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Swiggy’s co-founder Sriharsha Majety, investors cash out INR 670 Cr ahead of IPO

By
M Haziq Pandit
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0
Swiggy

Just days before foodtech giant Swiggy submitted its updated draft red herring prospectus (DRHP) to SEBI, founder Sriharsha Majety and some investors offloaded shares worth INR 670 crore.

Torroz͏͏ Fintech͏͏ Acquires͏͏ Swiggy Shares:

On͏͏ September͏͏ 20,͏͏ Swiggy͏͏ co-founder͏͏ and͏͏ group͏͏ CEO͏͏ Sriharsha͏͏ Majety͏͏ sold͏͏ 6,36,972͏͏ equity͏͏ shares͏͏ to͏͏ Torroz͏͏ Fintech͏͏ at͏͏ INR͏͏ 345͏͏ each.͏͏ He͏͏ followed͏͏ this͏͏ with͏͏ an͏͏ additional͏͏ sale͏͏ of͏͏ 29,695͏͏ shares͏͏ at͏͏ the͏͏ same͏͏ price͏͏ on͏͏ September͏͏ 23.͏͏ These͏͏ two͏͏ secondary͏͏ transactions͏͏ earned͏͏ the͏͏ CEO͏͏ INR͏͏ 23͏͏ crore.

Along͏͏ with͏͏ the͏͏ shares͏͏ from͏͏ Majety,͏͏ Torroz͏͏ Fintech͏͏ also͏͏ bought͏͏ 4,326͏͏ Series͏͏ B͏͏ compulsorily͏͏ convertible͏͏ preference͏͏ shares͏͏ (CCPS)͏͏ from͏͏ Swiggy͏͏ investor͏͏ Norwest͏͏ Ventures͏͏ Private͏͏ Limited͏͏ at͏͏ INR͏͏ 4.62͏͏ lakh͏͏ per͏͏ share.͏͏ This͏͏ all-cash͏͏ transaction͏͏ totalled͏͏ INR͏͏ 200͏͏ crore͏͏ to͏͏ the͏͏ investment͏͏ firm.

Continue͏͏ Exploring:͏͏ IPO-bound͏͏ Swiggy grants͏͏ $271͏͏ Mn͏͏ in͏͏ ESOPs͏͏ to͏͏ founders,͏͏ top͏͏ executives

As͏͏ per͏͏ Torroz͏͏ Fintech’s͏͏ website,͏͏ the͏͏ company͏͏ specialises͏͏ in͏͏ offering͏͏ curated͏͏ investment͏͏ opportunities͏͏ across͏͏ various͏͏ financial͏͏ securities͏͏ in͏͏ private͏͏ and͏͏ other͏͏ markets.͏͏ It͏͏ highlights͏͏ an͏͏ extensive͏͏ network͏͏ of͏͏ private͏͏ equity͏͏ firms,͏͏ wealth͏͏ managers,͏͏ family͏͏ offices,͏͏ and͏͏ high-net-worth͏͏ individuals.

“Explore͏͏ the͏͏ world͏͏ of͏͏ private͏͏ markets,͏͏ where͏͏ exclusive͏͏ opportunities͏͏ await͏͏ astute͏͏ investors,”͏͏ states͏͏ its͏͏ website.͏͏ The͏͏ company͏͏ was͏͏ established͏͏ in͏͏ 2022͏͏ by͏͏ directors͏͏ Pratik͏͏ Vaja͏͏ and͏͏ Rahul͏͏ Kurup͏͏ of͏͏ 4Sight͏͏ Global͏͏ Ventures.

Strootaay͏͏ Unlisted͏͏ Brokers’͏͏ Significant͏͏ Deal:

In͏͏ addition͏͏ to͏͏ Torroz͏͏ Fintech,͏͏ Strootaay͏͏ Unlisted͏͏ Brokers͏͏ acquired͏͏ 4.63͏͏ lakh͏͏ Series͏͏ B͏͏ CCPS͏͏ of͏͏ Swiggy͏͏ from͏͏ venture͏͏ capital͏͏ firm͏͏ Elevation͏͏ Capital͏͏ for͏͏ INR͏͏ 439.12͏͏ crore͏͏ on͏͏ September͏͏ 11,͏͏ as͏͏ per͏͏ the͏͏ draft͏͏ IPO͏͏ documents.

Chennai-based͏͏ Strootaay͏͏ Unlisted͏͏ Brokers͏͏ provides͏͏ investors͏͏ with͏͏ a͏͏ platform͏͏ to͏͏ invest͏͏ in͏͏ unlisted͏͏ shares͏͏ of͏͏ late-stage,͏͏ pre-IPO͏͏ companies.

Meanwhile,͏͏ another͏͏ Swiggy͏͏ investor,͏͏ Ark͏͏ India͏͏ FoodTech͏͏ Private͏͏ Investment͏͏ Trust,͏͏ sold͏͏ 2.1͏͏ lakh͏͏ equity͏͏ shares͏͏ to͏͏ Moksh͏͏ Capital͏͏ Partners͏͏ 1͏͏ at͏͏ INR͏͏ 360͏͏ each͏͏ on͏͏ September͏͏ 23,͏͏ bringing͏͏ the͏͏ total͏͏ transaction͏͏ value͏͏ to͏͏ INR͏͏ 7.56͏͏ crore.

Moksha͏͏ Finance͏͏ assists͏͏ startups͏͏ in͏͏ obtaining͏͏ seed-stage͏͏ funding,͏͏ connecting͏͏ them͏͏ with͏͏ angel͏͏ investors͏͏ and͏͏ venture͏͏ capital͏͏ firms,͏͏ and͏͏ facilitating͏͏ their͏͏ transition͏͏ to͏͏ public͏͏ markets.͏͏ According͏͏ to͏͏ its͏͏ website,͏͏ the͏͏ firm͏͏ has͏͏ completed͏͏ five͏͏ deals͏͏ across͏͏ various͏͏ sectors͏͏ in͏͏ the͏͏ past͏͏ year.

High͏͏ Demand͏͏ for͏͏ Unlisted͏͏ Shares:

These͏͏ deals͏͏ offered͏͏ investors͏͏ partial͏͏ exits͏͏ ahead͏͏ of͏͏ the͏͏ IPO͏͏ due͏͏ to͏͏ strong͏͏ demand͏͏ for͏͏ unlisted͏͏ shares͏͏ of͏͏ Swiggy.͏͏ Several͏͏ high-net-worth͏͏ individuals͏͏ (HNIs)͏͏ and͏͏ companies͏͏ have͏͏ purchased͏͏ shares͏͏ in͏͏ Swiggy͏͏ prior͏͏ to͏͏ the͏͏ launch͏͏ of͏͏ its͏͏ public͏͏ issue.͏͏ Most͏͏ recently,͏͏ the͏͏ co-founders͏͏ of͏͏ angel͏͏ investing͏͏ platform͏͏ BizDateup,͏͏ Jeet͏͏ Chandan͏͏ and͏͏ Meet͏͏ Jain,͏͏ revealed͏͏ they͏͏ had͏͏ acquired͏͏ stakes͏͏ in͏͏ the͏͏ startup͏͏ for͏͏ an͏͏ undisclosed͏͏ amount.

Actor͏͏ Madhuri͏͏ Dixit,͏͏ Amitabh͏͏ Bachchan’s͏͏ family͏͏ office,͏͏ and͏͏ companies͏͏ like͏͏ Modern͏͏ Insulators͏͏ and͏͏ Hindustan͏͏ Composites͏͏ also͏͏ purchased͏͏ shares͏͏ in͏͏ the͏͏ foodtech͏͏ giant͏͏ ahead͏͏ of͏͏ the͏͏ IPO.

According͏͏ to͏͏ the͏͏ DRHP,͏͏ Swiggy’s͏͏ IPO͏͏ will͏͏ include͏͏ a͏͏ fresh͏͏ issue͏͏ of͏͏ INR͏͏ 3,750͏͏ crore͏͏ and͏͏ an͏͏ offer͏͏ for͏͏ sale͏͏ of͏͏ up͏͏ to͏͏ 18.53͏͏ crore͏͏ equity͏͏ shares.͏͏ However,͏͏ the͏͏ company͏͏ received͏͏ approval͏͏ from͏͏ its͏͏ shareholders͏͏ earlier͏͏ this͏͏ month͏͏ to͏͏ raise͏͏ the͏͏ size͏͏ of͏͏ the͏͏ fresh͏͏ issue͏͏ to͏͏ INR͏͏ 5,000͏͏ crore͏͏ in͏͏ the͏͏ IPO.

CEO͏͏ Majety͏͏ will͏͏ be͏͏ selling͏͏ up͏͏ to͏͏ 1.74͏͏ million͏͏ equity͏͏ shares͏͏ as͏͏ part͏͏ of͏͏ the͏͏ IPO.

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

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AICPDF calls for investigation into delivery practices of quick commerce and e-commerce firms

By
M Haziq Pandit
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0
quick commerce ecommerce

The All India Consumer Products Distributors Federation (AICPDF), representing distributors of fast-moving consumer goods (FMCG), has expressed concerns regarding the delivery practices of quick commerce and e-commerce companies in India.

The͏͏ AICPDF͏͏ has͏͏ reached͏͏ out͏͏ to͏͏ the͏͏ ministries͏͏ of͏͏ road͏͏ transport͏͏ and͏͏ health,͏͏ requesting͏͏ an͏͏ investigation͏͏ into͏͏ the͏͏ use͏͏ of͏͏ private͏͏ vehicles͏͏ for͏͏ commercial͏͏ deliveries͏͏ by͏͏ these͏͏ companies,͏͏ according͏͏ to͏͏ Business͏͏ Standard.

Food͏͏ Safety͏͏ Violations:

The͏͏ Federation͏͏ highlighted͏͏ that͏͏ numerous͏͏ quick͏͏ commerce͏͏ and͏͏ e-commerce͏͏ companies͏͏ often͏͏ use͏͏ private͏͏ vehicles͏͏ for͏͏ food͏͏ deliveries,͏͏ which͏͏ violates͏͏ the͏͏ guidelines͏͏ set͏͏ by͏͏ the͏͏ Food͏͏ Safety͏͏ and͏͏ Standards͏͏ Authority͏͏ of͏͏ India͏͏ (FSSAI).

“The͏͏ standards͏͏ are͏͏ essential͏͏ for͏͏ preventing͏͏ contamination͏͏ and͏͏ ensuring͏͏ that͏͏ consumers͏͏ receive͏͏ safe,͏͏ hygienically͏͏ handled͏͏ food.͏͏ However,͏͏ the͏͏ extensive͏͏ use͏͏ of͏͏ privately͏͏ owned͏͏ two-wheelers͏͏ by͏͏ delivery͏͏ personnel͏͏ raises͏͏ concerns͏͏ about͏͏ their͏͏ ability͏͏ to͏͏ meet͏͏ the͏͏ necessary͏͏ food͏͏ safety͏͏ standards,”͏͏ the͏͏ report͏͏ quoted͏͏ the͏͏ AICPDF͏͏ in͏͏ its͏͏ letter͏͏ to͏͏ the͏͏ health͏͏ ministry.

In͏͏ its͏͏ complaint͏͏ to͏͏ the͏͏ road͏͏ transport͏͏ ministry,͏͏ the͏͏ Federation͏͏ stated͏͏ that͏͏ the͏͏ use͏͏ of͏͏ private͏͏ vehicles͏͏ poses͏͏ significant͏͏ safety͏͏ concerns.͏͏ It͏͏ noted͏͏ that͏͏ these͏͏ vehicles͏͏ may͏͏ lack͏͏ adequate͏͏ insurance͏͏ and͏͏ maintenance͏͏ to͏͏ comply͏͏ with͏͏ the͏͏ standards͏͏ necessary͏͏ for͏͏ commercial͏͏ operations.

Continue͏͏ Exploring:͏͏ Govt͏͏ to͏͏ crack͏͏ down͏͏ on͏͏ quick commerce firms͏͏ over͏͏ non-compliance͏͏ with͏͏ mandatory͏͏ disclosures

Previous͏͏ Complaints͏͏ and͏͏ Regulatory͏͏ Challenges:

However,͏͏ this͏͏ is͏͏ not͏͏ the͏͏ first͏͏ instance͏͏ of͏͏ the͏͏ AICPDF͏͏ raising͏͏ concerns͏͏ about͏͏ quick͏͏ commerce.͏͏ In͏͏ August,͏͏ it͏͏ wrote͏͏ to͏͏ the͏͏ Ministry͏͏ of͏͏ Commerce͏͏ and͏͏ Industry,͏͏ requesting͏͏ an͏͏ investigation͏͏ into͏͏ the͏͏ rapid͏͏ expansion͏͏ of͏͏ the͏͏ quick͏͏ commerce͏͏ sector.

Expressing͏͏ concerns͏͏ about͏͏ the͏͏ compliance͏͏ of͏͏ quick͏͏ commerce͏͏ companies͏͏ with͏͏ the͏͏ country’s͏͏ FDI͏͏ norms,͏͏ it͏͏ urged͏͏ Union͏͏ Minister͏͏ Piyush͏͏ Goyal͏͏ to͏͏ regulate͏͏ these͏͏ players͏͏ to͏͏ safeguard͏͏ small͏͏ retailers.

Subsequently,͏͏ the͏͏ Department͏͏ for͏͏ Promotion͏͏ of͏͏ Industry͏͏ and͏͏ Internal͏͏ Trade͏͏ (DPIIT)͏͏ forwarded͏͏ the͏͏ complaint͏͏ to͏͏ the͏͏ Competition͏͏ Commission͏͏ of͏͏ India.

While͏͏ the͏͏ e-commerce͏͏ sector͏͏ has͏͏ experienced͏͏ significant͏͏ growth͏͏ over͏͏ the͏͏ past͏͏ decade,͏͏ quick͏͏ commerce͏͏ has͏͏ gained͏͏ rapid͏͏ popularity͏͏ in͏͏ the͏͏ last͏͏ 2-3͏͏ years,͏͏ particularly͏͏ in͏͏ metropolitan͏͏ areas.͏͏ This͏͏ has͏͏ created͏͏ competition͏͏ between͏͏ e-commerce͏͏ giants͏͏ like͏͏ Amazon͏͏ and͏͏ Meesho͏͏ and͏͏ quick͏͏ commerce͏͏ players͏͏ such͏͏ as͏͏ Blinkit,͏͏ Swiggy͏͏ Instamart,͏͏ and͏͏ Zepto.

However,͏͏ both͏͏ sectors͏͏ are͏͏ facing͏͏ heightened͏͏ regulatory͏͏ scrutiny.͏͏ Quick͏͏ commerce͏͏ companies͏͏ are͏͏ being͏͏ scrutinised͏͏ for͏͏ not͏͏ adhering͏͏ to͏͏ regulations͏͏ that͏͏ require͏͏ the͏͏ display͏͏ of͏͏ expiry͏͏ and͏͏ best-before͏͏ dates,͏͏ while͏͏ e-commerce͏͏ players͏͏ are͏͏ likely͏͏ to͏͏ come͏͏ under͏͏ fire͏͏ for͏͏ violating͏͏ dark͏͏ pattern͏͏ regulations.

Continue͏͏ Exploring:͏͏ Central͏͏ Govt͏͏ to͏͏ act͏͏ against͏͏ e-commerce brands͏͏ for͏͏ violating͏͏ dark͏͏ pattern͏͏ norms

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Kellanova India looks to double its household footprint in coming years

By
M Haziq Pandit
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0
Kellanova

Packaged food giant Kellanova India, formerly Kelloggs India, aims to double its household penetration from the current 40-50 million households in the coming years. The͏͏ company͏͏ reported͏͏ robust͏͏ growth͏͏ in͏͏ its͏͏ Kellogg’s͏͏ Muesli͏͏ portfolio͏͏ and͏͏ has͏͏ also͏͏ increased͏͏ its͏͏ market͏͏ share͏͏ in͏͏ the͏͏ cornflakes͏͏ segment.

In͏͏ a͏͏ global͏͏ announcement͏͏ made͏͏ in͏͏ August,͏͏ Mars,͏͏ Inc.͏͏ stated͏͏ that͏͏ it͏͏ has͏͏ signed͏͏ a͏͏ definitive͏͏ agreement͏͏ to͏͏ acquire͏͏ Kellanova.͏͏ Prashant͏͏ Peres,͏͏ Managing͏͏ Director͏͏ of͏͏ Kellanova͏͏ India͏͏ &͏͏ South͏͏ Asia,͏͏ commented,͏͏ “Kellanova͏͏ has͏͏ been͏͏ on͏͏ a͏͏ transformative͏͏ journey͏͏ to͏͏ become͏͏ the͏͏ leading͏͏ snacks-led͏͏ company.͏͏ With͏͏ this͏͏ recent͏͏ announcement,͏͏ we͏͏ have͏͏ an͏͏ exciting͏͏ opportunity͏͏ to͏͏ join͏͏ Mars,͏͏ which͏͏ will͏͏ help͏͏ us͏͏ accelerate͏͏ our͏͏ vision͏͏ and͏͏ realise͏͏ our͏͏ full͏͏ potential͏͏ even͏͏ faster.͏͏ This͏͏ announcement͏͏ is͏͏ just͏͏ the͏͏ first͏͏ step͏͏ in͏͏ the͏͏ process.͏͏ Until͏͏ the͏͏ deal͏͏ closes,͏͏ both͏͏ companies͏͏ will͏͏ remain͏͏ completely͏͏ independent,͏͏ and͏͏ it͏͏ will͏͏ be͏͏ business͏͏ as͏͏ usual͏͏ for͏͏ everyone.”

Discussing͏͏ the͏͏ company’s͏͏ strategy,͏͏ he͏͏ stated,͏͏ “Our͏͏ household͏͏ penetration͏͏ is͏͏ currently͏͏ estimated͏͏ at͏͏ around͏͏ 40-50͏͏ million͏͏ households.͏͏ We͏͏ aim͏͏ to͏͏ increase͏͏ this͏͏ to͏͏ approximately͏͏ 100͏͏ million͏͏ households͏͏ over͏͏ the͏͏ next͏͏ 3-4͏͏ years.͏͏ We͏͏ believe͏͏ we͏͏ provide͏͏ a͏͏ compelling͏͏ proposition͏͏ to͏͏ consumers͏͏ in͏͏ terms͏͏ of͏͏ health,͏͏ nutrition,͏͏ and͏͏ convenience,͏͏ which͏͏ will͏͏ enable͏͏ us͏͏ to͏͏ build͏͏ a͏͏ substantial͏͏ business͏͏ in͏͏ the͏͏ long͏͏ term.”

Robust͏͏ Growth͏͏ in͏͏ the͏͏ Muesli͏͏ and͏͏ Cornflakes͏͏ Segments:

The͏͏ company͏͏ has͏͏ been͏͏ focused͏͏ on͏͏ revamping͏͏ its͏͏ portfolio͏͏ over͏͏ the͏͏ past͏͏ few͏͏ months.͏͏ It͏͏ reported͏͏ that͏͏ household͏͏ penetration͏͏ for͏͏ its͏͏ Kellogg’s͏͏ Muesli͏͏ portfolio͏͏ has͏͏ increased͏͏ by͏͏ 1.5͏͏ times,͏͏ and͏͏ the͏͏ brand͏͏ has͏͏ tripled͏͏ its͏͏ growth͏͏ compared͏͏ to͏͏ last͏͏ year.͏͏ “The͏͏ recent͏͏ introduction͏͏ of͏͏ Multigrain͏͏ Chocos͏͏ offers͏͏ a͏͏ balance͏͏ of͏͏ nutrition,͏͏ convenience,͏͏ and͏͏ taste.͏͏ Although͏͏ the͏͏ renovation͏͏ is͏͏ recent,͏͏ the͏͏ new͏͏ proposition͏͏ is͏͏ starting͏͏ to͏͏ show͏͏ positive͏͏ growth͏͏ signs͏͏ for͏͏ the͏͏ portfolio,͏͏ with͏͏ the͏͏ Chocos͏͏ line͏͏ gaining͏͏ 400͏͏ basis͏͏ points͏͏ in͏͏ market͏͏ share͏͏ over͏͏ the͏͏ last͏͏ three͏͏ months,”͏͏ he͏͏ added.͏͏ The͏͏ packaged͏͏ food͏͏ giant͏͏ noted͏͏ that͏͏ it͏͏ has͏͏ been͏͏ gaining͏͏ market͏͏ share͏͏ in͏͏ both͏͏ the͏͏ cornflakes͏͏ and͏͏ muesli͏͏ segments.

Continue͏͏ Exploring:͏͏ Kellanova India revamps͏͏ iconic͏͏ Kellogg’s͏͏ Chocos͏͏ as͏͏ Multigrain͏͏ Delight,͏͏ eyes͏͏ greater͏͏ household͏͏ penetration

Portfolio͏͏ Revamp͏͏ Yields͏͏ Early͏͏ Results:

“Pringles͏͏ was͏͏ launched͏͏ in͏͏ India͏͏ in͏͏ 2015,͏͏ and͏͏ the͏͏ brand’s͏͏ growth͏͏ momentum͏͏ has͏͏ been͏͏ fueled͏͏ by͏͏ a͏͏ strong͏͏ emphasis͏͏ on͏͏ flavors͏͏ that͏͏ resonate͏͏ with͏͏ Indian͏͏ consumers,͏͏ resulting͏͏ in͏͏ over͏͏ 20͏͏ percent͏͏ market͏͏ share͏͏ in͏͏ the͏͏ premium͏͏ potato͏͏ chips͏͏ segment,”͏͏ Peres͏͏ stated.

When͏͏ asked͏͏ about͏͏ demand͏͏ trends,͏͏ he͏͏ noted͏͏ that͏͏ after͏͏ a͏͏ period͏͏ of͏͏ sluggishness,͏͏ the͏͏ industry͏͏ is͏͏ now͏͏ experiencing͏͏ an͏͏ uptick͏͏ in͏͏ consumption͏͏ momentum͏͏ and͏͏ is͏͏ expected͏͏ to͏͏ rebound͏͏ strongly͏͏ in͏͏ the͏͏ second͏͏ half͏͏ of͏͏ the͏͏ fiscal͏͏ year.

Continue͏͏ Exploring:͏͏ Mars͏͏ to͏͏ acquire͏͏ Pringles͏͏ maker͏͏ Kellanova in͏͏ $36͏͏ Bn͏͏ deal

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Rebel Foods expands Wendy’s footprint with new restaurant in Bengaluru

By
M Haziq Pandit
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0
Rebel Foods Wendy's

Rebel Foods, the world’s largest internet restaurant brand and master franchise holder for Wendy’s in India, has opened its 160th Wendy’s restaurant in BTM Layout, Bengaluru. This͏͏ milestone͏͏ underscores͏͏ Rebel͏͏ Foods’͏͏ consistent͏͏ growth͏͏ in͏͏ India’s͏͏ retail͏͏ and͏͏ hospitality͏͏ sectors.͏͏ The͏͏ opening͏͏ was͏͏ spearheaded͏͏ by͏͏ Dana͏͏ Calvert,͏͏ Wendy’s͏͏ Chief͏͏ International͏͏ Development͏͏ Officer,͏͏ emphasising͏͏ the͏͏ brand’s͏͏ commitment͏͏ to͏͏ further͏͏ expansion͏͏ in͏͏ India.

Continued͏͏ Growth͏͏ Across͏͏ India:

With͏͏ this͏͏ new͏͏ outlet,͏͏ Bengaluru͏͏ now͏͏ boasts͏͏ over͏͏ 20͏͏ Wendy’s͏͏ locations,͏͏ featuring͏͏ dine-in͏͏ services͏͏ at͏͏ the͏͏ MG͏͏ Road͏͏ and͏͏ BTM͏͏ Layout͏͏ branches.͏͏ Rebel͏͏ Foods͏͏ has͏͏ swiftly͏͏ expanded͏͏ Wendy’s͏͏ presence͏͏ across͏͏ more͏͏ than͏͏ 25͏͏ cities͏͏ in͏͏ India,͏͏ launching͏͏ 160͏͏ locations͏͏ in͏͏ just͏͏ 36͏͏ months.

Continue͏͏ Exploring:͏͏ Wendy’s hits͏͏ 150-store͏͏ milestone͏͏ in͏͏ India,͏͏ eyes͏͏ further͏͏ expansion

The͏͏ BTM͏͏ Layout͏͏ restaurant͏͏ features͏͏ Wendy’s͏͏ Global͏͏ Next͏͏ Gen͏͏ concept,͏͏ highlighting͏͏ a͏͏ digital-first͏͏ approach.͏͏ This͏͏ 50-seater͏͏ outlet͏͏ is͏͏ equipped͏͏ with͏͏ self-ordering͏͏ kiosks,͏͏ providing͏͏ customers͏͏ with͏͏ a͏͏ seamless͏͏ experience͏͏ for͏͏ both͏͏ dine-in͏͏ and͏͏ takeout.͏͏ The͏͏ menu͏͏ boasts͏͏ popular͏͏ offerings͏͏ such͏͏ as͏͏ the͏͏ Spicy͏͏ Aloo͏͏ Crunch͏͏ Burger͏͏ and͏͏ Flavour͏͏ Fresh͏͏ Premium͏͏ Burgers,͏͏ along͏͏ with͏͏ global͏͏ favourites͏͏ like͏͏ the͏͏ iconic͏͏ Frosty͏͏ dessert.

Earlier͏͏ this͏͏ month,͏͏ Wendy’s͏͏ celebrated͏͏ the͏͏ opening͏͏ of͏͏ a͏͏ new͏͏ restaurant͏͏ at͏͏ Logix͏͏ Mall͏͏ in͏͏ Noida.͏͏ The͏͏ event͏͏ was͏͏ attended͏͏ by͏͏ E.J.͏͏ Wunsch,͏͏ Wendy’s͏͏ President,͏͏ International,͏͏ and͏͏ Jaydeep͏͏ Barman,͏͏ Co-Founder͏͏ and͏͏ CEO͏͏ of͏͏ Rebel͏͏ Foods.

Commenting͏͏ on͏͏ Wendy’s͏͏ growth͏͏ in͏͏ India,͏͏ E.J.͏͏ Wunsch͏͏ stated,͏͏ “India͏͏ is͏͏ a͏͏ key͏͏ market͏͏ for͏͏ Wendy’s͏͏ global͏͏ expansion.͏͏ Our͏͏ partnership͏͏ with͏͏ Rebel͏͏ Foods͏͏ enables͏͏ us͏͏ to͏͏ deliver͏͏ Wendy’s͏͏ fresh,͏͏ famous͏͏ food͏͏ to͏͏ customers͏͏ nationwide,͏͏ and͏͏ the͏͏ opening͏͏ of͏͏ the͏͏ Noida͏͏ restaurant͏͏ offers͏͏ another͏͏ opportunity͏͏ for͏͏ our͏͏ fans͏͏ to͏͏ enjoy͏͏ our͏͏ offerings.”

Jaydeep͏͏ Barman͏͏ remarked,͏͏ “As͏͏ we͏͏ expand͏͏ Wendy’s͏͏ presence͏͏ in͏͏ India,͏͏ the͏͏ launch͏͏ of͏͏ the͏͏ new͏͏ restaurant͏͏ in͏͏ Bengaluru͏͏ represents͏͏ another͏͏ step͏͏ towards͏͏ making͏͏ the͏͏ brand͏͏ more͏͏ accessible.͏͏ Our͏͏ aim͏͏ is͏͏ to͏͏ grow͏͏ Wendy’s͏͏ footprint͏͏ across͏͏ the͏͏ country͏͏ while͏͏ strengthening͏͏ our͏͏ presence͏͏ in͏͏ cities͏͏ where͏͏ we͏͏ already͏͏ operate.”

Diverse͏͏ Menu͏͏ Offerings:

Wendy’s͏͏ is͏͏ renowned͏͏ for͏͏ its͏͏ diverse͏͏ menu,͏͏ showcasing͏͏ customer͏͏ favourites͏͏ such͏͏ as͏͏ the͏͏ Flavor͏͏ Fresh͏͏ range͏͏ and͏͏ Spicy͏͏ Aloo͏͏ Crunch,͏͏ alongside͏͏ new͏͏ offerings͏͏ like͏͏ the͏͏ Mexican,͏͏ BBQ,͏͏ Cheese͏͏ Blast,͏͏ and͏͏ Tandoori͏͏ burgers.͏͏ The͏͏ recent͏͏ launch͏͏ of͏͏ India’s͏͏ first-ever͏͏ Chimichurri͏͏ Burgers,͏͏ inspired͏͏ by͏͏ Argentinian͏͏ flavours͏͏ with͏͏ an͏͏ Indian͏͏ twist,͏͏ has͏͏ quickly͏͏ gained͏͏ popularity.

Rebel͏͏ Foods͏͏ is͏͏ set͏͏ to͏͏ continue͏͏ its͏͏ expansion͏͏ of͏͏ Wendy’s͏͏ dine-in͏͏ restaurants͏͏ in͏͏ key͏͏ cities͏͏ like͏͏ Delhi-NCR,͏͏ Bengaluru,͏͏ and͏͏ Hyderabad.͏͏ Additionally,͏͏ the͏͏ brand͏͏ plans͏͏ to͏͏ enhance͏͏ its͏͏ delivery͏͏ services͏͏ with͏͏ new͏͏ outlets͏͏ in͏͏ Tiruppur,͏͏ Mysore,͏͏ Nagpur,͏͏ Bhilai,͏͏ Kanpur,͏͏ Prayagraj,͏͏ and͏͏ Kolkata.͏͏ By͏͏ December,͏͏ Wendy’s͏͏ aims͏͏ to͏͏ open͏͏ several͏͏ more͏͏ locations,͏͏ further͏͏ solidifying͏͏ its͏͏ presence͏͏ in͏͏ India’s͏͏ retail͏͏ and͏͏ hospitality͏͏ sectors.

Continue͏͏ Exploring:͏͏ Rebel Foods cuts͏͏ net͏͏ loss͏͏ by͏͏ 42%͏͏ in͏͏ FY24,͏͏ revenue͏͏ increases͏͏ 19%͏͏ YoY

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Amazon Business reports 134% YoY growth in corporate gifting store during Great Indian Festival

By
M Haziq Pandit
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0

Amazon‘s B2B marketplace Amazon Business reported a 134% year-on-year growth in its corporate gifting store during the first ten days of the Amazon Great Indian Festival 2024. The͏͏ company͏͏ also͏͏ observed͏͏ a͏͏ 95%͏͏ increase͏͏ in͏͏ total͏͏ orders͏͏ and͏͏ a͏͏ 107%͏͏ rise͏͏ in͏͏ the͏͏ number͏͏ of͏͏ customers͏͏ making͏͏ purchases͏͏ during͏͏ this͏͏ period,͏͏ as͏͏ stated͏͏ in͏͏ a͏͏ company͏͏ announcement.

The͏͏ Amazon͏͏ Great͏͏ Indian͏͏ Festival͏͏ sale͏͏ began͏͏ on͏͏ September͏͏ 27,͏͏ 2024,͏͏ with͏͏ Prime͏͏ members͏͏ receiving͏͏ a͏͏ 24-hour͏͏ early͏͏ access͏͏ window.

Continue͏͏ Exploring:͏͏ Amazon records͏͏ 11͏͏ Cr͏͏ customer͏͏ visits͏͏ in͏͏ the͏͏ first͏͏ 48͏͏ hours͏͏ of͏͏ Great͏͏ Indian͏͏ Festival͏͏ sale

Kitchen͏͏ Essentials͏͏ Lead͏͏ Gifting͏͏ Choices:

Kitchenware͏͏ emerged͏͏ as͏͏ the͏͏ top͏͏ gifting͏͏ category,͏͏ with͏͏ mixer͏͏ grinders͏͏ and͏͏ juicers͏͏ being͏͏ the͏͏ most͏͏ popular͏͏ items,͏͏ reflecting͏͏ a͏͏ 5.5x͏͏ year-on-year͏͏ growth,͏͏ according͏͏ to͏͏ Amazon.

Headphones͏͏ and͏͏ speakers͏͏ topped͏͏ the͏͏ list͏͏ of͏͏ popular͏͏ tech͏͏ gifting͏͏ items,͏͏ while͏͏ chocolates,͏͏ dry͏͏ fruits,͏͏ and͏͏ tea-coffee͏͏ hampers͏͏ led͏͏ the͏͏ snacks͏͏ and͏͏ sweets͏͏ category.

“The͏͏ impressive͏͏ growth͏͏ of͏͏ our͏͏ corporate͏͏ gifting͏͏ store͏͏ this͏͏ festive͏͏ season͏͏ underscores͏͏ the͏͏ rapid͏͏ adoption͏͏ of͏͏ e-procurement͏͏ throughout͏͏ India.”

“This͏͏ surge͏͏ reflects͏͏ the͏͏ convenience͏͏ of͏͏ online͏͏ gifting͏͏ and͏͏ the͏͏ changing͏͏ needs͏͏ of͏͏ modern͏͏ businesses,”͏͏ said͏͏ Suchit͏͏ Subhas,͏͏ Director͏͏ at͏͏ Amazon͏͏ Business.

Amazon Business:͏͏ A͏͏ One-Stop͏͏ Shop͏͏ for͏͏ Institutional͏͏ Needs

Launched͏͏ in͏͏ 2017,͏͏ Amazon͏͏ Business͏͏ is͏͏ a͏͏ business-oriented͏͏ marketplace͏͏ on͏͏ Amazon.in͏͏ designed͏͏ to͏͏ cater͏͏ to͏͏ the͏͏ procurement͏͏ needs͏͏ of͏͏ various͏͏ institutions,͏͏ including͏͏ hospitals,͏͏ clinics,͏͏ manufacturers,͏͏ universities,͏͏ schools,͏͏ NGOs,͏͏ government͏͏ bodies,͏͏ and͏͏ offices.

It͏͏ offers͏͏ more͏͏ than͏͏ 8,500͏͏ GST-enabled͏͏ products͏͏ and͏͏ corporate͏͏ gifting͏͏ options.

Continue͏͏ Exploring:͏͏ SMBs͏͏ to͏͏ launch͏͏ over͏͏ 9,500͏͏ new͏͏ products͏͏ in͏͏ Amazon’s͏͏ festive͏͏ sale

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D2C grooming brand Menhood’s compliance officer Ankita Soni resigns

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M Haziq Pandit
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0
Menhood's

D2C men’s grooming startup Menhood’s company secretary and compliance officer, Ankita Soni, has resigned.

In͏͏ a͏͏ filing͏͏ with͏͏ NSE͏͏ Emerge,͏͏ the͏͏ D2C͏͏ startup͏͏ announced͏͏ that͏͏ Ankita͏͏ Soni’s͏͏ resignation͏͏ took͏͏ effect͏͏ on͏͏ October͏͏ 5.͏͏ Appointed͏͏ in͏͏ December͏͏ 2023,͏͏ Soni͏͏ was͏͏ responsible͏͏ for͏͏ overseeing͏͏ the͏͏ company’s͏͏ statutory͏͏ compliance,͏͏ among͏͏ other͏͏ duties.

Ankita Soni’s͏͏ Previous͏͏ Experience:

According͏͏ to͏͏ Menhood’s͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP),͏͏ Soni͏͏ previously͏͏ worked͏͏ as͏͏ the͏͏ company͏͏ secretary͏͏ at͏͏ consulting͏͏ firm͏͏ GACM͏͏ Technologies,͏͏ where͏͏ she͏͏ advised͏͏ senior͏͏ leadership͏͏ on͏͏ corporate͏͏ governance͏͏ and͏͏ regulatory͏͏ issues͏͏ before͏͏ joining͏͏ Menhood.

Menhood’s͏͏ Offerings:

Founded͏͏ in͏͏ 2019͏͏ by͏͏ Dushyant͏͏ Gandotra,͏͏ Divya͏͏ Gandotra,͏͏ and͏͏ Shivam͏͏ Bhateja,͏͏ Menhood͏͏ provides͏͏ a͏͏ variety͏͏ of͏͏ men’s͏͏ grooming͏͏ and͏͏ lifestyle͏͏ products,͏͏ such͏͏ as͏͏ trimmers,͏͏ intimate͏͏ perfumes,͏͏ and͏͏ moisturisers.

Continue͏͏ Exploring:͏͏ D2C grooming brand Menhood’s͏͏ IPO͏͏ to͏͏ open͏͏ on͏͏ July͏͏ 16,͏͏ price͏͏ band͏͏ set͏͏ at͏͏ INR͏͏ 71-75

Menhood͏͏ competes͏͏ with͏͏ other͏͏ D2C͏͏ brands͏͏ like͏͏ The͏͏ Man͏͏ Company,͏͏ Bombay͏͏ Shaving͏͏ Company,͏͏ and͏͏ Beardo.͏͏ The͏͏ company͏͏ went͏͏ public͏͏ in͏͏ July͏͏ this͏͏ year,͏͏ with͏͏ its͏͏ IPO͏͏ being͏͏ oversubscribed͏͏ by͏͏ 157.5͏͏ times.

This͏͏ comes͏͏ after͏͏ FMCG͏͏ major͏͏ Emami͏͏ acquired͏͏ D2C͏͏ men’s͏͏ grooming͏͏ brand͏͏ The͏͏ Man͏͏ Company͏͏ in͏͏ an͏͏ all-cash͏͏ deal.͏͏ Following͏͏ the͏͏ acquisition,͏͏ Helios͏͏ Lifestyle͏͏ Pvt͏͏ Ltd,͏͏ the͏͏ parent͏͏ company͏͏ of͏͏ The͏͏ Man͏͏ Company,͏͏ became͏͏ a͏͏ wholly͏͏ owned͏͏ subsidiary͏͏ of͏͏ Emami.

According͏͏ to͏͏ an͏͏ analysis,͏͏ the͏͏ Indian͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ market͏͏ is͏͏ expected͏͏ to͏͏ reach͏͏ a͏͏ $28͏͏ billion͏͏ opportunity͏͏ by͏͏ 2030,͏͏ representing͏͏ 7%͏͏ of͏͏ the͏͏ total͏͏ e-commerce͏͏ market.

Continue͏͏ Exploring:͏͏ Ayushmann͏͏ Khurrana͏͏ exits͏͏ D2C͏͏ brand͏͏ The͏͏ Man͏͏ Company͏͏ with͏͏ 400%͏͏ return

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Zomato’s independent director Gunjan Soni resigns from board

By
M Haziq Pandit
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0
Zomato Gunjan Soni

Foodtech giant Zomato‘s independent director Gunjan Soni has stepped down from the company’s board due to “increased work commitments.”

In͏͏ a͏͏ BSE͏͏ filing,͏͏ the͏͏ company͏͏ stated͏͏ that͏͏ Soni͏͏ will͏͏ also͏͏ step͏͏ down͏͏ from͏͏ her͏͏ roles͏͏ on͏͏ the͏͏ risk͏͏ management͏͏ and͏͏ corporate͏͏ social͏͏ responsibility͏͏ committees.

Notably,͏͏ Soni͏͏ serves͏͏ as͏͏ the͏͏ CEO͏͏ of͏͏ Zalora,͏͏ a͏͏ Southeast͏͏ Asia-focussed͏͏ ecommerce͏͏ platform.

“…͏͏ The͏͏ decision͏͏ to͏͏ step͏͏ down͏͏ was͏͏ challenging͏͏ and͏͏ stems͏͏ from͏͏ increased͏͏ professional͏͏ commitments.͏͏ I͏͏ am͏͏ thankful͏͏ for͏͏ the͏͏ opportunity͏͏ to͏͏ have͏͏ served͏͏ on͏͏ the͏͏ board͏͏ and͏͏ have͏͏ confidence͏͏ in͏͏ Zomato’s͏͏ management͏͏ team͏͏ and͏͏ the͏͏ company’s͏͏ future͏͏ direction…,”͏͏ Soni͏͏ stated͏͏ in͏͏ her͏͏ resignation͏͏ letter.

She͏͏ further͏͏ stated͏͏ that͏͏ there͏͏ were͏͏ “no͏͏ material͏͏ reasons͏͏ for͏͏ her͏͏ resignation͏͏ other͏͏ than͏͏ those͏͏ outlined͏͏ in͏͏ the͏͏ resignation͏͏ letter.”

Regarding͏͏ her͏͏ departure,͏͏ Zomato͏͏ co-founder͏͏ and͏͏ CEO͏͏ Deepinder͏͏ Goyal͏͏ remarked,͏͏ “It͏͏ has͏͏ been͏͏ a͏͏ pleasure͏͏ to͏͏ work͏͏ with͏͏ Gunjan,͏͏ and͏͏ I͏͏ want͏͏ to͏͏ extend͏͏ my͏͏ heartfelt͏͏ thanks͏͏ for͏͏ her͏͏ assistance͏͏ in͏͏ navigating͏͏ the͏͏ ups͏͏ and͏͏ downs͏͏ of͏͏ the͏͏ past͏͏ few͏͏ years.͏͏ On͏͏ behalf͏͏ of͏͏ Zomato,͏͏ I͏͏ appreciate͏͏ Gunjan’s͏͏ valuable͏͏ insights͏͏ and͏͏ guidance,͏͏ which͏͏ have͏͏ been͏͏ instrumental͏͏ to͏͏ our͏͏ growth…”

An͏͏ alumna͏͏ of͏͏ XLRI͏͏ Jamshedpur,͏͏ she͏͏ previously͏͏ led͏͏ Jabong͏͏ (which͏͏ was͏͏ later͏͏ acquired͏͏ by͏͏ Myntra)͏͏ and͏͏ has͏͏ also͏͏ worked͏͏ with͏͏ notable͏͏ companies͏͏ such͏͏ as͏͏ Star͏͏ India͏͏ and͏͏ McKinsey͏͏ &͏͏ Company.

Leadership͏͏ Changes͏͏ at͏͏ Zomato:

This͏͏ development͏͏ comes͏͏ at͏͏ a͏͏ time͏͏ when͏͏ the͏͏ company͏͏ is͏͏ undergoing͏͏ a͏͏ significant͏͏ reshuffle.͏͏ Just͏͏ weeks͏͏ ago,͏͏ Zomato’s͏͏ co-founder͏͏ and͏͏ Chief͏͏ People͏͏ Officer͏͏ (CPO),͏͏ Akriti͏͏ Chopra,͏͏ resigned͏͏ to͏͏ “pursue͏͏ other͏͏ interests.”͏͏ Earlier͏͏ this͏͏ month,͏͏ Zomato͏͏ also͏͏ brought͏͏ in͏͏ Kunal͏͏ Khambhati,͏͏ the͏͏ former͏͏ head͏͏ of͏͏ live͏͏ events͏͏ and͏͏ IP͏͏ at͏͏ BookMyShow,͏͏ to͏͏ strengthen͏͏ its͏͏ ‘going͏͏ out’͏͏ vertical.

Continue͏͏ Exploring:͏͏ Zomato bolsters͏͏ ‘going͏͏ out’͏͏ vertical͏͏ with͏͏ appointment͏͏ of͏͏ former͏͏ BookMyShow͏͏ executive͏͏ Kunal͏͏ Khambhati

This͏͏ also͏͏ comes͏͏ as͏͏ Zomato’s͏͏ shares͏͏ are͏͏ experiencing͏͏ an͏͏ upswing.͏͏ On͏͏ September͏͏ 23,͏͏ Zomato͏͏ shares͏͏ reached͏͏ an͏͏ all-time͏͏ high͏͏ of͏͏ INR͏͏ 298.05͏͏ during͏͏ intraday͏͏ trading,͏͏ driven͏͏ by͏͏ the͏͏ company’s͏͏ rising͏͏ profit͏͏ figures,͏͏ increasing͏͏ revenue,͏͏ strong͏͏ growth͏͏ of͏͏ Blinkit,͏͏ and͏͏ positive͏͏ feedback͏͏ from͏͏ brokerages.

Strong͏͏ Q1͏͏ FY25͏͏ Results:

Zomato͏͏ reported͏͏ a͏͏ net͏͏ profit͏͏ of͏͏ INR͏͏ 253͏͏ crore͏͏ in͏͏ the͏͏ first͏͏ quarter͏͏ (Q1)͏͏ of͏͏ the͏͏ financial͏͏ year͏͏ 2024-25͏͏ (FY25),͏͏ compared͏͏ to͏͏ INR͏͏ 2͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.͏͏ Meanwhile,͏͏ operating͏͏ revenues͏͏ surged͏͏ by͏͏ 74%,͏͏ reaching͏͏ INR͏͏ 4,206͏͏ crore͏͏ in͏͏ the͏͏ quarter͏͏ under͏͏ review,͏͏ up͏͏ from͏͏ INR͏͏ 2,416͏͏ crore͏͏ in͏͏ Q1͏͏ FY24.

The͏͏ company’s͏͏ shares͏͏ closed͏͏ 0.85%͏͏ higher͏͏ at͏͏ INR͏͏ 277.5͏͏ on͏͏ the͏͏ BSE͏͏ on͏͏ Friday.

Continue͏͏ Exploring:͏͏ Zomato’s͏͏ net͏͏ profit͏͏ jumps͏͏ multi-fold͏͏ to͏͏ INR͏͏ 253͏͏ Cr͏͏ in͏͏ Q1,͏͏ marks͏͏ fifth͏͏ consecutive͏͏ profitable͏͏ quarter

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Fabindia partners with ITC Sunfeast Baked Creations to launch dine-in cafes across India

By
M Haziq Pandit
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0
Fabindia

Fabindia, a leading Indian lifestyle brand, has teamed up with ITC Sunfeast Baked Creations to launch dine-in cafes at select stores across India. Founded͏͏ in͏͏ 1960,͏͏ Fabindia͏͏ is͏͏ a͏͏ prominent͏͏ retailer͏͏ of͏͏ apparel͏͏ and͏͏ homeware,͏͏ with͏͏ 358͏͏ stores͏͏ in͏͏ 129͏͏ locations͏͏ nationwide͏͏ and͏͏ 11͏͏ international͏͏ outlets.͏͏ The͏͏ brand͏͏ is͏͏ recognised͏͏ for͏͏ its͏͏ dedication͏͏ to͏͏ sustainable͏͏ business͏͏ practices.

ITC͏͏ Sunfeast͏͏ Baked͏͏ Creations͏͏ focuses͏͏ on͏͏ high-quality͏͏ baked͏͏ products͏͏ designed͏͏ for͏͏ the͏͏ Indian͏͏ market,͏͏ featuring͏͏ a͏͏ diverse͏͏ range͏͏ of͏͏ cakes͏͏ and͏͏ pastries.͏͏ The͏͏ brand͏͏ merges͏͏ its͏͏ baking͏͏ expertise͏͏ with͏͏ convenience,͏͏ particularly͏͏ in͏͏ food͏͏ delivery,͏͏ making͏͏ it͏͏ easy͏͏ for͏͏ customers͏͏ to͏͏ enjoy͏͏ premium͏͏ baked͏͏ goods.

Continue͏͏ Exploring:͏͏ Fabindia teams͏͏ up͏͏ with͏͏ Unicommerce͏͏ to͏͏ boost͏͏ omnichannel͏͏ operations͏͏ and͏͏ e-commerce͏͏ supply͏͏ chain

Café͏͏ Menu͏͏ Highlights:

The͏͏ cafes͏͏ will͏͏ offer͏͏ a͏͏ diverse͏͏ menu,͏͏ featuring͏͏ pull-apart͏͏ bagels,͏͏ croissants,͏͏ gourmet͏͏ breads,͏͏ and͏͏ a͏͏ variety͏͏ of͏͏ beverages.͏͏ Customers͏͏ can͏͏ celebrate͏͏ special͏͏ occasions͏͏ like͏͏ birthdays͏͏ and͏͏ Diwali,͏͏ as͏͏ well͏͏ as͏͏ place͏͏ bulk͏͏ orders͏͏ or͏͏ host͏͏ kitty͏͏ parties͏͏ at͏͏ the͏͏ ITC͏͏ Sunfeast͏͏ Baked͏͏ Creations͏͏ Cafe.

Fabindia͏͏ spokesperson͏͏ stated,͏͏ “We͏͏ are͏͏ thrilled͏͏ to͏͏ collaborate͏͏ with͏͏ ITC͏͏ Sunfeast͏͏ Baked͏͏ Creations.͏͏ Entering͏͏ a͏͏ Fabindia͏͏ Experience͏͏ Centre͏͏ is͏͏ not͏͏ just͏͏ about͏͏ shopping;͏͏ it’s͏͏ about͏͏ an͏͏ all-encompassing͏͏ experience.͏͏ Our͏͏ mutual͏͏ commitment͏͏ to͏͏ quality͏͏ and͏͏ freshness͏͏ reflects͏͏ shared͏͏ values.͏͏ Health,͏͏ nutrition,͏͏ and͏͏ quality͏͏ are͏͏ paramount,͏͏ and͏͏ Fabindia͏͏ has͏͏ always͏͏ aimed͏͏ to͏͏ balance͏͏ taste͏͏ with͏͏ ethically͏͏ sourced͏͏ ingredients͏͏ and͏͏ our͏͏ customers’͏͏ preferences.”

“We͏͏ are͏͏ excited͏͏ to͏͏ partner͏͏ with͏͏ Fabindia,͏͏ a͏͏ pioneer͏͏ not͏͏ only͏͏ in͏͏ retail͏͏ but͏͏ also͏͏ in͏͏ craftsmanship.͏͏ Our͏͏ ethos͏͏ has͏͏ always͏͏ been͏͏ to͏͏ provide͏͏ the͏͏ best͏͏ food͏͏ made͏͏ from͏͏ the͏͏ finest͏͏ ingredients.͏͏ ITC͏͏ Sunfeast͏͏ Baked͏͏ Creations͏͏ is͏͏ honoured͏͏ to͏͏ collaborate͏͏ with͏͏ Fabindia,͏͏ allowing͏͏ us͏͏ to͏͏ connect͏͏ with͏͏ and͏͏ serve͏͏ more͏͏ customers͏͏ across͏͏ India,”͏͏ he͏͏ added.

Continue͏͏ Exploring:͏͏ Tata͏͏ Group͏͏ eyes͏͏ expansion͏͏ with͏͏ potential͏͏ stake͏͏ purchase͏͏ in͏͏ Fabindia’s͏͏ apparel͏͏ business

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Nykaa expands footprint with two new Luxe stores in Delhi-NCR

By
M Haziq Pandit
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Nykaa

Beauty and fashion retailer Nykaa has launched two new Luxe stores in the Delhi-NCR region.

The͏͏ new͏͏ outlets͏͏ are͏͏ situated͏͏ at͏͏ DLF͏͏ CyberHub͏͏ in͏͏ Gurgaon͏͏ and͏͏ DLF͏͏ Mall͏͏ of͏͏ India͏͏ in͏͏ Noida.

Showcasing͏͏ Premium͏͏ Fragrances͏͏ from͏͏ Top͏͏ Brands:

The͏͏ Nykaa͏͏ Luxe͏͏ store͏͏ at͏͏ DLF͏͏ CyberHub͏͏ covers͏͏ an͏͏ area͏͏ of͏͏ 1,582͏͏ sq.͏͏ ft.,͏͏ while͏͏ the͏͏ store͏͏ at͏͏ DLF͏͏ Mall͏͏ of͏͏ India͏͏ spans͏͏ 1,114͏͏ sq.͏͏ ft.͏͏ Both͏͏ locations͏͏ will͏͏ showcase͏͏ fragrances͏͏ from͏͏ renowned͏͏ brands,͏͏ including͏͏ Lancôme,͏͏ YSL,͏͏ Tom͏͏ Ford,͏͏ Bvlgari,͏͏ Versace,͏͏ and͏͏ Jo͏͏ Malone.

Since͏͏ its͏͏ inception͏͏ in͏͏ 2012,͏͏ Nykaa͏͏ has͏͏ integrated͏͏ online͏͏ and͏͏ offline͏͏ experiences,͏͏ broadening͏͏ its͏͏ footprint͏͏ nationwide.͏͏ The͏͏ opening͏͏ of͏͏ the͏͏ Gurgaon͏͏ store͏͏ marks͏͏ Nykaa’s͏͏ 162nd͏͏ offline͏͏ destination,͏͏ while͏͏ the͏͏ Noida͏͏ store͏͏ is͏͏ its͏͏ 163rd.

Continue͏͏ Exploring:͏͏ Nykaa enters͏͏ quick͏͏ commerce͏͏ fray͏͏ with͏͏ 10-minute͏͏ delivery͏͏ pilot͏͏ in͏͏ Mumbai

Significant͏͏ Milestone:͏͏ 162nd͏͏ and͏͏ 163rd͏͏ Offline͏͏ Outlets

Founded͏͏ by͏͏ Falguni͏͏ Nayar,͏͏ Nykaa͏͏ provides͏͏ a͏͏ range͏͏ of͏͏ beauty͏͏ and͏͏ fashion͏͏ products͏͏ through͏͏ online͏͏ platforms͏͏ like͏͏ Nykaa͏͏ Fashion,͏͏ Nykaa͏͏ Man,͏͏ and͏͏ Nykaa͏͏ Superstore,͏͏ along͏͏ with͏͏ 174͏͏ offline͏͏ stores͏͏ across͏͏ the͏͏ country.

Nykaa’s͏͏ house͏͏ of͏͏ brands͏͏ features͏͏ well-known͏͏ names͏͏ such͏͏ as͏͏ Kay͏͏ Beauty,͏͏ Nykaa͏͏ Naturals,͏͏ Nykaa͏͏ Cosmetics,͏͏ and͏͏ Wanderlust͏͏ in͏͏ the͏͏ beauty͏͏ segment,͏͏ as͏͏ well͏͏ as͏͏ fashion͏͏ brands͏͏ like͏͏ Nykd,͏͏ Gajra͏͏ Gang,͏͏ Likha,͏͏ RSVP,͏͏ and͏͏ Pipa͏͏ Bella.͏͏ Renowned͏͏ for͏͏ its͏͏ authenticity͏͏ and͏͏ customer͏͏ focus,͏͏ Nykaa͏͏ has͏͏ become͏͏ the͏͏ preferred͏͏ partner͏͏ for͏͏ international͏͏ brands͏͏ entering͏͏ the͏͏ Indian͏͏ market.

Continue͏͏ Exploring:͏͏ Nykaa reports͏͏ mid-twenties͏͏ revenue͏͏ growth͏͏ in͏͏ Q2;͏͏ fashion͏͏ vertical͏͏ faces͏͏ slowdown

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OYO restructures leadership in key verticals to accelerate global growth

By
Ashutosh Dubey
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0
Hospitality, Luxury, Hotels & Restaurants, Hotels Unicorns
OYO restructures leadership in key verticals to accelerate global growth

OYO, the hospitality unicorn, is shaking up its top leadership by promoting five executives in technology, product, strategy, operations, and distribution.

First off, Sonal Sinha has been named chief operating officer (COO) of OYO’s international business, according to the company. She joined OYO in 2015 and was previously the chief financial officer (CFO) for the international business. Sinha is considered key to OYO’s success in the US market post-pandemic.

Oyo overhauls CEO, COO of technology, product & other verticals

Additionally, Rachit Srivastava is now the COO of OYO’s vacation homes business in Europe, taking over from Ayush Mathur, who is leaving to start his own venture. Shashank Jain will lead technology and online revenue for the global business. He previously led customer acquisition and retention product development and is known for developing apps for DanCenter and Belvilla, two of OYO’s European brands.

Continue Exploring: Radisson Blu to organise theatrical fest ahead of Diwali, partners with Vino De Bella

Another area of leadership development is a parallel appointment at the same level. Incoming from that will be Pankhuri Sakhuja, who has helped run OYO’s workspaces and its international hotel acquisitions. She’ll be leading Traum, German home listings, and Innov8, its coworking platform. The company also confirmed that its Global COO and chief product officer, Abhinav Sinha, planned to demote himself to a consulting role by January 2025, as he was starting his own startup.

Furthermore, the company has promoted Ashish Bajpai to head of revenue & global OTA. In his new role, Bajpai will focus on driving OYO’s revenue growth through both direct and indirect channels, and increasing the visibility and distribution of their hotels and homes worldwide. Commenting on the leadership changes, founder and CEO Ritesh Agarwal said, “As we pursue our growth objectives, agility and decisive action remain at the core of our strategy. Our leaders are continuously adapting and expanding their roles to stay ahead of the evolving market dynamics and drive our business forward.”

Continue Exploring: Tata’s Trent launches Zudio Beauty to compete in mass-priced beauty segment

Oyo to release IPO next year, revises DRHP with SEBI

Aiming to go public next year, OYO, after pausing its plans twice. It plans to refile its draft red herring prospectus (DRHP) with SEBI once it finishes refinancing its $660 million Term Loan B. The company became profitable in FY24 by cutting employee costs and increasing revenue, posting a net profit of INR 229.5 crore compared to a net loss of INR 1,286.5 crore the previous year.

Moving forward, OYO plans to expand its premium offerings and international presence. Last month, OYO bought G6 Hospitality, the parent company of Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million (around INR 4382.72 crore) in an all-cash deal. In addition, OYO’s Innov8 has entered the office management sector, similar to the business models of Awfis and Smartworks.

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