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Nine West expands its reach in India through Myntra collaboration

By
M Haziq Pandit
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0
Nine West

As India’s retail landscape expands, Nine West, a footwear brand under Bata, is boosting its presence by launching on Myntra. The͏͏ brand͏͏ focuses͏͏ on͏͏ merging͏͏ contemporary͏͏ trends͏͏ with͏͏ classic͏͏ elegance,͏͏ enhancing͏͏ women’s͏͏ everyday͏͏ fashion͏͏ and͏͏ reinforcing͏͏ its͏͏ position͏͏ in͏͏ the͏͏ Indian͏͏ market.͏͏ This͏͏ partnership͏͏ supports͏͏ Nine͏͏ West’s͏͏ omni-channel͏͏ strategy,͏͏ enabling͏͏ it͏͏ to͏͏ engage͏͏ with͏͏ fashion-conscious͏͏ consumers͏͏ nationwide͏͏ by͏͏ offering͏͏ a͏͏ collection͏͏ that͏͏ blends͏͏ global͏͏ influences͏͏ with͏͏ local͏͏ styles.

Diverse͏͏ Offerings͏͏ for͏͏ Every͏͏ Occasion:

The͏͏ collection͏͏ boasts͏͏ over͏͏ 100͏͏ designs͏͏ specifically͏͏ tailored͏͏ to͏͏ the͏͏ dynamic͏͏ lifestyles͏͏ of͏͏ urban͏͏ women͏͏ in͏͏ India.͏͏ Featuring͏͏ sleek͏͏ stilettos,͏͏ classic͏͏ pumps,͏͏ versatile͏͏ mules,͏͏ slingbacks,͏͏ flats,͏͏ sandals,͏͏ and͏͏ slides,͏͏ each͏͏ piece͏͏ balances͏͏ style͏͏ and͏͏ practicality.͏͏ The͏͏ range͏͏ showcases͏͏ metallic͏͏ shades,͏͏ bold͏͏ colors,͏͏ timeless͏͏ neutrals,͏͏ and͏͏ soft͏͏ pastels,͏͏ enhanced͏͏ with͏͏ embellishments͏͏ and͏͏ studs.͏͏ Additionally,͏͏ it͏͏ includes͏͏ handbags͏͏ like͏͏ monogram͏͏ totes͏͏ and͏͏ sling͏͏ bags,͏͏ providing͏͏ versatile͏͏ options͏͏ for͏͏ various͏͏ occasions.

Continue͏͏ Exploring:͏͏ Footwear͏͏ brand͏͏ HeyDude͏͏ enters͏͏ Indian͏͏ market͏͏ through͏͏ Metro͏͏ Brands͏͏ partnership

Sharad͏͏ Thakur,͏͏ VP͏͏ and͏͏ Head͏͏ of͏͏ E-commerce,͏͏ stated,͏͏ “We͏͏ are͏͏ thrilled͏͏ to͏͏ enhance͏͏ our͏͏ partnership͏͏ with͏͏ Myntra͏͏ through͏͏ the͏͏ exclusive͏͏ online͏͏ launch͏͏ of͏͏ Nine͏͏ West.͏͏ This͏͏ collection͏͏ is͏͏ designed͏͏ as͏͏ a͏͏ versatile͏͏ wardrobe͏͏ for͏͏ the͏͏ modern͏͏ woman,͏͏ effortlessly͏͏ combining͏͏ elegance͏͏ and͏͏ practicality͏͏ to͏͏ suit͏͏ a͏͏ fast-paced͏͏ urban͏͏ lifestyle.͏͏ We͏͏ believe͏͏ these͏͏ pieces͏͏ will͏͏ redefine͏͏ everyday͏͏ fashion,͏͏ empowering͏͏ women͏͏ to͏͏ move͏͏ through͏͏ their͏͏ day͏͏ with͏͏ confidence͏͏ and͏͏ style.”

Nine West’s͏͏ Exclusive͏͏ Availability͏͏ on͏͏ Myntra:

With͏͏ this͏͏ collection,͏͏ Nine͏͏ West͏͏ strikes͏͏ a͏͏ balance͏͏ between͏͏ timeless͏͏ design͏͏ and͏͏ modern͏͏ versatility,͏͏ elevating͏͏ urban͏͏ fashion͏͏ for͏͏ women͏͏ across͏͏ India.͏͏ The͏͏ range͏͏ is͏͏ now͏͏ available͏͏ exclusively͏͏ on͏͏ Myntra.

Continue͏͏ Exploring:͏͏ Myntra expects͏͏ 1.6-fold͏͏ increase͏͏ in͏͏ traffic͏͏ during͏͏ upcoming͏͏ Big͏͏ Fashion͏͏ Festival

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Indian hospitality sector’s revenue per available room set to grow by 8-9% in FY25

By
M Haziq Pandit
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0
hospitality

The Indian hospitality sector is experiencing significant growth, with a report indicating that revenue per available room is projected to increase by around 8-9 per cent in FY25.

Strong͏͏ Performance͏͏ in͏͏ FY24:

According͏͏ to͏͏ CareEdge,͏͏ the͏͏ industry’s͏͏ revenue͏͏ per͏͏ available͏͏ room͏͏ grew͏͏ strongly͏͏ by͏͏ 14͏͏ per͏͏ cent͏͏ in͏͏ fiscal͏͏ 2024.

Future͏͏ Growth͏͏ Outlook:

For͏͏ FY25,͏͏ a͏͏ growth͏͏ of͏͏ 8-9͏͏ per͏͏ cent͏͏ is͏͏ anticipated,͏͏ building͏͏ on͏͏ the͏͏ strong͏͏ base͏͏ established͏͏ in͏͏ FY24.

CareEdge͏͏ anticipates͏͏ the͏͏ industry͏͏ will͏͏ report͏͏ average͏͏ revenue͏͏ per͏͏ available͏͏ room͏͏ growth͏͏ of͏͏ INR͏͏ 5,200-͏͏ INR͏͏ 5,400,͏͏ following͏͏ a͏͏ strong͏͏ base͏͏ in͏͏ FY24,͏͏ with͏͏ an͏͏ additional͏͏ increase͏͏ of͏͏ 5-6͏͏ per͏͏ cent͏͏ projected͏͏ for͏͏ FY26.

Continue͏͏ Exploring:͏͏ Hospitality sector to͏͏ see͏͏ 29%͏͏ investment͏͏ growth,͏͏ reaching͏͏ $436͏͏ Mn͏͏ this͏͏ year:͏͏ JLL

Expansion͏͏ of͏͏ Branded͏͏ Hotel Rooms:

India͏͏ currently͏͏ has͏͏ approximately͏͏ 166,000͏͏ branded͏͏ hotel͏͏ rooms.͏͏ Over͏͏ the͏͏ next͏͏ five͏͏ years,͏͏ the͏͏ industry͏͏ is͏͏ projected͏͏ to͏͏ add͏͏ around͏͏ 55,000͏͏ rooms,͏͏ with͏͏ supply͏͏ expected͏͏ to͏͏ grow͏͏ at͏͏ a͏͏ compound͏͏ annual͏͏ growth͏͏ rate͏͏ (CAGR)͏͏ of͏͏ 4.5-5.5͏͏ per͏͏ cent͏͏ during͏͏ this͏͏ period.

The͏͏ hospitality͏͏ sector͏͏ is͏͏ currently͏͏ undergoing͏͏ an͏͏ upcycle,͏͏ fueled͏͏ by͏͏ favourable͏͏ demographics,͏͏ strong͏͏ domestic͏͏ demand—with͏͏ supply͏͏ lagging͏͏ behind͏͏ demand͏͏ growth—increased͏͏ investments,͏͏ and͏͏ ongoing͏͏ enhancements͏͏ in͏͏ infrastructure͏͏ and͏͏ connectivity.

“Due͏͏ to͏͏ the͏͏ boost͏͏ in͏͏ domestic͏͏ consumption͏͏ and͏͏ steady͏͏ GDP͏͏ growth,͏͏ companies͏͏ in͏͏ the͏͏ industry͏͏ are͏͏ experiencing͏͏ strong͏͏ capacity͏͏ utilisation,”͏͏ noted͏͏ Ravleen͏͏ Sethi,͏͏ Director͏͏ at͏͏ CareEdge͏͏ Ratings.

With͏͏ travel͏͏ momentum͏͏ expected͏͏ to͏͏ persist͏͏ and͏͏ anticipated͏͏ demand͏͏ likely͏͏ to͏͏ surpass͏͏ current͏͏ supply͏͏ in͏͏ the͏͏ medium͏͏ term,͏͏ FY25͏͏ is͏͏ projected͏͏ to͏͏ see͏͏ an͏͏ increase͏͏ in͏͏ revenue͏͏ per͏͏ available͏͏ room,͏͏ contributing͏͏ to͏͏ an͏͏ overall͏͏ improvement͏͏ in͏͏ the͏͏ credit͏͏ profiles͏͏ of͏͏ industry͏͏ players,͏͏ Sethi͏͏ added.

The͏͏ segment͏͏ mix͏͏ is͏͏ transitioning͏͏ towards͏͏ upper͏͏ midscale͏͏ and͏͏ midscale͏͏ economy,͏͏ with͏͏ over͏͏ 60͏͏ per͏͏ cent͏͏ of͏͏ new͏͏ supply͏͏ anticipated͏͏ to͏͏ be͏͏ introduced͏͏ in͏͏ these͏͏ categories.

This͏͏ growth͏͏ is͏͏ propelled͏͏ by͏͏ various͏͏ factors,͏͏ including͏͏ a͏͏ rising͏͏ middle͏͏ class,͏͏ a͏͏ notable͏͏ increase͏͏ in͏͏ business͏͏ travel—particularly͏͏ from͏͏ small͏͏ and͏͏ medium-sized͏͏ enterprises—and͏͏ the͏͏ expanding͏͏ range͏͏ of͏͏ business͏͏ activities͏͏ in͏͏ tier͏͏ 2,͏͏ 3,͏͏ and͏͏ 4͏͏ cities.

The͏͏ report͏͏ indicates͏͏ that͏͏ over͏͏ 70͏͏ per͏͏ cent͏͏ of͏͏ the͏͏ proposed͏͏ new͏͏ supply͏͏ is͏͏ focused͏͏ on͏͏ tier͏͏ 2͏͏ and͏͏ 3͏͏ cities,͏͏ followed͏͏ by͏͏ tier͏͏ 1,͏͏ as͏͏ hotel͏͏ owners͏͏ and͏͏ operators͏͏ seek͏͏ to͏͏ tap͏͏ into͏͏ unmet͏͏ demand͏͏ in͏͏ emerging͏͏ and͏͏ underserved͏͏ markets.

Continue͏͏ Exploring:͏͏ Hospitality sector registers͏͏ 4.8%͏͏ YoY͏͏ RevPAR͏͏ growth͏͏ in͏͏ Q2͏͏ 2024:͏͏ JLL

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Go Nuts expands into Maldives, partners with international airlines to offer premium healthy snacks

By
M Haziq Pandit
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0
Go Nuts

Go Nuts, a premium brand for nuts and healthy snacks, has expanded into the Maldives and established partnerships with international airlines. With͏͏ a͏͏ growing͏͏ global͏͏ demand͏͏ for͏͏ healthier͏͏ snacking͏͏ options,͏͏ Go͏͏ Nuts͏͏ is͏͏ dedicated͏͏ to͏͏ meeting͏͏ this͏͏ need͏͏ through͏͏ its͏͏ range͏͏ of͏͏ nutritious,͏͏ guilt-free͏͏ snacks,͏͏ known͏͏ for͏͏ their͏͏ outstanding͏͏ quality͏͏ and͏͏ freshness.

Established͏͏ in͏͏ 2007,͏͏ Go͏͏ Nuts͏͏ aims͏͏ to͏͏ offer͏͏ healthier͏͏ alternatives͏͏ to͏͏ traditional͏͏ snacks,͏͏ drawing͏͏ on͏͏ over͏͏ 30͏͏ years͏͏ of͏͏ family͏͏ expertise͏͏ in͏͏ the͏͏ nut͏͏ industry.͏͏ Today,͏͏ it͏͏ stands͏͏ as͏͏ a͏͏ trusted͏͏ name͏͏ in͏͏ households͏͏ and͏͏ premium͏͏ hospitality͏͏ across͏͏ India͏͏ and͏͏ is͏͏ set͏͏ to͏͏ expand͏͏ into͏͏ international͏͏ markets.͏͏ The͏͏ company’s͏͏ strategic͏͏ growth͏͏ into͏͏ the͏͏ Maldives͏͏ will͏͏ introduce͏͏ its͏͏ products͏͏ to͏͏ high-end͏͏ resorts,͏͏ catering͏͏ to͏͏ luxury͏͏ travelers͏͏ seeking͏͏ healthy,͏͏ premium͏͏ snacking͏͏ options.

Go Nuts Sets͏͏ Ambitious͏͏ Growth͏͏ Targets:

In͏͏ the͏͏ last͏͏ decade,͏͏ Go͏͏ Nuts͏͏ has͏͏ established͏͏ a͏͏ strong͏͏ reputation͏͏ in͏͏ India’s͏͏ hospitality͏͏ sector,͏͏ collaborating͏͏ with͏͏ over͏͏ 250͏͏ luxury͏͏ hotels,͏͏ including͏͏ esteemed͏͏ names͏͏ like͏͏ the͏͏ Taj͏͏ Mahal͏͏ Palace͏͏ Hotel͏͏ Mumbai,͏͏ St.͏͏ Regis,͏͏ and͏͏ The͏͏ Ritz͏͏ Carlton.͏͏ The͏͏ brand’s͏͏ commitment͏͏ to͏͏ consistent͏͏ quality͏͏ and͏͏ premium͏͏ offerings͏͏ has͏͏ made͏͏ it͏͏ the͏͏ preferred͏͏ snacking͏͏ partner͏͏ for͏͏ these͏͏ establishments.͏͏ Looking͏͏ ahead,͏͏ Go͏͏ Nuts͏͏ is͏͏ targeting͏͏ a͏͏ 20%͏͏ growth͏͏ in͏͏ FY24,͏͏ following͏͏ a͏͏ notable͏͏ 25%͏͏ increase͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year,͏͏ fuelled͏͏ by͏͏ rising͏͏ demand͏͏ in͏͏ both͏͏ the͏͏ hospitality͏͏ and͏͏ corporate͏͏ gifting͏͏ sectors.

Continue͏͏ Exploring:͏͏ Healthy snack brands͏͏ see͏͏ explosive͏͏ growth͏͏ amidst͏͏ health-conscious͏͏ consumer͏͏ trend

Ashish Agrawal,͏͏ Founder͏͏ of͏͏ Go͏͏ Nuts,͏͏ shared͏͏ his͏͏ enthusiasm͏͏ for͏͏ these͏͏ new͏͏ ventures:͏͏ “We͏͏ are͏͏ excited͏͏ to͏͏ introduce͏͏ Go͏͏ Nuts͏͏ to͏͏ international͏͏ markets͏͏ through͏͏ our͏͏ partnerships͏͏ with͏͏ resorts͏͏ and͏͏ airlines͏͏ in͏͏ the͏͏ Maldives.͏͏ Our͏͏ aim͏͏ has͏͏ always͏͏ been͏͏ to͏͏ provide͏͏ snacks͏͏ that͏͏ blend͏͏ exceptional͏͏ taste͏͏ with͏͏ health͏͏ benefits,͏͏ and͏͏ these͏͏ collaborations͏͏ present͏͏ a͏͏ fantastic͏͏ opportunity͏͏ to͏͏ reach͏͏ a͏͏ global͏͏ audience.”

Reflecting͏͏ global͏͏ sustainability͏͏ trends,͏͏ Go͏͏ Nuts͏͏ prioritises͏͏ eco-friendly͏͏ packaging͏͏ for͏͏ its͏͏ products,͏͏ combining͏͏ convenience͏͏ with͏͏ environmental͏͏ stewardship.͏͏ The͏͏ brand͏͏ continues͏͏ to͏͏ innovate͏͏ with͏͏ new͏͏ launches,͏͏ including͏͏ the͏͏ Super͏͏ Fuel͏͏ trail͏͏ mix͏͏ and͏͏ antioxidant-rich͏͏ snack͏͏ mixes,͏͏ aimed͏͏ at͏͏ health-conscious͏͏ consumers͏͏ in͏͏ search͏͏ of͏͏ nutritious͏͏ options͏͏ for͏͏ their͏͏ busy͏͏ lifestyles.

Continue͏͏ Exploring:͏͏ Natch͏͏ partners͏͏ with͏͏ Swiggy͏͏ Instamart͏͏ to͏͏ deliver͏͏ healthy snacks across͏͏ Mumbai,͏͏ plans͏͏ expansion͏͏ to͏͏ major͏͏ cities

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India’s gold imports soar to $10.1 Bn as duty cut fuels domestic demand

By
M Haziq Pandit
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0
gold

Union Minister of Commerce and Industries Piyush Goyal stated that reducing the duty on gold from 15% to 6% has increased domestic demand for the metal. He͏͏ also͏͏ encouraged͏͏ Indian-origin͏͏ global͏͏ brands͏͏ to͏͏ showcase͏͏ India’s͏͏ tourism͏͏ potential͏͏ through͏͏ their͏͏ overseas͏͏ showrooms,͏͏ which͏͏ could͏͏ significantly͏͏ benefit͏͏ the͏͏ domestic͏͏ tourism͏͏ industry.

Record͏͏ Gold Imports͏͏ in͏͏ August:

In͏͏ August,͏͏ India’s͏͏ gold͏͏ imports͏͏ reached͏͏ a͏͏ record͏͏ high͏͏ of͏͏ US$͏͏ 10.1͏͏ billion,͏͏ more͏͏ than͏͏ triple͏͏ the͏͏ amount͏͏ from͏͏ the͏͏ previous͏͏ month͏͏ and͏͏ double͏͏ that͏͏ of͏͏ the͏͏ previous͏͏ year.͏͏ The͏͏ import͏͏ volume͏͏ was͏͏ approximately͏͏ 140͏͏ tonnes.͏͏ Despite͏͏ rising͏͏ gold͏͏ prices,͏͏ demand͏͏ for͏͏ the͏͏ yellow͏͏ metal͏͏ remains͏͏ robust.

Continue͏͏ Exploring:͏͏ Gold jewellery͏͏ demand͏͏ set͏͏ to͏͏ rise͏͏ with͏͏ 18%͏͏ volume͏͏ growth͏͏ anticipated,͏͏ says͏͏ Nuvama͏͏ Report

The͏͏ minister͏͏ made͏͏ this͏͏ statement͏͏ during͏͏ an͏͏ event͏͏ in͏͏ Mumbai͏͏ to͏͏ launch͏͏ Malabar͏͏ Group’s͏͏ National͏͏ Scholarship͏͏ Programme͏͏ for͏͏ girl͏͏ children,͏͏ for͏͏ which͏͏ the͏͏ company͏͏ has͏͏ allocated͏͏ INR͏͏ 16͏͏ crore͏͏ from͏͏ its͏͏ CSR͏͏ fund͏͏ for͏͏ the͏͏ current͏͏ fiscal͏͏ year.͏͏ According͏͏ to͏͏ a͏͏ media͏͏ release͏͏ from͏͏ the͏͏ company,͏͏ nearly͏͏ 21,000͏͏ girls͏͏ will͏͏ benefit͏͏ from͏͏ this͏͏ initiative.

Commenting͏͏ on͏͏ the͏͏ initiative,͏͏ MP͏͏ Ahammed,͏͏ Chairman͏͏ of͏͏ Malabar͏͏ Group,͏͏ stated,͏͏ “Education͏͏ is͏͏ the͏͏ most͏͏ powerful͏͏ tool͏͏ for͏͏ changing͏͏ the͏͏ world.͏͏ Our͏͏ scholarship͏͏ programme͏͏ reflects͏͏ Malabar͏͏ Group’s͏͏ belief͏͏ that͏͏ education͏͏ opens͏͏ doors͏͏ and͏͏ transforms͏͏ lives.͏͏ We͏͏ aim͏͏ to͏͏ eliminate͏͏ barriers͏͏ for͏͏ young͏͏ girls,͏͏ enabling͏͏ them͏͏ to͏͏ achieve͏͏ their͏͏ educational͏͏ goals͏͏ and͏͏ make͏͏ meaningful͏͏ contributions͏͏ to͏͏ society.”

Since͏͏ its͏͏ inception,͏͏ Malabar͏͏ Group͏͏ has͏͏ exemplified͏͏ inclusive͏͏ growth͏͏ through͏͏ its͏͏ social͏͏ welfare͏͏ initiatives.͏͏ In͏͏ 1999,͏͏ the͏͏ Malabar͏͏ Charitable͏͏ Trust͏͏ (MCT)͏͏ was͏͏ established͏͏ to͏͏ organise͏͏ and͏͏ enhance͏͏ these͏͏ efforts.͏͏ The͏͏ group͏͏ dedicates͏͏ 5%͏͏ of͏͏ its͏͏ profits͏͏ to͏͏ CSR͏͏ initiatives,͏͏ covering͏͏ education,͏͏ healthcare,͏͏ environmental͏͏ sustainability,͏͏ and͏͏ poverty͏͏ alleviation,͏͏ with͏͏ a͏͏ strong͏͏ emphasis͏͏ on͏͏ empowering͏͏ marginalized͏͏ communities.

Expansion͏͏ Plans͏͏ for͏͏ Malabar͏͏ Gold &͏͏ Diamonds:

Malabar͏͏ Gold͏͏ &͏͏ Diamonds͏͏ plans͏͏ to͏͏ open͏͏ 20͏͏ new͏͏ showrooms͏͏ in͏͏ October͏͏ as͏͏ part͏͏ of͏͏ its͏͏ ambitious͏͏ global͏͏ expansion͏͏ strategy.͏͏ These͏͏ new͏͏ locations͏͏ will͏͏ strengthen͏͏ the͏͏ brand’s͏͏ presence͏͏ in͏͏ key͏͏ markets,͏͏ including͏͏ India,͏͏ the͏͏ GCC͏͏ countries,͏͏ and͏͏ the͏͏ USA,͏͏ raising͏͏ the͏͏ total͏͏ number͏͏ of͏͏ showrooms͏͏ worldwide͏͏ to͏͏ 375.͏͏ Currently,͏͏ Malabar͏͏ Gold͏͏ &͏͏ Diamonds͏͏ operates͏͏ 355͏͏ showrooms͏͏ across͏͏ 13͏͏ countries.

Continue͏͏ Exploring:͏͏ Festive͏͏ season͏͏ boosts͏͏ gold and͏͏ silver͏͏ prices,͏͏ experts͏͏ predict͏͏ further͏͏ increases

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India’s quick commerce sales surge 280% in two years, expected to reach USD 9.95 Bn by 2029

By
M Haziq Pandit
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0
Quick Commerce

India’s quick commerce industry has seen significant growth, with sales increasing by over 280 per cent in the past two years,͏͏ according͏͏ to͏͏ a͏͏ report͏͏ by͏͏ financial͏͏ services͏͏ firm͏͏ Chryseum.

Dramatic͏͏ Increase͏͏ in͏͏ GMV:

The͏͏ report͏͏ indicated͏͏ that͏͏ the͏͏ Gross͏͏ Merchandise͏͏ Value͏͏ (GMV)͏͏ of͏͏ quick͏͏ commerce͏͏ in͏͏ India͏͏ rose͏͏ from͏͏ USD͏͏ 0.5͏͏ billion͏͏ in͏͏ FY22͏͏ to͏͏ an͏͏ impressive͏͏ USD͏͏ 3.3͏͏ billion͏͏ in͏͏ FY24,͏͏ marking͏͏ a͏͏ 280͏͏ per͏͏ cent͏͏ increase.

Quick͏͏ commerce,͏͏ referring͏͏ to͏͏ the͏͏ rapid͏͏ delivery͏͏ of͏͏ small͏͏ orders͏͏ within͏͏ a͏͏ short͏͏ time͏͏ frame,͏͏ is͏͏ expanding͏͏ at͏͏ a͏͏ significantly͏͏ faster͏͏ rate͏͏ than͏͏ traditional͏͏ e-commerce.

Rapid͏͏ Growth͏͏ Outpacing͏͏ E-Commerce:

The͏͏ report͏͏ noted͏͏ that͏͏ while͏͏ India’s͏͏ e-commerce͏͏ sector͏͏ is͏͏ experiencing͏͏ an͏͏ annual͏͏ growth͏͏ rate͏͏ of͏͏ 14͏͏ per͏͏ cent,͏͏ quick͏͏ commerce͏͏ has͏͏ surged͏͏ at͏͏ an͏͏ impressive͏͏ 73͏͏ per͏͏ cent͏͏ during͏͏ FY͏͏ 2023-24.͏͏ This͏͏ underscores͏͏ a͏͏ significant͏͏ shift͏͏ in͏͏ consumer͏͏ behaviour͏͏ towards͏͏ faster͏͏ and͏͏ more͏͏ convenient͏͏ delivery͏͏ options.

Continue͏͏ Exploring:͏͏ Over͏͏ 30%͏͏ of͏͏ shoppers͏͏ rely͏͏ on͏͏ quick commerce for͏͏ essentials:͏͏ NielsenIQ

Future͏͏ Market͏͏ Projections:

The͏͏ quick͏͏ commerce͏͏ market͏͏ in͏͏ India͏͏ is͏͏ currently͏͏ valued͏͏ at͏͏ USD͏͏ 3.34͏͏ billion͏͏ in͏͏ 2024͏͏ and͏͏ is͏͏ expected͏͏ to͏͏ reach͏͏ USD͏͏ 9.95͏͏ billion͏͏ by͏͏ 2029,͏͏ growing͏͏ at͏͏ a͏͏ compound͏͏ annual͏͏ growth͏͏ rate͏͏ (CAGR)͏͏ of͏͏ over͏͏ 4.5͏͏ per͏͏ cent͏͏ during͏͏ the͏͏ forecast͏͏ period͏͏ (2024-2029).

“The͏͏ quick͏͏ commerce͏͏ industry͏͏ in͏͏ India͏͏ is͏͏ estimated͏͏ to͏͏ be͏͏ valued͏͏ at͏͏ USD͏͏ 3.34͏͏ billion͏͏ in͏͏ 2024͏͏ and͏͏ is͏͏ expected͏͏ to͏͏ reach͏͏ USD͏͏ 9.95͏͏ billion͏͏ by͏͏ 2029,”͏͏ stated͏͏ the͏͏ report.

Despite͏͏ this͏͏ rapid͏͏ growth,͏͏ the͏͏ sector͏͏ remains͏͏ largely͏͏ untapped,͏͏ with͏͏ a͏͏ penetration͏͏ rate͏͏ of͏͏ just͏͏ 7͏͏ per͏͏ cent͏͏ of͏͏ the͏͏ total͏͏ addressable͏͏ market͏͏ valued͏͏ at͏͏ USD͏͏ 45͏͏ billion.͏͏ This͏͏ suggests͏͏ a͏͏ substantial͏͏ opportunity͏͏ for͏͏ further͏͏ expansion,͏͏ as͏͏ quick͏͏ commerce͏͏ has͏͏ already͏͏ exceeded͏͏ the͏͏ market͏͏ size͏͏ of͏͏ food͏͏ delivery.

The͏͏ report͏͏ also͏͏ noted͏͏ that͏͏ to͏͏ leverage͏͏ this͏͏ potential,͏͏ quick͏͏ commerce͏͏ platforms͏͏ are͏͏ increasingly͏͏ collaborating͏͏ with͏͏ manufacturers͏͏ for͏͏ direct͏͏ sourcing,͏͏ bypassing͏͏ traditional͏͏ distributor͏͏ networks.͏͏ This͏͏ strategy͏͏ allows͏͏ platforms͏͏ to͏͏ streamline͏͏ operations,͏͏ lower͏͏ costs,͏͏ and͏͏ provide͏͏ more͏͏ competitive͏͏ pricing͏͏ to͏͏ consumers.

Continue͏͏ Exploring:͏͏ Quick commerce set͏͏ to͏͏ drive͏͏ India’s͏͏ gross͏͏ order͏͏ value͏͏ to͏͏ USD͏͏ 10͏͏ Bn͏͏ by͏͏ FY26

“Quick͏͏ commerce͏͏ platforms͏͏ are͏͏ collaborating͏͏ with͏͏ manufacturers͏͏ for͏͏ direct͏͏ sourcing͏͏ to͏͏ bypass͏͏ the͏͏ traditional͏͏ distributor͏͏ network,”͏͏ the͏͏ report͏͏ added.

Additionally,͏͏ the͏͏ technology͏͏ infrastructure͏͏ of͏͏ quick͏͏ commerce͏͏ platforms͏͏ is͏͏ built͏͏ to͏͏ facilitate͏͏ ongoing͏͏ enhancements͏͏ in͏͏ operational͏͏ processes,͏͏ improving͏͏ agility͏͏ and͏͏ speed͏͏ throughout͏͏ the͏͏ value͏͏ chain.͏͏ These͏͏ innovations͏͏ are͏͏ enabling͏͏ quick͏͏ commerce͏͏ platforms͏͏ to͏͏ deliver͏͏ more͏͏ quickly͏͏ and͏͏ efficiently,͏͏ meeting͏͏ the͏͏ rising͏͏ demand͏͏ for͏͏ instant͏͏ deliveries͏͏ in͏͏ India.

As͏͏ the͏͏ industry͏͏ continues͏͏ to͏͏ evolve,͏͏ experts͏͏ anticipate͏͏ that͏͏ quick͏͏ commerce͏͏ will͏͏ become͏͏ an͏͏ increasingly͏͏ vital͏͏ component͏͏ of͏͏ India’s͏͏ retail͏͏ landscape.

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Apparel companies anticipate weak retail market during festive season

By
M Haziq Pandit
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0
Apparel

Apparel͏͏ companies͏͏ anticipate͏͏ a͏͏ weak͏͏ retail͏͏ market͏͏ during͏͏ the͏͏ festive͏͏ season.͏͏ According͏͏ to͏͏ a͏͏ survey͏͏ by͏͏ the͏͏ apparel͏͏ industry͏͏ body,͏͏ 63%͏͏ of͏͏ respondents͏͏ expect͏͏ clothing͏͏ and͏͏ apparel͏͏ sales͏͏ to͏͏ remain͏͏ the͏͏ same͏͏ or͏͏ decline͏͏ compared͏͏ to͏͏ last͏͏ year,͏͏ with͏͏ 25%͏͏ projecting͏͏ sales͏͏ to͏͏ reach͏͏ only͏͏ 75%͏͏ of͏͏ last͏͏ year’s͏͏ figures.

The͏͏ Clothing͏͏ Manufacturers͏͏ Association͏͏ of͏͏ India͏͏ (CMAI)͏͏ conducted͏͏ the͏͏ survey.

“The͏͏ sluggish͏͏ business͏͏ environment͏͏ over͏͏ the͏͏ past͏͏ six͏͏ months͏͏ makes͏͏ these͏͏ trends͏͏ unsurprising.͏͏ However,͏͏ we͏͏ remain͏͏ hopeful͏͏ for͏͏ festive͏͏ spending͏͏ and͏͏ anticipate͏͏ a͏͏ gradual͏͏ demand͏͏ surge͏͏ with͏͏ the͏͏ upcoming͏͏ wedding͏͏ season͏͏ later͏͏ in͏͏ the͏͏ year,”͏͏ said͏͏ Rajesh͏͏ Masand,͏͏ president͏͏ of͏͏ CMAI.

Consumer͏͏ Spending͏͏ Shifts:

Around͏͏ 35%͏͏ of͏͏ respondents͏͏ have͏͏ lower͏͏ expectations͏͏ due͏͏ to͏͏ a͏͏ shift͏͏ in͏͏ consumer͏͏ spending͏͏ towards͏͏ other͏͏ lifestyle͏͏ areas,͏͏ while͏͏ 24%͏͏ cite͏͏ the͏͏ slowing͏͏ economy͏͏ and͏͏ inflation͏͏ as͏͏ key͏͏ factors.

Continue͏͏ Exploring:͏͏ Organised͏͏ apparel retailers͏͏ to͏͏ clock͏͏ 8-10%͏͏ revenue͏͏ growth͏͏ this͏͏ fiscal͏͏ year

Brand͏͏ Performance͏͏ Expectations:

Only͏͏ 18%͏͏ of͏͏ respondents͏͏ expect͏͏ low-priced͏͏ brands͏͏ to͏͏ perform͏͏ better͏͏ this͏͏ festive͏͏ season,͏͏ while͏͏ 75%͏͏ believe͏͏ mid-priced͏͏ brands͏͏ will͏͏ fare͏͏ better.͏͏ CMAI͏͏ noted͏͏ this͏͏ reflects͏͏ “the͏͏ Indian͏͏ consumer’s͏͏ growing͏͏ maturity,͏͏ with͏͏ an͏͏ increasing͏͏ willingness͏͏ to͏͏ pay͏͏ a͏͏ premium͏͏ for͏͏ quality͏͏ rather͏͏ than͏͏ focusing͏͏ solely͏͏ on͏͏ price.”

Preference͏͏ for͏͏ Offline͏͏ Retail:

The͏͏ survey͏͏ revealed͏͏ a͏͏ 75.5%͏͏ preference͏͏ for͏͏ offline͏͏ retail͏͏ channels,͏͏ with͏͏ 24.5%͏͏ favouring͏͏ online͏͏ retail.

Indian͏͏ wear͏͏ is͏͏ expected͏͏ to͏͏ perform͏͏ well͏͏ according͏͏ to͏͏ 52%͏͏ of͏͏ respondents,͏͏ followed͏͏ by͏͏ casual͏͏ wear,͏͏ while͏͏ formal͏͏ wear͏͏ appears͏͏ to͏͏ be͏͏ out͏͏ of͏͏ favour.

CMAI͏͏ is͏͏ an͏͏ association͏͏ of͏͏ over͏͏ 5,000͏͏ members͏͏ from͏͏ the͏͏ Indian͏͏ apparel͏͏ industry,͏͏ including͏͏ manufacturers,͏͏ exporters,͏͏ brands,͏͏ and͏͏ the͏͏ ancillary͏͏ sector,͏͏ serving͏͏ more͏͏ than͏͏ 35,000͏͏ retailers͏͏ nationwide.

Continue͏͏ Exploring:͏͏ India’s͏͏ apparel retail͏͏ industry͏͏ to͏͏ continue͏͏ growing͏͏ with͏͏ rising͏͏ incomes͏͏ and͏͏ demand͏͏ for͏͏ affordable͏͏ fashion:͏͏ Centrum

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Danone to invest €20 Mn in Punjab plant over four years

By
M Haziq Pandit
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0
Danone

Food and beverage giant Danone announced a €20 million investment to expand its specialised nutrition facility in Lalru, Punjab, over the next four years. Additionally,͏͏ the͏͏ company͏͏ is͏͏ launching͏͏ a͏͏ three-year͏͏ programme͏͏ to͏͏ train͏͏ approximately͏͏ 5,000͏͏ smallholder͏͏ dairy͏͏ farmers͏͏ in͏͏ Punjab͏͏ in͏͏ sustainable͏͏ farming͏͏ practices,͏͏ aimed͏͏ at͏͏ increasing͏͏ milk͏͏ yields,͏͏ enhancing͏͏ their͏͏ incomes,͏͏ and͏͏ improving͏͏ cattle͏͏ welfare.

Training͏͏ Programme͏͏ for͏͏ Smallholder͏͏ Dairy͏͏ Farmers:

In͏͏ a͏͏ statement,͏͏ Antoine͏͏ de͏͏ Saint-Affrique,͏͏ CEO͏͏ of͏͏ Danone,͏͏ said,͏͏ “India͏͏ is͏͏ a͏͏ key͏͏ growth͏͏ market͏͏ for͏͏ Danone.͏͏ We͏͏ are͏͏ dedicated͏͏ to͏͏ fostering͏͏ inclusive͏͏ growth͏͏ for͏͏ all͏͏ our͏͏ farming͏͏ partners͏͏ and͏͏ supporting͏͏ local͏͏ manufacturing.͏͏ This͏͏ programme͏͏ aligns͏͏ with͏͏ our͏͏ ongoing͏͏ commitment͏͏ to͏͏ local͏͏ farmer͏͏ communities͏͏ in͏͏ India.͏͏ At͏͏ Danone,͏͏ we͏͏ believe͏͏ that͏͏ our͏͏ success͏͏ is͏͏ intertwined͏͏ with͏͏ that͏͏ of͏͏ our͏͏ farmer͏͏ partners,͏͏ and͏͏ we͏͏ must͏͏ collaborate͏͏ closely͏͏ with͏͏ them͏͏ to͏͏ create͏͏ shared͏͏ value.”

Continue͏͏ Exploring:͏͏ No͏͏ global͏͏ relevance͏͏ without͏͏ a͏͏ strong͏͏ presence͏͏ in͏͏ India,͏͏ says͏͏ Danone SA͏͏ CEO

The͏͏ farmer͏͏ development͏͏ programme͏͏ will͏͏ be͏͏ implemented͏͏ in͏͏ collaboration͏͏ with͏͏ BAIF͏͏ Development͏͏ Research͏͏ Foundation.͏͏ It͏͏ will͏͏ concentrate͏͏ on͏͏ animal͏͏ health,͏͏ manure͏͏ management,͏͏ livestock͏͏ management,͏͏ and͏͏ community͏͏ engagement.

Vikram͏͏ Agarwal,͏͏ Chief͏͏ Operations͏͏ Officer͏͏ of͏͏ Danone,͏͏ stated,͏͏ “We͏͏ source͏͏ specialised͏͏ nutrition-grade͏͏ milk͏͏ from͏͏ more͏͏ than͏͏ 5,000͏͏ small͏͏ dairy͏͏ farmers͏͏ across͏͏ 100͏͏ villages͏͏ near͏͏ our͏͏ Lalru͏͏ plant.͏͏ Our͏͏ partnership͏͏ aims͏͏ to͏͏ expand͏͏ through͏͏ inclusive͏͏ growth,͏͏ which͏͏ will͏͏ be͏͏ crucial͏͏ in͏͏ helping͏͏ our͏͏ farmer͏͏ partners͏͏ enhance͏͏ their͏͏ yields͏͏ and͏͏ livelihoods͏͏ while͏͏ increasing͏͏ the͏͏ volume͏͏ of͏͏ high-quality͏͏ milk͏͏ available͏͏ for͏͏ Danone͏͏ as͏͏ we͏͏ continue͏͏ to͏͏ invest͏͏ in͏͏ expanding͏͏ capacity͏͏ at͏͏ the͏͏ plant.͏͏ Together,͏͏ we͏͏ are͏͏ fostering͏͏ mutual͏͏ growth͏͏ for͏͏ a͏͏ brighter͏͏ future.”

Continue͏͏ Exploring:͏͏ Danone India͏͏ appoints͏͏ Shashi͏͏ Ranjan͏͏ as͏͏ its͏͏ managing͏͏ director

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As quick commerce boom continues, Tiger Global eyes stake in Zepto

By
M Haziq Pandit
-
0
Zepto

As the quick commerce competition intensifies in India, with companies branching out from FMCG and groceries to a broader range of consumer goods, Tiger Global is reportedly conducting due diligence on Zepto-owned dark stores in Bengaluru. This͏͏ suggests͏͏ a͏͏ keen͏͏ interest͏͏ from͏͏ the͏͏ New͏͏ York-based͏͏ investor͏͏ in͏͏ the͏͏ company͏͏ valued͏͏ at͏͏ $5͏͏ billion.

“Tiger͏͏ has͏͏ been͏͏ visiting͏͏ Zepto-owned͏͏ dark͏͏ stores͏͏ to͏͏ gain͏͏ a͏͏ deeper͏͏ understanding͏͏ of͏͏ their͏͏ operations,”͏͏ ET͏͏ reported,͏͏ citing͏͏ a͏͏ source͏͏ familiar͏͏ with͏͏ the͏͏ situation.

The͏͏ source͏͏ also͏͏ noted͏͏ that͏͏ the͏͏ US-based͏͏ investment͏͏ firm͏͏ is͏͏ examining͏͏ “how͏͏ Zepto͏͏ differentiates͏͏ its͏͏ execution͏͏ from͏͏ competitors,͏͏ as͏͏ well͏͏ as͏͏ the͏͏ factors͏͏ that͏͏ set͏͏ the͏͏ Indian͏͏ market͏͏ apart͏͏ from͏͏ global͏͏ markets.”

Another͏͏ source͏͏ mentioned͏͏ that͏͏ for͏͏ Tiger͏͏ Global,͏͏ “the͏͏ aim͏͏ is͏͏ to͏͏ engage͏͏ with͏͏ Zepto͏͏ and͏͏ establish͏͏ a͏͏ relationship͏͏ ahead͏͏ of͏͏ the͏͏ next͏͏ funding͏͏ round͏͏ before͏͏ an͏͏ IPO,͏͏ which͏͏ is͏͏ a͏͏ common͏͏ practice͏͏ for͏͏ most͏͏ late-stage͏͏ startups.”

Zepto’s͏͏ Public͏͏ Offering͏͏ Plans:

This͏͏ development͏͏ comes͏͏ as͏͏ Zepto͏͏ is͏͏ reportedly͏͏ in͏͏ talks͏͏ with͏͏ domestic͏͏ and͏͏ global͏͏ merchant͏͏ bankers͏͏ to͏͏ go͏͏ public͏͏ by͏͏ August͏͏ 2025,͏͏ with͏͏ plans͏͏ to͏͏ raise͏͏ approximately͏͏ $450͏͏ million͏͏ through͏͏ a͏͏ fresh͏͏ issue͏͏ of͏͏ shares.

Continue͏͏ Exploring:͏͏ Zepto initiates͏͏ talks͏͏ with͏͏ bankers͏͏ for͏͏ $450͏͏ Mn͏͏ IPO,͏͏ targets͏͏ August͏͏ 2025͏͏ listing

Additionally,͏͏ the͏͏ company͏͏ secured͏͏ $665͏͏ million͏͏ in͏͏ funding͏͏ at͏͏ a͏͏ valuation͏͏ of͏͏ $3.6͏͏ billion͏͏ in͏͏ June,͏͏ with͏͏ plans͏͏ to͏͏ double͏͏ its͏͏ dark͏͏ store͏͏ count͏͏ to͏͏ 700͏͏ by͏͏ March͏͏ 2025,͏͏ up͏͏ from͏͏ the͏͏ current͏͏ 350.

Rapid͏͏ Expansion͏͏ of͏͏ Dark͏͏ Stores:

Earlier͏͏ this͏͏ month,͏͏ Zepto͏͏ launched͏͏ its͏͏ services͏͏ in͏͏ Ahmedabad͏͏ and͏͏ plans͏͏ to͏͏ expand͏͏ further͏͏ into͏͏ other͏͏ parts͏͏ of͏͏ the͏͏ state,͏͏ including͏͏ Vadodara,͏͏ Surat,͏͏ and͏͏ Rajkot.

Continue͏͏ Exploring:͏͏ Zepto expands͏͏ quick commerce services͏͏ to͏͏ Gujarat,͏͏ eyes͏͏ growth͏͏ in͏͏ key͏͏ cities

Industry-Wide͏͏ Shift͏͏ in͏͏ Offerings:

This͏͏ move͏͏ aligns͏͏ with͏͏ a͏͏ broader͏͏ industry͏͏ trend,͏͏ as͏͏ various͏͏ quick͏͏ commerce͏͏ companies͏͏ are͏͏ exploring͏͏ new͏͏ offerings͏͏ in͏͏ anticipation͏͏ of͏͏ the͏͏ festive͏͏ season.

In͏͏ addition͏͏ to͏͏ Zepto,͏͏ major͏͏ players͏͏ like͏͏ Blinkit͏͏ and͏͏ Swiggy͏͏ Instamart͏͏ are͏͏ expanding͏͏ their͏͏ dark͏͏ store͏͏ networks͏͏ and͏͏ incorporating͏͏ higher-value͏͏ items,͏͏ such͏͏ as͏͏ electronics͏͏ and͏͏ fashion,͏͏ into͏͏ their͏͏ product͏͏ portfolios.

E-Commerce͏͏ Players͏͏ Embrace͏͏ Quick Commerce:

Meanwhile,͏͏ most͏͏ e-commerce͏͏ players͏͏ are͏͏ either͏͏ exploring͏͏ or͏͏ have͏͏ already͏͏ entered͏͏ the͏͏ quick͏͏ commerce͏͏ segment͏͏ to͏͏ capitalise͏͏ on͏͏ its͏͏ market͏͏ potential.

While͏͏ Flipkart͏͏ launched͏͏ its͏͏ service͏͏ called͏͏ Minutes͏͏ last͏͏ month,͏͏ Tata-owned͏͏ BigBasket͏͏ has͏͏ transitioned͏͏ from͏͏ an͏͏ online͏͏ grocery͏͏ delivery͏͏ platform͏͏ to͏͏ a͏͏ comprehensive͏͏ quick͏͏ commerce͏͏ platform.

Reliance͏͏ Industries’͏͏ digital͏͏ arm,͏͏ JioMart,͏͏ has͏͏ also͏͏ launched͏͏ a͏͏ pilot͏͏ program͏͏ for͏͏ the͏͏ instant͏͏ delivery͏͏ of͏͏ groceries͏͏ and͏͏ fast-moving͏͏ consumer͏͏ goods͏͏ (FMCG)͏͏ in͏͏ select͏͏ areas͏͏ of͏͏ Mumbai͏͏ and͏͏ Navi͏͏ Mumbai.

Continue͏͏ Exploring:͏͏ Quick commerce set͏͏ to͏͏ drive͏͏ India’s͏͏ gross͏͏ order͏͏ value͏͏ to͏͏ USD͏͏ 10͏͏ Bn͏͏ by͏͏ FY26

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Adani Airport’s JV April Moon Retail to acquire 74% stake in Cococart Ventures for INR 200 Cr

By
M Haziq Pandit
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0
Adani Airport's JV April Moon Retail Cococart Ventures

April Moon Retail Private Limited, a joint venture of Adani Airport Holdings Limited, is set to acquire a 74% stake in Cococart Ventures Private Limited for͏͏ INR͏͏ 200͏͏ crore,͏͏ according͏͏ to͏͏ the͏͏ stock͏͏ exchange͏͏ filing.

Key͏͏ Agreements͏͏ Signed͏͏ for͏͏ Cococart Ventures Acquisition:

“We͏͏ wish͏͏ to͏͏ inform͏͏ you͏͏ that͏͏ April͏͏ Moon͏͏ Retail͏͏ Private͏͏ Limited,͏͏ a͏͏ joint͏͏ venture͏͏ of͏͏ Adani͏͏ Airport͏͏ Holdings͏͏ Limited,͏͏ a͏͏ wholly͏͏ owned͏͏ subsidiary͏͏ of͏͏ the͏͏ Company,͏͏ has͏͏ signed͏͏ a͏͏ Share͏͏ Purchase͏͏ Agreement͏͏ (SPA),͏͏ Joint͏͏ Venture͏͏ Agreement͏͏ (JVA),͏͏ and͏͏ Share͏͏ Subscription͏͏ Agreement͏͏ (SSA)͏͏ on͏͏ September͏͏ 27,͏͏ 2024,͏͏ with͏͏ Cococart͏͏ Ventures͏͏ Private͏͏ Limited͏͏ (CVPL)͏͏ and͏͏ its͏͏ existing͏͏ shareholders,͏͏ Karan͏͏ Ahuja͏͏ and͏͏ Arjun͏͏ Ahuja,͏͏ to͏͏ acquire͏͏ a͏͏ 74%͏͏ stake͏͏ in͏͏ CVPL,”͏͏ the͏͏ statement͏͏ read.

The͏͏ acquisition͏͏ deal͏͏ is͏͏ anticipated͏͏ to͏͏ be͏͏ completed͏͏ by͏͏ October͏͏ 31,͏͏ 2024.

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

Alongside͏͏ the͏͏ acquisition͏͏ of͏͏ Cococart͏͏ Ventures,͏͏ Adani͏͏ Dahanu͏͏ Thermal͏͏ Power͏͏ Station͏͏ (ADTPS)͏͏ announced͏͏ on͏͏ Friday͏͏ that͏͏ Adani͏͏ Electricity͏͏ Mumbai͏͏ has͏͏ entered͏͏ into͏͏ a͏͏ business͏͏ transfer͏͏ agreement͏͏ with͏͏ its͏͏ wholly͏͏ owned͏͏ subsidiary,͏͏ North͏͏ Maharashtra͏͏ Power͏͏ Limited,͏͏ to͏͏ carve͏͏ out͏͏ ADTPS͏͏ through͏͏ a͏͏ slump͏͏ sale͏͏ on͏͏ a͏͏ going͏͏ concern͏͏ basis.͏͏ The͏͏ Dahanu͏͏ Power͏͏ Plant͏͏ is͏͏ a͏͏ 500͏͏ MW͏͏ coal-fired͏͏ power͏͏ project͏͏ situated͏͏ in͏͏ Maharashtra.

Adani Enterprises Reports͏͏ Significant͏͏ Profit͏͏ Growth:

Adani͏͏ Group’s͏͏ flagship͏͏ entity,͏͏ Adani͏͏ Enterprises,͏͏ reported͏͏ a͏͏ consolidated͏͏ net͏͏ profit͏͏ of͏͏ INR͏͏ 1,454͏͏ crore͏͏ for͏͏ the͏͏ first͏͏ quarter͏͏ ended͏͏ June͏͏ 2024,͏͏ marking͏͏ a͏͏ 116%͏͏ year-on-year͏͏ (YoY)͏͏ increase.͏͏ This͏͏ compares͏͏ to͏͏ INR͏͏ 674͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.

Revenue͏͏ from͏͏ operations͏͏ for͏͏ the͏͏ reporting͏͏ period͏͏ rose͏͏ by͏͏ 12%͏͏ year-on-year͏͏ (YoY)͏͏ to͏͏ INR͏͏ 25,472͏͏ crore,͏͏ up͏͏ from͏͏ INR͏͏ 22,644͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.

Continue͏͏ Exploring:͏͏ Adani,͏͏ Wilmar͏͏ to͏͏ initiate͏͏ stake͏͏ sale͏͏ in͏͏ joint͏͏ venture͏͏ next͏͏ month

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IPO-bound Swiggy facing INR 327 Crore GST demand

By
M Haziq Pandit
-
0
Swiggy

Foodtech giant Swiggy faces potential goods and services tax (GST) liabilities totaling INR 326.7 crore, as indicated in its recently submitted updated draft red herring prospectus (DRHP).

Tax͏͏ Compliance͏͏ Concerns:

In͏͏ December͏͏ 2023,͏͏ the͏͏ Pune͏͏ zonal͏͏ unit͏͏ of͏͏ the͏͏ Directorate͏͏ General͏͏ of͏͏ GST͏͏ Intelligence͏͏ (DGGI)͏͏ issued͏͏ a͏͏ demand͏͏ notice͏͏ to͏͏ the͏͏ foodtech͏͏ giant͏͏ for͏͏ allegedly͏͏ failing͏͏ to͏͏ pay͏͏ tax͏͏ on͏͏ the͏͏ delivery͏͏ fees͏͏ collected͏͏ from͏͏ customers.͏͏ This͏͏ case͏͏ relates͏͏ to͏͏ the͏͏ period͏͏ between͏͏ July͏͏ 2020͏͏ and͏͏ March͏͏ 2022.

The͏͏ DRHP͏͏ stated,͏͏ “In͏͏ December͏͏ 2023,͏͏ our͏͏ Company͏͏ received͏͏ show͏͏ cause͏͏ notices͏͏ from͏͏ the͏͏ GST͏͏ authorities,͏͏ asking͏͏ us͏͏ to͏͏ explain͏͏ why͏͏ a͏͏ tax͏͏ liability͏͏ of͏͏ INR͏͏ 326.7͏͏ crore,͏͏ along͏͏ with͏͏ interest͏͏ and͏͏ penalties͏͏ for͏͏ the͏͏ period͏͏ from͏͏ July͏͏ 2020͏͏ to͏͏ March͏͏ 31,͏͏ 2022,͏͏ should͏͏ not͏͏ be͏͏ demanded͏͏ and͏͏ recovered.͏͏ The͏͏ alleged͏͏ amount͏͏ is͏͏ based͏͏ on͏͏ the͏͏ delivery͏͏ charges͏͏ collected͏͏ by͏͏ our͏͏ Company͏͏ from͏͏ the͏͏ end͏͏ user͏͏ on͏͏ behalf͏͏ of͏͏ the͏͏ delivery͏͏ partners.”

In͏͏ its͏͏ IPO͏͏ documents,͏͏ the͏͏ foodtech͏͏ giant͏͏ stated͏͏ that͏͏ it͏͏ will͏͏ keep͏͏ an͏͏ eye͏͏ on͏͏ developments͏͏ in͏͏ the͏͏ case͏͏ and͏͏ “take͏͏ appropriate͏͏ action͏͏ regarding͏͏ any͏͏ further͏͏ proceedings͏͏ as͏͏ necessary.”

However,͏͏ Swiggy͏͏ cautioned,͏͏ “We͏͏ cannot͏͏ guarantee͏͏ that͏͏ an͏͏ unfavorable͏͏ decision͏͏ regarding͏͏ this͏͏ matter͏͏ will͏͏ not͏͏ occur,͏͏ nor͏͏ that͏͏ such͏͏ a͏͏ decision͏͏ will͏͏ not͏͏ adversely͏͏ affect͏͏ our͏͏ financial͏͏ condition͏͏ and͏͏ operations.”

It͏͏ is͏͏ worth͏͏ mentioning͏͏ that͏͏ Swiggy’s͏͏ publicly͏͏ listed͏͏ competitor,͏͏ Zomato,͏͏ is͏͏ also͏͏ facing͏͏ multiple͏͏ demand͏͏ notices͏͏ from͏͏ GST͏͏ authorities͏͏ across͏͏ various͏͏ states.

Just͏͏ a͏͏ week͏͏ ago,͏͏ Zomato͏͏ received͏͏ a͏͏ new͏͏ GST͏͏ penalty͏͏ notice͏͏ of͏͏ INR͏͏ 18͏͏ crore͏͏ from͏͏ West͏͏ Bengal͏͏ authorities,͏͏ following͏͏ similar͏͏ notices͏͏ from͏͏ GST͏͏ officials͏͏ in͏͏ Delhi,͏͏ Tamil͏͏ Nadu,͏͏ Karnataka,͏͏ and͏͏ other͏͏ states.

Ongoing͏͏ Legal͏͏ Issues:

In͏͏ addition͏͏ to͏͏ the͏͏ GST͏͏ notices,͏͏ Swiggy͏͏ is͏͏ facing͏͏ multiple͏͏ legal͏͏ challenges,͏͏ as͏͏ outlined͏͏ in͏͏ the͏͏ DRHP.͏͏ Cofounder͏͏ and͏͏ CEO͏͏ Sriharsha͏͏ Majety͏͏ received͏͏ a͏͏ notice͏͏ last͏͏ year͏͏ from͏͏ the͏͏ Deputy͏͏ Labour͏͏ Commissioner͏͏ in͏͏ Lucknow͏͏ over͏͏ allegations͏͏ of͏͏ employing͏͏ child͏͏ laborers.͏͏ Furthermore,͏͏ a͏͏ criminal͏͏ complaint͏͏ has͏͏ been͏͏ filed͏͏ by͏͏ a͏͏ DGGI͏͏ official͏͏ in͏͏ Hyderabad͏͏ against͏͏ Swiggy’s͏͏ top͏͏ executives͏͏ and͏͏ directors͏͏ for͏͏ claiming͏͏ input͏͏ tax͏͏ credit͏͏ without͏͏ corresponding͏͏ service͏͏ supply,͏͏ falsifying͏͏ records,͏͏ producing͏͏ fake͏͏ accounts,͏͏ and͏͏ providing͏͏ false͏͏ information;͏͏ this͏͏ matter͏͏ is͏͏ currently͏͏ pending͏͏ before͏͏ a͏͏ trial͏͏ court.͏͏ Additionally,͏͏ the͏͏ National͏͏ Restaurant͏͏ Association͏͏ of͏͏ India͏͏ (NRAI)͏͏ has͏͏ lodged͏͏ a͏͏ case͏͏ against͏͏ Swiggy͏͏ for͏͏ alleged͏͏ violations͏͏ of͏͏ competition͏͏ laws͏͏ before͏͏ the͏͏ Competition͏͏ Commission͏͏ of͏͏ India͏͏ (CCI).

The͏͏ DRHP͏͏ also͏͏ highlighted͏͏ significant͏͏ attrition͏͏ levels͏͏ at͏͏ the͏͏ foodtech͏͏ giant.͏͏ According͏͏ to͏͏ the͏͏ draft͏͏ IPO͏͏ papers,͏͏ employee͏͏ attrition͏͏ reached͏͏ 53.74%͏͏ in͏͏ the͏͏ financial͏͏ year͏͏ 2023-24͏͏ (FY24),͏͏ an͏͏ increase͏͏ from͏͏ 50.49%͏͏ in͏͏ FY23͏͏ and͏͏ 37.1%͏͏ in͏͏ FY22.͏͏ For͏͏ the͏͏ fiscal͏͏ year͏͏ ending͏͏ March͏͏ 2024,͏͏ Swiggy’s͏͏ voluntary͏͏ attrition͏͏ rate͏͏ was͏͏ 34.56%,͏͏ while͏͏ the͏͏ involuntary͏͏ attrition͏͏ rate͏͏ was͏͏ 19.18%.

Swiggy͏͏ submitted͏͏ its͏͏ updated͏͏ DRHP͏͏ to͏͏ the͏͏ markets͏͏ regulator͏͏ on͏͏ Thursday,͏͏ September͏͏ 26.͏͏ The͏͏ public͏͏ issue͏͏ will͏͏ consist͏͏ of͏͏ a͏͏ fresh͏͏ issuance͏͏ of͏͏ shares͏͏ valued͏͏ at͏͏ up͏͏ to͏͏ INR͏͏ 3,750͏͏ crore,͏͏ along͏͏ with͏͏ an͏͏ offer͏͏ for͏͏ sale͏͏ (OFS)͏͏ of͏͏ up͏͏ to͏͏ 18.53͏͏ crore͏͏ shares.

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

The͏͏ company,͏͏ which͏͏ will͏͏ be͏͏ listed͏͏ on͏͏ the͏͏ BSE͏͏ and͏͏ NSE,͏͏ intends͏͏ to͏͏ use͏͏ the͏͏ fresh͏͏ proceeds͏͏ to͏͏ support͏͏ its͏͏ subsidiary͏͏ Scootsy,͏͏ fund͏͏ marketing͏͏ activities,͏͏ invest͏͏ in͏͏ technology,͏͏ finance͏͏ inorganic͏͏ growth͏͏ through͏͏ acquisitions,͏͏ and͏͏ cover͏͏ general͏͏ corporate͏͏ purposes.

The͏͏ IPO-bound͏͏ startup͏͏ reduced͏͏ its͏͏ loss͏͏ by͏͏ 44%,͏͏ bringing͏͏ it͏͏ down͏͏ to͏͏ INR͏͏ 2,350͏͏ crore͏͏ in͏͏ FY24,͏͏ compared͏͏ to͏͏ a͏͏ loss͏͏ of͏͏ INR͏͏ 4,179.3͏͏ crore͏͏ in͏͏ FY23.͏͏ Operating͏͏ revenue͏͏ increased͏͏ by͏͏ 36%,͏͏ rising͏͏ to͏͏ INR͏͏ 11,247.3͏͏ crore͏͏ during͏͏ the͏͏ year͏͏ under͏͏ review,͏͏ up͏͏ from͏͏ INR͏͏ 8,264.5͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ year.

However,͏͏ the͏͏ startup’s͏͏ net͏͏ loss͏͏ increased͏͏ by͏͏ 8%͏͏ in͏͏ Q1͏͏ FY25,͏͏ rising͏͏ to͏͏ INR͏͏ 611͏͏ crore͏͏ from͏͏ INR͏͏ 564.08͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.͏͏ On͏͏ a͏͏ positive͏͏ note,͏͏ the͏͏ foodtech͏͏ giant͏͏ successfully͏͏ narrowed͏͏ its͏͏ adjusted͏͏ EBITDA͏͏ loss͏͏ to͏͏ INR͏͏ 347.8͏͏ crore͏͏ in͏͏ Q1͏͏ FY25,͏͏ down͏͏ from͏͏ INR͏͏ 486.8͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ year’s͏͏ quarter.͏͏ Revenue͏͏ from͏͏ operations͏͏ surged͏͏ 35%͏͏ year-on-year,͏͏ reaching͏͏ INR͏͏ 3,222.2͏͏ crore͏͏ during͏͏ the͏͏ quarter.

Continue͏͏ Exploring:͏͏ Swiggy’s͏͏ Q1͏͏ loss͏͏ widens͏͏ 8%͏͏ YoY͏͏ to͏͏ INR͏͏ 611͏͏ Cr,͏͏ operating͏͏ revenue͏͏ jumps͏͏ 35%

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