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Vegetarian thali prices surge 11% YoY; non-vegetarian thalis report 2% decline

By
M Haziq Pandit
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0
Vegetarian Thali

The cost of home-cooked vegetarian thalis increased by 11% year-on-year in September, while non-vegetarian thalis saw a 2% decline, according to Crisil.

The͏͏ increase͏͏ in͏͏ vegetarian͏͏ thali͏͏ prices͏͏ was͏͏ mainly͏͏ driven͏͏ by͏͏ rising͏͏ vegetable͏͏ costs.͏͏ Onions,͏͏ potatoes,͏͏ and͏͏ tomatoes͏͏ saw͏͏ year-on-year͏͏ price͏͏ increases͏͏ of͏͏ 53%,͏͏ 50%,͏͏ and͏͏ 18%,͏͏ respectively.͏͏ The͏͏ surge͏͏ in͏͏ potato͏͏ and͏͏ onion͏͏ prices͏͏ was͏͏ due͏͏ to͏͏ reduced͏͏ supply,͏͏ while͏͏ tomato͏͏ prices͏͏ were͏͏ impacted͏͏ by͏͏ heavy͏͏ rainfall͏͏ affecting͏͏ output͏͏ in͏͏ Andhra͏͏ Pradesh͏͏ and͏͏ Maharashtra.

Continue͏͏ Exploring:͏͏ Inflation͏͏ drives͏͏ up͏͏ thali prices:͏͏ Veg thali 11%͏͏ more͏͏ expensive͏͏ in͏͏ July,͏͏ non-veg thali up͏͏ 6%

Vegetables͏͏ make͏͏ up͏͏ approximately͏͏ 37%͏͏ of͏͏ the͏͏ total͏͏ cost͏͏ of͏͏ a͏͏ vegetarian͏͏ thali.

The͏͏ prices͏͏ of͏͏ pulses,͏͏ which͏͏ make͏͏ up͏͏ 9%͏͏ of͏͏ the͏͏ cost͏͏ of͏͏ a͏͏ thali,͏͏ increased͏͏ by͏͏ 14%͏͏ compared͏͏ to͏͏ last͏͏ year,͏͏ driven͏͏ by͏͏ reduced͏͏ opening͏͏ stock͏͏ due͏͏ to͏͏ a͏͏ lower͏͏ yield͏͏ from͏͏ the͏͏ previous͏͏ year.

Decline͏͏ in͏͏ Non-Vegetarian Thali Costs:

In͏͏ contrast,͏͏ the͏͏ cost͏͏ of͏͏ the͏͏ non-veg͏͏ thali͏͏ was͏͏ impacted͏͏ by͏͏ a͏͏ year-on-year͏͏ decrease͏͏ of͏͏ 13%͏͏ in͏͏ broiler͏͏ chicken͏͏ prices.

“We͏͏ anticipate͏͏ a͏͏ moderate͏͏ correction͏͏ in͏͏ onion͏͏ prices͏͏ as͏͏ the͏͏ kharif͏͏ supply͏͏ enters͏͏ the͏͏ market.͏͏ While͏͏ potato͏͏ prices͏͏ are͏͏ also͏͏ expected͏͏ to͏͏ decrease,͏͏ tomato͏͏ prices͏͏ may͏͏ stay͏͏ high͏͏ due͏͏ to͏͏ limited͏͏ supply,”͏͏ said͏͏ Pushan͏͏ Sharma,͏͏ Director͏͏ of͏͏ Research͏͏ at͏͏ Crisil͏͏ Market͏͏ Intelligence͏͏ and͏͏ Analytics.

Continue͏͏ Exploring:͏͏ Vegetarian thali’s͏͏ cost͏͏ continues͏͏ to͏͏ rise͏͏ as͏͏ non-veg thali gets͏͏ cheaper

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Wooden Street hits 100-store milestone with new Udaipur outlet

By
M Haziq Pandit
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0
Wooden Street

Jaipur-based home decor and furnishing brand Wooden Street has marked a significant milestone by opening its 100th store in Udaipur.

“We͏͏ couldn’t͏͏ have͏͏ achieved͏͏ this͏͏ milestone͏͏ without͏͏ the͏͏ trust͏͏ and͏͏ support͏͏ of͏͏ our͏͏ customers,͏͏ partners,͏͏ and͏͏ team͏͏ members.͏͏ We͏͏ look͏͏ forward͏͏ to͏͏ the͏͏ future͏͏ and͏͏ what͏͏ lies͏͏ ahead͏͏ for͏͏ Wooden͏͏ Street,”͏͏ stated͏͏ Lokendra͏͏ Ranawat,͏͏ CEO͏͏ of͏͏ Wooden͏͏ Street.

In͏͏ July,͏͏ the͏͏ retailer͏͏ launched͏͏ its͏͏ 99th͏͏ store͏͏ in͏͏ Marathahalli,͏͏ Bengaluru,͏͏ bringing͏͏ the͏͏ total͏͏ number͏͏ of͏͏ Wooden͏͏ Street͏͏ outlets͏͏ in͏͏ the͏͏ city͏͏ to͏͏ 19.

Established͏͏ in͏͏ 2015,͏͏ Wooden͏͏ Street͏͏ has͏͏ catered͏͏ to͏͏ over͏͏ one͏͏ million͏͏ customers͏͏ and͏͏ features͏͏ a͏͏ collection͏͏ of͏͏ more͏͏ than͏͏ 30,000͏͏ furniture,͏͏ décor,͏͏ and͏͏ furnishing͏͏ products.

Strong͏͏ Presence͏͏ in͏͏ Key͏͏ Cities:

The͏͏ brand͏͏ operates͏͏ both͏͏ online͏͏ and͏͏ through͏͏ a͏͏ network͏͏ of͏͏ physical͏͏ stores͏͏ in͏͏ cities͏͏ including͏͏ Bengaluru͏͏ (19),͏͏ Mumbai͏͏ (11),͏͏ Hyderabad͏͏ (10),͏͏ Chennai͏͏ (7),͏͏ Pune͏͏ (7),͏͏ Delhi͏͏ NCR͏͏ (12),͏͏ Jaipur͏͏ (4),͏͏ and͏͏ Ahmedabad͏͏ (3).͏͏ Additionally,͏͏ it͏͏ manages͏͏ more͏͏ than͏͏ 30͏͏ warehouses͏͏ and͏͏ over͏͏ 350͏͏ delivery͏͏ hubs͏͏ across͏͏ the͏͏ country.

Continue͏͏ Exploring:͏͏ Wooden Street expands͏͏ retail͏͏ footprint͏͏ with͏͏ latest͏͏ store͏͏ in͏͏ Bengaluru

Plans͏͏ for͏͏ 300͏͏ New͏͏ Stores:

In͏͏ September͏͏ 2023,͏͏ the͏͏ furniture͏͏ retailer͏͏ announced͏͏ plans͏͏ to͏͏ open͏͏ 300͏͏ stores͏͏ across͏͏ India͏͏ in͏͏ the͏͏ next͏͏ 36͏͏ months,͏͏ with͏͏ a͏͏ revenue͏͏ target͏͏ of͏͏ INR͏͏ 50͏͏ million.

Although͏͏ most͏͏ of͏͏ its͏͏ stores͏͏ are͏͏ situated͏͏ in͏͏ metropolitan͏͏ areas,͏͏ the͏͏ company͏͏ is͏͏ also͏͏ expanding͏͏ into͏͏ tier-1͏͏ and͏͏ tier-2͏͏ cities͏͏ to͏͏ address͏͏ the͏͏ increasing͏͏ demand͏͏ for͏͏ premium͏͏ furniture͏͏ and͏͏ home͏͏ decor.

Earlier͏͏ this͏͏ year,͏͏ Wooden͏͏ Street͏͏ introduced͏͏ Light͏͏ Street,͏͏ a͏͏ unique͏͏ in-house͏͏ brand͏͏ focused͏͏ on͏͏ lighting͏͏ decor.͏͏ The͏͏ company͏͏ plans͏͏ to͏͏ launch͏͏ approximately͏͏ 50͏͏ similar͏͏ stores͏͏ in͏͏ the͏͏ next͏͏ 18͏͏ to͏͏ 24͏͏ months͏͏ in͏͏ metropolitan͏͏ areas͏͏ such͏͏ as͏͏ Bengaluru,͏͏ Delhi,͏͏ Gurugram,͏͏ Mumbai,͏͏ Pune,͏͏ Kolkata,͏͏ Hyderabad,͏͏ and͏͏ Jaipur.

Continue͏͏ Exploring:͏͏ Furniture͏͏ brand͏͏ Wooden Street expands͏͏ presence͏͏ with͏͏ new͏͏ store͏͏ at͏͏ Chennai’s͏͏ Marina͏͏ Mall

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Dubai court orders attachment of Honasa Consumer’s assets amid distributor dispute

By
M Haziq Pandit
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0
Mamaearth Honasa Consumer

The ongoing dispute between Honasa Consumer, the parent company of Mamaearth, and its former distributor, RSM General Trading, has escalated, with a Dubai court reaffirming its earlier order to attach the assets of the D2C brand’s parent company.

In͏͏ an͏͏ exchange͏͏ filing,͏͏ Honasa͏͏ stated͏͏ that͏͏ the͏͏ Court͏͏ of͏͏ Merits͏͏ in͏͏ Dubai͏͏ dismissed͏͏ the͏͏ grievances͏͏ of͏͏ both͏͏ parties͏͏ on͏͏ October͏͏ 1,͏͏ including͏͏ RSM͏͏ General͏͏ Trading’s͏͏ request͏͏ to͏͏ annul͏͏ the͏͏ trading͏͏ licence͏͏ of͏͏ Honasa͏͏ Consumer͏͏ General͏͏ Trading͏͏ LLC,͏͏ its͏͏ subsidiary͏͏ in͏͏ Dubai.

The͏͏ Dubai͏͏ court’s͏͏ initial͏͏ ruling͏͏ was͏͏ issued͏͏ on͏͏ June͏͏ 6,͏͏ prompting͏͏ both͏͏ parties͏͏ to͏͏ file͏͏ appeals͏͏ against͏͏ the͏͏ decision.

In͏͏ an͏͏ exchange͏͏ filing,͏͏ Honasa͏͏ stated,͏͏ “The͏͏ Company͏͏ has͏͏ received͏͏ the͏͏ judgment͏͏ dated͏͏ October͏͏ 1,͏͏ 2024,͏͏ from͏͏ the͏͏ Court͏͏ of͏͏ Merits͏͏ in͏͏ Dubai,͏͏ which͏͏ rejected͏͏ the͏͏ grievances͏͏ submitted͏͏ by͏͏ both͏͏ parties.͏͏ The͏͏ court͏͏ has͏͏ ordered͏͏ the͏͏ attachment͏͏ of͏͏ assets͏͏ belonging͏͏ to͏͏ Honasa͏͏ Consumer͏͏ Limited͏͏ in͏͏ the͏͏ UAE͏͏ and͏͏ declined͏͏ to͏͏ revoke͏͏ the͏͏ trading͏͏ licence͏͏ of͏͏ Honasa͏͏ Consumer͏͏ General͏͏ Trading͏͏ LLC.”

Honasa Plans͏͏ to͏͏ Appeal͏͏ Latest͏͏ Judgment:

However,͏͏ the͏͏ D2C͏͏ major͏͏ stated͏͏ in͏͏ the͏͏ filing͏͏ that͏͏ it͏͏ intends͏͏ to͏͏ appeal͏͏ the͏͏ Dubai͏͏ court’s͏͏ most͏͏ recent͏͏ ruling.

Continue͏͏ Exploring:͏͏ Delhi͏͏ HC͏͏ orders͏͏ Honasa Consumer’s͏͏ UAE͏͏ distributor͏͏ to͏͏ withdraw͏͏ execution͏͏ proceedings͏͏ in͏͏ Dubai

Market͏͏ Reaction:

As͏͏ a͏͏ result,͏͏ Honasa’s͏͏ shares͏͏ plummeted͏͏ by͏͏ as͏͏ much͏͏ as͏͏ 4.6%,͏͏ hitting͏͏ an͏͏ intraday͏͏ low͏͏ of͏͏ INR͏͏ 425.00.

However,͏͏ emphasizing͏͏ a͏͏ directive͏͏ from͏͏ the͏͏ Delhi͏͏ High͏͏ Court,͏͏ Honasa͏͏ asserted͏͏ that͏͏ the͏͏ latest͏͏ ruling͏͏ will͏͏ not͏͏ have͏͏ any͏͏ financial͏͏ implications͏͏ for͏͏ the͏͏ company.

The͏͏ order͏͏ noted͏͏ that͏͏ if͏͏ the͏͏ Dubai͏͏ court͏͏ proceeds͏͏ with͏͏ enforcement͏͏ against͏͏ Honasa,͏͏ the͏͏ Delhi͏͏ High͏͏ Court͏͏ will͏͏ release͏͏ the͏͏ funds͏͏ to͏͏ the͏͏ D2C͏͏ brand.

In͏͏ its͏͏ latest͏͏ filing,͏͏ Honasa͏͏ highlighted͏͏ that͏͏ it͏͏ is͏͏ in͏͏ the͏͏ process͏͏ of͏͏ initiating͏͏ contempt͏͏ proceedings͏͏ against͏͏ RSM͏͏ General͏͏ Trading͏͏ in͏͏ the͏͏ Delhi͏͏ High͏͏ Court͏͏ for͏͏ not͏͏ adhering͏͏ to͏͏ the͏͏ court’s͏͏ ruling.

At͏͏ the͏͏ centre͏͏ of͏͏ this͏͏ controversy͏͏ is͏͏ Honasa’s͏͏ decision͏͏ to͏͏ sever͏͏ ties͏͏ with͏͏ RSM͏͏ General͏͏ Trading,͏͏ which͏͏ claims͏͏ that͏͏ Honasa͏͏ abruptly͏͏ terminated͏͏ their͏͏ distributorship͏͏ agreement.

RSM͏͏ General͏͏ Trading͏͏ served͏͏ as͏͏ Honasa’s͏͏ distributor͏͏ in͏͏ the͏͏ Middle͏͏ East͏͏ and͏͏ Africa͏͏ from͏͏ July͏͏ 30,͏͏ 2020,͏͏ to͏͏ January͏͏ 17,͏͏ 2023.

Earlier͏͏ in͏͏ May,͏͏ the͏͏ UAE’s͏͏ Court͏͏ of͏͏ Full͏͏ Commercial͏͏ Jurisdiction͏͏ ordered͏͏ Honasa͏͏ to͏͏ pay͏͏ AED͏͏ 25.07͏͏ million͏͏ (around͏͏ INR͏͏ 57͏͏ crore)͏͏ in͏͏ damages͏͏ to͏͏ RSM͏͏ General͏͏ Trading.

In͏͏ addition,͏͏ the͏͏ court͏͏ directed͏͏ the͏͏ company͏͏ to͏͏ pay͏͏ legal͏͏ interest͏͏ at͏͏ a͏͏ rate͏͏ of͏͏ 5%͏͏ (from͏͏ the͏͏ date͏͏ the͏͏ judgment͏͏ becomes͏͏ final͏͏ until͏͏ full͏͏ payment͏͏ is͏͏ made)͏͏ and͏͏ AED͏͏ 1,000͏͏ (INR͏͏ 22,665)͏͏ for͏͏ attorney͏͏ fees.

Founded͏͏ in͏͏ 2016͏͏ by͏͏ husband-and-wife͏͏ duo͏͏ Varun͏͏ and͏͏ Ghazal͏͏ Alagh,͏͏ Honasa’s͏͏ product͏͏ portfolio͏͏ includes͏͏ six͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ brands:͏͏ Mamaearth,͏͏ The͏͏ Derma͏͏ Co.,͏͏ Aqualogica,͏͏ Ayuga,͏͏ BBlunt,͏͏ and͏͏ Dr.͏͏ Sheth’s.

Financially,͏͏ the͏͏ D2C͏͏ major͏͏ reported͏͏ a͏͏ 62.9%͏͏ increase͏͏ in͏͏ its͏͏ profit͏͏ after͏͏ tax͏͏ (PAT),͏͏ rising͏͏ to͏͏ INR͏͏ 40.2͏͏ crore͏͏ in͏͏ the͏͏ June͏͏ quarter͏͏ (Q1)͏͏ of͏͏ the͏͏ financial͏͏ year͏͏ 2024-25͏͏ (FY25),͏͏ up͏͏ from͏͏ INR͏͏ 24.7͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ quarter͏͏ last͏͏ year,͏͏ driven͏͏ by͏͏ higher͏͏ sales͏͏ of͏͏ its͏͏ beauty͏͏ products.

Operating͏͏ revenue͏͏ increased͏͏ by͏͏ 19.3%͏͏ year-on-year͏͏ (YoY)͏͏ and͏͏ 17.3%͏͏ sequentially,͏͏ reaching͏͏ INR͏͏ 554͏͏ crore͏͏ in͏͏ the͏͏ reported͏͏ quarter.

Shares͏͏ of͏͏ Honasa͏͏ closed͏͏ Friday’s͏͏ trading͏͏ session͏͏ at͏͏ INR͏͏ 427.95͏͏ on͏͏ the͏͏ BSE,͏͏ marking͏͏ a͏͏ decline͏͏ of͏͏ 4.04%͏͏ from͏͏ the͏͏ previous͏͏ close.

Continue͏͏ Exploring:͏͏ ͏Mamaearth parent Honasa Consumer ordered͏͏ to͏͏ pay͏͏ INR͏͏ 56.6͏͏ Crores͏͏ compensation͏͏ to͏͏ UAE͏͏ distributor

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Amazon and India Post join forces to enhance last-mile delivery across India

By
M Haziq Pandit
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0
Amazon

E-commerce giant Amazon has teamed up with India Post to facilitate customer deliveries to every pin code across the nation.

Leveraging͏͏ Last-Mile͏͏ Delivery͏͏ Networks:

Under͏͏ a͏͏ memorandum͏͏ of͏͏ understanding͏͏ (MoU),͏͏ Amazon͏͏ will͏͏ leverage͏͏ India͏͏ Post’s͏͏ last-mile͏͏ delivery͏͏ network,͏͏ allowing͏͏ it͏͏ to͏͏ improve͏͏ the͏͏ speed,͏͏ efficiency,͏͏ and͏͏ reach͏͏ of͏͏ its͏͏ deliveries,͏͏ particularly͏͏ in͏͏ remote͏͏ and͏͏ rural͏͏ areas.

With͏͏ this͏͏ partnership,͏͏ both͏͏ platforms͏͏ will͏͏ aim͏͏ to͏͏ streamline͏͏ operations,͏͏ enhance͏͏ efficiencies,͏͏ optimize͏͏ resource͏͏ use,͏͏ and͏͏ investigate͏͏ capacity͏͏ sharing͏͏ within͏͏ their͏͏ logistics͏͏ networks.

Continue͏͏ Exploring:͏͏ Amazon India͏͏ and͏͏ Indian͏͏ Railways͏͏ sign͏͏ MoU͏͏ to͏͏ boost͏͏ e-commerce͏͏ parcel͏͏ delivery͏͏ efficiency

Over͏͏ the͏͏ last͏͏ 2-3͏͏ years,͏͏ India͏͏ Post’s͏͏ presence͏͏ within͏͏ Amazon’s͏͏ logistics͏͏ network͏͏ has͏͏ more͏͏ than͏͏ doubled,͏͏ with͏͏ pickup͏͏ points͏͏ increasing͏͏ from͏͏ 6͏͏ to͏͏ 13͏͏ locations͏͏ nationwide,͏͏ according͏͏ to͏͏ a͏͏ statement͏͏ from͏͏ the͏͏ e-commerce͏͏ giant.

“Our͏͏ partnership͏͏ with͏͏ India͏͏ Post͏͏ has͏͏ played͏͏ a͏͏ crucial͏͏ role͏͏ in͏͏ Amazon’s͏͏ success͏͏ in͏͏ India,͏͏ helping͏͏ to͏͏ establish͏͏ ecommerce͏͏ as͏͏ a͏͏ national͏͏ phenomenon.͏͏ Collaborating͏͏ with͏͏ this͏͏ esteemed͏͏ institution,͏͏ which͏͏ has͏͏ a͏͏ long-standing͏͏ history͏͏ in͏͏ India,͏͏ has͏͏ enabled͏͏ us͏͏ to͏͏ consistently͏͏ raise͏͏ the͏͏ standards͏͏ for͏͏ logistics͏͏ and͏͏ customer͏͏ service,”͏͏ remarked͏͏ Abhinav͏͏ Singh,͏͏ VP͏͏ Operations͏͏ at͏͏ Amazon͏͏ India.

Recent͏͏ Initiatives͏͏ to͏͏ Boost͏͏ Employment͏͏ and͏͏ Sales:

This͏͏ comes͏͏ a͏͏ week͏͏ after͏͏ Amazon͏͏ India͏͏ signed͏͏ a͏͏ memorandum͏͏ of͏͏ understanding͏͏ (MoU)͏͏ with͏͏ the͏͏ Ministry͏͏ of͏͏ Labour͏͏ and͏͏ Employment͏͏ to͏͏ list͏͏ job͏͏ opportunities͏͏ at͏͏ its͏͏ corporate͏͏ offices͏͏ and͏͏ operations͏͏ network͏͏ on͏͏ the͏͏ National͏͏ Career͏͏ Service͏͏ (NCS)͏͏ portal.

In͏͏ the͏͏ same͏͏ month,͏͏ Amazon͏͏ enhanced͏͏ the͏͏ commissions͏͏ for͏͏ more͏͏ than͏͏ 50,000͏͏ creators͏͏ within͏͏ its͏͏ influencer͏͏ marketing͏͏ network͏͏ to͏͏ drive͏͏ sales͏͏ ahead͏͏ of͏͏ the͏͏ upcoming͏͏ festive͏͏ season.

Also͏͏ last͏͏ month,͏͏ Amazon͏͏ India͏͏ opened͏͏ three͏͏ new͏͏ fulfillment͏͏ centres͏͏ in͏͏ Delhi͏͏ NCR,͏͏ Guwahati,͏͏ and͏͏ Patna͏͏ to͏͏ assist͏͏ over͏͏ 250,000͏͏ sellers͏͏ in͏͏ the͏͏ area.

The͏͏ e-commerce͏͏ platforms͏͏ collectively͏͏ achieved͏͏ a͏͏ gross͏͏ merchandise͏͏ value͏͏ (GMV)͏͏ of͏͏ approximately͏͏ INR͏͏ 47,000͏͏ crore͏͏ in͏͏ the͏͏ first͏͏ week͏͏ of͏͏ the͏͏ 2023͏͏ festive͏͏ season͏͏ sale,͏͏ marking͏͏ a͏͏ 19%͏͏ year-on-year͏͏ (YoY)͏͏ growth.

Continue͏͏ Exploring:͏͏ Amazon raises͏͏ commission͏͏ rates͏͏ for͏͏ content͏͏ creators͏͏ ahead͏͏ of͏͏ festive͏͏ sale

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IPO-bound Swiggy pilots concierge service targeting premium customer base

By
M Haziq Pandit
-
0
Swiggy

IPO-bound Swiggy has reportedly started testing a premium concierge membership, offering subscribers exclusive access to high-end experiences and events not available to the general public.

Target͏͏ Audience:

According͏͏ to͏͏ The͏͏ Arc,͏͏ the͏͏ offering,͏͏ Rare͏͏ Club,͏͏ targets͏͏ consumers͏͏ willing͏͏ to͏͏ pay͏͏ an͏͏ annual͏͏ membership͏͏ fee͏͏ starting͏͏ at͏͏ INR͏͏ 50,000.

“The͏͏ feature͏͏ is͏͏ currently͏͏ invite-only,͏͏ designed͏͏ to͏͏ appeal͏͏ to͏͏ the͏͏ top͏͏ 0.1%͏͏ of͏͏ young͏͏ consumers—emerging͏͏ professionals͏͏ and͏͏ high-achievers͏͏ who͏͏ are͏͏ gaining͏͏ wealth͏͏ and͏͏ desire͏͏ convenience͏͏ and͏͏ exclusive͏͏ experiences,”͏͏ the͏͏ report͏͏ quoted͏͏ a͏͏ senior͏͏ executive,͏͏ who͏͏ requested͏͏ anonymity.

Exclusive͏͏ Membership͏͏ Experience:

The͏͏ report͏͏ also͏͏ noted͏͏ that͏͏ Rare͏͏ Club͏͏ members͏͏ would͏͏ benefit͏͏ from͏͏ a͏͏ unique͏͏ range͏͏ of͏͏ experiences,͏͏ including͏͏ food͏͏ and͏͏ beverage͏͏ offerings,͏͏ concierge͏͏ services,͏͏ events,͏͏ and͏͏ networking͏͏ opportunities,͏͏ along͏͏ with͏͏ exclusive͏͏ deals͏͏ not͏͏ available͏͏ to͏͏ the͏͏ general͏͏ public.

Future͏͏ Plans:

Swiggy͏͏ aims͏͏ to͏͏ make͏͏ Rare͏͏ Club͏͏ subscriptions͏͏ accessible͏͏ to͏͏ a͏͏ broader͏͏ audience͏͏ by͏͏ the͏͏ end͏͏ of͏͏ October,͏͏ according͏͏ to͏͏ another͏͏ source.͏͏ However,͏͏ the͏͏ company͏͏ will͏͏ not͏͏ manage͏͏ the͏͏ operations͏͏ directly͏͏ and͏͏ will͏͏ instead͏͏ collaborate͏͏ with͏͏ event͏͏ management͏͏ firms͏͏ and͏͏ professional͏͏ concierge͏͏ agencies͏͏ to͏͏ cater͏͏ to͏͏ its͏͏ premium͏͏ members.

This͏͏ comes͏͏ at͏͏ a͏͏ time͏͏ when͏͏ the͏͏ company͏͏ is͏͏ preparing͏͏ to͏͏ go͏͏ public,͏͏ having͏͏ filed͏͏ its͏͏ first͏͏ updated͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP)͏͏ with͏͏ the͏͏ Securities͏͏ and͏͏ Exchange͏͏ Board͏͏ of͏͏ India͏͏ (SEBI)͏͏ for͏͏ an͏͏ initial͏͏ public͏͏ offering͏͏ worth͏͏ INR͏͏ 3,750͏͏ Cr͏͏ ($450͏͏ Mn).

Additionally,͏͏ the͏͏ company͏͏ received͏͏ shareholder͏͏ approval͏͏ to͏͏ increase͏͏ the͏͏ size͏͏ of͏͏ the͏͏ fresh͏͏ issue͏͏ in͏͏ its͏͏ IPO͏͏ from͏͏ INR͏͏ 3,750͏͏ Cr͏͏ to͏͏ INR͏͏ 5,000͏͏ Cr͏͏ just͏͏ a͏͏ day͏͏ ago.

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

Meanwhile,͏͏ market͏͏ rival͏͏ Zomato͏͏ has͏͏ expanded͏͏ into͏͏ the͏͏ entertainment͏͏ segment͏͏ with͏͏ its͏͏ acquisition͏͏ of͏͏ Paytm’s͏͏ events͏͏ and͏͏ movie͏͏ ticketing͏͏ subsidiaries͏͏ for͏͏ INR͏͏ 2,048͏͏ Cr͏͏ in͏͏ an͏͏ all-cash͏͏ deal,͏͏ finalized͏͏ in͏͏ late͏͏ August.

The͏͏ Prosus-backed͏͏ startup͏͏ reduced͏͏ its͏͏ loss͏͏ by͏͏ 44%,͏͏ reporting͏͏ a͏͏ loss͏͏ of͏͏ INR͏͏ 2,350͏͏ Cr͏͏ for͏͏ the͏͏ financial͏͏ year͏͏ that͏͏ ended͏͏ on͏͏ March͏͏ 31,͏͏ 2024,͏͏ compared͏͏ to͏͏ a͏͏ loss͏͏ of͏͏ INR͏͏ 4,179.3͏͏ Cr͏͏ in͏͏ FY23.

In͏͏ contrast,͏͏ Swiggy’s͏͏ operating͏͏ revenue͏͏ jumped͏͏ 36%͏͏ to͏͏ INR͏͏ 11,247.3͏͏ Cr͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 8,264.5͏͏ Cr͏͏ the͏͏ previous͏͏ year,͏͏ driven͏͏ by͏͏ the͏͏ expansion͏͏ of͏͏ its͏͏ quick͏͏ commerce͏͏ business,͏͏ Swiggy͏͏ Instamart.

Continue͏͏ Exploring:͏͏ Swiggy’s͏͏ revenue͏͏ surpasses͏͏ INR͏͏ 10,000͏͏ Cr͏͏ in͏͏ FY24͏͏ as͏͏ losses͏͏ nearly͏͏ halved

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Lenskart marks entry into Thailand with first store in Bangkok

By
M Haziq Pandit
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0
Lenskart

Gurugram-based omnichannel eyewear retailer Lenskart has launched its first store in Bangkok, Thailand, according͏͏ to͏͏ a͏͏ social͏͏ media͏͏ post͏͏ from͏͏ a͏͏ company͏͏ official.

“3rd͏͏ October͏͏ 2024͏͏ marked͏͏ a͏͏ significant͏͏ milestone͏͏ and͏͏ a͏͏ new͏͏ chapter͏͏ for͏͏ Lenskart.com͏͏ as͏͏ we͏͏ expanded͏͏ our͏͏ presence͏͏ in͏͏ South͏͏ East͏͏ Asia,͏͏ following͏͏ our͏͏ ventures͏͏ in͏͏ Singapore͏͏ and͏͏ Indonesia,͏͏ with͏͏ the͏͏ launch͏͏ of͏͏ our͏͏ first͏͏ store͏͏ in͏͏ Bangkok,͏͏ Thailand,”͏͏ said͏͏ Jan Lim,͏͏ Regional͏͏ Chief͏͏ Executive͏͏ Officer͏͏ (CEO)͏͏ for͏͏ South͏͏ East͏͏ and͏͏ North͏͏ Asia͏͏ at͏͏ Lenskart,͏͏ in͏͏ a͏͏ LinkedIn͏͏ post.

“Featuring͏͏ a͏͏ stunning͏͏ new͏͏ design͏͏ by͏͏ Wynk͏͏ Collaborative,͏͏ a͏͏ fully͏͏ localized͏͏ app-led͏͏ omnichannel͏͏ experience,͏͏ and͏͏ some͏͏ of͏͏ the͏͏ most͏͏ exciting͏͏ eyewear͏͏ collections—including͏͏ our͏͏ new͏͏ Made͏͏ in͏͏ Korea͏͏ K-series͏͏ range—this͏͏ launch͏͏ is͏͏ the͏͏ result͏͏ of͏͏ months͏͏ of͏͏ hard͏͏ work͏͏ by͏͏ an͏͏ exceptional͏͏ team!”͏͏ added͏͏ Lim.

Growth͏͏ in͏͏ the͏͏ Middle͏͏ East:

The͏͏ brand’s͏͏ offline͏͏ expansion͏͏ in͏͏ the͏͏ United͏͏ Arab͏͏ Emirates͏͏ and͏͏ the͏͏ Kingdom͏͏ of͏͏ Saudi͏͏ Arabia͏͏ has͏͏ been͏͏ significant.͏͏ The͏͏ company͏͏ opened͏͏ its͏͏ first͏͏ store͏͏ in͏͏ the͏͏ Middle͏͏ East͏͏ in͏͏ 2021͏͏ and͏͏ has͏͏ since͏͏ established͏͏ over͏͏ 15͏͏ additional͏͏ stores͏͏ in͏͏ the͏͏ region.

In͏͏ December͏͏ of͏͏ last͏͏ year,͏͏ it͏͏ launched͏͏ its͏͏ first͏͏ store͏͏ in͏͏ Riyadh,͏͏ followed͏͏ by͏͏ several͏͏ others͏͏ in͏͏ the͏͏ region.

Recent͏͏ Funding͏͏ Boost:

In͏͏ June͏͏ 2024,͏͏ the͏͏ company͏͏ secured͏͏ $200͏͏ million͏͏ in͏͏ secondary͏͏ investment͏͏ from͏͏ Temasek͏͏ and͏͏ Fidelity͏͏ Management͏͏ and͏͏ Research͏͏ Company͏͏ (FMR).

Continue͏͏ Exploring:͏͏ Eyewear͏͏ unicorn͏͏ Lenskart secures͏͏ $200͏͏ Mn͏͏ investment͏͏ from͏͏ Temasek͏͏ and͏͏ Fidelity

Founded͏͏ in͏͏ 2010͏͏ by͏͏ Peyush͏͏ Bansal,͏͏ one͏͏ of͏͏ the͏͏ judges͏͏ from͏͏ the͏͏ Indian͏͏ television͏͏ show͏͏ Shark͏͏ Tank,͏͏ along͏͏ with͏͏ co-founders͏͏ Amit͏͏ Chaudhary͏͏ and͏͏ Sumeet͏͏ Kapahi,͏͏ Lenskart͏͏ operates͏͏ over͏͏ 1,100͏͏ stores͏͏ across͏͏ cities͏͏ such͏͏ as͏͏ Delhi,͏͏ Bengaluru,͏͏ Mumbai,͏͏ Ahmedabad,͏͏ Chennai,͏͏ and͏͏ several͏͏ other͏͏ cities͏͏ throughout͏͏ India,͏͏ according͏͏ to͏͏ the͏͏ company’s͏͏ official͏͏ website.

Lenskart’s͏͏ retail͏͏ stores͏͏ and͏͏ online͏͏ platform͏͏ showcase͏͏ over͏͏ 5,000͏͏ eyewear͏͏ styles.͏͏ It͏͏ is͏͏ one͏͏ of͏͏ the͏͏ first͏͏ companies͏͏ in͏͏ India͏͏ to͏͏ implement͏͏ robotic͏͏ techniques͏͏ in͏͏ the͏͏ eyewear͏͏ sector.

Continue͏͏ Exploring:͏͏ Lenskart’s͏͏ FY23͏͏ revenue͏͏ soars͏͏ to͏͏ INR͏͏ 3,788͏͏ Crore;͏͏ losses͏͏ narrow͏͏ to͏͏ INR͏͏ 64͏͏ Crore

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Fashion-tech startup Newme opens first experience store in Delhi, plans to open 15-20 stores by FY25

By
M Haziq Pandit
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Newme

Newme, the rapidly expanding fashion-tech startup targeting Gen Z women, has launched its first experience store in the Delhi-NCR region at Vegas Mall in Dwarka. This͏͏ significant͏͏ opening͏͏ represents͏͏ a͏͏ key͏͏ step͏͏ in͏͏ Newme’s͏͏ growth͏͏ strategy,͏͏ particularly͏͏ after͏͏ the͏͏ successful͏͏ rollout͏͏ of͏͏ its͏͏ 90-minute͏͏ delivery͏͏ service͏͏ across͏͏ Delhi-NCR,͏͏ which͏͏ has͏͏ received͏͏ a͏͏ warm͏͏ reception͏͏ from͏͏ consumers͏͏ in͏͏ just͏͏ under͏͏ a͏͏ month.

Continue͏͏ Exploring:͏͏ Newme launches͏͏ 90-minute͏͏ fashion͏͏ delivery͏͏ service͏͏ in͏͏ Delhi-NCR,͏͏ plans͏͏ expansion͏͏ to͏͏ major͏͏ cities

Strategic͏͏ Growth:͏͏ Targeting͏͏ Delhi-NCR’s͏͏ Gen͏͏ Z͏͏ Market

Recognising͏͏ Delhi-NCR͏͏ as͏͏ a͏͏ key͏͏ market—representing͏͏ over͏͏ 20͏͏ percent͏͏ of͏͏ its͏͏ online͏͏ consumer͏͏ base—Newme͏͏ seeks͏͏ to͏͏ elevate͏͏ the͏͏ shopping͏͏ experience͏͏ for͏͏ its͏͏ customers͏͏ ahead͏͏ of͏͏ the͏͏ festive͏͏ season.͏͏ The͏͏ new͏͏ store͏͏ covers͏͏ 2,000͏͏ square͏͏ feet͏͏ and͏͏ showcases͏͏ a͏͏ curated͏͏ selection͏͏ of͏͏ trendy͏͏ fashion͏͏ pieces͏͏ designed͏͏ for͏͏ Gen͏͏ Z͏͏ shoppers.͏͏ With͏͏ its͏͏ modern͏͏ and͏͏ sleek͏͏ design,͏͏ the͏͏ store͏͏ offers͏͏ an͏͏ engaging͏͏ retail͏͏ experience͏͏ that͏͏ complements͏͏ Newme’s͏͏ digital-first͏͏ identity,͏͏ which͏͏ has͏͏ drawn͏͏ in͏͏ over͏͏ 900,000͏͏ consumers͏͏ in͏͏ just͏͏ two͏͏ years.

“Delhi͏͏ is͏͏ among͏͏ the͏͏ top͏͏ three͏͏ markets͏͏ for͏͏ Newme,͏͏ and͏͏ we͏͏ aimed͏͏ to͏͏ enhance͏͏ our͏͏ customers’͏͏ experience͏͏ by͏͏ introducing͏͏ 90-minute͏͏ delivery͏͏ across͏͏ Delhi-NCR.͏͏ This͏͏ service͏͏ now͏͏ covers͏͏ over͏͏ 10͏͏ pin͏͏ codes͏͏ and͏͏ has͏͏ reached͏͏ more͏͏ than͏͏ 2,000͏͏ customers͏͏ since͏͏ its͏͏ launch.͏͏ The͏͏ overwhelming͏͏ response͏͏ has͏͏ further͏͏ boosted͏͏ our͏͏ confidence.͏͏ Opening͏͏ our͏͏ first͏͏ experience͏͏ store͏͏ in͏͏ Dwarka͏͏ is͏͏ the͏͏ next͏͏ step͏͏ in͏͏ serving͏͏ our͏͏ Delhi-NCR͏͏ customers,͏͏ and͏͏ we’re͏͏ excited͏͏ to͏͏ continue͏͏ receiving͏͏ their͏͏ amazing͏͏ support.”

“This͏͏ marks͏͏ our͏͏ first͏͏ store͏͏ in͏͏ Delhi,͏͏ a͏͏ city͏͏ known͏͏ for͏͏ its͏͏ fashion-forward͏͏ mindset.͏͏ As͏͏ we͏͏ grow,͏͏ Newme͏͏ remains͏͏ committed͏͏ to͏͏ understanding͏͏ the͏͏ preferences͏͏ of͏͏ Gen͏͏ Z͏͏ women,͏͏ leveraging͏͏ technology͏͏ and͏͏ fashion͏͏ innovation͏͏ to͏͏ meet͏͏ their͏͏ evolving͏͏ needs,”͏͏ said͏͏ Sumit͏͏ Jasoria,͏͏ Co-Founder͏͏ &͏͏ CEO͏͏ of͏͏ Newme.

The͏͏ opening͏͏ of͏͏ the͏͏ Vegas͏͏ Mall͏͏ store͏͏ underscores͏͏ Newme’s͏͏ dedication͏͏ to͏͏ delivering͏͏ a͏͏ seamless͏͏ omnichannel͏͏ shopping͏͏ experience.͏͏ With͏͏ the͏͏ festive͏͏ and͏͏ holiday͏͏ season͏͏ on͏͏ the͏͏ horizon,͏͏ the͏͏ store͏͏ provides͏͏ an͏͏ ideal͏͏ destination͏͏ for͏͏ shoppers͏͏ to͏͏ explore͏͏ Newme’s͏͏ latest͏͏ collections͏͏ and͏͏ take͏͏ advantage͏͏ of͏͏ exclusive,͏͏ limited-time͏͏ offers.

Ambitious͏͏ Expansion͏͏ Plans:

Building͏͏ on͏͏ its͏͏ rapid͏͏ growth͏͏ momentum,͏͏ Newme͏͏ has͏͏ ambitious͏͏ plans͏͏ for͏͏ further͏͏ expansion͏͏ in͏͏ Delhi-NCR,͏͏ with͏͏ several͏͏ new͏͏ store͏͏ launches͏͏ anticipated͏͏ in͏͏ the͏͏ coming͏͏ weeks.͏͏ The͏͏ brand͏͏ aims͏͏ to͏͏ open͏͏ 15-20͏͏ stores͏͏ across͏͏ key͏͏ markets͏͏ by͏͏ the͏͏ end͏͏ of͏͏ FY25,͏͏ focusing͏͏ on͏͏ delivering͏͏ innovative͏͏ fashion͏͏ solutions͏͏ to͏͏ Gen͏͏ Z͏͏ women,͏͏ college͏͏ students,͏͏ and͏͏ young͏͏ professionals.

With͏͏ successful͏͏ launches͏͏ already͏͏ in͏͏ cities͏͏ like͏͏ Bengaluru,͏͏ Mumbai,͏͏ Hyderabad,͏͏ Indore,͏͏ Dehradun,͏͏ and͏͏ Chandigarh,͏͏ the͏͏ Vegas͏͏ Mall͏͏ store͏͏ marks͏͏ a͏͏ significant͏͏ milestone͏͏ in͏͏ Newme’s͏͏ journey͏͏ to͏͏ becoming͏͏ a͏͏ preferred͏͏ fashion͏͏ destination.͏͏ With͏͏ a͏͏ robust͏͏ online͏͏ presence͏͏ and͏͏ an͏͏ expanding͏͏ offline͏͏ footprint,͏͏ Newme͏͏ is͏͏ poised͏͏ to͏͏ provide͏͏ a͏͏ seamless,͏͏ tech-driven͏͏ shopping͏͏ experience͏͏ for͏͏ fashion-conscious͏͏ women͏͏ across͏͏ India.

Continue͏͏ Exploring:͏͏ GenZ-focused͏͏ fashion͏͏ startup͏͏ Newme raises͏͏ $18͏͏ Mn͏͏ in͏͏ Series͏͏ A͏͏ funding͏͏ led͏͏ by͏͏ Accel

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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
-
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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