏ asked͏͏ about͏͏ the͏͏ brand’s͏͏ growth͏͏ acceleration͏͏ since͏͏ the͏͏ takeover,͏͏ Nair͏͏ said,͏͏ “Growth͏͏ has͏͏ certainly͏͏ picked͏͏ up͏͏ in͏͏ the͏͏ last͏͏ 24-30͏͏ months.͏͏ We’ve͏͏ expanded͏͏ our͏͏ points͏͏ of͏͏ sale͏͏ and͏͏ now͏͏ operate͏͏ over͏͏ 200͏͏ outlets͏͏ across͏͏ the͏͏ country,͏͏ with͏͏ a͏͏ focus͏͏ on͏͏ seizing͏͏ new͏͏ opportunities.”

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Temasek Holdings in talks to acquire 10-15% stake in Haldiram Snacks for $11 Bn

By
Ashutosh Dubey
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0
Temasek Holdings, Haldiram Snacks, IPO, Haldiram Founder, Temasek Investment Firm
Singapore's Investment Firm Temasek is in discussion to acquire Haldiram for $11 billion

Temasek Holdings, one of Singapore’s premier investment firms, is in talks to acquire a minority stake in Haldiram Snacks, the largest snack maker in India, for around $11 billion.

Temasek Holdings to acquire 10-15% of Haldiram:

Temasek Holdings is in early-stage talks with the owners of Haldiram Snacks to acquire a 10-15% stake in the company, as reported by Bloomberg. Sources close to the matter said this investment could prove to be a stepping stone for the company’s potential listing on a stock exchange or an initial public offering. People involved in the talks have not been keen on going public with it.

While discussions between Temasek and Haldiram Snacks are reportedly underway, they may not necessarily result in a deal, as other potential buyers have also expressed interest in the company. Neither Temasek nor Haldiram has publicly commented on the negotiations.

Continue͏͏ Exploring:͏͏ D2C skincare brand Minimalist doubles profit to INR 10.9 Cr in FY24, revenue surges 1.9X YoY

Agarwal Family Evaluates Strategic Options for Haldiram:

Founded by Ganga Bishan Agarwal in the 1930s, Haldiram offers a diverse range of food products, from snacks to frozen foods and bakery items, and operates 43 restaurants in and around Delhi.

Meanwhile, Bloomberg News reports that the Agarwal family, Haldiram’s owners, are exploring options to either sell the business or take it public. International investors have recently shown strong interest in India due to its rapidly growing economy, making it an attractive destination for business deals.

Continue͏͏ Exploring:͏͏ Swiss chocolate brand Läderach expands in India with second exclusive store in Mumbai

Temasek’s Investment in India:

Notably, Temasek has invested around $37 billion in India over the past two decades, as stated by Vishesh Shrivastav, head of India investments at Temasek. The firm plans to significantly increase its investments in the coming years.

Temasek has been focusing on minority stakes in Indian companies to support their development. Vishesh has highlighted priority investment areas in India, including digital transformation, consumer markets, and sustainable living. Recently, the firm considered investing in VFS Global, valuing the visa outsourcing and technology company at around $7 billion, including debt.

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D2C skincare brand Minimalist doubles profit to INR 10.9 Cr in FY24, revenue surges 1.9X YoY

By
M Haziq Pandit
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0
Minimalist

D2C skincare brand Minimalist saw its net profit more than double in the financial year ended March 31, 2024. The͏͏ startup’s͏͏ profit͏͏ surged͏͏ 110%͏͏ to͏͏ INR͏͏ 10.9͏͏ crore͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 5.2͏͏ crore͏͏ in͏͏ FY23,͏͏ driven͏͏ by͏͏ robust͏͏ top-line͏͏ growth.

Founded͏͏ in͏͏ 2020͏͏ by͏͏ Mohit͏͏ Yadav͏͏ and͏͏ Rahul͏͏ Yadav,͏͏ the͏͏ skincare͏͏ brand͏͏ sells͏͏ its͏͏ products͏͏ through͏͏ its͏͏ website͏͏ and͏͏ various͏͏ online͏͏ marketplaces,͏͏ including͏͏ Amazon,͏͏ Nykaa,͏͏ Flipkart,͏͏ and͏͏ Myntra.͏͏ Its͏͏ revenue͏͏ is͏͏ generated͏͏ from͏͏ the͏͏ sale͏͏ of͏͏ skincare,͏͏ haircare,͏͏ and͏͏ body͏͏ care͏͏ products.

Continue͏͏ Exploring:͏͏ Skincare brand͏͏ Minimalist announces͏͏ major͏͏ expansion͏͏ with͏͏ new͏͏ manufacturing͏͏ facility͏͏ in͏͏ Jaipur

Rapid͏͏ Revenue͏͏ Growth:

According͏͏ to͏͏ the͏͏ filing͏͏ by͏͏ Uprising͏͏ Science͏͏ Pvt͏͏ Ltd,͏͏ which͏͏ operates͏͏ Minimalist,͏͏ the͏͏ startup’s͏͏ revenue͏͏ from͏͏ operations͏͏ surged͏͏ 89X͏͏ to͏͏ INR͏͏ 347.4͏͏ crore͏͏ during͏͏ the͏͏ review͏͏ year,͏͏ up͏͏ from͏͏ INR͏͏ 183.8͏͏ crore͏͏ in͏͏ FY23.

Including͏͏ other͏͏ income,͏͏ the͏͏ D2C͏͏ brand’s͏͏ total͏͏ income͏͏ increased͏͏ by͏͏ 86%͏͏ to͏͏ INR͏͏ 349.6͏͏ crore͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 188.1͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.

Expense͏͏ Overview:

Minimalist’s͏͏ expenditure͏͏ increased͏͏ in͏͏ tandem͏͏ with͏͏ its͏͏ sales͏͏ growth.͏͏ Total͏͏ expenses͏͏ soared͏͏ 84%͏͏ to͏͏ INR͏͏ 331.7͏͏ crore͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 180.2͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.

The͏͏ startup͏͏ allocated͏͏ INR͏͏ 101.5͏͏ crore͏͏ for͏͏ the͏͏ purchase͏͏ of͏͏ stock-in-trade,͏͏ marking͏͏ a͏͏ 43%͏͏ increase͏͏ from͏͏ INR͏͏ 71.2͏͏ crore͏͏ in͏͏ FY23.

The͏͏ startup’s͏͏ employee͏͏ costs͏͏ surged͏͏ 56%͏͏ to͏͏ INR͏͏ 28.5͏͏ crore͏͏ during͏͏ the͏͏ year,͏͏ up͏͏ from͏͏ INR͏͏ 18.3͏͏ crore͏͏ in͏͏ FY23.

The͏͏ D2C͏͏ brand’s͏͏ largest͏͏ expense͏͏ was͏͏ advertising͏͏ costs,͏͏ with͏͏ INR͏͏ 117.1͏͏ crore͏͏ spent͏͏ in͏͏ FY24,͏͏ a͏͏ 79%͏͏ increase͏͏ from͏͏ INR͏͏ 65.3͏͏ crore͏͏ in͏͏ FY23.

Minimalist͏͏ has͏͏ raised͏͏ over͏͏ $17͏͏ million͏͏ in͏͏ total͏͏ funding͏͏ to͏͏ date,͏͏ with͏͏ notable͏͏ backers͏͏ including͏͏ Peak͏͏ XV͏͏ Partners͏͏ and͏͏ Unilever͏͏ Ventures.͏͏ The͏͏ brand͏͏ competes͏͏ with͏͏ startups͏͏ such͏͏ as͏͏ WOW͏͏ Skin͏͏ Science,͏͏ Plum,͏͏ and͏͏ mCaffeine,͏͏ among͏͏ others.

Continue͏͏ Exploring:͏͏ Conscious͏͏ Chemist͏͏ secures͏͏ INR͏͏ 12͏͏ Cr͏͏ from͏͏ Atomic͏͏ Capital,͏͏ strengthens͏͏ board͏͏ with͏͏ new͏͏ director

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Puneet Gulati opens Volume UP, a multi-cuisine restaurant in Noida

By
M Haziq Pandit
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0
Volume UP

Puneet Gulati, a U.S.-based entrepreneur renowned for his achievements in the staffing industry, has unveiled Volume UP, a new multi-cuisine restaurant in Noida’s Sector 104.͏͏ Merging͏͏ his͏͏ love͏͏ for͏͏ food͏͏ with͏͏ his͏͏ business͏͏ expertise,͏͏ Gulati͏͏ seeks͏͏ to͏͏ establish͏͏ a͏͏ dynamic͏͏ dining͏͏ atmosphere͏͏ that͏͏ goes͏͏ beyond͏͏ exceptional͏͏ cuisine.͏͏ With͏͏ live͏͏ music,͏͏ open͏͏ mic͏͏ nights,͏͏ and͏͏ karaoke͏͏ events,͏͏ Volume͏͏ UP͏͏ is͏͏ set͏͏ to͏͏ become͏͏ a͏͏ vibrant͏͏ hub͏͏ for͏͏ entertainment͏͏ and͏͏ culinary͏͏ enjoyment.

Discussing͏͏ the͏͏ inspiration͏͏ for͏͏ the͏͏ restaurant,͏͏ Gulati͏͏ shares,͏͏ “As͏͏ a͏͏ music͏͏ enthusiast,͏͏ I͏͏ envision͏͏ ‘Volume͏͏ UP’͏͏ as͏͏ a͏͏ way͏͏ to͏͏ infuse͏͏ energy͏͏ into͏͏ the͏͏ dining͏͏ experience.͏͏ Just͏͏ as͏͏ increasing͏͏ the͏͏ volume͏͏ enhances͏͏ music,͏͏ we͏͏ want͏͏ our͏͏ guests͏͏ to͏͏ elevate͏͏ their͏͏ time͏͏ with͏͏ us—whether͏͏ they’re͏͏ enjoying͏͏ a͏͏ meal͏͏ or͏͏ joining͏͏ one͏͏ of͏͏ our͏͏ events.”

Transitioning͏͏ from͏͏ the͏͏ staffing͏͏ sector͏͏ to͏͏ the͏͏ hospitality͏͏ industry͏͏ presented͏͏ its͏͏ own͏͏ challenges,͏͏ but͏͏ Gulati͏͏ successfully͏͏ navigated͏͏ them͏͏ by͏͏ utilising͏͏ his͏͏ recruitment͏͏ skills͏͏ to͏͏ assemble͏͏ a͏͏ robust͏͏ management͏͏ and͏͏ operations͏͏ team.͏͏ He͏͏ attributes͏͏ much͏͏ of͏͏ his͏͏ success͏͏ to͏͏ his͏͏ team’s͏͏ support͏͏ in͏͏ tackling͏͏ the͏͏ complexities͏͏ of͏͏ the͏͏ restaurant͏͏ business.

Continue͏͏ Exploring:͏͏ McDonald’s͏͏ expands͏͏ McCafe͏͏ presence͏͏ in͏͏ India͏͏ with͏͏ 50th͏͏ outlet͏͏ launch͏͏ in͏͏ Noida

Fusion͏͏ Cuisine͏͏ Meets͏͏ Smart͏͏ Tech:

Volume͏͏ UP͏͏ sets͏͏ itself͏͏ apart͏͏ with͏͏ its͏͏ innovative͏͏ fusion͏͏ cuisine,͏͏ blending͏͏ global͏͏ flavours͏͏ with͏͏ local͏͏ ingredients.͏͏ The͏͏ restaurant͏͏ also͏͏ features͏͏ interactive͏͏ digital͏͏ menus͏͏ and͏͏ smart͏͏ kitchen͏͏ technology͏͏ to͏͏ enhance͏͏ the͏͏ customer͏͏ experience.͏͏ With͏͏ a͏͏ vibrant͏͏ atmosphere͏͏ and͏͏ personalised͏͏ service,͏͏ diners͏͏ can͏͏ enjoy͏͏ not͏͏ only͏͏ the͏͏ food͏͏ but͏͏ also͏͏ the͏͏ overall͏͏ ambiance.

Gulati͏͏ noted,͏͏ “India’s͏͏ diverse͏͏ and͏͏ vibrant͏͏ food͏͏ culture,͏͏ along͏͏ with͏͏ the͏͏ rising͏͏ trend͏͏ of͏͏ dining͏͏ out,͏͏ offers͏͏ significant͏͏ opportunities͏͏ for͏͏ innovative͏͏ restaurant͏͏ concepts͏͏ like͏͏ Volume͏͏ UP.”

Ambitious͏͏ Expansion͏͏ Plans͏͏ for͏͏ Volume UP:

Gulati͏͏ has͏͏ set͏͏ his͏͏ sights͏͏ on͏͏ ambitious͏͏ expansion͏͏ plans͏͏ for͏͏ the͏͏ future.͏͏ Within͏͏ the͏͏ next͏͏ five͏͏ years,͏͏ he͏͏ aims͏͏ to͏͏ establish͏͏ 5-7͏͏ Volume͏͏ UP͏͏ locations͏͏ across͏͏ the͏͏ region,͏͏ while͏͏ also͏͏ introducing͏͏ delivery͏͏ services͏͏ and͏͏ catering͏͏ for͏͏ corporate͏͏ and͏͏ social͏͏ events.͏͏ With͏͏ his͏͏ forward-thinking͏͏ strategy,͏͏ Gulati͏͏ believes͏͏ that͏͏ Volume͏͏ UP͏͏ will͏͏ quickly͏͏ rise͏͏ to͏͏ prominence͏͏ in͏͏ the͏͏ restaurant͏͏ industry.

Continue͏͏ Exploring:͏͏ Pret͏͏ A͏͏ Manger͏͏ continues͏͏ growth͏͏ in͏͏ India,͏͏ unveils͏͏ 14th͏͏ store͏͏ in͏͏ Noida’s͏͏ DLF͏͏ Mall͏͏ of͏͏ India

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South Korea’s QSR chain Genesis BBQ to enter Indian market through partnership with Baramati Agro

By
M Haziq Pandit
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0
Genesis BBQ

Genesis BBQ, a leading quick-service restaurant chain from South Korea with around 3,500 outlets across various countries, is set to enter the Indian market through a collaboration with Baramati Agro.͏͏ This͏͏ agri-business͏͏ firm,͏͏ known͏͏ for͏͏ its͏͏ strong͏͏ presence͏͏ in͏͏ the͏͏ poultry͏͏ and͏͏ sugar͏͏ industries,͏͏ is͏͏ linked͏͏ to͏͏ the͏͏ politically͏͏ influential͏͏ Pawar͏͏ family͏͏ from͏͏ Maharashtra.

Baramati͏͏ Agro,͏͏ founded͏͏ in͏͏ 1988͏͏ by͏͏ the͏͏ late͏͏ Appasaheb͏͏ Pawar,͏͏ brother͏͏ of͏͏ Nationalist͏͏ Congress͏͏ Party͏͏ leader͏͏ Sharad͏͏ Pawar,͏͏ generates͏͏ revenue͏͏ of͏͏ INR͏͏ 5,000͏͏ crore.͏͏ The͏͏ company͏͏ is͏͏ currently͏͏ led͏͏ by͏͏ Rohit͏͏ Pawar,͏͏ the͏͏ grandson͏͏ of͏͏ Appasaheb͏͏ Pawar͏͏ and͏͏ a͏͏ serving͏͏ member͏͏ of͏͏ the͏͏ legislative͏͏ assembly͏͏ (MLA).

Diverse͏͏ Ventures͏͏ of͏͏ Baramati Agro:

Baramati͏͏ Agro͏͏ is͏͏ involved͏͏ in͏͏ multiple͏͏ sectors,͏͏ such͏͏ as͏͏ broiler͏͏ breeding,͏͏ animal͏͏ feed,͏͏ food͏͏ production,͏͏ sugar,͏͏ ethanol͏͏ processing,͏͏ and͏͏ green͏͏ energy.͏͏ It͏͏ operates͏͏ 150͏͏ franchise͏͏ stores͏͏ in͏͏ Pune͏͏ and͏͏ Mumbai͏͏ under͏͏ its͏͏ Chicken͏͏ Vicken͏͏ brand,͏͏ which͏͏ specializes͏͏ in͏͏ processed͏͏ raw͏͏ chicken.͏͏ “Our͏͏ poultry͏͏ business͏͏ and͏͏ the͏͏ export͏͏ of͏͏ fruits͏͏ and͏͏ vegetables͏͏ to͏͏ Europe͏͏ give͏͏ us͏͏ a͏͏ strong͏͏ backend͏͏ presence.͏͏ We͏͏ wanted͏͏ to͏͏ venture͏͏ into͏͏ the͏͏ QSR͏͏ market͏͏ and͏͏ were͏͏ looking͏͏ for͏͏ an͏͏ international͏͏ partner,”͏͏ remarked͏͏ Rohit͏͏ Mehendale,͏͏ financial͏͏ advisor͏͏ at͏͏ Baramati͏͏ Agro.

Continue͏͏ Exploring:͏͏ One-third͏͏ of͏͏ food͏͏ outlets͏͏ in͏͏ India͏͏ to͏͏ be͏͏ QSRs͏͏ by͏͏ 2028:͏͏ Report

In͏͏ addition͏͏ to͏͏ QSR,͏͏ Baramati͏͏ Agro͏͏ is͏͏ open͏͏ to͏͏ introducing͏͏ other͏͏ restaurant͏͏ formats͏͏ provided͏͏ by͏͏ Genesis͏͏ BBQ.͏͏ The͏͏ company͏͏ will͏͏ serve͏͏ as͏͏ the͏͏ master͏͏ franchisee͏͏ for͏͏ Genesis͏͏ BBQ͏͏ and͏͏ plans͏͏ to͏͏ retain͏͏ ownership͏͏ of͏͏ the͏͏ first͏͏ 10͏͏ restaurants.

Rohit͏͏ Pawar,͏͏ CEO͏͏ of͏͏ Baramati͏͏ Agro,͏͏ stated,͏͏ “Our͏͏ partnership͏͏ with͏͏ Genesis͏͏ BBQ͏͏ represents͏͏ a͏͏ significant͏͏ step͏͏ in͏͏ our͏͏ mission͏͏ to͏͏ diversify͏͏ into͏͏ new͏͏ segments.͏͏ We͏͏ are͏͏ thrilled͏͏ to͏͏ introduce͏͏ an͏͏ authentic͏͏ Korean͏͏ culinary͏͏ experience͏͏ to͏͏ India.”

Genesis BBQ’s͏͏ Global͏͏ Recognition:

As͏͏ per͏͏ Baramati͏͏ Agro,͏͏ Genesis͏͏ BBQ,͏͏ which͏͏ was͏͏ founded͏͏ in͏͏ 1995,͏͏ has͏͏ grown͏͏ to͏͏ operate͏͏ more͏͏ than͏͏ 3,500͏͏ restaurants͏͏ globally͏͏ and͏͏ is͏͏ recognized͏͏ as͏͏ one͏͏ of͏͏ the͏͏ top͏͏ 100͏͏ brands͏͏ in͏͏ South͏͏ Korea.͏͏ The͏͏ first͏͏ Genesis͏͏ BBQ͏͏ restaurant͏͏ is͏͏ expected͏͏ to͏͏ launch͏͏ in͏͏ early͏͏ 2025.

Hong͏͏ Guen͏͏ Yoon,͏͏ chairman͏͏ of͏͏ Genesis͏͏ BBQ,͏͏ stated,͏͏ “India͏͏ represents͏͏ an͏͏ important͏͏ growth͏͏ market͏͏ for͏͏ us,͏͏ and͏͏ we͏͏ are͏͏ eager͏͏ to͏͏ partner͏͏ with͏͏ Baramati͏͏ Agro͏͏ to͏͏ introduce͏͏ our͏͏ brand͏͏ to͏͏ a͏͏ new͏͏ audience.”

Continue͏͏ Exploring:͏͏ QSRs͏͏ and͏͏ snack͏͏ brands͏͏ gear͏͏ up͏͏ for͏͏ festive͏͏ season͏͏ demand͏͏ surge

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Swiss chocolate brand Läderach expands in India with second exclusive store in Mumbai

By
M Haziq Pandit
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0
Läderach

Swiss luxury chocolate brand Läderach has launched its second exclusive store in India, over a year after its debut in the country.

First͏͏ Store͏͏ in͏͏ Mumbai:

Housed͏͏ in͏͏ Jio͏͏ World͏͏ Plaza,͏͏ the͏͏ largest͏͏ luxury͏͏ mall͏͏ in͏͏ India,͏͏ this͏͏ is͏͏ the͏͏ chocolate͏͏ retailer’s͏͏ first͏͏ store͏͏ in͏͏ Mumbai.

The͏͏ store͏͏ showcases͏͏ a͏͏ variety͏͏ of͏͏ Läderach’s͏͏ luxury͏͏ chocolate͏͏ offerings,͏͏ including͏͏ FrischSchoggi͏͏ (fresh͏͏ chocolate),͏͏ tablets,͏͏ pralines,͏͏ truffles,͏͏ and͏͏ chocolate͏͏ bars.

“We͏͏ are͏͏ thrilled͏͏ to͏͏ bring͏͏ the͏͏ luxurious͏͏ experience͏͏ of͏͏ Läderach͏͏ chocolates͏͏ to͏͏ Jio͏͏ World͏͏ Plaza,͏͏ marking͏͏ our͏͏ first͏͏ store͏͏ in͏͏ Mumbai,”͏͏ said͏͏ Sanskriti͏͏ Gupta͏͏ of͏͏ Läderach͏͏ India.͏͏ “Mumbai͏͏ is͏͏ a͏͏ strategic͏͏ market͏͏ for͏͏ us,͏͏ and͏͏ the͏͏ remarkable͏͏ enthusiasm͏͏ for͏͏ our͏͏ brand͏͏ is͏͏ reflected͏͏ in͏͏ the͏͏ success͏͏ of͏͏ our͏͏ e-commerce͏͏ offerings.”

Continue͏͏ Exploring:͏͏ DS Group expands Swiss luxury chocolate brand Läderach’s͏͏ online͏͏ operations͏͏ to͏͏ Mumbai

Plans͏͏ for͏͏ Future͏͏ Expansion:

The͏͏ brand͏͏ made͏͏ its͏͏ entry͏͏ into͏͏ the͏͏ country͏͏ through͏͏ a͏͏ partnership͏͏ with͏͏ the͏͏ multi-business͏͏ corporation͏͏ and͏͏ FMCG͏͏ conglomerate͏͏ Dharampal͏͏ Satyapal͏͏ Group͏͏ (DS͏͏ Group)͏͏ and͏͏ aims͏͏ to͏͏ launch͏͏ five͏͏ to͏͏ seven͏͏ exclusive͏͏ Läderach͏͏ boutiques͏͏ in͏͏ the͏͏ next͏͏ two͏͏ years.

Successful͏͏ Launch͏͏ in͏͏ New͏͏ Delhi:

Läderach͏͏ launched͏͏ its͏͏ first͏͏ exclusive͏͏ store͏͏ in͏͏ India͏͏ in͏͏ August͏͏ 2023͏͏ at͏͏ DLF͏͏ Emporio͏͏ in͏͏ New͏͏ Delhi.͏͏ Additionally,͏͏ the͏͏ brand͏͏ expanded͏͏ its͏͏ reach͏͏ by͏͏ launching͏͏ online͏͏ operations͏͏ in͏͏ Mumbai͏͏ towards͏͏ the͏͏ end͏͏ of͏͏ last͏͏ year.

Continue͏͏ Exploring:͏͏ DS͏͏ Group͏͏ unveils͏͏ India’s͏͏ first͏͏ exclusive͏͏ Läderach chocolate͏͏ store͏͏ in͏͏ New͏͏ Delhi’s͏͏ DLF͏͏ Emporio͏͏ Mall

Founded͏͏ in͏͏ 1962,͏͏ the͏͏ family-owned͏͏ chocolate͏͏ manufacturer͏͏ Läderach͏͏ employs͏͏ over͏͏ 1,700͏͏ people͏͏ from͏͏ more͏͏ than͏͏ 50͏͏ countries͏͏ and͏͏ is͏͏ headquartered͏͏ in͏͏ Switzerland.

Its͏͏ handcrafted͏͏ chocolates͏͏ are͏͏ available͏͏ in͏͏ over͏͏ 150͏͏ of͏͏ the͏͏ company’s͏͏ own͏͏ chocolateries͏͏ across͏͏ 18͏͏ countries,͏͏ as͏͏ well͏͏ as͏͏ through͏͏ franchise͏͏ partners͏͏ in͏͏ the͏͏ Middle͏͏ East͏͏ and͏͏ Asia.͏͏ The͏͏ brand͏͏ also͏͏ sells͏͏ products͏͏ via͏͏ its͏͏ online͏͏ store.

Founded͏͏ in͏͏ 1929,͏͏ the͏͏ DS͏͏ Group͏͏ operates͏͏ 32͏͏ manufacturing͏͏ units͏͏ and͏͏ 10͏͏ agricultural͏͏ sites.͏͏ It͏͏ boasts͏͏ an͏͏ extensive͏͏ and͏͏ diverse͏͏ portfolio͏͏ across͏͏ various͏͏ sectors,͏͏ including͏͏ mouth͏͏ fresheners,͏͏ food͏͏ and͏͏ beverages,͏͏ confectionery,͏͏ hospitality,͏͏ agriculture,͏͏ luxury͏͏ retail,͏͏ and͏͏ other͏͏ investments.

In͏͏ addition͏͏ to͏͏ Läderach,͏͏ the͏͏ Group͏͏ currently͏͏ includes͏͏ a͏͏ variety͏͏ of͏͏ other͏͏ brands͏͏ such͏͏ as͏͏ Catch,͏͏ Pulse,͏͏ Ksheer,͏͏ Pass͏͏ Pass,͏͏ Tulsi,͏͏ L’Opera,͏͏ Le͏͏ Marche,͏͏ UnCafe,͏͏ Birthright,͏͏ LuvIt,͏͏ Chingles,͏͏ The͏͏ Manu͏͏ Maharani,͏͏ and͏͏ Namah.

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Nothing Before Coffee opens 75th outlet in Connaught Place, plans to expand to 400 locations by 2027

By
M Haziq Pandit
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0
Nothing Before Coffee

Nothing Before Coffee (NBC), India’s fastest-growing coffee chain, has opened its 75th outlet in the bustling Connaught Place area of New Delhi. This͏͏ landmark͏͏ location͏͏ is͏͏ a͏͏ key͏͏ part͏͏ of͏͏ NBC’s͏͏ ambitious͏͏ expansion͏͏ strategy,͏͏ highlighting͏͏ the͏͏ brand’s͏͏ increasing͏͏ presence͏͏ in͏͏ India’s͏͏ retail͏͏ and͏͏ hospitality͏͏ sectors.͏͏ Alongside͏͏ the͏͏ Connaught͏͏ Place͏͏ store,͏͏ NBC͏͏ has͏͏ also͏͏ launched͏͏ new͏͏ outlets͏͏ in͏͏ Jaipur,͏͏ Surat,͏͏ Bangalore,͏͏ Dehradun,͏͏ and͏͏ Gwalior,͏͏ reflecting͏͏ its͏͏ rapid͏͏ growth͏͏ across͏͏ the͏͏ nation.

Rapid͏͏ Growth͏͏ Across͏͏ India:

NBC’s͏͏ expansion͏͏ in͏͏ 2024͏͏ has͏͏ been͏͏ remarkable,͏͏ with͏͏ more͏͏ than͏͏ 35͏͏ new͏͏ outlets͏͏ added,͏͏ increasing͏͏ its͏͏ total͏͏ to͏͏ 75͏͏ locations͏͏ across͏͏ India.͏͏ The͏͏ brand’s͏͏ dedication͏͏ to͏͏ providing͏͏ high-quality,͏͏ flavorful͏͏ brewed͏͏ coffee͏͏ and͏͏ beverages͏͏ at͏͏ affordable͏͏ prices͏͏ has͏͏ resonated͏͏ with͏͏ consumers͏͏ in͏͏ both͏͏ tier-I͏͏ and͏͏ tier-II͏͏ cities.͏͏ The͏͏ company͏͏ also͏͏ reported͏͏ its͏͏ best-ever͏͏ Q3͏͏ sales,͏͏ fueled͏͏ by͏͏ new͏͏ store͏͏ openings,͏͏ innovative͏͏ product͏͏ offerings,͏͏ and͏͏ growing͏͏ brand͏͏ loyalty.͏͏ NBC’s͏͏ seasonal͏͏ drinks͏͏ and͏͏ unique͏͏ brews͏͏ have͏͏ been͏͏ instrumental͏͏ in͏͏ this͏͏ success.

Continue͏͏ Exploring:͏͏ Nothing Before Coffee hits͏͏ milestone͏͏ with͏͏ 64th͏͏ store͏͏ in͏͏ Pune,͏͏ aims͏͏ for͏͏ INR͏͏ 100͏͏ Cr͏͏ revenue͏͏ by͏͏ 2025

The͏͏ new͏͏ Connaught͏͏ Place͏͏ outlet͏͏ is͏͏ more͏͏ than͏͏ just͏͏ another͏͏ store;͏͏ it͏͏ embodies͏͏ NBC’s͏͏ vision͏͏ for͏͏ the͏͏ future.͏͏ Situated͏͏ in͏͏ one͏͏ of͏͏ India’s͏͏ most͏͏ iconic͏͏ urban͏͏ locations,͏͏ the͏͏ store͏͏ is͏͏ designed͏͏ to͏͏ cater͏͏ to͏͏ a͏͏ diverse͏͏ clientele͏͏ of͏͏ professionals,͏͏ students,͏͏ tourists,͏͏ and͏͏ coffee͏͏ enthusiasts.͏͏ With͏͏ its͏͏ modern͏͏ design͏͏ and͏͏ spacious͏͏ layout,͏͏ the͏͏ flagship͏͏ store͏͏ aims͏͏ to͏͏ serve͏͏ as͏͏ a͏͏ community͏͏ hub͏͏ for͏͏ Delhi’s͏͏ vibrant͏͏ crowd.͏͏ The͏͏ menu͏͏ features͏͏ a͏͏ variety͏͏ of͏͏ offerings,͏͏ including͏͏ organic͏͏ coffee,͏͏ tea,͏͏ shakes,͏͏ mocktails,͏͏ hot͏͏ chocolate,͏͏ frappés,͏͏ and͏͏ an͏͏ assortment͏͏ of͏͏ snacks,͏͏ all͏͏ tailored͏͏ to͏͏ meet͏͏ the͏͏ refined͏͏ tastes͏͏ of͏͏ its͏͏ customers.

NBC͏͏ has͏͏ expanded͏͏ its͏͏ presence͏͏ across͏͏ 29͏͏ cities͏͏ and͏͏ 10͏͏ states͏͏ in͏͏ India,͏͏ with͏͏ plans͏͏ to͏͏ open͏͏ 8͏͏ new͏͏ outlets͏͏ in͏͏ October͏͏ 2024.͏͏ Akshay͏͏ Kedia,͏͏ Founder͏͏ and͏͏ CMO͏͏ of͏͏ Nothing͏͏ Before͏͏ Coffee,͏͏ stated,͏͏ “We’re͏͏ excited͏͏ to͏͏ launch͏͏ our͏͏ landmark͏͏ store͏͏ in͏͏ Connaught͏͏ Place,͏͏ a͏͏ cultural͏͏ and͏͏ commercial͏͏ hub͏͏ that͏͏ aligns͏͏ with͏͏ our͏͏ vision͏͏ for͏͏ Nothing͏͏ Before͏͏ Coffee.͏͏ This͏͏ store͏͏ embodies͏͏ our͏͏ commitment͏͏ to͏͏ delivering͏͏ an͏͏ exceptional͏͏ coffee͏͏ experience͏͏ while͏͏ celebrating͏͏ the͏͏ vibrant͏͏ spirit͏͏ of͏͏ the͏͏ location.͏͏ Our͏͏ growth͏͏ isn’t͏͏ just͏͏ about͏͏ numbers;͏͏ it’s͏͏ driven͏͏ by͏͏ our͏͏ dedication͏͏ to͏͏ sustainability,͏͏ quality,͏͏ and͏͏ weaving͏͏ stories͏͏ into͏͏ the͏͏ everyday͏͏ lives͏͏ of͏͏ our͏͏ customers.”

Future͏͏ Expansion͏͏ Plans:

Looking͏͏ ahead,͏͏ NBC͏͏ aims͏͏ to͏͏ expand͏͏ to͏͏ 400͏͏ stores͏͏ across͏͏ India͏͏ by͏͏ 2027,͏͏ solidifying͏͏ its͏͏ presence͏͏ in͏͏ both͏͏ metropolitan͏͏ and͏͏ tier-II͏͏ cities.͏͏ These͏͏ future͏͏ openings͏͏ will͏͏ highlight͏͏ the͏͏ brand’s͏͏ efforts͏͏ to͏͏ meet͏͏ the͏͏ increasing͏͏ demand͏͏ for͏͏ premium͏͏ coffee͏͏ experiences,͏͏ reinforcing͏͏ its͏͏ commitment͏͏ to͏͏ quality͏͏ and͏͏ customer͏͏ satisfaction͏͏ in͏͏ India’s͏͏ evolving͏͏ retail͏͏ and͏͏ hospitality͏͏ sectors.

Continue͏͏ Exploring:͏͏ Nothing Before Coffee expands͏͏ with͏͏ first͏͏ cafe͏͏ in͏͏ Portugal,͏͏ aims͏͏ for͏͏ 400͏͏ outlets͏͏ in͏͏ 2͏͏ years;͏͏ targets͏͏ INR͏͏ 400͏͏ Crore͏͏ revenue

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Kitchen appliances brand KAFF targets growth in tier II and III cities with new product launches and service expansion

By
M Haziq Pandit
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0
KAFF

KAFF, a leading Indian kitchen appliances brand, has carved out a significant niche in the commercial and residential modular kitchen markets, competing with top national and international brands. The͏͏ company͏͏ currently͏͏ operates͏͏ over͏͏ 400͏͏ brand͏͏ outlets͏͏ across͏͏ the͏͏ country,͏͏ with͏͏ nearly͏͏ 50͏͏ of͏͏ these͏͏ being͏͏ wholly͏͏ owned͏͏ and͏͏ managed͏͏ by͏͏ KAFF.͏͏ Additionally,͏͏ the͏͏ brand͏͏ is͏͏ present͏͏ in͏͏ more͏͏ than͏͏ 2,000͏͏ multi-brand͏͏ stores.

Starting͏͏ with͏͏ a͏͏ premium͏͏ range͏͏ of͏͏ chimneys͏͏ and͏͏ built-in͏͏ hobs,͏͏ the͏͏ company͏͏ has͏͏ evolved͏͏ into͏͏ a͏͏ comprehensive͏͏ solution͏͏ provider͏͏ in͏͏ the͏͏ modular͏͏ kitchen͏͏ sector.͏͏ Over͏͏ the͏͏ past͏͏ twenty͏͏ years,͏͏ it͏͏ has͏͏ expanded͏͏ its͏͏ offerings͏͏ to͏͏ include͏͏ built-in͏͏ microwaves,͏͏ refrigerators,͏͏ wine͏͏ coolers,͏͏ and͏͏ various͏͏ hardware͏͏ accessories,͏͏ such͏͏ as͏͏ sinks,͏͏ all͏͏ within͏͏ the͏͏ premium͏͏ market͏͏ segment.

Targeting͏͏ Emerging͏͏ Markets:

As͏͏ market͏͏ demand͏͏ shifts͏͏ from͏͏ larger͏͏ cities͏͏ to͏͏ tier͏͏ II͏͏ and͏͏ III͏͏ cities͏͏ and͏͏ towns͏͏ across͏͏ the͏͏ country,͏͏ the͏͏ company͏͏ is͏͏ poised͏͏ to͏͏ tailor͏͏ its͏͏ products͏͏ and͏͏ services͏͏ to͏͏ meet͏͏ these͏͏ emerging͏͏ market͏͏ opportunities,͏͏ according͏͏ to͏͏ Shital͏͏ Gupta,͏͏ CEO͏͏ of͏͏ KAFF͏͏ Appliances.

“We͏͏ are͏͏ in͏͏ the͏͏ process͏͏ of͏͏ launching͏͏ an͏͏ economy͏͏ segment͏͏ that͏͏ will͏͏ include͏͏ cooktops,͏͏ air͏͏ fryers,͏͏ and͏͏ other͏͏ small͏͏ kitchen͏͏ appliances͏͏ such͏͏ as͏͏ coffee͏͏ makers͏͏ and͏͏ hand͏͏ blenders,”͏͏ Gupta͏͏ stated.

Enhancing͏͏ Service͏͏ Franchise͏͏ Network:

As͏͏ the͏͏ company͏͏ aims͏͏ to͏͏ capitalise͏͏ on͏͏ the͏͏ market͏͏ potential͏͏ in͏͏ emerging͏͏ markets,͏͏ Gupta͏͏ noted͏͏ that͏͏ they͏͏ are͏͏ focusing͏͏ on͏͏ enhancing͏͏ their͏͏ “service͏͏ franchise͏͏ network”͏͏ soon.͏͏ “We͏͏ currently͏͏ have͏͏ 586͏͏ service͏͏ franchise͏͏ partners͏͏ across͏͏ the͏͏ country,͏͏ and͏͏ we͏͏ expect͏͏ this͏͏ number͏͏ to͏͏ reach͏͏ 800͏͏ by͏͏ the͏͏ end͏͏ of͏͏ the͏͏ year,”͏͏ he͏͏ stated.

He͏͏ stated͏͏ that͏͏ customers,͏͏ whether͏͏ they͏͏ are͏͏ large͏͏ developers͏͏ or͏͏ retail͏͏ clients,͏͏ prefer͏͏ to͏͏ engage͏͏ with͏͏ brands͏͏ that͏͏ have͏͏ established͏͏ and͏͏ reliable͏͏ after-sales͏͏ service͏͏ networks.

“When͏͏ it͏͏ comes͏͏ to͏͏ kitchen͏͏ appliances,͏͏ there͏͏ is͏͏ no͏͏ backup͏͏ available.͏͏ Therefore,͏͏ prompt͏͏ and͏͏ reliable͏͏ after-sales͏͏ service͏͏ is͏͏ essential,”͏͏ Gupta͏͏ remarked.

He͏͏ noted͏͏ that͏͏ the͏͏ variety͏͏ of͏͏ gadgets͏͏ used͏͏ in͏͏ modular͏͏ kitchens͏͏ has͏͏ increased͏͏ significantly͏͏ in͏͏ recent͏͏ years,͏͏ creating͏͏ new͏͏ opportunities͏͏ for͏͏ manufacturers͏͏ and͏͏ service͏͏ providers͏͏ in͏͏ the͏͏ sector.

“The͏͏ kitchen͏͏ appliances͏͏ retail͏͏ market͏͏ in͏͏ India͏͏ is͏͏ estimated͏͏ to͏͏ be͏͏ worth͏͏ INR͏͏ 50,000͏͏ crore,”͏͏ he͏͏ asserted.

Continue͏͏ Exploring:͏͏ Godrej͏͏ Interio͏͏ to͏͏ launch͏͏ 10͏͏ new͏͏ kitchen specialty͏͏ stores͏͏ by͏͏ FY25

KAFF’s͏͏ B2B͏͏ Market͏͏ Partnerships:

Discussing͏͏ the͏͏ B2B͏͏ projects͏͏ market,͏͏ he͏͏ mentioned͏͏ that͏͏ KAFF͏͏ is͏͏ a͏͏ preferred͏͏ partner͏͏ for͏͏ several͏͏ real͏͏ estate͏͏ developers,͏͏ as͏͏ the͏͏ current͏͏ trend͏͏ is͏͏ for͏͏ these͏͏ developers͏͏ to͏͏ provide͏͏ fully͏͏ equipped͏͏ modular͏͏ kitchens͏͏ to͏͏ their͏͏ clients.

“The͏͏ hotels͏͏ and͏͏ restaurants͏͏ are͏͏ part͏͏ of͏͏ the͏͏ domestic͏͏ project͏͏ segment.͏͏ We͏͏ supply͏͏ our͏͏ cooking͏͏ ranges͏͏ and͏͏ built-in͏͏ ovens͏͏ to͏͏ many͏͏ hotels͏͏ and͏͏ restaurants,͏͏ making͏͏ this͏͏ a͏͏ significant͏͏ area͏͏ for͏͏ us,”͏͏ he͏͏ stated,͏͏ adding,͏͏ “We͏͏ are͏͏ one͏͏ of͏͏ the͏͏ most͏͏ admired͏͏ and͏͏ trusted͏͏ brands͏͏ in͏͏ the͏͏ premium͏͏ segment͏͏ of͏͏ the͏͏ B2B͏͏ market.”

As͏͏ an͏͏ Indian͏͏ company͏͏ with͏͏ manufacturing͏͏ facilities͏͏ in͏͏ the͏͏ country,͏͏ Gupta͏͏ mentioned͏͏ that͏͏ they͏͏ are͏͏ well-positioned͏͏ to͏͏ provide͏͏ customised͏͏ products͏͏ and͏͏ solutions͏͏ to͏͏ customers.͏͏ When͏͏ asked͏͏ about͏͏ growth,͏͏ he͏͏ stated͏͏ that͏͏ KAFF͏͏ is͏͏ set͏͏ to͏͏ surpass͏͏ the͏͏ market͏͏ average͏͏ in͏͏ terms͏͏ of͏͏ growth͏͏ moving͏͏ forward.

Continue͏͏ Exploring:͏͏ Havells͏͏ India͏͏ joins͏͏ forces͏͏ with͏͏ Jumbo͏͏ Group͏͏ to͏͏ launch͏͏ kitchen appliances in͏͏ UAE

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Karnataka CID takes over investigation of Swiggy’s INR 33 Cr embezzlement case

By
M Haziq Pandit
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0
Swiggy

The Karnataka Crime Investigation Department (CID) has taken over the investigation of a complaint filed by IPO-bound Swiggy, involving a former junior employee who allegedly defrauded the foodtech startup of nearly INR 33 Cr.

The͏͏ case͏͏ has͏͏ been͏͏ handed͏͏ over͏͏ to͏͏ the͏͏ Karnataka͏͏ CID,͏͏ with͏͏ the͏͏ investigation͏͏ ongoing͏͏ and͏͏ a͏͏ breakthrough͏͏ anticipated͏͏ soon,͏͏ Moneycontrol͏͏ reported,͏͏ citing͏͏ sources͏͏ within͏͏ the͏͏ department.͏͏ Initially͏͏ launched͏͏ at͏͏ Marathahalli͏͏ Police͏͏ Station,͏͏ the͏͏ probe͏͏ was͏͏ transferred͏͏ to͏͏ the͏͏ CID͏͏ due͏͏ to͏͏ the͏͏ significant͏͏ amount͏͏ involved.

Embezzlement Details͏͏ Revealed͏͏ in͏͏ DRHP:

In͏͏ its͏͏ updated͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP)͏͏ filed͏͏ with͏͏ market͏͏ regulator͏͏ SEBI,͏͏ Swiggy͏͏ revealed͏͏ that͏͏ in͏͏ fiscal͏͏ year͏͏ 2023-24͏͏ (FY24),͏͏ a͏͏ former͏͏ employee͏͏ embezzled͏͏ INR͏͏ 32.67͏͏ Cr͏͏ from͏͏ its͏͏ business-to-business͏͏ (B2B)͏͏ division,͏͏ Scootsy͏͏ Logistics.

Continue͏͏ Exploring:͏͏ Former͏͏ junior͏͏ staff͏͏ at͏͏ Swiggy embezzled͏͏ INR͏͏ 33͏͏ Cr;͏͏ investigation͏͏ underway

The͏͏ case͏͏ traces͏͏ back͏͏ to͏͏ November͏͏ 2023,͏͏ when͏͏ Scootsy͏͏ lodged͏͏ a͏͏ police͏͏ complaint͏͏ against͏͏ a͏͏ former͏͏ junior͏͏ employee͏͏ and͏͏ at͏͏ least͏͏ a͏͏ dozen͏͏ vendors,͏͏ alleging͏͏ they͏͏ conspired͏͏ to͏͏ embezzle͏͏ INR͏͏ 32.67͏͏ Cr͏͏ between͏͏ August͏͏ 2021͏͏ and͏͏ February͏͏ 2022.

Last͏͏ month,͏͏ reports͏͏ surfaced͏͏ that͏͏ Swiggy͏͏ had͏͏ filed͏͏ a͏͏ legal͏͏ complaint͏͏ against͏͏ the͏͏ employee͏͏ involved͏͏ in͏͏ the͏͏ misappropriation͏͏ of͏͏ funds͏͏ and͏͏ had͏͏ appointed͏͏ an͏͏ external͏͏ team͏͏ to͏͏ investigate͏͏ the͏͏ issue.

According͏͏ to͏͏ the͏͏ first͏͏ information͏͏ report͏͏ (FIR)͏͏ obtained͏͏ by͏͏ Moneycontrol,͏͏ Srikhara͏͏ KM͏͏ has͏͏ been͏͏ named͏͏ the͏͏ prime͏͏ suspect͏͏ in͏͏ the͏͏ case.͏͏ He͏͏ allegedly͏͏ held͏͏ the͏͏ roles͏͏ of͏͏ financial͏͏ manager͏͏ and͏͏ general͏͏ manager͏͏ at͏͏ Scootsy͏͏ when͏͏ he͏͏ illicitly͏͏ transferred͏͏ INR͏͏ 32.67͏͏ Cr͏͏ to͏͏ RPGS͏͏ Associates,͏͏ one͏͏ of͏͏ Swiggy’s͏͏ vendors.

Multiple͏͏ Vendors͏͏ Implicated͏͏ in͏͏ the͏͏ Case:

The͏͏ report͏͏ indicates͏͏ that͏͏ several͏͏ other͏͏ Swiggy͏͏ vendors,͏͏ including͏͏ Fresh͏͏ Farm͏͏ Agro,͏͏ First͏͏ Choice͏͏ Grocery,͏͏ and͏͏ Packingocity,͏͏ along͏͏ with͏͏ their͏͏ executives,͏͏ are͏͏ co-accused͏͏ in͏͏ the͏͏ case.

Swiggy Faces͏͏ Additional͏͏ Challenges:

This͏͏ development͏͏ comes͏͏ as͏͏ Swiggy͏͏ faces͏͏ a͏͏ dual͏͏ challenge͏͏ of͏͏ potential͏͏ GST͏͏ liabilities͏͏ exceeding͏͏ INR͏͏ 326͏͏ Cr͏͏ and͏͏ allegations͏͏ of͏͏ child͏͏ labour,͏͏ all͏͏ in͏͏ the͏͏ lead-up͏͏ to͏͏ its͏͏ public͏͏ listing.

Meanwhile,͏͏ the͏͏ startup͏͏ has͏͏ received͏͏ approval͏͏ from͏͏ its͏͏ shareholders͏͏ to͏͏ expand͏͏ the͏͏ size͏͏ of͏͏ the͏͏ fresh͏͏ issue͏͏ of͏͏ shares͏͏ in͏͏ its͏͏ IPO͏͏ to͏͏ INR͏͏ 5,000͏͏ Cr.

Over͏͏ the͏͏ past͏͏ few͏͏ weeks,͏͏ investors͏͏ have͏͏ flocked͏͏ to͏͏ acquire͏͏ Swiggy͏͏ shares,͏͏ eager͏͏ to͏͏ secure͏͏ substantial͏͏ profits͏͏ following͏͏ the͏͏ company’s͏͏ debut͏͏ on͏͏ Dalal͏͏ Street.

Ahead͏͏ of͏͏ the͏͏ highly͏͏ anticipated͏͏ IPO,͏͏ US-based͏͏ asset͏͏ manager͏͏ Invesco͏͏ raised͏͏ the͏͏ foodtech͏͏ major’s͏͏ valuation͏͏ to͏͏ $13.3͏͏ billion,͏͏ reflecting͏͏ a͏͏ 25%͏͏ increase͏͏ from͏͏ the͏͏ last͏͏ fair͏͏ value͏͏ reported͏͏ by͏͏ the͏͏ investor.

Continue͏͏ Exploring:͏͏ IPO-bound͏͏ Swiggy receives͏͏ shareholders’͏͏ approval͏͏ to͏͏ increase͏͏ fresh͏͏ issue͏͏ size͏͏ to͏͏ INR͏͏ 5,000͏͏ Cr

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IPO-bound Swiggy receives shareholders’ approval to increase fresh issue size to INR 5,000 Cr

By
M Haziq Pandit
-
0
Swiggy

IPO-bound Swiggy has reportedly gained shareholder approval to increase the size of its fresh issue in its initial public offering to INR 5,000 Cr, up from the earlier INR 3,750 Cr.

The͏͏ foodtech͏͏ giant͏͏ gained͏͏ approval͏͏ at͏͏ its͏͏ extraordinary͏͏ general͏͏ meeting͏͏ (EGM)͏͏ on͏͏ October͏͏ 3,͏͏ according͏͏ to͏͏ Moneycontrol.

The͏͏ Bengaluru-based͏͏ startup͏͏ had͏͏ previously͏͏ announced͏͏ its͏͏ plan͏͏ to͏͏ seek͏͏ shareholder͏͏ approval͏͏ for͏͏ raising͏͏ an͏͏ additional͏͏ INR͏͏ 1,250͏͏ Cr͏͏ through͏͏ the͏͏ fresh͏͏ issuance͏͏ of͏͏ shares.

Total͏͏ IPO Target͏͏ at͏͏ $1.4͏͏ Bn:

With͏͏ shareholder͏͏ consent͏͏ now͏͏ secured,͏͏ Swiggy͏͏ is͏͏ set͏͏ to͏͏ raise͏͏ a͏͏ total͏͏ of͏͏ $1.4͏͏ Bn͏͏ through͏͏ its͏͏ IPO,͏͏ up͏͏ from͏͏ the͏͏ previously͏͏ planned͏͏ $1.25͏͏ Bn,͏͏ at͏͏ a͏͏ likely͏͏ valuation͏͏ of͏͏ $15͏͏ Bn,͏͏ according͏͏ to͏͏ the͏͏ report.

Queries͏͏ directed͏͏ towards͏͏ Swiggy͏͏ went͏͏ unanswered

This͏͏ comes͏͏ days͏͏ after͏͏ the͏͏ company͏͏ filed͏͏ an͏͏ updated͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP)͏͏ with͏͏ market͏͏ regulator͏͏ SEBI͏͏ for͏͏ its͏͏ public͏͏ listing.

Continue͏͏ Exploring:͏͏ Swiggy files͏͏ updated͏͏ DRHP͏͏ with͏͏ SEBI͏͏ for͏͏ INR͏͏ 3,750͏͏ Cr͏͏ IPO

IPO to͏͏ Include͏͏ Fresh͏͏ Shares͏͏ and͏͏ Offer͏͏ for͏͏ Sale:

According͏͏ to͏͏ the͏͏ DRHP,͏͏ Swiggy͏͏ planned͏͏ to͏͏ raise͏͏ INR͏͏ 3,750͏͏ Cr͏͏ through͏͏ the͏͏ fresh͏͏ issuance͏͏ of͏͏ shares.͏͏ Additionally,͏͏ its͏͏ IPO͏͏ includes͏͏ an͏͏ offer͏͏ for͏͏ sale͏͏ component͏͏ of͏͏ 18.53͏͏ Cr͏͏ shares.

Ahead͏͏ of͏͏ its͏͏ much-anticipated͏͏ IPO,͏͏ US-based͏͏ asset͏͏ manager͏͏ Invesco͏͏ raised͏͏ Swiggy’s͏͏ valuation͏͏ to͏͏ $13.3͏͏ Bn,͏͏ reflecting͏͏ a͏͏ 25%͏͏ increase͏͏ from͏͏ the͏͏ last͏͏ fair͏͏ value͏͏ recorded͏͏ by͏͏ the͏͏ investor.

Elara͏͏ Capital͏͏ Sees͏͏ Lower͏͏ Valuation͏͏ Than͏͏ Zomato:

Recently,͏͏ brokerage͏͏ firm͏͏ Elara͏͏ Capital͏͏ stated͏͏ that͏͏ it͏͏ expects͏͏ Swiggy͏͏ to͏͏ achieve͏͏ a͏͏ lower͏͏ valuation͏͏ in͏͏ the͏͏ public͏͏ market͏͏ compared͏͏ to͏͏ Zomato,͏͏ as͏͏ it͏͏ continues͏͏ to͏͏ lag͏͏ behind͏͏ the͏͏ Deepinder͏͏ Goyal-led͏͏ startup͏͏ in͏͏ several͏͏ key͏͏ metrics,͏͏ including͏͏ revenue,͏͏ gross͏͏ order͏͏ volume,͏͏ and͏͏ order͏͏ count.

However,͏͏ investors͏͏ have͏͏ been͏͏ flocking͏͏ to͏͏ buy͏͏ unlisted͏͏ shares͏͏ of͏͏ Swiggy͏͏ ahead͏͏ of͏͏ its͏͏ IPO.

Continue͏͏ Exploring:͏͏ Swiggy attracts͏͏ celebrity͏͏ investors:͏͏ Rahul͏͏ Dravid,͏͏ Karan͏͏ Johar͏͏ &͏͏ others͏͏ invest͏͏ in͏͏ pre-IPO͏͏ round

According͏͏ to͏͏ Swiggy’s͏͏ DRHP,͏͏ its͏͏ consolidated͏͏ net͏͏ loss͏͏ increased͏͏ by͏͏ over͏͏ 8%͏͏ to͏͏ INR͏͏ 611͏͏ Cr͏͏ in͏͏ the͏͏ June͏͏ quarter͏͏ of͏͏ the͏͏ financial͏͏ year͏͏ 2024-25͏͏ (Q1͏͏ FY25),͏͏ up͏͏ from͏͏ INR͏͏ 564.08͏͏ Cr͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year,͏͏ due͏͏ to͏͏ a͏͏ rise͏͏ in͏͏ operating͏͏ costs.

However,͏͏ Swiggy’s͏͏ revenue͏͏ from͏͏ operations͏͏ surged͏͏ by͏͏ 35%͏͏ to͏͏ INR͏͏ 3,222.2͏͏ Cr͏͏ during͏͏ the͏͏ quarter͏͏ under͏͏ review,͏͏ up͏͏ from͏͏ INR͏͏ 2,389.8͏͏ Cr͏͏ in͏͏ Q1͏͏ FY24,͏͏ driven͏͏ by͏͏ robust͏͏ growth͏͏ in͏͏ its͏͏ food͏͏ delivery͏͏ and͏͏ quick͏͏ commerce͏͏ sectors.

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