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WellBe Foods wins ‘Start-Up of the Year’ at Fi India Awards 2024

By
M Haziq Pandit
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0
WellBe Foods

WellBe Foods, a direct-to-consumer brand within the Nimida Group known for its “Deliciously Good” food options with “No Nasties,” has been honoured with the “Start-Up of the Year” award at the Fi India Awards 2024 in Bengaluru. This͏͏ accolade͏͏ underscores͏͏ WellBe͏͏ Foods’͏͏ dedication͏͏ to͏͏ transforming͏͏ the͏͏ FMCG͏͏ sector͏͏ by͏͏ offering͏͏ healthier,͏͏ nutritious͏͏ alternatives,͏͏ including͏͏ snacks,͏͏ snack͏͏ bars,͏͏ and͏͏ organic͏͏ kitchen͏͏ staples,͏͏ all͏͏ while͏͏ maintaining͏͏ the͏͏ authentic͏͏ taste͏͏ and͏͏ quality͏͏ consumers͏͏ expect.

The͏͏ Fi͏͏ India͏͏ Awards͏͏ honour͏͏ excellence͏͏ and͏͏ innovation͏͏ in͏͏ the͏͏ food͏͏ industry,͏͏ recognising͏͏ companies͏͏ that͏͏ are͏͏ redefining͏͏ possibilities͏͏ in͏͏ food͏͏ development.͏͏ WellBe͏͏ Foods’͏͏ commitment͏͏ to͏͏ creating͏͏ ‘Deliciously͏͏ Good,͏͏ Honestly͏͏ Made’͏͏ food͏͏ options͏͏ with͏͏ ‘No͏͏ Nasties’͏͏ that͏͏ prioritise͏͏ consumer͏͏ well-being͏͏ has͏͏ established͏͏ the͏͏ brand͏͏ as͏͏ a͏͏ leader͏͏ in͏͏ the͏͏ sector.

Continue͏͏ Exploring:͏͏ WellBe Foods enters͏͏ Hyderabad͏͏ market,͏͏ aims͏͏ for͏͏ 50%͏͏ YoY͏͏ growth

Gaurav͏͏ Manchanda,͏͏ founder͏͏ of͏͏ Nimida͏͏ Group,͏͏ stated,͏͏ “We͏͏ are͏͏ deeply͏͏ honoured͏͏ that͏͏ WellBe͏͏ Foods͏͏ has͏͏ been͏͏ recognised͏͏ as͏͏ ‘Startup͏͏ of͏͏ the͏͏ Year’͏͏ at͏͏ the͏͏ Fi͏͏ India͏͏ Awards.͏͏ This͏͏ award͏͏ highlights͏͏ our͏͏ steadfast͏͏ commitment͏͏ to͏͏ producing͏͏ Deliciously͏͏ Good͏͏ products͏͏ with͏͏ No͏͏ Nasties,͏͏ providing͏͏ consumers͏͏ with͏͏ healthier͏͏ alternatives.͏͏ It͏͏ also͏͏ reflects͏͏ our͏͏ dedication͏͏ to͏͏ taking͏͏ the͏͏ more͏͏ challenging͏͏ route—making͏͏ transparent͏͏ and͏͏ responsible͏͏ choices͏͏ with͏͏ Honestly͏͏ Made͏͏ products͏͏ that͏͏ align͏͏ with͏͏ our͏͏ vision͏͏ of͏͏ becoming͏͏ India’s͏͏ leading͏͏ Responsible͏͏ Retailer.”

Innovative͏͏ Product͏͏ Range:

WellBe͏͏ Foods͏͏ is͏͏ on͏͏ a͏͏ mission͏͏ to͏͏ transform͏͏ how͏͏ people͏͏ eat͏͏ by͏͏ providing͏͏ deliciously͏͏ good,͏͏ honestly͏͏ made͏͏ products͏͏ with͏͏ No͏͏ Nasties.͏͏ The͏͏ brand’s͏͏ range͏͏ of͏͏ traditional͏͏ Indian͏͏ snacks͏͏ is͏͏ reimagined͏͏ in͏͏ a͏͏ healthier͏͏ form,͏͏ avoiding͏͏ maida,͏͏ refined͏͏ oil,͏͏ and͏͏ refined͏͏ salt.͏͏ Instead,͏͏ WellBe͏͏ uses͏͏ innovative͏͏ alternatives͏͏ like͏͏ rice͏͏ flour,͏͏ red͏͏ rice͏͏ flour,͏͏ rice͏͏ bran͏͏ oil,͏͏ rock͏͏ salt,͏͏ and͏͏ flaxseeds—an͏͏ exciting͏͏ first͏͏ for͏͏ traditional͏͏ Indian͏͏ snacks.͏͏

Organic͏͏ Kitchen͏͏ Essentials:

In͏͏ addition͏͏ to͏͏ snacks,͏͏ WellBe’s͏͏ kitchen͏͏ essentials͏͏ feature͏͏ a͏͏ variety͏͏ of͏͏ organic͏͏ options,͏͏ including͏͏ rice,͏͏ dal,͏͏ atta,͏͏ cold-pressed͏͏ oils,͏͏ and͏͏ bilona͏͏ ghee.͏͏ The͏͏ brand͏͏ also͏͏ offers͏͏ snack͏͏ bars͏͏ and͏͏ breakfast͏͏ muesli͏͏ that͏͏ are͏͏ free͏͏ from͏͏ refined͏͏ white͏͏ sugar,͏͏ artificial͏͏ colours͏͏ and͏͏ flavours,͏͏ and͏͏ synthetic͏͏ preservatives.

WellBe͏͏ products͏͏ can͏͏ be͏͏ found͏͏ on͏͏ the͏͏ company͏͏ website,͏͏ as͏͏ well͏͏ as͏͏ at͏͏ The͏͏ Organic͏͏ World,͏͏ Lulu,͏͏ More͏͏ Hyper͏͏ and͏͏ Supermarkets,͏͏ Ratnadeep,͏͏ Natures’͏͏ Basket,͏͏ and͏͏ in͏͏ the͏͏ general͏͏ trade͏͏ market͏͏ throughout͏͏ Hyderabad.

Continue͏͏ Exploring:͏͏ D2C͏͏ brand͏͏ WellBe Foods hits͏͏ 1000͏͏ store͏͏ milestone,͏͏ eyes͏͏ 25,000͏͏ GT͏͏ stores͏͏ by͏͏ FY24-25

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D2C furniture and mattress startup Wakefit reports 24% revenue growth to INR 1,017 Cr in FY24

By
M Haziq Pandit
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0
Wakefit

Wakefit, the Bengaluru-based mattress and furniture manufacturer, reported a 24% year-on-year revenue increase, reaching INR 1,017 crore for the financial year ending March 31, 2024.The͏͏ company͏͏ also͏͏ announced͏͏ its͏͏ return͏͏ to͏͏ profitability,͏͏ with͏͏ earnings͏͏ before͏͏ interest,͏͏ taxes,͏͏ depreciation,͏͏ and͏͏ amortisation͏͏ of͏͏ INR͏͏ 65͏͏ crore.͏͏ Wakefit͏͏ had͏͏ maintained͏͏ profitability͏͏ during͏͏ its͏͏ first͏͏ four͏͏ years͏͏ of͏͏ operation.

Operating͏͏ revenue͏͏ for͏͏ FY24͏͏ was͏͏ approximately͏͏ INR͏͏ 985͏͏ crore,͏͏ an͏͏ increase͏͏ from͏͏ INR͏͏ 813͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ year,͏͏ the͏͏ company͏͏ reported.

Omnichannel͏͏ Expansion:

Wakefit͏͏ cofounder͏͏ Chaitanya͏͏ Ramalingegowda͏͏ credited͏͏ the͏͏ revenue͏͏ growth͏͏ to͏͏ the͏͏ company’s͏͏ emphasis͏͏ on͏͏ enhancing͏͏ its͏͏ omnichannel͏͏ presence.͏͏ He͏͏ noted͏͏ that͏͏ several͏͏ stores͏͏ have͏͏ matured,͏͏ new͏͏ outlets͏͏ are͏͏ being͏͏ launched,͏͏ and͏͏ the͏͏ automated͏͏ mattress͏͏ factory͏͏ has͏͏ contributed͏͏ to͏͏ this͏͏ success.

Evolving͏͏ Product͏͏ Portfolio:

“Initially,͏͏ when͏͏ we͏͏ launched͏͏ the͏͏ furniture͏͏ category,͏͏ we͏͏ focused͏͏ on͏͏ value-for-money͏͏ products͏͏ aimed͏͏ primarily͏͏ at͏͏ early-age͏͏ consumers͏͏ aged͏͏ 25͏͏ to͏͏ 30͏͏ or͏͏ young͏͏ couples.͏͏ Today,͏͏ a͏͏ substantial͏͏ portion͏͏ of͏͏ our͏͏ catalogue͏͏ is͏͏ designed͏͏ for͏͏ married͏͏ families,͏͏ ranging͏͏ from͏͏ 25͏͏ to͏͏ 50͏͏ years͏͏ old,”͏͏ said͏͏ CEO͏͏ Ankit͏͏ Garg.͏͏ “This͏͏ shift͏͏ has͏͏ led͏͏ to͏͏ the͏͏ introduction͏͏ of͏͏ more͏͏ classical͏͏ and͏͏ intricate͏͏ designs,͏͏ marking͏͏ a͏͏ significant͏͏ change͏͏ in͏͏ our͏͏ portfolio.”

Continue͏͏ Exploring:͏͏ Wakefit.co͏͏ introduces͏͏ cutting-edge͏͏ AI-driven͏͏ sleep͏͏ solutions͏͏ with͏͏ the͏͏ Wakefit͏͏ Zense͏͏ range

Retail͏͏ Expansion͏͏ Plans:

The͏͏ company͏͏ ventured͏͏ into͏͏ offline͏͏ retail͏͏ in͏͏ 2022͏͏ and͏͏ currently͏͏ operates͏͏ approximately͏͏ 80͏͏ stores͏͏ in͏͏ 26͏͏ cities.͏͏ It͏͏ plans͏͏ to͏͏ expand͏͏ its͏͏ footprint͏͏ to͏͏ 120͏͏ stores͏͏ over͏͏ the͏͏ next͏͏ six͏͏ months.

“During͏͏ the͏͏ past͏͏ 18͏͏ to͏͏ 24͏͏ months,͏͏ we͏͏ have͏͏ observed͏͏ a͏͏ substantial͏͏ increase͏͏ in͏͏ revenue͏͏ generated͏͏ from͏͏ retail͏͏ stores,”͏͏ Garg͏͏ stated.

At͏͏ present,͏͏ the͏͏ company͏͏ generates͏͏ 30%͏͏ of͏͏ its͏͏ revenue͏͏ from͏͏ retail͏͏ stores,͏͏ while͏͏ marketplaces͏͏ account͏͏ for͏͏ approximately͏͏ 20-30%,͏͏ he͏͏ noted.

Founded͏͏ in͏͏ 2016͏͏ and͏͏ backed͏͏ by͏͏ Peak͏͏ XV,͏͏ the͏͏ company͏͏ initially͏͏ focused͏͏ on͏͏ sleep͏͏ products͏͏ such͏͏ as͏͏ mattresses,͏͏ pillows,͏͏ and͏͏ bed͏͏ frames.͏͏ Over͏͏ time,͏͏ it͏͏ expanded͏͏ its͏͏ portfolio͏͏ to͏͏ include͏͏ a͏͏ wide͏͏ range͏͏ of͏͏ home͏͏ products,͏͏ including͏͏ sofas,͏͏ dining͏͏ sets,͏͏ wardrobes,͏͏ study͏͏ tables,͏͏ and͏͏ bookshelves.

According͏͏ to͏͏ Garg,͏͏ Wakefit͏͏ aims͏͏ for͏͏ a͏͏ 30%͏͏ revenue͏͏ increase͏͏ in͏͏ 2024-25.͏͏ The͏͏ company͏͏ will͏͏ concentrate͏͏ on͏͏ expanding͏͏ its͏͏ product͏͏ range,͏͏ strengthening͏͏ its͏͏ omnichannel͏͏ presence,͏͏ and͏͏ maintaining͏͏ its͏͏ investment͏͏ in͏͏ brand-building͏͏ initiatives.

In͏͏ January͏͏ 2023,͏͏ the͏͏ company͏͏ raised͏͏ $40͏͏ million͏͏ in͏͏ a͏͏ funding͏͏ round͏͏ led͏͏ by͏͏ Investcorp.

Continue͏͏ Exploring:͏͏ The͏͏ Sleep͏͏ Company͏͏ launches͏͏ second͏͏ tranche͏͏ of͏͏ INR͏͏ 2.4͏͏ Cr͏͏ ESOP͏͏ buyback͏͏ program

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Parag Milk Foods bets big on whey protein with INR 300 Cr investment, eyes 25% market share by FY28

By
M Haziq Pandit
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0
Parag Milk Foods whey protein

Parag Milk Foods has expanded its whey protein range under the Avvatar brand, focusing on consumer product personalisation as part of its new marketing strategy, according to Akshali Shah, executive director of Parag Milk Foods.

Ambitious͏͏ Market͏͏ Share͏͏ Goals:

With͏͏ this͏͏ expansion͏͏ and͏͏ expectations͏͏ of͏͏ the͏͏ category͏͏ growing͏͏ at͏͏ a͏͏ CAGR͏͏ of͏͏ 30-35%,͏͏ the͏͏ company͏͏ aims͏͏ to͏͏ secure͏͏ a͏͏ 20-25%͏͏ market͏͏ share͏͏ by͏͏ 2027-28.͏͏ It͏͏ has͏͏ already͏͏ established͏͏ a͏͏ whey͏͏ protein͏͏ manufacturing͏͏ facility͏͏ in͏͏ Pune,͏͏ Maharashtra,͏͏ which͏͏ provides͏͏ a͏͏ competitive͏͏ edge͏͏ and͏͏ bolsters͏͏ its͏͏ market͏͏ position,͏͏ Shah͏͏ noted.

Continue͏͏ Exploring:͏͏ Parag Milk Foods’͏͏ Q1͏͏ FY25͏͏ net͏͏ profit͏͏ surges͏͏ 27%͏͏ to͏͏ INR͏͏ 27͏͏ Cr

Investment͏͏ in͏͏ Manufacturing͏͏ Capabilities:

The͏͏ company͏͏ has͏͏ invested͏͏ around͏͏ INR͏͏ 300͏͏ crore͏͏ to͏͏ establish͏͏ and͏͏ enhance͏͏ its͏͏ whey͏͏ protein͏͏ manufacturing͏͏ capabilities.

The͏͏ whey͏͏ protein͏͏ category͏͏ currently͏͏ accounts͏͏ for͏͏ 7%͏͏ of͏͏ Parag’s͏͏ overall͏͏ revenue͏͏ and͏͏ is͏͏ projected͏͏ to͏͏ rise͏͏ to͏͏ 15%͏͏ over͏͏ the͏͏ next͏͏ 3-4͏͏ years.͏͏ At͏͏ present,͏͏ approximately͏͏ one-third͏͏ of͏͏ the͏͏ company’s͏͏ whey͏͏ protein͏͏ sales͏͏ are͏͏ generated͏͏ through͏͏ e-commerce͏͏ platforms,͏͏ providing͏͏ nationwide͏͏ reach.

To͏͏ target͏͏ the͏͏ youth͏͏ and͏͏ gym-goers͏͏ while͏͏ capitalising͏͏ on͏͏ the͏͏ increasing͏͏ demand,͏͏ Parag͏͏ Milk͏͏ Foods͏͏ plans͏͏ to͏͏ distribute͏͏ its͏͏ products͏͏ through͏͏ modern͏͏ trade͏͏ outlets,͏͏ specialised͏͏ whey͏͏ protein͏͏ stores,͏͏ and͏͏ online͏͏ channels,͏͏ ensuring͏͏ omnichannel͏͏ accessibility.

This͏͏ ambitious͏͏ growth͏͏ target͏͏ is͏͏ supported͏͏ by͏͏ the͏͏ company’s͏͏ influencer-driven͏͏ marketing͏͏ campaigns͏͏ and͏͏ its͏͏ extensive͏͏ distribution͏͏ network,͏͏ featuring͏͏ over͏͏ 35͏͏ depots͏͏ and͏͏ a͏͏ solid͏͏ presence͏͏ in͏͏ both͏͏ traditional͏͏ and͏͏ digital͏͏ retail͏͏ channels.

According͏͏ to͏͏ the͏͏ company’s͏͏ Q1͏͏ FY25͏͏ regulatory͏͏ update,͏͏ Parag͏͏ Milk͏͏ Foods͏͏ has͏͏ a͏͏ network͏͏ of͏͏ approximately͏͏ 6,200͏͏ distributors͏͏ and͏͏ 682͏͏ super͏͏ stockists.͏͏ With͏͏ a͏͏ current͏͏ presence͏͏ in͏͏ 4.6͏͏ lakh͏͏ retail͏͏ touchpoints,͏͏ the͏͏ firm͏͏ aims͏͏ to͏͏ expand͏͏ its͏͏ reach͏͏ to͏͏ 13-15͏͏ lakh͏͏ touchpoints͏͏ by͏͏ 2027E.

Continue͏͏ Exploring:͏͏ MS͏͏ Dhoni͏͏ teams͏͏ up͏͏ with͏͏ Explosive͏͏ Whey͏͏ to͏͏ revolutionize͏͏ fitness͏͏ supplementation

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Authum Investment, Mahi Kela to acquire 46.85% stake in Prataap Snacks for INR 846.60 Cr

By
M Haziq Pandit
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0
Prataap Snacks

Authum Investment & Infrastructure, along with Mahi Madhusudan Kela, will acquire a 46.85% stake in Prataap Snacks, the Indore-based packaged foods company known for its Yellow Diamond snack brand and Rich Feast sweet snacks. The͏͏ deal,͏͏ valued͏͏ at͏͏ INR͏͏ 846.60͏͏ crore,͏͏ involves͏͏ a͏͏ share͏͏ purchase͏͏ agreement͏͏ signed͏͏ on͏͏ Thursday͏͏ to͏͏ acquire͏͏ approximately͏͏ 1.02͏͏ crore͏͏ equity͏͏ shares͏͏ from͏͏ three͏͏ private͏͏ equity͏͏ promoters,͏͏ as͏͏ disclosed͏͏ in͏͏ an͏͏ early͏͏ morning͏͏ filing͏͏ by͏͏ Prataap͏͏ Snacks.

Peak XV Partners Growth Investments I, Peak XV Partners Growth Investment Holdings II, and Sequoia Capital GFIV Mauritius Investments—hold͏͏ stakes͏͏ of͏͏ 2.48%,͏͏ 34.65%,͏͏ and͏͏ 9.72%,͏͏ respectively.

“The͏͏ acquirer͏͏ and͏͏ Persons͏͏ Acting͏͏ in͏͏ Concert͏͏ (PAC)͏͏ have͏͏ signed͏͏ a͏͏ share͏͏ purchase͏͏ agreement͏͏ dated͏͏ September͏͏ 26,͏͏ 2024,͏͏ with͏͏ the͏͏ sellers.͏͏ Under͏͏ this͏͏ agreement,͏͏ the͏͏ acquirer͏͏ will͏͏ purchase͏͏ 1.02͏͏ crore͏͏ equity͏͏ shares͏͏ of͏͏ the͏͏ target͏͏ company͏͏ at͏͏ a͏͏ price͏͏ of͏͏ INR͏͏ 746͏͏ per͏͏ share,͏͏ amounting͏͏ to͏͏ an͏͏ aggregate͏͏ consideration͏͏ of͏͏ INR͏͏ 846.60͏͏ crore,”͏͏ it͏͏ stated.

Additionally,͏͏ the͏͏ company͏͏ has͏͏ announced͏͏ an͏͏ open͏͏ offer,͏͏ triggered͏͏ by͏͏ the͏͏ acquisition͏͏ of͏͏ a͏͏ controlling͏͏ stake,͏͏ to͏͏ purchase͏͏ a͏͏ 26%͏͏ stake͏͏ in͏͏ the͏͏ company͏͏ from͏͏ the͏͏ market.

“Since͏͏ the͏͏ acquirer͏͏ and͏͏ PAC͏͏ have͏͏ reached͏͏ an͏͏ agreement͏͏ to͏͏ acquire͏͏ voting͏͏ rights͏͏ exceeding͏͏ 25%͏͏ of͏͏ the͏͏ equity͏͏ share͏͏ capital͏͏ and͏͏ control͏͏ over͏͏ the͏͏ target͏͏ company…,”͏͏ it͏͏ stated.

In͏͏ the͏͏ open͏͏ offer,͏͏ a͏͏ price͏͏ of͏͏ INR͏͏ 864͏͏ per͏͏ share͏͏ has͏͏ been͏͏ proposed.͏͏ If͏͏ fully͏͏ subscribed,͏͏ the͏͏ open͏͏ offer͏͏ will͏͏ total͏͏ an͏͏ aggregate͏͏ consideration͏͏ of͏͏ INR͏͏ 544.17͏͏ crore.

Prataap͏͏ Snacks͏͏ reached͏͏ a͏͏ peak͏͏ price͏͏ of͏͏ INR͏͏ 1,371.45͏͏ on͏͏ January͏͏ 18,͏͏ 2024.

Continue͏͏ Exploring:͏͏ ITC͏͏ mulls͏͏ 47%͏͏ stake͏͏ acquisition͏͏ in͏͏ Prataap Snacks,͏͏ eyes͏͏ market͏͏ share͏͏ growth

No͏͏ Delisting͏͏ Plans:

Prataap͏͏ Snacks͏͏ will͏͏ continue͏͏ to͏͏ be͏͏ a͏͏ listed͏͏ entity͏͏ after͏͏ the͏͏ open͏͏ offer,͏͏ and͏͏ the͏͏ acquirers͏͏ have͏͏ no͏͏ intention͏͏ of͏͏ delisting͏͏ the͏͏ stock,͏͏ according͏͏ to͏͏ the͏͏ exchange͏͏ filing.

“The͏͏ acquirer͏͏ does͏͏ not͏͏ plan͏͏ to͏͏ delist͏͏ the͏͏ Target͏͏ Company͏͏ as͏͏ a͏͏ result͏͏ of͏͏ this͏͏ open͏͏ offer,”͏͏ it͏͏ stated.

However,͏͏ it͏͏ also͏͏ noted͏͏ that͏͏ the͏͏ open͏͏ offer͏͏ is͏͏ conditional͏͏ and͏͏ dependent͏͏ on͏͏ the͏͏ completion͏͏ of͏͏ the͏͏ share͏͏ purchase͏͏ agreement͏͏ with͏͏ the͏͏ promoters.

“The͏͏ share͏͏ purchase͏͏ agreement͏͏ outlines͏͏ the͏͏ terms͏͏ and͏͏ conditions͏͏ agreed͏͏ upon͏͏ by͏͏ the͏͏ acquirer,͏͏ the͏͏ PAC,͏͏ and͏͏ the͏͏ sellers,͏͏ along͏͏ with͏͏ their͏͏ respective͏͏ rights͏͏ and͏͏ obligations.͏͏ The͏͏ completion͏͏ of͏͏ the͏͏ open͏͏ offer͏͏ is͏͏ a͏͏ condition͏͏ precedent͏͏ to͏͏ the͏͏ underlying͏͏ transaction,”͏͏ it͏͏ stated.

Growth͏͏ and͏͏ Reach:

Founded͏͏ in͏͏ 2003͏͏ in͏͏ Indore,͏͏ Madhya͏͏ Pradesh,͏͏ Prataap͏͏ Snacks͏͏ is͏͏ one͏͏ of͏͏ India’s͏͏ fastest-growing͏͏ snack͏͏ food͏͏ companies.

It͏͏ operates͏͏ 15͏͏ manufacturing͏͏ facilities—eight͏͏ owned͏͏ and͏͏ seven͏͏ contracted—and͏͏ collaborates͏͏ with͏͏ over͏͏ 5,200͏͏ super͏͏ and͏͏ sub-distributors,͏͏ reaching͏͏ 2.5͏͏ million͏͏ touchpoints͏͏ nationwide.

Strong͏͏ Financial͏͏ Performance:

For͏͏ the͏͏ financial͏͏ year͏͏ 2024,͏͏ its͏͏ revenue͏͏ stood͏͏ at͏͏ INR͏͏ 1,617.93͏͏ crore,͏͏ reflecting͏͏ a͏͏ CAGR͏͏ growth͏͏ of͏͏ 14%͏͏ over͏͏ the͏͏ past͏͏ 10͏͏ years.

Continue͏͏ Exploring:͏͏ Haldiram’s͏͏ sets͏͏ sights͏͏ on͏͏ rival͏͏ Prataap Snacks,͏͏ explores͏͏ controlling͏͏ stake͏͏ for͏͏ market͏͏ domination

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Candytoy Corporate partners with Reliance Retail to supply confectionery toys to 1,400 outlets

By
M Haziq Pandit
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0
Reliance
Reliance

Candytoy Corporate, a prominent manufacturer of candy toys, has teamed up with Reliance Retail to supply confectionery toys to 1,400 of the retailer’s stores, announced a senior company official. The Indore-based firm signed the agreement with Reliance Retail a few months ago, according to Founder Director Gaurav Mirchandani.

Growth͏͏ Plans:

“We͏͏ currently͏͏ have͏͏ a͏͏ purchase͏͏ order͏͏ for͏͏ over͏͏ 15͏͏ outlets͏͏ that͏͏ are͏͏ live,͏͏ with͏͏ 200͏͏ outlets͏͏ expected͏͏ to͏͏ go͏͏ live͏͏ by͏͏ the͏͏ end͏͏ of͏͏ Diwali,͏͏ and͏͏ 1,400͏͏ outlets͏͏ set͏͏ to͏͏ be͏͏ operational͏͏ by͏͏ the͏͏ end͏͏ of͏͏ this͏͏ financial͏͏ year,”͏͏ Mirchandani͏͏ stated.

When͏͏ inquired͏͏ about͏͏ the͏͏ order͏͏ size,͏͏ he͏͏ mentioned͏͏ that͏͏ it͏͏ would͏͏ have͏͏ a͏͏ run͏͏ rate͏͏ of͏͏ INR͏͏ 2͏͏ crore͏͏ per͏͏ month͏͏ from͏͏ 200͏͏ Reliance͏͏ Retail͏͏ stores,͏͏ which͏͏ is͏͏ expected͏͏ to͏͏ increase͏͏ to͏͏ INR͏͏ 4͏͏ to͏͏ 4.5͏͏ crore͏͏ per͏͏ month͏͏ by͏͏ the͏͏ end͏͏ of͏͏ this͏͏ fiscal͏͏ year.

“We͏͏ offer͏͏ over͏͏ 75͏͏ SKUs͏͏ in͏͏ the͏͏ sweets͏͏ and͏͏ savoury͏͏ flavours͏͏ category͏͏ of͏͏ candy͏͏ that͏͏ we͏͏ supply͏͏ to͏͏ Reliance͏͏ Retail,”͏͏ he͏͏ stated.

Continue͏͏ Exploring:͏͏ Reliance Retail expects͏͏ 2x͏͏ growth͏͏ in͏͏ revenues͏͏ and͏͏ EBITDA͏͏ over͏͏ the͏͏ next͏͏ 3-4͏͏ years

Candytoy Corporate’s͏͏ Global͏͏ Reach͏͏ and͏͏ Future͏͏ Expansion:

Candytoy͏͏ Corporate͏͏ (CTC),͏͏ valued͏͏ at͏͏ nearly͏͏ INR͏͏ 1,000͏͏ crore,͏͏ supplies͏͏ its͏͏ products͏͏ to͏͏ retailers͏͏ in͏͏ 40͏͏ countries͏͏ worldwide.

It͏͏ also͏͏ intends͏͏ to͏͏ divest͏͏ approximately͏͏ 10͏͏ per͏͏ cent͏͏ of͏͏ its͏͏ equity͏͏ to͏͏ finance͏͏ future͏͏ expansion͏͏ plans͏͏ and͏͏ is͏͏ considering͏͏ an͏͏ IPO͏͏ within͏͏ the͏͏ next͏͏ 2-3͏͏ years.

CTC͏͏ is͏͏ a͏͏ global͏͏ manufacturer͏͏ of͏͏ promotional͏͏ toys͏͏ and͏͏ confectionery͏͏ products,͏͏ operating͏͏ five͏͏ plants͏͏ and͏͏ 11͏͏ contract͏͏ manufacturers,͏͏ and͏͏ supplying͏͏ to͏͏ 40͏͏ countries͏͏ across͏͏ three͏͏ continents.

When͏͏ asked͏͏ about͏͏ the͏͏ company’s͏͏ revenue,͏͏ Mirchandani͏͏ stated,͏͏ “We͏͏ anticipate͏͏ closing͏͏ this͏͏ fiscal͏͏ year͏͏ with͏͏ revenues͏͏ between͏͏ INR͏͏ 260͏͏ crore͏͏ and͏͏ 280͏͏ crore.͏͏ For͏͏ the͏͏ next͏͏ fiscal͏͏ year,͏͏ we͏͏ expect͏͏ to͏͏ close͏͏ at͏͏ INR͏͏ 400͏͏ crore͏͏ to͏͏ 450͏͏ crore.”

CTC͏͏ produces͏͏ candy͏͏ toys͏͏ for͏͏ a͏͏ variety͏͏ of͏͏ companies,͏͏ including͏͏ Colgate͏͏ Palmolive,͏͏ Puma,͏͏ MTR,͏͏ Bournvita,͏͏ Yellow͏͏ Diamonds,͏͏ Vistara͏͏ Airlines,͏͏ and͏͏ AirAsia,͏͏ among͏͏ others.

“We͏͏ already͏͏ have͏͏ the͏͏ purchase͏͏ orders͏͏ in͏͏ place,͏͏ but͏͏ we͏͏ need͏͏ time͏͏ to͏͏ deploy͏͏ them,͏͏ which͏͏ involves͏͏ opening͏͏ new͏͏ moulds͏͏ and͏͏ facilities,͏͏ among͏͏ other͏͏ preparations.͏͏ That’s͏͏ why͏͏ the͏͏ results͏͏ will͏͏ be͏͏ visible͏͏ in͏͏ the͏͏ next͏͏ financial͏͏ year,”͏͏ he͏͏ added.

This͏͏ fiscal͏͏ year,͏͏ CTC͏͏ anticipates͏͏ generating͏͏ approximately͏͏ INR͏͏ 120͏͏ crore͏͏ from͏͏ export͏͏ markets͏͏ and͏͏ INR͏͏ 200͏͏ crore͏͏ from͏͏ the͏͏ domestic͏͏ market,͏͏ which͏͏ includes͏͏ its͏͏ B2C͏͏ sales͏͏ and͏͏ channel͏͏ partners,͏͏ he͏͏ stated.

When͏͏ asked͏͏ about͏͏ raising͏͏ funds,͏͏ Mirchandani͏͏ remarked,͏͏ “We͏͏ are͏͏ currently͏͏ in͏͏ discussions͏͏ with͏͏ several͏͏ large͏͏ investors.”

IPO͏͏ Considerations͏͏ on͏͏ the͏͏ Horizon:

Regarding͏͏ the͏͏ IPO,͏͏ he͏͏ stated,͏͏ “After͏͏ the͏͏ conclusion͏͏ of͏͏ the͏͏ financial͏͏ year͏͏ 2026-27,͏͏ we͏͏ will͏͏ explore͏͏ the͏͏ possibilities͏͏ of͏͏ going͏͏ public͏͏ within͏͏ the͏͏ next͏͏ two͏͏ years.”

Overall,͏͏ CTC͏͏ manufacturers͏͏ in͏͏ India͏͏ produce͏͏ a͏͏ variety͏͏ of͏͏ promotional͏͏ toys,͏͏ including͏͏ candy͏͏ toys,͏͏ Barbie͏͏ dolls,͏͏ electronic͏͏ toys,͏͏ DIY͏͏ toys,͏͏ LED͏͏ toys,͏͏ musical͏͏ toys,͏͏ prank͏͏ toys,͏͏ sticky͏͏ toys,͏͏ and͏͏ more.

Continue͏͏ Exploring:͏͏ Ace͏͏ Turtle͏͏ inaugurates͏͏ third͏͏ Toys“R”Us͏͏ store͏͏ in͏͏ India,͏͏ plans͏͏ 12͏͏ new͏͏ stores͏͏ in͏͏ 2024

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Lulu Group to establish food processing and logistics centres in Andhra Pradesh

By
M Haziq Pandit
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0
Lulu Group food processing

UAE-based Lulu Group International plans to establish modern food processing and logistics centres in Andhra Pradesh, alongside hypermarkets and a shopping mall, according to Chairman and Managing Director Yusuffali MA.

After͏͏ their͏͏ meeting,͏͏ Yusuffali͏͏ shared͏͏ on͏͏ social͏͏ media͏͏ platform͏͏ X͏͏ in͏͏ response͏͏ to͏͏ Andhra͏͏ Pradesh͏͏ Chief͏͏ Minister͏͏ N͏͏ Chandrababu͏͏ Naidu’s͏͏ post,͏͏ saying,͏͏ “Our͏͏ discussions͏͏ were͏͏ very͏͏ fruitful.”

Vision͏͏ for͏͏ a͏͏ State-of-the-Art͏͏ Retail͏͏ Experience:

He͏͏ stated,͏͏ “We͏͏ have͏͏ decided͏͏ to͏͏ launch͏͏ an͏͏ international-standard͏͏ shopping͏͏ mall͏͏ featuring͏͏ an͏͏ 8-screen͏͏ IMAX͏͏ multiplex͏͏ in͏͏ Vizag,͏͏ state-of-the-art͏͏ hypermarkets͏͏ in͏͏ Vijayawada͏͏ and͏͏ Tirupati,͏͏ as͏͏ well͏͏ as͏͏ modern͏͏ food͏͏ processing͏͏ and͏͏ logistics͏͏ centres͏͏ in͏͏ Andhra͏͏ Pradesh.”

He͏͏ tagged͏͏ Naidu,͏͏ highlighting͏͏ their͏͏ “18͏͏ long͏͏ years͏͏ of͏͏ brotherly͏͏ relationship.”

Continue͏͏ Exploring:͏͏ Lulu Group to͏͏ launch͏͏ logistics͏͏ and͏͏ food processing center͏͏ in͏͏ Amritsar

In͏͏ a͏͏ previous͏͏ post͏͏ on͏͏ X,͏͏ Naidu͏͏ provided͏͏ an͏͏ update͏͏ on͏͏ his͏͏ meeting͏͏ with͏͏ Yusuffali͏͏ and͏͏ the͏͏ group’s͏͏ Executive͏͏ Director,͏͏ Ashraf͏͏ Ali͏͏ MA,͏͏ who͏͏ had͏͏ returned͏͏ to͏͏ Andhra͏͏ Pradesh.

“I͏͏ had͏͏ a͏͏ highly͏͏ productive͏͏ meeting͏͏ with͏͏ their͏͏ delegation͏͏ in͏͏ Amaravati͏͏ today.”

Naidu͏͏ wrote,͏͏ “We͏͏ discussed͏͏ plans͏͏ for͏͏ a͏͏ mall͏͏ and͏͏ multiplex͏͏ in͏͏ Vizag,͏͏ hypermarkets͏͏ and͏͏ multiplexes͏͏ in͏͏ Vijayawada͏͏ and͏͏ Tirupati,͏͏ as͏͏ well͏͏ as͏͏ investments͏͏ in͏͏ the͏͏ food͏͏ processing͏͏ sector͏͏ throughout͏͏ the͏͏ state.”

He͏͏ assured͏͏ the͏͏ state͏͏ government͏͏ of͏͏ “every͏͏ possible͏͏ cooperation͏͏ and͏͏ support,”͏͏ adding,͏͏ “I͏͏ wish͏͏ my͏͏ friend͏͏ all͏͏ the͏͏ best͏͏ in͏͏ his͏͏ endeavours͏͏ and͏͏ look͏͏ forward͏͏ to͏͏ a͏͏ fruitful͏͏ partnership͏͏ for͏͏ the͏͏ development͏͏ of͏͏ Andhra͏͏ Pradesh.”͏͏ The͏͏ Abu͏͏ Dhabi-headquartered͏͏ group,͏͏ with͏͏ an͏͏ annual͏͏ turnover͏͏ of͏͏ USD͏͏ 8͏͏ billion,͏͏ operates͏͏ in͏͏ various͏͏ sectors,͏͏ including͏͏ hypermarket͏͏ operations,͏͏ shopping͏͏ mall͏͏ development,͏͏ goods͏͏ manufacturing͏͏ and͏͏ trading,͏͏ hospitality,͏͏ and͏͏ real͏͏ estate.

It͏͏ currently͏͏ has͏͏ operations͏͏ in͏͏ 25͏͏ countries͏͏ worldwide.

Continue͏͏ Exploring:͏͏ Lulu Group to͏͏ establish͏͏ two͏͏ of͏͏ India’s͏͏ largest͏͏ shopping͏͏ malls͏͏ in͏͏ Ahmedabad͏͏ and͏͏ Chennai

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Compass Group India to double business every three years, pursue acquisition opportunities in key sectors

By
M Haziq Pandit
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0
Compass India

Compass Group India, a subsidiary of British multinational Compass Group PLC, aims to double its business in India every three years, viewing the country as a vital growth market. Additionally,͏͏ following͏͏ its͏͏ recent͏͏ acquisition͏͏ of͏͏ ICS Foods, the͏͏ company͏͏ is͏͏ actively͏͏ seeking͏͏ further͏͏ opportunities͏͏ to͏͏ expand͏͏ its͏͏ presence,͏͏ according͏͏ to͏͏ Managing͏͏ Director͏͏ Vikas͏͏ Chawla.

Targeting͏͏ Key͏͏ Sectors:

The͏͏ company,͏͏ which͏͏ is͏͏ broadening͏͏ its͏͏ focus͏͏ on͏͏ food͏͏ catering͏͏ opportunities,͏͏ is͏͏ targeting͏͏ clients͏͏ in͏͏ the͏͏ manufacturing,͏͏ education,͏͏ and͏͏ healthcare͏͏ sectors.͏͏ It͏͏ aims͏͏ to͏͏ achieve͏͏ a͏͏ market͏͏ share͏͏ surpassing͏͏ double͏͏ digits͏͏ within͏͏ the͏͏ next͏͏ five͏͏ years.

Continue͏͏ Exploring:͏͏ Compass Group India acquires͏͏ 70%͏͏ stake͏͏ in͏͏ food͏͏ services͏͏ company͏͏ ICS͏͏ Foods,͏͏ eyes͏͏ further͏͏ growth͏͏ in͏͏ Indian͏͏ market

Meal͏͏ Service͏͏ Expansion:

In͏͏ the͏͏ next͏͏ three͏͏ years,͏͏ Compass͏͏ Group͏͏ India͏͏ plans͏͏ to͏͏ serve͏͏ over͏͏ two͏͏ million͏͏ meals͏͏ daily͏͏ and͏͏ expand͏͏ its͏͏ presence͏͏ to͏͏ 600͏͏ client͏͏ locations,͏͏ further͏͏ solidifying͏͏ its͏͏ leadership͏͏ in͏͏ the͏͏ food͏͏ and͏͏ support͏͏ services͏͏ sector,͏͏ he͏͏ added.

“If͏͏ we͏͏ achieve͏͏ growth͏͏ of͏͏ over͏͏ 20%,͏͏ which͏͏ we͏͏ aim͏͏ for,͏͏ I͏͏ believe͏͏ we͏͏ could͏͏ double͏͏ our͏͏ business͏͏ approximately͏͏ every͏͏ three͏͏ years,͏͏ positioning͏͏ us͏͏ at͏͏ a͏͏ very͏͏ significant͏͏ scale͏͏ both͏͏ from͏͏ an͏͏ Indian͏͏ and͏͏ a͏͏ Compass͏͏ Group͏͏ perspective,”͏͏ said͏͏ Chawla.

He͏͏ declined͏͏ to͏͏ disclose͏͏ the͏͏ company’s͏͏ revenue.͏͏ However,͏͏ financial͏͏ data͏͏ from͏͏ the͏͏ business͏͏ intelligence͏͏ platform͏͏ Tofler͏͏ reveals͏͏ that͏͏ the͏͏ consolidated͏͏ revenue͏͏ of͏͏ Compass͏͏ India͏͏ Food͏͏ Services͏͏ was͏͏ INR͏͏ 1,212.7͏͏ crore,͏͏ with͏͏ a͏͏ net͏͏ profit͏͏ of͏͏ INR͏͏ 33.6͏͏ crore͏͏ for͏͏ the͏͏ financial͏͏ year͏͏ that͏͏ ended͏͏ in͏͏ March͏͏ 2023.

The͏͏ brand͏͏ currently͏͏ serves͏͏ approximately͏͏ 0.6͏͏ million͏͏ meals͏͏ daily͏͏ and͏͏ has͏͏ partnered͏͏ with͏͏ more͏͏ than͏͏ 450͏͏ client͏͏ locations͏͏ across͏͏ India.

Compass͏͏ Group͏͏ India’s͏͏ ambition͏͏ is͏͏ to͏͏ become͏͏ a͏͏ “sought-after”͏͏ food͏͏ company͏͏ in͏͏ India,͏͏ capitalising͏͏ on͏͏ the͏͏ evolving͏͏ opportunities͏͏ in͏͏ the͏͏ food͏͏ and͏͏ facility͏͏ management͏͏ landscape͏͏ driven͏͏ by͏͏ economic͏͏ growth.

“Given͏͏ India’s͏͏ dynamic͏͏ economic͏͏ landscape͏͏ and͏͏ initiatives͏͏ like͏͏ ‘Make͏͏ in͏͏ India,’͏͏ we͏͏ recognise͏͏ substantial͏͏ opportunities͏͏ to͏͏ significantly͏͏ scale͏͏ our͏͏ operations,͏͏ targeting͏͏ a͏͏ ten-fold͏͏ increase͏͏ in͏͏ our͏͏ offerings͏͏ over͏͏ the͏͏ next͏͏ 5-7͏͏ years,”͏͏ said͏͏ Chawla.

Growth͏͏ through͏͏ Acquisitions:

According͏͏ to͏͏ Chawla,͏͏ the͏͏ coming͏͏ decades͏͏ will͏͏ be͏͏ pivotal͏͏ for͏͏ Compass͏͏ Group’s͏͏ growth͏͏ in͏͏ India.͏͏ The͏͏ company͏͏ will͏͏ continue͏͏ to͏͏ expand͏͏ its͏͏ support͏͏ services͏͏ in͏͏ key͏͏ sectors͏͏ such͏͏ as͏͏ manufacturing,͏͏ education,͏͏ and͏͏ healthcare.

“Our͏͏ focus͏͏ is͏͏ not͏͏ solely͏͏ on͏͏ growth͏͏ but͏͏ on͏͏ delivering͏͏ value͏͏ that͏͏ surpasses͏͏ industry͏͏ benchmarks.͏͏ We͏͏ are͏͏ aligning͏͏ our͏͏ services͏͏ closely͏͏ with͏͏ the͏͏ evolving͏͏ needs͏͏ of͏͏ our͏͏ clients͏͏ while͏͏ exploring͏͏ strategic͏͏ acquisitions͏͏ to͏͏ maintain͏͏ our͏͏ momentum.͏͏ We͏͏ expect͏͏ that͏͏ 25-30%͏͏ of͏͏ our͏͏ growth͏͏ in͏͏ the͏͏ next͏͏ fiscal͏͏ year͏͏ will͏͏ stem͏͏ from͏͏ acquisitions,͏͏ as͏͏ we͏͏ aim͏͏ to͏͏ expand͏͏ our͏͏ presence͏͏ in͏͏ key͏͏ markets,”͏͏ he͏͏ said.

When͏͏ asked͏͏ if͏͏ Compass͏͏ Group͏͏ India͏͏ would͏͏ participate͏͏ in͏͏ opportunities͏͏ from͏͏ government-run͏͏ educational͏͏ institutions͏͏ and͏͏ schemes͏͏ like͏͏ mid-day͏͏ meals,͏͏ Chawla͏͏ responded:͏͏ “We͏͏ would͏͏ be͏͏ very͏͏ pleased͏͏ to͏͏ partner,͏͏ as͏͏ we͏͏ have͏͏ an͏͏ unwavering͏͏ commitment͏͏ to͏͏ food͏͏ safety.”

Regarding͏͏ the͏͏ expansion͏͏ of͏͏ its͏͏ network͏͏ in͏͏ India,͏͏ he͏͏ stated͏͏ that͏͏ Compass͏͏ Group͏͏ is͏͏ currently͏͏ present͏͏ in͏͏ 45͏͏ cities͏͏ and͏͏ will͏͏ concentrate͏͏ on͏͏ major͏͏ markets͏͏ such͏͏ as͏͏ Bengaluru,͏͏ Hyderabad,͏͏ Mumbai,͏͏ Delhi,͏͏ and͏͏ Chennai,͏͏ rather͏͏ than͏͏ pursuing͏͏ a͏͏ “deep͏͏ expansion.”

“We͏͏ will͏͏ explore͏͏ opportunities͏͏ in͏͏ other͏͏ cities,͏͏ but͏͏ our͏͏ approach͏͏ will͏͏ be͏͏ more͏͏ opportunistic͏͏ than͏͏ a͏͏ planned͏͏ expansion͏͏ into͏͏ a͏͏ large͏͏ number͏͏ of͏͏ locations,”͏͏ he͏͏ added.

India͏͏ is͏͏ currently͏͏ one͏͏ of͏͏ the͏͏ top͏͏ ten͏͏ markets͏͏ for͏͏ Compass͏͏ Group͏͏ PLC,͏͏ and͏͏ according͏͏ to͏͏ Chawla,͏͏ it͏͏ has͏͏ the͏͏ potential͏͏ to͏͏ rise͏͏ into͏͏ the͏͏ top͏͏ five.

“We͏͏ see͏͏ significant͏͏ changes͏͏ happening͏͏ in͏͏ India.͏͏ Employers͏͏ are͏͏ increasingly͏͏ seeking͏͏ better͏͏ food͏͏ options͏͏ for͏͏ their͏͏ employees,͏͏ prioritising͏͏ food͏͏ safety͏͏ with͏͏ higher͏͏ standards͏͏ than͏͏ what͏͏ they͏͏ have͏͏ previously͏͏ received.͏͏ In͏͏ hospitals,͏͏ which͏͏ we͏͏ also͏͏ serve,͏͏ there͏͏ is͏͏ a͏͏ demand͏͏ for͏͏ improved͏͏ meals͏͏ for͏͏ both͏͏ patients͏͏ and͏͏ staff,”͏͏ he͏͏ said.

Even͏͏ in͏͏ educational͏͏ institutions,͏͏ there͏͏ is͏͏ a͏͏ growing͏͏ awareness͏͏ about͏͏ the͏͏ importance͏͏ of͏͏ providing͏͏ great-tasting͏͏ nutrition͏͏ for͏͏ students.

“So,͏͏ everyone͏͏ is͏͏ adapting,͏͏ and͏͏ I͏͏ believe͏͏ this͏͏ change͏͏ will͏͏ accelerate͏͏ over͏͏ time,͏͏ providing͏͏ us͏͏ with͏͏ significantly͏͏ more͏͏ growth͏͏ opportunities,”͏͏ Chawla͏͏ added.

Continue͏͏ Exploring:͏͏ India’s͏͏ food͏͏ services͏͏ sector͏͏ poised͏͏ for͏͏ rapid͏͏ growth,͏͏ set͏͏ to͏͏ reach͏͏ INR͏͏ 7.76͏͏ Lakh͏͏ Cr͏͏ by͏͏ 2028:͏͏ NRAI͏͏ Report

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Arjun Kapoor backed Foodcloud.in plans major expansion: Aiming to onboard 50,000 home chefs and reach new cities

By
M Haziq Pandit
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0
Foodcloud

As the food delivery industry in India continues to boom, Arjun Kapoor backed Foodcloud.in, a platform connecting home chefs to consumers, has ambitious plans to revolutionize the sector. Despite operating in a competitive sector, Foodcloud.in achieved profitability last year, an impressive feat for a food delivery platform. The company’s fresh food business is active in Delhi-NCR, Mumbai, Kolkata, and Jaipur, with plans to expand further. The platform currently connects with about 5,000 home chefs and aims to grow this number to 50,000 in the next two years.

“We achieved profitability last year, which is a significant milestone. The platform is witnessing 100-150% year-on-year growth. We also launched a new line of direct-to-consumer (D2C) homemade packaged food. This has played a crucial role in expanding our brand’s reach, allowing us to enter new cities and connect with even more customers,” said Co-Founder and CEO Vedant Kanoi.

Foodcloud.in made it easier for chefs to focus on their craft while the company handled logistics and operations. It also collaborates with the food authorities such as FSSAI to develop policies. “We worked closely with FSSAI to develop policies for home chefs, ensuring that everyone on our platform is registered and trained,” Kanoi said. This focus on quality and compliance helped Foodcloud.in stand out in the crowded food delivery market.

Expansion Plans with Technology

Kanoi shared insights into the company’s growth trajectory and future expansion ambitions. The brand has already reached 70 to 80 cities in India. They are also exploring the global market. “Our shelf-stable, preservative-free products can be delivered nationwide, and we’ve even expanded into Dubai to test the waters.Overall, we’re delivering around 40,000 to 50,000 meals per month across all our offerings, and we’re excited to continue scaling our business,” he added.

In the next six months, Foodcloud.in is set to launch new features and programs designed to take the platform to the next level. “We are making some adjustments in our business model and launching an integrated training-cum-SaaS platform,” Kanoi revealed. This new platform will allow Foodcloud.in to onboard home chefs from regions they have yet to reach, significantly increasing their footprint across India.

Continue Exploring: Why this top chef is betting big on vegetarian ventures in a meat-loving world!

“We are continuously working on integrating more technology into our operations. For instance, during the pandemic, we experimented with AI-driven video and camera systems designed to monitor and ensure hygiene standards in kitchens. While we haven’t yet rolled this out on a large scale, we believe that in the coming months, we’ll be able to develop more advanced hygiene solutions. Our goal is to set a standard for hygiene that surpasses even that of traditional restaurants,” Kanoi informed.

Additionally, the company is working on an automated logistics system that will handle hundreds of orders with minimal manpower, further reducing costs. With these advancements, Foodcloud.in expects to onboard 12,000 home chefs within the next year and reach 35,000 to 50,000 within two years.

Road Ahead

While major food delivery brands like Zomato and Swiggy have dabbled in the home chef market, Kanoi believes Foodcloud.in has an edge. “The DNA of these organizations is different. They didn’t plan to be home chef aggregators,” he said. Foodcloud.in’s focus on home chefs and their unique needs gives it a competitive advantage.

Looking ahead, Kanoi is optimistic about the company’s growth prospects. “We’re pushing to take this platform to 10-12 cities, not just two or three,” he said. With plans to launch new logistics systems and training programs, Foodcloud.in is poised for exponential growth.

Continue Exploring: Greenday’s FMCG brand Better Nutrition taps MasterChef Pankaj Bhadouria as investor

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Curefoods secures nearly $10 Mn from Binny and Jitender Kumar Bansal

By
M Haziq Pandit
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0
Curefoods

Cloud kitchen startup Curefoods has secured an additional INR 80 crore (around $9.6 million) in debt financing from Binny Bansal and Jitender Kumar Bansal, as reported by Entrackr. This͏͏ marks͏͏ the͏͏ second͏͏ fundraising͏͏ round͏͏ for͏͏ the͏͏ Bengaluru-based͏͏ company͏͏ within͏͏ the͏͏ last͏͏ six͏͏ months.

The͏͏ ROC͏͏ filings͏͏ indicate͏͏ that͏͏ the͏͏ company͏͏ raised͏͏ INR͏͏ 80͏͏ crore͏͏ from͏͏ Binny͏͏ Bansal͏͏ and͏͏ Jitender͏͏ Kumar͏͏ Bansal͏͏ through͏͏ an͏͏ unsecured͏͏ member͏͏ deposit,͏͏ as͏͏ outlined͏͏ in͏͏ the͏͏ loan͏͏ agreement͏͏ between͏͏ the͏͏ company͏͏ and͏͏ the͏͏ two͏͏ investors.

Continue͏͏ Exploring:͏͏ Curefoods secures͏͏ additional͏͏ INR͏͏ 200͏͏ Crore͏͏ investment͏͏ from͏͏ Binny͏͏ Bansal’s͏͏ Three͏͏ State͏͏ Ventures,͏͏ round͏͏ size͏͏ hits͏͏ INR͏͏ 500͏͏ Crore

Recent͏͏ Series͏͏ D͏͏ Funding:

In͏͏ March,͏͏ Curefoods͏͏ secured͏͏ $25͏͏ million͏͏ in͏͏ Series͏͏ D͏͏ funding͏͏ from͏͏ Three͏͏ State͏͏ Ventures,͏͏ a͏͏ fund͏͏ established͏͏ by͏͏ a͏͏ Flipkart͏͏ co-founder.͏͏ According͏͏ to͏͏ startup͏͏ intelligence͏͏ platform͏͏ TheKredible,͏͏ the͏͏ company͏͏ has͏͏ raised͏͏ over͏͏ $200͏͏ million͏͏ to͏͏ date.

Curefoods͏͏ is͏͏ reportedly͏͏ in͏͏ talks͏͏ to͏͏ raise͏͏ $40͏͏ million͏͏ as͏͏ part͏͏ of͏͏ its͏͏ Series͏͏ D͏͏ round,͏͏ through͏͏ a͏͏ mix͏͏ of͏͏ primary͏͏ and͏͏ secondary͏͏ transactions,͏͏ according͏͏ to͏͏ a͏͏ Moneycontrol͏͏ report.͏͏ The͏͏ company’s͏͏ valuation͏͏ could͏͏ potentially͏͏ hit͏͏ the͏͏ $500͏͏ million͏͏ mark.

Rapid͏͏ Expansion͏͏ Since͏͏ 2020:

Founded͏͏ in͏͏ 2020,͏͏ Curefoods͏͏ manages͏͏ brands͏͏ such͏͏ as͏͏ EatFit,͏͏ Yumlane,͏͏ Aligarh͏͏ House͏͏ Biryani,͏͏ Masalabox,͏͏ and͏͏ CakeZone.͏͏ The͏͏ company͏͏ operates͏͏ more͏͏ than͏͏ 100͏͏ kitchens͏͏ across͏͏ over͏͏ 200͏͏ locations͏͏ in͏͏ 15͏͏ cities,͏͏ supported͏͏ by͏͏ a͏͏ backend͏͏ infrastructure͏͏ that͏͏ includes͏͏ over͏͏ 7͏͏ food͏͏ factories͏͏ and͏͏ 150͏͏ multi-brand͏͏ cloud͏͏ kitchens.

Continue͏͏ Exploring:͏͏ Curefoods’͏͏ Olio͏͏ Pizza͏͏ plans͏͏ major͏͏ expansion͏͏ with͏͏ 500͏͏ outlets,͏͏ targets͏͏ INR͏͏ 500͏͏ Cr͏͏ turnover͏͏ by͏͏ 2026

Strategic͏͏ Acquisitions͏͏ and͏͏ Investments:

In͏͏ addition͏͏ to͏͏ consecutive͏͏ fundraising͏͏ efforts,͏͏ the͏͏ company͏͏ acquired͏͏ two͏͏ brands—YumLane͏͏ Pizza͏͏ and͏͏ Millet͏͏ Express—in͏͏ 2023.͏͏ In͏͏ December,͏͏ it͏͏ also͏͏ invested͏͏ INR͏͏ 10͏͏ crore͏͏ ($1.2͏͏ million)͏͏ in͏͏ Hogr,͏͏ a͏͏ social͏͏ platform͏͏ designed͏͏ for͏͏ restaurant͏͏ and͏͏ food͏͏ discovery.

Continue͏͏ Exploring:͏͏ Bengaluru-based͏͏ Curefoods invests͏͏ $1.2M͏͏ in͏͏ food͏͏ discovery͏͏ platform͏͏ Hogr

Curefoods͏͏ has͏͏ established͏͏ itself͏͏ as͏͏ the͏͏ second-largest͏͏ player͏͏ in͏͏ the͏͏ cloud͏͏ kitchen͏͏ industry,͏͏ following͏͏ Rebel͏͏ Foods.͏͏ Curefoods͏͏ reported͏͏ revenue͏͏ of͏͏ INR͏͏ 384͏͏ crore͏͏ in͏͏ FY23,͏͏ while͏͏ its͏͏ FY24͏͏ figures͏͏ are͏͏ yet͏͏ to͏͏ be͏͏ released.͏͏ Rebel͏͏ Foods͏͏ recorded͏͏ an͏͏ operating͏͏ revenue͏͏ of͏͏ INR͏͏ 1,420͏͏ crore͏͏ in͏͏ FY24.͏͏ Other͏͏ notable͏͏ companies͏͏ in͏͏ the͏͏ sector,͏͏ including͏͏ EatClub͏͏ and͏͏ Biryani͏͏ By͏͏ Kilo,͏͏ also͏͏ achieved͏͏ revenues͏͏ of͏͏ more͏͏ than͏͏ INR͏͏ 300͏͏ crore͏͏ in͏͏ FY23.

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Amul crosses INR 59,545 Cr sales turnover, marks 8% YoY growth

By
M Haziq Pandit
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0
Amul
Amul

The Gujarat Co-operative Milk Marketing Federation (GCMMF), which markets the popular Amul brand, held its 50th Annual General Meeting on 28 September 2024. In͏͏ its͏͏ Golden͏͏ Jubilee͏͏ year,͏͏ GCMMF͏͏ reported͏͏ a͏͏ turnover͏͏ of͏͏ INR͏͏ 59,545͏͏ crores͏͏ (USD͏͏ 7͏͏ billion)͏͏ for͏͏ FY͏͏ 2023-24,͏͏ reflecting͏͏ 8%͏͏ YoY͏͏ growth.͏͏ The͏͏ group͏͏ turnover͏͏ of͏͏ Brand͏͏ Amul͏͏ increased͏͏ to͏͏ INR͏͏ 80,000͏͏ crores͏͏ (USD͏͏ 10͏͏ billion)͏͏ in͏͏ 2023-24,͏͏ up͏͏ from͏͏ INR͏͏ 72,000͏͏ crores͏͏ (USD͏͏ 9͏͏ billion)͏͏ in͏͏ 2022-23.

Amul:͏͏ World’s͏͏ Strongest͏͏ Food͏͏ Brand

Amul͏͏ has͏͏ been͏͏ ranked͏͏ the͏͏ world’s͏͏ strongest͏͏ food͏͏ brand͏͏ and͏͏ the͏͏ top͏͏ dairy͏͏ brand͏͏ by͏͏ Brand͏͏ Finance,͏͏ UK,͏͏ a͏͏ leading͏͏ global͏͏ brand͏͏ consultancy.͏͏ The͏͏ brand’s͏͏ strength͏͏ is͏͏ credited͏͏ to͏͏ its͏͏ strong͏͏ performance͏͏ across͏͏ familiarity,͏͏ consideration,͏͏ and͏͏ recommendation͏͏ metrics.

Continue͏͏ Exploring:͏͏ Amul named͏͏ strongest͏͏ global͏͏ food͏͏ and͏͏ dairy͏͏ brand͏͏ in͏͏ Brand͏͏ Finance͏͏ Food͏͏ &͏͏ Drink͏͏ 2024͏͏ Report

GCMMF,͏͏ the͏͏ largest͏͏ farmer-owned͏͏ dairy͏͏ cooperative͏͏ globally,͏͏ comprises͏͏ 36͏͏ lakh͏͏ farmers͏͏ from͏͏ 18,600͏͏ villages͏͏ in͏͏ Gujarat͏͏ and͏͏ 18͏͏ member͏͏ unions,͏͏ collectively͏͏ procuring͏͏ 300͏͏ lakh͏͏ litres͏͏ of͏͏ milk͏͏ daily.͏͏ According͏͏ to͏͏ the͏͏ International͏͏ Farm͏͏ Comparison͏͏ Network͏͏ (IFCN),͏͏ GCMMF͏͏ ranks͏͏ 8th͏͏ among͏͏ the͏͏ top͏͏ 20͏͏ dairy͏͏ companies͏͏ worldwide͏͏ in͏͏ milk͏͏ processing.

Shamalbhai͏͏ Patel,͏͏ Chairman͏͏ of͏͏ GCMMF,͏͏ stated,͏͏ “In͏͏ our͏͏ golden͏͏ jubilee͏͏ year,͏͏ GCMMF͏͏ has͏͏ reached͏͏ a͏͏ historic͏͏ milestone͏͏ by͏͏ becoming͏͏ the͏͏ world’s͏͏ strongest͏͏ food͏͏ brand.͏͏ We͏͏ are͏͏ focused͏͏ on͏͏ continuous͏͏ expansion͏͏ by͏͏ entering͏͏ new͏͏ markets,͏͏ launching͏͏ new͏͏ products,͏͏ and͏͏ increasing͏͏ milk͏͏ processing͏͏ capacities͏͏ across͏͏ India.”

Valamjibhai͏͏ Humbal,͏͏ Vice͏͏ Chairman͏͏ of͏͏ GCMMF,͏͏ expressed͏͏ sincere͏͏ gratitude͏͏ on͏͏ behalf͏͏ of͏͏ 36͏͏ lakh͏͏ milk͏͏ producer͏͏ members͏͏ of͏͏ Gujarat͏͏ to͏͏ the͏͏ Government͏͏ of͏͏ Gujarat͏͏ and͏͏ the͏͏ Government͏͏ of͏͏ India͏͏ for͏͏ their͏͏ ongoing͏͏ and͏͏ timely͏͏ support͏͏ of͏͏ various͏͏ schemes͏͏ for͏͏ milk͏͏ producers.͏͏ “We͏͏ also͏͏ extend͏͏ our͏͏ thanks͏͏ to͏͏ Hon.͏͏ Prime͏͏ Minister͏͏ Shri͏͏ Narendra͏͏ Modi͏͏ and͏͏ Hon.͏͏ Minister͏͏ of͏͏ Home͏͏ Affairs͏͏ and͏͏ Cooperation͏͏ Shri͏͏ Amit͏͏ Shah͏͏ for͏͏ their͏͏ unwavering͏͏ focus͏͏ on͏͏ developing͏͏ the͏͏ cooperative͏͏ sector,͏͏ inspiring͏͏ us͏͏ to͏͏ become͏͏ part͏͏ of͏͏ the͏͏ global͏͏ food͏͏ basket,͏͏ and͏͏ helping͏͏ double͏͏ farmers’͏͏ incomes.”

Continue͏͏ Exploring:͏͏ Amul launches͏͏ ‘Organic͏͏ Shoppe’͏͏ in͏͏ Delhi,͏͏ targets͏͏ nationwide͏͏ expansion͏͏ with͏͏ 100͏͏ stores

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