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SAMHI strengthens portfolio with acquisition of Innmar Tourism and Hotels

By
M Haziq Pandit
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0
SAMHI hotel
(Representative Image)

Branded hotel ownership and asset management platform SAMHI has successfully finalized the Share Purchase Agreement (“SPA”) for the acquisition of Innmar Tourism and Hotels Private Limited (“ITHPL”).

The͏͏ company͏͏ mentioned͏͏ that͏͏ this͏͏ acquisition͏͏ includes͏͏ an͏͏ operating͏͏ hotel͏͏ with͏͏ 142͏͏ rooms͏͏ located͏͏ in͏͏ Whitefield,͏͏ Bengaluru.͏͏ Additionally,͏͏ there͏͏ is͏͏ potential͏͏ for͏͏ expansion͏͏ to͏͏ include͏͏ a͏͏ second͏͏ hotel͏͏ with͏͏ 200-220͏͏ rooms,͏͏ increasing͏͏ the͏͏ total͏͏ inventory͏͏ of͏͏ the͏͏ complex͏͏ to͏͏ 340-360͏͏ rooms͏͏ in͏͏ the͏͏ Upper͏͏ Upscale͏͏ and͏͏ Upscale͏͏ segments.

Six͏͏ hotels now͏͏ under͏͏ SAMHI management:

The͏͏ company͏͏ currently͏͏ owns͏͏ and͏͏ operates͏͏ six͏͏ hotels͏͏ with͏͏ a͏͏ total͏͏ of͏͏ 9,181͏͏ rooms͏͏ in͏͏ Bengaluru͏͏ across͏͏ various͏͏ segments.͏͏ The͏͏ completion͏͏ of͏͏ this͏͏ acquisition͏͏ will͏͏ immediately͏͏ add͏͏ 142͏͏ rooms,͏͏ with͏͏ an͏͏ additional͏͏ 200͏͏ to͏͏ 220͏͏ rooms͏͏ being͏͏ added͏͏ over͏͏ time.͏͏ The͏͏ two͏͏ hotels͏͏ will͏͏ be͏͏ managed͏͏ under͏͏ Upper͏͏ Upscale͏͏ and͏͏ Upscale͏͏ brands,͏͏ which͏͏ are͏͏ being͏͏ finalized͏͏ with͏͏ a͏͏ major͏͏ international͏͏ operator.

The͏͏ company͏͏ noted͏͏ that͏͏ this͏͏ will͏͏ be͏͏ the͏͏ second͏͏ “twin͏͏ hotel͏͏ complex”͏͏ owned͏͏ by͏͏ SAMHI,͏͏ with͏͏ the͏͏ first͏͏ being͏͏ the͏͏ 336-room͏͏ Courtyard͏͏ by͏͏ Marriott͏͏ and͏͏ Fairfield͏͏ by͏͏ Marriott͏͏ located͏͏ on͏͏ Outer͏͏ Ring͏͏ Road͏͏ (ORR)͏͏ in͏͏ Bengaluru.

Continue͏͏ Exploring:͏͏ OYO͏͏ acquires͏͏ US͏͏ chain͏͏ Motel͏͏ 6͏͏ in͏͏ $525͏͏ Mn͏͏ deal,͏͏ eyes͏͏ global͏͏ expansion

ITHPL͏͏ becomes͏͏ wholly͏͏ owned͏͏ subsidiary:

The͏͏ purchase͏͏ price͏͏ for͏͏ this͏͏ acquisition͏͏ is͏͏ set͏͏ at͏͏ INR͏͏ 2,050͏͏ million͏͏ (Enterprise͏͏ Value),͏͏ adjusted͏͏ for͏͏ net͏͏ current͏͏ assets,͏͏ including͏͏ cash͏͏ and͏͏ other͏͏ working͏͏ capital.͏͏ After͏͏ this͏͏ transaction,͏͏ ITHPL͏͏ will͏͏ become͏͏ a͏͏ wholly͏͏ owned͏͏ subsidiary͏͏ of͏͏ SAMHI͏͏ Hotels͏͏ Ltd.͏͏ The͏͏ acquisition͏͏ is͏͏ fully͏͏ funded͏͏ through͏͏ the͏͏ company’s͏͏ internal͏͏ accruals.

Ashish͏͏ Jakhanwala,͏͏ Chairman͏͏ and͏͏ Managing͏͏ Director͏͏ of͏͏ SAMHI͏͏ Hotels͏͏ Ltd,͏͏ stated͏͏ that͏͏ the͏͏ transaction͏͏ aligns͏͏ with͏͏ the͏͏ company’s͏͏ growth͏͏ strategy,͏͏ which͏͏ emphasizes͏͏ turnaround͏͏ opportunities͏͏ in͏͏ major͏͏ office͏͏ and͏͏ aviation͏͏ markets.

“We͏͏ believe͏͏ that͏͏ the͏͏ planned͏͏ rebranding͏͏ of͏͏ the͏͏ existing͏͏ hotel,͏͏ along͏͏ with͏͏ its͏͏ repositioning͏͏ in͏͏ the͏͏ upscale͏͏ segment͏͏ and͏͏ the͏͏ addition͏͏ of͏͏ a͏͏ second͏͏ hotel͏͏ in͏͏ the͏͏ upper-upscale͏͏ segment͏͏ within͏͏ the͏͏ same͏͏ complex,͏͏ will͏͏ significantly͏͏ enhance͏͏ value͏͏ for͏͏ our͏͏ company,”͏͏ he͏͏ added.

Continue͏͏ Exploring:͏͏ EaseMyTrip͏͏ signs͏͏ exclusive͏͏ deal͏͏ with͏͏ PhonePe͏͏ for͏͏ hotel listings

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Adani Wilmar reports 10% volume growth in Q2, food and FMCG segment surges 31%

By
M Haziq Pandit
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0
Adani Wilmar
Adani Wilmar

Adani Wilmar has reported a 10% increase in total volume during the second quarter of this financial year, while its food and FMCG segment achieved 31% volume growth. The͏͏ company͏͏ has͏͏ been͏͏ expanding͏͏ its͏͏ distribution͏͏ network,͏͏ directly͏͏ reaching͏͏ over͏͏ 36,000͏͏ rural͏͏ towns͏͏ by͏͏ the͏͏ end͏͏ of͏͏ September͏͏ 2024,͏͏ with͏͏ a͏͏ target͏͏ to͏͏ access͏͏ more͏͏ than͏͏ 50,000͏͏ rural͏͏ towns͏͏ by͏͏ the͏͏ end͏͏ of͏͏ FY25.

Strong͏͏ Revenue͏͏ Performance:

The͏͏ company͏͏ reported͏͏ another͏͏ robust͏͏ quarter,͏͏ achieving͏͏ a͏͏ year-on-year͏͏ revenue͏͏ growth͏͏ of͏͏ 16%.͏͏ This͏͏ performance͏͏ was͏͏ fueled͏͏ by͏͏ effective͏͏ execution͏͏ in͏͏ both͏͏ its͏͏ edible͏͏ oils͏͏ and͏͏ food͏͏ businesses.͏͏ “We͏͏ are͏͏ witnessing͏͏ growth͏͏ in͏͏ the͏͏ food͏͏ sector͏͏ across͏͏ various͏͏ categories͏͏ and͏͏ regions͏͏ throughout͏͏ the͏͏ country.͏͏ Our͏͏ diverse͏͏ portfolio͏͏ of͏͏ oils͏͏ and͏͏ food͏͏ products,͏͏ along͏͏ with͏͏ increased͏͏ throughput,͏͏ is͏͏ giving͏͏ us͏͏ a͏͏ scale͏͏ advantage͏͏ in͏͏ distribution,”͏͏ the͏͏ company͏͏ stated͏͏ in͏͏ its͏͏ Quarterly͏͏ Update͏͏ on͏͏ Business͏͏ on͏͏ BSE.

Furthermore,͏͏ the͏͏ company͏͏ stated͏͏ that͏͏ it͏͏ is͏͏ focused͏͏ on͏͏ enhancing͏͏ sales͏͏ productivity͏͏ by͏͏ implementing͏͏ a͏͏ customized͏͏ go-to-market͏͏ strategy͏͏ for͏͏ premium͏͏ outlets͏͏ and͏͏ increasing͏͏ the͏͏ use͏͏ of͏͏ technology͏͏ in͏͏ its͏͏ sales͏͏ operations.

Continue͏͏ Exploring:͏͏ Adani Wilmar eyes͏͏ expansion͏͏ with͏͏ $1͏͏ Bn͏͏ fund͏͏ to͏͏ acquire͏͏ three͏͏ food͏͏ brands͏͏ in͏͏ India

Growth͏͏ in͏͏ Alternate͏͏ Channels:

In͏͏ the͏͏ second͏͏ quarter,͏͏ revenue͏͏ from͏͏ alternate͏͏ channels͏͏ grew͏͏ at͏͏ a͏͏ strong͏͏ double-digit͏͏ rate͏͏ year-on-year,͏͏ with͏͏ sales͏͏ surpassing͏͏ INR͏͏ 3,000͏͏ crore͏͏ over͏͏ the͏͏ past͏͏ 12͏͏ months.

The͏͏ e-commerce͏͏ channel͏͏ has͏͏ experienced͏͏ even͏͏ faster͏͏ growth,͏͏ with͏͏ revenue͏͏ increasing͏͏ approximately͏͏ fourfold͏͏ over͏͏ the͏͏ past͏͏ four͏͏ years.

“Our͏͏ mass͏͏ brand,͏͏ Kings,͏͏ has͏͏ also͏͏ seen͏͏ substantial͏͏ growth͏͏ from͏͏ a͏͏ smaller͏͏ base͏͏ in͏͏ these͏͏ channels,͏͏ allowing͏͏ us͏͏ to͏͏ effectively͏͏ execute͏͏ a͏͏ two-brand͏͏ strategy͏͏ in͏͏ alternate͏͏ channels,”͏͏ it͏͏ added.

The͏͏ edible͏͏ oil͏͏ business͏͏ sustained͏͏ its͏͏ strong͏͏ momentum,͏͏ achieving͏͏ double-digit͏͏ year-on-year͏͏ volume͏͏ growth͏͏ fueled͏͏ by͏͏ robust͏͏ performance͏͏ in͏͏ soybean,͏͏ sunflower,͏͏ and͏͏ mustard͏͏ oils.

The͏͏ strategy͏͏ of͏͏ increasing͏͏ penetration͏͏ in͏͏ under-indexed͏͏ markets͏͏ continued,͏͏ alongside͏͏ the͏͏ expansion͏͏ of͏͏ sunflower͏͏ and͏͏ mustard͏͏ oil͏͏ distribution͏͏ into͏͏ regions͏͏ beyond͏͏ their͏͏ core͏͏ areas.

Flourishing͏͏ Food and FMCG Segment:

The͏͏ Food͏͏ and͏͏ FMCG͏͏ segment͏͏ achieved͏͏ a͏͏ year-on-year͏͏ revenue͏͏ growth͏͏ of͏͏ 36%,͏͏ driven͏͏ by͏͏ greater͏͏ outlet͏͏ penetration͏͏ and͏͏ repeat͏͏ purchases͏͏ of͏͏ our͏͏ food͏͏ products.

In͏͏ the͏͏ wheat͏͏ business,͏͏ the͏͏ company͏͏ continues͏͏ to͏͏ experience͏͏ strong͏͏ growth,͏͏ particularly͏͏ in͏͏ South͏͏ India,͏͏ where͏͏ the͏͏ household͏͏ penetration͏͏ of͏͏ branded͏͏ wheat͏͏ flour͏͏ is͏͏ significant.

“Looking͏͏ ahead,͏͏ we͏͏ plan͏͏ to͏͏ enhance͏͏ our͏͏ distribution͏͏ in͏͏ smaller͏͏ towns͏͏ as͏͏ well.͏͏ Sales͏͏ were͏͏ also͏͏ boosted͏͏ by͏͏ the͏͏ introduction͏͏ of͏͏ small͏͏ pack͏͏ sizes͏͏ in͏͏ markets͏͏ with͏͏ lower͏͏ per͏͏ capita͏͏ consumption,”͏͏ he͏͏ added.

Continue͏͏ Exploring:͏͏ Adani͏͏ Enterprises͏͏ to͏͏ demerge͏͏ Food FMCG business͏͏ to͏͏ Adani Wilmar

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IPO-bound Swiggy launches 10-minute food delivery service ‘Bolt’

By
M Haziq Pandit
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0
Swiggy
Swiggy

IPO-bound foodtech giant Swiggy has introduced a new service offering quick-to-prepare dishes delivered in 10 minutes.

Branded͏͏ as͏͏ Swiggy͏͏ Bolt,͏͏ the͏͏ service͏͏ is͏͏ currently͏͏ active͏͏ in͏͏ six͏͏ cities:͏͏ Bengaluru,͏͏ Hyderabad,͏͏ Mumbai,͏͏ Chennai,͏͏ Delhi,͏͏ and͏͏ Pune.

Quick͏͏ Meals͏͏ from͏͏ Top͏͏ QSR͏͏ Chains:

According͏͏ to͏͏ Swiggy,͏͏ the͏͏ new͏͏ offering͏͏ will͏͏ provide͏͏ deliveries͏͏ from͏͏ popular͏͏ restaurants͏͏ and͏͏ QSR͏͏ chains͏͏ within͏͏ a͏͏ two-kilometre͏͏ radius͏͏ of͏͏ the͏͏ customer.

Bolt͏͏ will͏͏ feature͏͏ dishes͏͏ like͏͏ burgers,͏͏ hot͏͏ and͏͏ cold͏͏ beverages,͏͏ breakfast͏͏ items,͏͏ and͏͏ biryani͏͏ that͏͏ require͏͏ minimal͏͏ preparation͏͏ time.͏͏ The͏͏ new͏͏ service͏͏ will͏͏ also͏͏ focus͏͏ on͏͏ ready-to-pack͏͏ options͏͏ such͏͏ as͏͏ ice͏͏ cream,͏͏ sweets,͏͏ and͏͏ snacks.

“Customers͏͏ can͏͏ select͏͏ from͏͏ a͏͏ variety͏͏ of͏͏ popular͏͏ national͏͏ brands͏͏ such͏͏ as͏͏ KFC,͏͏ McDonald’s,͏͏ Burger͏͏ King,͏͏ Baskin͏͏ Robbins,͏͏ Starbucks,͏͏ Chaayos,͏͏ and͏͏ EatFit,͏͏ as͏͏ well͏͏ as͏͏ local͏͏ favourites,”͏͏ the͏͏ company͏͏ stated.

The͏͏ company͏͏ also͏͏ stated͏͏ that͏͏ delivery͏͏ partners͏͏ will͏͏ not͏͏ be͏͏ made͏͏ aware͏͏ of͏͏ the͏͏ difference͏͏ between͏͏ Bolt͏͏ and͏͏ regular͏͏ orders,͏͏ emphasising͏͏ that͏͏ they͏͏ will͏͏ neither͏͏ be͏͏ penalised͏͏ nor͏͏ incentivised͏͏ based͏͏ on͏͏ delivery͏͏ time.

“Bolt͏͏ represents͏͏ the͏͏ next͏͏ step͏͏ in͏͏ our͏͏ mission͏͏ to͏͏ deliver͏͏ unparalleled͏͏ convenience.͏͏ Ten͏͏ years͏͏ ago,͏͏ Swiggy͏͏ transformed͏͏ food͏͏ delivery͏͏ by͏͏ reducing͏͏ average͏͏ wait͏͏ times͏͏ to͏͏ 30͏͏ minutes.͏͏ Now,͏͏ we’re͏͏ making͏͏ that͏͏ wait͏͏ even͏͏ shorter͏͏ for͏͏ frequently͏͏ ordered͏͏ items,”͏͏ said͏͏ Rohit͏͏ Kapoor,͏͏ CEO͏͏ of͏͏ Swiggy’s͏͏ food͏͏ marketplace͏͏ division.

In͏͏ a͏͏ LinkedIn͏͏ post,͏͏ Kapoor͏͏ mentioned͏͏ that͏͏ Swiggy͏͏ aims͏͏ to͏͏ launch͏͏ the͏͏ service͏͏ across͏͏ India͏͏ in͏͏ the͏͏ near͏͏ future.

New͏͏ Services͏͏ Unveiled͏͏ Ahead͏͏ of͏͏ IPO:

This͏͏ comes͏͏ nearly͏͏ a͏͏ month͏͏ after͏͏ reports͏͏ emerged͏͏ that͏͏ the͏͏ IPO-bound͏͏ foodtech͏͏ company͏͏ launched͏͏ ‘Cafe’͏͏ in͏͏ select͏͏ areas͏͏ of͏͏ Bengaluru͏͏ to͏͏ deliver͏͏ snacks͏͏ and͏͏ beverages͏͏ within͏͏ 15͏͏ minutes.͏͏ At͏͏ that͏͏ time,͏͏ it͏͏ was͏͏ noted͏͏ that͏͏ Swiggy͏͏ Cafe͏͏ had͏͏ curated͏͏ a͏͏ selection͏͏ of͏͏ beverages,͏͏ including͏͏ coffee,͏͏ milkshakes,͏͏ and͏͏ protein͏͏ bars͏͏ from͏͏ brands͏͏ like͏͏ Blue͏͏ Tokai͏͏ and͏͏ The͏͏ Whole͏͏ Truth.

Yesterday,͏͏ the͏͏ foodtech͏͏ giant͏͏ launched͏͏ a͏͏ pilot͏͏ for͏͏ a͏͏ high-end͏͏ concierge͏͏ membership,͏͏ enabling͏͏ subscribers͏͏ to͏͏ access͏͏ exclusive͏͏ experiences͏͏ and͏͏ events͏͏ not͏͏ available͏͏ to͏͏ the͏͏ general͏͏ public.

Continue͏͏ Exploring:͏͏ IPO-bound Swiggy pilots͏͏ concierge͏͏ service͏͏ targeting͏͏ premium͏͏ customer͏͏ base

However,͏͏ the͏͏ 10-minute͏͏ delivery͏͏ segment͏͏ is͏͏ not͏͏ new͏͏ for͏͏ the͏͏ IPO-bound͏͏ startup.͏͏ In͏͏ 2022,͏͏ it͏͏ launched͏͏ Swiggy͏͏ Instacafe͏͏ in͏͏ a͏͏ pilot͏͏ phase͏͏ under͏͏ its͏͏ quick͏͏ commerce͏͏ division,͏͏ Swiggy͏͏ Instamart.͏͏ At͏͏ that͏͏ time,͏͏ it͏͏ was͏͏ delivering͏͏ pre-made͏͏ food͏͏ and͏͏ snacks,͏͏ as͏͏ well͏͏ as͏͏ groceries,͏͏ from͏͏ its͏͏ dark͏͏ stores͏͏ in͏͏ select͏͏ areas͏͏ of͏͏ Bengaluru.

Swiggy’s͏͏ competitor͏͏ Zomato͏͏ also͏͏ introduced͏͏ a͏͏ similar͏͏ service,͏͏ ‘Zomato͏͏ Instant,’͏͏ in͏͏ Gurugram͏͏ in͏͏ April͏͏ 2022͏͏ but͏͏ later͏͏ “rebranded”͏͏ the͏͏ vertical͏͏ due͏͏ to͏͏ “not͏͏ achieving͏͏ the͏͏ daily͏͏ volume͏͏ necessary͏͏ to͏͏ cover͏͏ fixed͏͏ costs.”

Meanwhile,͏͏ a͏͏ new͏͏ player͏͏ has͏͏ entered͏͏ the͏͏ 10-minute͏͏ food͏͏ delivery͏͏ market.͏͏ Swish,͏͏ which͏͏ was͏͏ established͏͏ in͏͏ August,͏͏ has͏͏ begun͏͏ offering͏͏ select͏͏ fast͏͏ food͏͏ deliveries͏͏ in͏͏ the͏͏ HSR͏͏ Layout͏͏ area͏͏ of͏͏ Bengaluru͏͏ and͏͏ is͏͏ gearing͏͏ up͏͏ for͏͏ expansion͏͏ soon.

For͏͏ Swiggy,͏͏ these͏͏ pilot͏͏ programs͏͏ come͏͏ ahead͏͏ of͏͏ its͏͏ highly͏͏ anticipated͏͏ IPO.͏͏ The͏͏ startup͏͏ submitted͏͏ its͏͏ updated͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP)͏͏ to͏͏ the͏͏ Securities͏͏ and͏͏ Exchange͏͏ Board͏͏ of͏͏ India͏͏ (SEBI).͏͏ On͏͏ Thursday,͏͏ the͏͏ company͏͏ received͏͏ approval͏͏ from͏͏ its͏͏ shareholders͏͏ to͏͏ increase͏͏ the͏͏ size͏͏ of͏͏ the͏͏ fresh͏͏ issue͏͏ of͏͏ shares͏͏ in͏͏ the͏͏ IPO͏͏ to͏͏ INR͏͏ 5,000͏͏ crore.͏͏ The͏͏ IPO͏͏ will͏͏ also͏͏ include͏͏ an͏͏ offer͏͏ for͏͏ the͏͏ sale͏͏ of͏͏ 18.53͏͏ crore͏͏ equity͏͏ shares.

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

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UN food price index soars to 18-month high in September, driven by rising sugar prices

By
M Haziq Pandit
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0
food price

The United Nations‘ world food price index surged in September, according to data released on Friday, recording its largest increase in 18 months due to rising sugar prices.

The͏͏ price͏͏ index,͏͏ created͏͏ by͏͏ the͏͏ U.N.͏͏ Food͏͏ and͏͏ Agriculture͏͏ Organization͏͏ to͏͏ monitor͏͏ the͏͏ most͏͏ traded͏͏ food͏͏ commodities͏͏ globally,͏͏ increased͏͏ to͏͏ 124.4͏͏ points͏͏ last͏͏ month͏͏ from͏͏ 120.7͏͏ in͏͏ August.͏͏ This͏͏ represents͏͏ the͏͏ highest͏͏ level͏͏ since͏͏ July͏͏ 2023͏͏ and͏͏ reflects͏͏ a͏͏ 2.1%͏͏ rise͏͏ compared͏͏ to͏͏ the͏͏ previous͏͏ year.

The͏͏ sugar͏͏ index͏͏ jumped͏͏ 10.4%͏͏ month-on-month,͏͏ influenced͏͏ by͏͏ deteriorating͏͏ crop͏͏ forecasts͏͏ in͏͏ Brazil͏͏ and͏͏ worries͏͏ that͏͏ India’s͏͏ choice͏͏ to͏͏ lift͏͏ restrictions͏͏ on͏͏ sugarcane͏͏ use͏͏ for͏͏ ethanol͏͏ production͏͏ could͏͏ impact͏͏ the͏͏ country’s͏͏ export͏͏ availability,͏͏ according͏͏ to͏͏ the͏͏ FAO.

Cereal͏͏ Prices͏͏ Rise:

The͏͏ cereal͏͏ price͏͏ index͏͏ rose͏͏ by͏͏ 3.0%,͏͏ driven͏͏ by͏͏ higher͏͏ export͏͏ prices͏͏ for͏͏ wheat͏͏ and͏͏ maize,͏͏ while͏͏ rice͏͏ prices͏͏ fell͏͏ by͏͏ 0.7%.

Continue͏͏ Exploring:͏͏ World͏͏ food prices remain͏͏ steady͏͏ in͏͏ August:͏͏ FAO

Vegetable͏͏ Oil͏͏ Prices͏͏ Experience͏͏ Notable͏͏ Rise:

Vegetable͏͏ oil͏͏ prices͏͏ increased͏͏ by͏͏ 4.6%͏͏ for͏͏ the͏͏ month,͏͏ with͏͏ higher͏͏ prices͏͏ observed͏͏ for͏͏ palm,͏͏ soy,͏͏ sunflower,͏͏ and͏͏ rapeseed͏͏ oils.

Dairy͏͏ and͏͏ Meat͏͏ Prices͏͏ Show͏͏ Mixed͏͏ Trends:

Dairy͏͏ prices͏͏ increased͏͏ by͏͏ 3.8%͏͏ in͏͏ September,͏͏ driven͏͏ by͏͏ higher͏͏ prices͏͏ for͏͏ whole͏͏ milk͏͏ powder,͏͏ skim͏͏ milk͏͏ powder,͏͏ butter,͏͏ and͏͏ cheese,͏͏ while͏͏ meat͏͏ prices͏͏ saw͏͏ a͏͏ slight͏͏ rise͏͏ of͏͏ 0.4%.

In͏͏ a͏͏ separate͏͏ report,͏͏ the͏͏ FAO͏͏ slightly͏͏ raised͏͏ its͏͏ forecast͏͏ for͏͏ global͏͏ cereal͏͏ production͏͏ in͏͏ 2024͏͏ to͏͏ 2.853͏͏ billion͏͏ tonnes,͏͏ up͏͏ from͏͏ the͏͏ previous͏͏ estimate͏͏ of͏͏ 2.851͏͏ billion͏͏ tonnes.

The͏͏ increase͏͏ was͏͏ attributed͏͏ to͏͏ upward͏͏ adjustments͏͏ in͏͏ rice͏͏ and͏͏ wheat͏͏ outputs͏͏ that͏͏ more͏͏ than͏͏ compensated͏͏ for͏͏ a͏͏ slight͏͏ decrease͏͏ in͏͏ global͏͏ coarse͏͏ grains͏͏ production,͏͏ according͏͏ to͏͏ the͏͏ FAO.

Global͏͏ cereal͏͏ utilization͏͏ is͏͏ expected͏͏ to͏͏ rise͏͏ by͏͏ 12.4͏͏ million͏͏ tonnes͏͏ in͏͏ 2024/25,͏͏ reaching͏͏ 2.853͏͏ billion͏͏ tonnes.͏͏ In͏͏ contrast,͏͏ the͏͏ agency͏͏ reduced͏͏ its͏͏ forecast͏͏ for͏͏ world͏͏ cereal͏͏ stocks͏͏ at͏͏ the͏͏ end͏͏ of͏͏ the͏͏ 2025͏͏ season͏͏ by͏͏ 1.7͏͏ million͏͏ tonnes,͏͏ bringing͏͏ the͏͏ total͏͏ to͏͏ 888.1͏͏ million͏͏ tonnes.

Continue͏͏ Exploring:͏͏ World͏͏ food price index holds͏͏ steady͏͏ in͏͏ June;͏͏ cereal͏͏ prices͏͏ decline,͏͏ dairy͏͏ and͏͏ sugar prices͏͏ rise

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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
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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
-
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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