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ORIGHT secures $1 Mn in seed funding to revolutionise dairy industry with IoT and blockchain technology

By
M Haziq Pandit
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0
ORIGHT

Gurugram-based dairy-tech startup ORIGHT has raised $1 million in a seed funding round led by Aeravti Ventures. Previously, the startup secured $847,000 from Loyal and͏͏ other͏͏ investors.

The͏͏ startup,͏͏ which͏͏ aims͏͏ to͏͏ transform͏͏ the͏͏ dairy͏͏ industry,͏͏ will͏͏ utilise͏͏ the͏͏ raised͏͏ funds͏͏ to͏͏ scale͏͏ its͏͏ platform,͏͏ enhance͏͏ its͏͏ product͏͏ offerings,͏͏ and͏͏ provide͏͏ further͏͏ support͏͏ to͏͏ the͏͏ farmers,͏͏ processors,͏͏ and͏͏ distributors͏͏ within͏͏ its͏͏ network.

“This͏͏ seed͏͏ round͏͏ represents͏͏ a͏͏ significant͏͏ milestone͏͏ for͏͏ ORIGHT͏͏ as͏͏ we͏͏ advance͏͏ our͏͏ vision͏͏ of͏͏ modernising͏͏ the͏͏ dairy͏͏ industry͏͏ through͏͏ technology͏͏ and͏͏ financial͏͏ inclusion,”͏͏ said͏͏ Utkarsh Kapoor,͏͏ Co-founder͏͏ of͏͏ ORIGHT.

“With͏͏ this͏͏ new͏͏ capital,͏͏ we͏͏ will͏͏ expedite͏͏ our͏͏ efforts͏͏ to͏͏ expand͏͏ our͏͏ reach͏͏ and͏͏ provide͏͏ greater͏͏ value͏͏ to͏͏ the͏͏ entire͏͏ dairy͏͏ ecosystem,͏͏ especially͏͏ in͏͏ rural͏͏ communities.͏͏ Our͏͏ goal͏͏ is͏͏ to͏͏ drive͏͏ financial͏͏ empowerment͏͏ for͏͏ small-scale͏͏ farmers,͏͏ enabling͏͏ them͏͏ to͏͏ access͏͏ better͏͏ resources͏͏ and͏͏ enhance͏͏ productivity.͏͏ This͏͏ will͏͏ also͏͏ foster͏͏ long-term͏͏ sustainability͏͏ within͏͏ the͏͏ dairy͏͏ supply͏͏ chain,”͏͏ he͏͏ added.

Continue͏͏ Exploring:͏͏ India’s͏͏ dairy industry͏͏ to͏͏ see͏͏ 13-14%͏͏ revenue͏͏ growth͏͏ this͏͏ fiscal͏͏ year:͏͏ CRISIL

Innovative͏͏ IoT͏͏ Solutions:

Founded͏͏ in͏͏ 2019͏͏ by͏͏ Utkarsh͏͏ Kapoor͏͏ and͏͏ Rame Kachroo,͏͏ ORIGHT͏͏ offers͏͏ an͏͏ IoT-based͏͏ solution͏͏ for͏͏ milk͏͏ traceability.͏͏ The͏͏ startup’s͏͏ IoT͏͏ device͏͏ can͏͏ monitor͏͏ essential͏͏ factors͏͏ affecting͏͏ milk͏͏ quality,͏͏ including͏͏ temperature,͏͏ humidity,͏͏ water͏͏ content,͏͏ fat,͏͏ solids-not-fat͏͏ (SNF),͏͏ and͏͏ potential͏͏ adulterants.

The͏͏ technology͏͏ ensures͏͏ continuous͏͏ monitoring͏͏ of͏͏ the͏͏ milk͏͏ from͏͏ the͏͏ farm͏͏ to͏͏ its͏͏ final͏͏ destination.͏͏ This͏͏ encompasses͏͏ tracking͏͏ the͏͏ time͏͏ spent͏͏ in͏͏ chillers,͏͏ transport͏͏ vans,͏͏ and͏͏ the͏͏ conditions͏͏ during͏͏ packaging.

ORIGHT Leverages͏͏ Blockchain͏͏ for͏͏ Transparency͏͏ and͏͏ Security:

ORIGHT͏͏ leverages͏͏ blockchain͏͏ technology͏͏ in͏͏ its͏͏ operations,͏͏ allowing͏͏ the͏͏ data͏͏ collected͏͏ by͏͏ its͏͏ IoT͏͏ devices͏͏ to͏͏ be͏͏ transmitted͏͏ directly͏͏ to͏͏ a͏͏ blockchain͏͏ network.͏͏ This͏͏ ensures͏͏ transparency͏͏ and͏͏ security͏͏ throughout͏͏ the͏͏ entire͏͏ dairy͏͏ supply͏͏ chain.

Through͏͏ this͏͏ system,͏͏ consumers͏͏ can͏͏ receive͏͏ daily͏͏ updates͏͏ on͏͏ the͏͏ quality͏͏ and͏͏ status͏͏ of͏͏ the͏͏ milk.͏͏ This͏͏ process͏͏ ensures͏͏ that͏͏ every͏͏ stage͏͏ of͏͏ milk͏͏ production͏͏ and͏͏ distribution͏͏ is͏͏ transparent͏͏ and͏͏ accountable,͏͏ from͏͏ the͏͏ farm͏͏ to͏͏ the͏͏ end͏͏ consumer.

The͏͏ startup͏͏ aims͏͏ to͏͏ empower͏͏ all͏͏ stakeholders͏͏ in͏͏ the͏͏ dairy͏͏ supply͏͏ chain,͏͏ including͏͏ farmers,͏͏ processors,͏͏ and͏͏ distributors.͏͏ By͏͏ equipping͏͏ these͏͏ stakeholders͏͏ with͏͏ advanced͏͏ tools͏͏ to͏͏ monitor͏͏ and͏͏ enhance͏͏ milk͏͏ quality,͏͏ ORIGHT͏͏ seeks͏͏ to͏͏ create͏͏ a͏͏ more͏͏ synchronized͏͏ and͏͏ efficient͏͏ dairy͏͏ industry.͏͏ This͏͏ approach͏͏ not͏͏ only͏͏ fosters͏͏ greater͏͏ transparency͏͏ but͏͏ also͏͏ promotes͏͏ sustainability͏͏ throughout͏͏ the͏͏ entire͏͏ process.

Continue͏͏ Exploring:͏͏ Dairy brand͏͏ Sid’s͏͏ Farm͏͏ raises͏͏ $10M͏͏ in͏͏ Series͏͏ A͏͏ funding͏͏ led͏͏ by͏͏ Omnivore͏͏ and͏͏ Narotam͏͏ Sekhsaria’s͏͏ Family͏͏ Office

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Swiggy gets SEBI nod for IPO, eyes November listing

By
M Haziq Pandit
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0
Swiggy

Foodtech giant Swiggy has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering.

Following͏͏ the͏͏ approval,͏͏ the͏͏ startup͏͏ will͏͏ now͏͏ submit͏͏ two͏͏ updated͏͏ draft͏͏ red͏͏ herring͏͏ prospectuses͏͏ (DRHPs):͏͏ one͏͏ addressing͏͏ SEBI’s͏͏ comments͏͏ on͏͏ its͏͏ confidential͏͏ DRHP͏͏ and͏͏ another͏͏ seeking͏͏ public͏͏ feedback,͏͏ according͏͏ to͏͏ sources͏͏ cited͏͏ by͏͏ Moneycontrol.

Timing͏͏ and͏͏ Size͏͏ of͏͏ the͏͏ IPO Under͏͏ Discussion:

The͏͏ report͏͏ stated͏͏ that͏͏ Swiggy͏͏ can͏͏ file͏͏ its͏͏ red͏͏ herring͏͏ prospectus͏͏ (RHP)͏͏ only͏͏ after͏͏ this͏͏ step.͏͏ The͏͏ exact͏͏ size͏͏ of͏͏ the͏͏ public͏͏ offering͏͏ has͏͏ yet͏͏ to͏͏ be͏͏ disclosed.

“While͏͏ no͏͏ final͏͏ decision͏͏ has͏͏ been͏͏ made,͏͏ the͏͏ Swiggy͏͏ issue͏͏ may͏͏ launch͏͏ in͏͏ November.͏͏ Discussions͏͏ with͏͏ anchor͏͏ investors͏͏ will͏͏ commence͏͏ now,”͏͏ a͏͏ source͏͏ informed͏͏ the͏͏ publication.

Swiggy͏͏ chose͏͏ not͏͏ to͏͏ comment͏͏ on͏͏ the͏͏ development.

Expected͏͏ Fundraising͏͏ and͏͏ Offer͏͏ Details:

Although͏͏ the͏͏ exact͏͏ size͏͏ of͏͏ the͏͏ IPO͏͏ remains͏͏ unclear,͏͏ the͏͏ startup͏͏ is͏͏ expected͏͏ to͏͏ raise͏͏ $1.4͏͏ billion͏͏ through͏͏ the͏͏ offering.͏͏ Recent͏͏ reports͏͏ indicate͏͏ that͏͏ it͏͏ will͏͏ seek͏͏ shareholders’͏͏ approval͏͏ to͏͏ increase͏͏ the͏͏ fresh͏͏ issue͏͏ size͏͏ for͏͏ the͏͏ public͏͏ offering͏͏ from͏͏ INR͏͏ 3,750͏͏ crore͏͏ to͏͏ INR͏͏ 5,000͏͏ crore.͏͏ Additionally,͏͏ the͏͏ issue͏͏ will͏͏ include͏͏ an͏͏ offer͏͏ for͏͏ sale͏͏ component͏͏ amounting͏͏ to͏͏ INR͏͏ 6,664͏͏ crore.

Swiggy͏͏ submitted͏͏ its͏͏ IPO͏͏ papers͏͏ to͏͏ SEBI͏͏ through͏͏ the͏͏ confidential͏͏ route͏͏ in͏͏ April͏͏ this͏͏ year.͏͏ Since͏͏ then,͏͏ prominent͏͏ investors,͏͏ including͏͏ actors͏͏ Amitabh͏͏ Bachchan͏͏ and͏͏ Madhuri͏͏ Dixit,͏͏ as͏͏ well͏͏ as͏͏ Modern͏͏ Insulators͏͏ and͏͏ Hindustan͏͏ Composites,͏͏ have͏͏ acquired͏͏ stakes͏͏ in͏͏ the͏͏ startup.

Continue͏͏ Exploring:͏͏ After͏͏ Amitabh͏͏ Bachchan,͏͏ Madhuri͏͏ Dixit͏͏ acquires͏͏ stake͏͏ in͏͏ IPO-bound͏͏ Swiggy

In͏͏ the͏͏ lead-up͏͏ to͏͏ its͏͏ IPO,͏͏ the͏͏ startup͏͏ informed͏͏ its͏͏ investors͏͏ that͏͏ its͏͏ revenue͏͏ increased͏͏ by͏͏ 36%͏͏ to͏͏ INR͏͏ 11,247͏͏ crore͏͏ in͏͏ the͏͏ fiscal͏͏ year͏͏ 2023-24͏͏ (FY24),͏͏ up͏͏ from͏͏ INR͏͏ 8,265͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ year.͏͏ Additionally,͏͏ it͏͏ reported͏͏ a͏͏ 44%͏͏ reduction͏͏ in͏͏ its͏͏ net͏͏ loss,͏͏ which͏͏ decreased͏͏ to͏͏ INR͏͏ 2,350͏͏ crore͏͏ for͏͏ the͏͏ year͏͏ under͏͏ review,͏͏ compared͏͏ to͏͏ INR͏͏ 4,179͏͏ crore͏͏ in͏͏ FY23.

Continue͏͏ Exploring:͏͏ Swiggy’s͏͏ FY24͏͏ revenue͏͏ soars͏͏ 36%͏͏ to͏͏ INR͏͏ 11,247͏͏ Cr;͏͏ net͏͏ loss͏͏ nearly͏͏ halves͏͏ to͏͏ INR͏͏ 2,350͏͏ Cr

Second͏͏ Foodtech͏͏ Giant͏͏ to͏͏ Go͏͏ Public:

With͏͏ the͏͏ IPO,͏͏ Swiggy͏͏ will͏͏ become͏͏ the͏͏ second͏͏ foodtech͏͏ giant͏͏ to͏͏ be͏͏ listed͏͏ on͏͏ the͏͏ stock͏͏ exchanges,͏͏ following͏͏ its͏͏ rival͏͏ Zomato,͏͏ which͏͏ went͏͏ public͏͏ in͏͏ 2021.͏͏ Zomato͏͏ currently͏͏ boasts͏͏ a͏͏ market͏͏ capitalisation͏͏ of͏͏ over͏͏ $30͏͏ billion.

Brokerage͏͏ firm͏͏ Elara͏͏ Capital͏͏ anticipates͏͏ that͏͏ Swiggy͏͏ will͏͏ achieve͏͏ a͏͏ lower͏͏ valuation͏͏ than͏͏ Zomato.͏͏ It͏͏ cited͏͏ that͏͏ Zomato’s͏͏ revenue,͏͏ gross͏͏ order͏͏ volume,͏͏ and͏͏ order͏͏ count,͏͏ among͏͏ other͏͏ metrics,͏͏ are͏͏ superior͏͏ to͏͏ those͏͏ of͏͏ Swiggy.

Continue͏͏ Exploring:͏͏ Swiggy likely͏͏ to͏͏ have͏͏ lower͏͏ public͏͏ market͏͏ valuation͏͏ than͏͏ Zomato:͏͏ Elara͏͏ Capital

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D2C kids personal care brand Tuco Intelligent raises $2 Mn to expand operations

By
M Haziq Pandit
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0
Tuco Intelligent

D2C kids’ personal care brand Tuco Intelligent has secured $2 million in seed funding, led by Fireside Ventures and Whiteboard Capital.

The round saw participation from Ashish Goenka‘s Suashish Group and angel investors such as Vijay Nehra, Arjun Purkayastha, and early backers of brands like Mamaearth, Sugar, Pilgrim, The Whole Truth, and Mokobara.

Tuco͏͏ aims͏͏ to͏͏ utilise͏͏ the͏͏ funds͏͏ to͏͏ expand͏͏ its͏͏ operations.

Founded͏͏ in͏͏ 2023͏͏ by͏͏ former͏͏ Unilever͏͏ executive͏͏ Aishvarya Murali,͏͏ Tuco͏͏ provides͏͏ a͏͏ variety͏͏ of͏͏ natural͏͏ and͏͏ sustainable͏͏ personal͏͏ care͏͏ products͏͏ for͏͏ kids,͏͏ including͏͏ soaps,͏͏ lotions,͏͏ creams,͏͏ makeup,͏͏ and͏͏ deodorants.

The͏͏ startup͏͏ also͏͏ asserts͏͏ that͏͏ all͏͏ its͏͏ products͏͏ are͏͏ packaged͏͏ in͏͏ plastic͏͏ sourced͏͏ from͏͏ landfills͏͏ and͏͏ oceans.

Tuco Intelligent Products͏͏ Available͏͏ on͏͏ Major͏͏ Marketplaces:

In͏͏ addition͏͏ to͏͏ its͏͏ own͏͏ website,͏͏ Tuco’s͏͏ products͏͏ are͏͏ available͏͏ on͏͏ marketplaces͏͏ such͏͏ as͏͏ Amazon,͏͏ Flipkart,͏͏ Nykaa,͏͏ and͏͏ FirstCry,͏͏ among͏͏ others.

Commenting͏͏ on͏͏ the͏͏ funding,͏͏ Tuco͏͏ founder͏͏ and͏͏ CEO͏͏ Murali͏͏ stated,͏͏ “We’re͏͏ thrilled͏͏ to͏͏ have͏͏ the͏͏ support͏͏ of͏͏ incredible͏͏ investors͏͏ committed͏͏ to͏͏ building͏͏ a͏͏ meaningful͏͏ and͏͏ sustainable͏͏ business.͏͏ With͏͏ the͏͏ strong͏͏ traction͏͏ we’ve͏͏ gained͏͏ for͏͏ our͏͏ range,͏͏ we’re͏͏ ready͏͏ to͏͏ scale.”

Meanwhile,͏͏ VS͏͏ Kannan͏͏ Sitaram,͏͏ co-founder͏͏ and͏͏ partner͏͏ at͏͏ Fireside͏͏ Ventures,͏͏ noted͏͏ that͏͏ Tuco͏͏ has͏͏ established͏͏ a͏͏ solid͏͏ base͏͏ of͏͏ repeat͏͏ customers͏͏ and͏͏ is͏͏ “well-positioned͏͏ to͏͏ serve͏͏ the͏͏ market.”

Tuco͏͏ competes͏͏ with͏͏ startups͏͏ such͏͏ as͏͏ Mamaearth,͏͏ The͏͏ Moms͏͏ Co,͏͏ and͏͏ Hopscotch,͏͏ as͏͏ well͏͏ as͏͏ established͏͏ FMCG͏͏ brands͏͏ like͏͏ Hindustan͏͏ Unilever͏͏ Limited͏͏ (HUL)͏͏ and͏͏ Himalaya.

Growing͏͏ Interest͏͏ in͏͏ Kids-Focused͏͏ Brands:

This͏͏ development͏͏ comes͏͏ as͏͏ several͏͏ new͏͏ brands͏͏ seek͏͏ to͏͏ capture͏͏ a͏͏ share͏͏ of͏͏ the͏͏ rapidly͏͏ growing͏͏ kids-focused͏͏ market͏͏ in͏͏ the͏͏ country,͏͏ driven͏͏ by͏͏ rising͏͏ disposable͏͏ incomes.

In͏͏ August,͏͏ kids-focused͏͏ omnichannel͏͏ retailer͏͏ Firstcry͏͏ listed͏͏ on͏͏ the͏͏ stock͏͏ exchanges.͏͏ Meanwhile,͏͏ Flipkart’s͏͏ social͏͏ commerce͏͏ venture͏͏ Shopsy͏͏ entered͏͏ the͏͏ kids͏͏ market͏͏ earlier͏͏ this͏͏ year͏͏ with͏͏ the͏͏ launch͏͏ of͏͏ its͏͏ summer͏͏ collection͏͏ for͏͏ children.

Continue͏͏ Exploring:͏͏ FirstCry͏͏ makes͏͏ strong͏͏ market͏͏ debut͏͏ with͏͏ 40%͏͏ premium͏͏ over͏͏ IPO͏͏ price

The͏͏ segment͏͏ has͏͏ attracted͏͏ significant͏͏ investor͏͏ interest.͏͏ In͏͏ April,͏͏ kidswear͏͏ startup͏͏ Includ͏͏ raised͏͏ $1.5͏͏ million͏͏ (approximately͏͏ INR͏͏ 12.5͏͏ crore)͏͏ in͏͏ a͏͏ round͏͏ led͏͏ by͏͏ Incubate͏͏ Fund͏͏ Asia.͏͏ Before͏͏ that,͏͏ Bengaluru-based͏͏ kids’͏͏ audio͏͏ content͏͏ platform͏͏ Vobble͏͏ secured͏͏ $1͏͏ million͏͏ in͏͏ a͏͏ round͏͏ led͏͏ by͏͏ early-stage͏͏ VC͏͏ fund͏͏ Lumikai.

Continue͏͏ Exploring:͏͏ Kidbea͏͏ secures͏͏ funding͏͏ from͏͏ notable͏͏ investors͏͏ for͏͏ expansion͏͏ and͏͏ R&D͏͏ in͏͏ kidswear͏͏ market

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D2C luggage brand Nasher Miles targets 1,000 retail stores by end of 2024

By
M Haziq Pandit
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0
Nasher Miles

Homegrown luggage brand Nasher Miles plans͏͏ to͏͏ enhance͏͏ its͏͏ offline͏͏ presence,͏͏ targeting͏͏ 500͏͏ stores͏͏ by͏͏ Diwali͏͏ and͏͏ 1,000͏͏ stores͏͏ by͏͏ the͏͏ end͏͏ of͏͏ the͏͏ year.

Rapid͏͏ Retail͏͏ Growth:

The͏͏ retailer͏͏ has͏͏ established͏͏ a͏͏ presence͏͏ in͏͏ over͏͏ 400͏͏ stores͏͏ across͏͏ 200͏͏ cities͏͏ and͏͏ 24͏͏ states͏͏ within͏͏ just͏͏ two͏͏ months͏͏ of͏͏ launching͏͏ its͏͏ offline͏͏ retail͏͏ operations.

“Our͏͏ goal͏͏ has͏͏ always͏͏ been͏͏ to͏͏ become͏͏ an͏͏ omnichannel͏͏ brand,”͏͏ said͏͏ Lokesh͏͏ Daga,͏͏ co-founder͏͏ of͏͏ Nasher͏͏ Miles.͏͏ “After͏͏ building͏͏ a͏͏ robust͏͏ online͏͏ presence͏͏ and͏͏ achieving͏͏ a͏͏ scale͏͏ of͏͏ INR͏͏ 100͏͏ crores,͏͏ we͏͏ believe͏͏ it’s͏͏ the͏͏ right͏͏ time͏͏ to͏͏ expand͏͏ into͏͏ offline͏͏ channels,͏͏ which͏͏ remain͏͏ the͏͏ largest͏͏ segment͏͏ in͏͏ our͏͏ category.”

Continue͏͏ Exploring:͏͏ Luggage brand Nasher Miles bags͏͏ INR͏͏ 3͏͏ Cr͏͏ investment͏͏ on͏͏ Shark͏͏ Tank͏͏ India͏͏ 3

In͏͏ addition͏͏ to͏͏ traditional͏͏ retail,͏͏ Nasher͏͏ Miles͏͏ is͏͏ available͏͏ on͏͏ various͏͏ e-commerce͏͏ platforms,͏͏ including͏͏ Myntra,͏͏ Amazon,͏͏ and͏͏ Flipkart,͏͏ as͏͏ well͏͏ as͏͏ quick͏͏ commerce͏͏ channels͏͏ like͏͏ Blinkit͏͏ and͏͏ Zepto.͏͏ The͏͏ brand͏͏ has͏͏ also͏͏ entered͏͏ modern͏͏ retail͏͏ with͏͏ an͏͏ experiential͏͏ store͏͏ called͏͏ Broadway͏͏ in͏͏ Delhi,͏͏ led͏͏ by͏͏ Vivek͏͏ Biyani,͏͏ Kishore͏͏ Biyani’s͏͏ nephew.

To͏͏ boost͏͏ its͏͏ Make͏͏ in͏͏ India͏͏ campaign,͏͏ the͏͏ luggage͏͏ brand͏͏ is͏͏ establishing͏͏ a͏͏ manufacturing͏͏ and͏͏ warehousing͏͏ facility͏͏ in͏͏ Gujarat,͏͏ with͏͏ a͏͏ monthly͏͏ capacity͏͏ exceeding͏͏ 50,000͏͏ units.͏͏ This͏͏ initiative͏͏ aims͏͏ to͏͏ optimise͏͏ manufacturing͏͏ costs,͏͏ shorten͏͏ time͏͏ to͏͏ market͏͏ for͏͏ both͏͏ business-to-business͏͏ (B2B)͏͏ and͏͏ direct-to-consumer͏͏ (D2C)͏͏ customers,͏͏ increase͏͏ production͏͏ to͏͏ meet͏͏ rising͏͏ demand͏͏ across͏͏ various͏͏ channels,͏͏ and͏͏ facilitate͏͏ easy͏͏ customisation͏͏ for͏͏ B2B͏͏ orders.

“This͏͏ is͏͏ our͏͏ first͏͏ step͏͏ in͏͏ a͏͏ series͏͏ of͏͏ initiatives͏͏ to͏͏ strengthen͏͏ our͏͏ Make͏͏ in͏͏ India͏͏ programme.͏͏ We͏͏ aim͏͏ to͏͏ shift͏͏ over͏͏ 75%͏͏ of͏͏ our͏͏ production͏͏ to͏͏ domestic͏͏ facilities͏͏ by͏͏ the͏͏ end͏͏ of͏͏ the͏͏ financial͏͏ year,”͏͏ said͏͏ Abhishek͏͏ Daga,͏͏ chairman͏͏ of͏͏ Nasher͏͏ Miles.

Funding͏͏ Milestone:

In͏͏ July͏͏ this͏͏ year,͏͏ the͏͏ company͏͏ secured͏͏ $4͏͏ million͏͏ in͏͏ funding͏͏ during͏͏ a͏͏ bridge͏͏ round,͏͏ reaching͏͏ a͏͏ valuation͏͏ of͏͏ $30͏͏ million.

Continue͏͏ Exploring:͏͏ D2C luggage brand Nasher Miles raises͏͏ $4͏͏ Mn͏͏ in͏͏ bridge͏͏ round,͏͏ valuation͏͏ hits͏͏ $30͏͏ Mn

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Flipkart launches B2B app for refurbished product sellers ahead of Big Billion Day

By
M Haziq Pandit
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0
Flipkart

As it gears up for the Big Billion Day Sale, e-commerce giant Flipkart has introduced a new business-to-business (B2B) app called ‘Flipkart Reset for Business’. This͏͏ app͏͏ aims͏͏ to͏͏ facilitate͏͏ connections͏͏ between͏͏ sellers͏͏ of͏͏ refurbished͏͏ products͏͏ and͏͏ customers͏͏ throughout͏͏ India.

Focus͏͏ on͏͏ Refurbished͏͏ Products:

Starting͏͏ with͏͏ refurbished͏͏ smartphones͏͏ and͏͏ accessories͏͏ that͏͏ include͏͏ warranty͏͏ benefits,͏͏ the͏͏ app͏͏ will͏͏ serve͏͏ retailers͏͏ across͏͏ India͏͏ looking͏͏ to͏͏ purchase͏͏ refurbished͏͏ products͏͏ in͏͏ various͏͏ quantities,͏͏ with͏͏ no͏͏ minimum͏͏ order͏͏ restrictions.

“With͏͏ the͏͏ Flipkart͏͏ Reset͏͏ B2B͏͏ app,͏͏ we͏͏ aim͏͏ to͏͏ level͏͏ the͏͏ playing͏͏ field͏͏ for͏͏ sellers͏͏ by͏͏ providing͏͏ a͏͏ platform͏͏ to͏͏ meet͏͏ this͏͏ demand.͏͏ By͏͏ facilitating͏͏ access͏͏ to͏͏ high-quality,͏͏ affordable͏͏ refurbished͏͏ products,͏͏ we͏͏ empower͏͏ sellers͏͏ with͏͏ an͏͏ organised͏͏ market͏͏ and͏͏ promote͏͏ sustainable͏͏ consumption,”͏͏ said͏͏ Ashutosh͏͏ Singh͏͏ Chandel,͏͏ senior͏͏ director͏͏ and͏͏ business͏͏ head͏͏ of͏͏ recommerce͏͏ at͏͏ Flipkart.

The͏͏ launch͏͏ is͏͏ part͏͏ of͏͏ Flipkart’s͏͏ initiative͏͏ to͏͏ establish͏͏ a͏͏ more͏͏ seamless͏͏ marketplace͏͏ for͏͏ sellers͏͏ of͏͏ all͏͏ sizes.

Continue͏͏ Exploring:͏͏ Flipkart to͏͏ launch͏͏ 100͏͏ dark͏͏ stores͏͏ ahead͏͏ of͏͏ Big͏͏ Billion͏͏ Days͏͏ sale

Projections͏͏ for͏͏ India’s͏͏ Refurbished͏͏ Market:

Chandel͏͏ stated͏͏ that͏͏ India’s͏͏ thriving͏͏ refurbished͏͏ electronics͏͏ market͏͏ is͏͏ projected͏͏ to͏͏ grow͏͏ to͏͏ $11͏͏ billion͏͏ by͏͏ 2026.

It’s͏͏ important͏͏ to͏͏ highlight͏͏ that͏͏ recommerce͏͏ has͏͏ been͏͏ a͏͏ key͏͏ focus͏͏ for͏͏ the͏͏ Walmart-backed͏͏ e-commerce͏͏ giant͏͏ for͏͏ some͏͏ time.͏͏ In͏͏ 2022,͏͏ Flipkart͏͏ acquired͏͏ the͏͏ electronics͏͏ recommerce͏͏ startup͏͏ Yaantra,͏͏ and͏͏ earlier,͏͏ in͏͏ 2018,͏͏ it͏͏ launched͏͏ its͏͏ refurbished͏͏ platform,͏͏ 2GUD.

This͏͏ latest͏͏ development͏͏ follows͏͏ an͏͏ investigation͏͏ by͏͏ the͏͏ Competition͏͏ Commission͏͏ of͏͏ India͏͏ (CCI),͏͏ which͏͏ found͏͏ Flipkart,͏͏ along͏͏ with͏͏ Amazon,͏͏ guilty͏͏ of͏͏ violating͏͏ the͏͏ country’s͏͏ competition͏͏ laws͏͏ by͏͏ favouring͏͏ certain͏͏ sellers͏͏ on͏͏ their͏͏ shopping͏͏ platforms.

In͏͏ light͏͏ of͏͏ this,͏͏ the͏͏ antitrust͏͏ regulator͏͏ has͏͏ asked͏͏ both͏͏ companies͏͏ for͏͏ their͏͏ turnover͏͏ information͏͏ to͏͏ evaluate͏͏ the͏͏ appropriate͏͏ penalty.͏͏ Reports͏͏ indicate͏͏ that͏͏ they͏͏ may͏͏ face͏͏ fines͏͏ of͏͏ up͏͏ to͏͏ 10%͏͏ of͏͏ their͏͏ global͏͏ annual͏͏ revenue͏͏ or͏͏ income.

Meanwhile,͏͏ Flipkart͏͏ is͏͏ expanding͏͏ its͏͏ services͏͏ in͏͏ response͏͏ to͏͏ growing͏͏ competition͏͏ in͏͏ the͏͏ e-commerce͏͏ sector.͏͏ Recently,͏͏ it͏͏ launched͏͏ its͏͏ quick͏͏ commerce͏͏ service͏͏ ‘Minutes’͏͏ in͏͏ Bengaluru͏͏ and͏͏ has͏͏ since͏͏ extended͏͏ it͏͏ to͏͏ Delhi.

The͏͏ company͏͏ is͏͏ also͏͏ reportedly͏͏ planning͏͏ to͏͏ establish͏͏ 100͏͏ dark͏͏ stores—mini͏͏ warehouses͏͏ designed͏͏ for͏͏ quicker͏͏ deliveries—during͏͏ the͏͏ festive͏͏ season͏͏ to͏͏ bolster͏͏ its͏͏ quick͏͏ commerce͏͏ strategy.

Strong͏͏ Financial͏͏ Performance:

Notably,͏͏ the͏͏ operating͏͏ revenue͏͏ of͏͏ Flipkart’s͏͏ B2C͏͏ segment͏͏ increased͏͏ by͏͏ 42%͏͏ year-on-year͏͏ (YoY)͏͏ to͏͏ INR͏͏ 14,845.8͏͏ crore͏͏ in͏͏ the͏͏ financial͏͏ year͏͏ 2022-23͏͏ (FY23).͏͏ Additionally,͏͏ its͏͏ losses͏͏ decreased͏͏ by͏͏ 9%,͏͏ falling͏͏ to͏͏ INR͏͏ 4,026.5͏͏ crore͏͏ from͏͏ INR͏͏ 4,419.5͏͏ crore͏͏ in͏͏ FY22.

Continue͏͏ Exploring:͏͏ Flipkart,͏͏ Amazon͏͏ to͏͏ kick͏͏ off͏͏ major͏͏ festive͏͏ sales͏͏ from͏͏ September͏͏ 26

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US Polo Assn teams up with Zepto for instant apparel delivery across India

By
M Haziq Pandit
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0
US Polo Assn

US Polo Assn (USPA) has͏͏ teamed͏͏ up͏͏ with͏͏ quick-commerce platform Zepto to͏͏ offer͏͏ product͏͏ delivery͏͏ within͏͏ 10͏͏ minutes͏͏ across͏͏ all͏͏ Zepto͏͏ locations.

With͏͏ this͏͏ partnership,͏͏ Mumbai-based͏͏ Zepto͏͏ has͏͏ expanded͏͏ its͏͏ offerings͏͏ to͏͏ include͏͏ apparel͏͏ and͏͏ fashion,͏͏ moving͏͏ beyond͏͏ its͏͏ focus͏͏ on͏͏ groceries͏͏ and͏͏ personal͏͏ care.

Continue͏͏ Exploring:͏͏ Quick͏͏ commerce͏͏ giants͏͏ Blinkit͏͏ and͏͏ Zepto pilot͏͏ efficient͏͏ returns͏͏ and͏͏ exchanges͏͏ for͏͏ apparel͏͏ and͏͏ lifestyle͏͏ items

“We’re͏͏ excited͏͏ about͏͏ this͏͏ partnership,”͏͏ said͏͏ Aadit͏͏ Palicha,͏͏ co-founder͏͏ of͏͏ Zepto.͏͏ “It͏͏ represents͏͏ a͏͏ significant͏͏ milestone͏͏ in͏͏ our͏͏ quick-commerce͏͏ journey͏͏ as͏͏ we͏͏ venture͏͏ into͏͏ the͏͏ fashion͏͏ and͏͏ lifestyle͏͏ sector.͏͏ With͏͏ USPA͏͏ joining͏͏ us,͏͏ our͏͏ sellers͏͏ can͏͏ now͏͏ offer͏͏ enhanced͏͏ convenience͏͏ to͏͏ fashion͏͏ shoppers͏͏ throughout͏͏ India.”

“With͏͏ USPA’s͏͏ sporty͏͏ vibe͏͏ and͏͏ Zepto’s͏͏ rapid͏͏ delivery,͏͏ we’re͏͏ enhancing͏͏ accessibility͏͏ and͏͏ convenience͏͏ for͏͏ our͏͏ customers.͏͏ This͏͏ is͏͏ an͏͏ exciting,͏͏ trend-setting͏͏ solution͏͏ for͏͏ the͏͏ modern͏͏ needs͏͏ of͏͏ consumers,”͏͏ said͏͏ Shailesh͏͏ Chaturvedi,͏͏ managing͏͏ director͏͏ of͏͏ Arvind͏͏ Fashions͏͏ Ltd.,͏͏ the͏͏ exclusive͏͏ licensee͏͏ of͏͏ USPA.

USPA’s͏͏ Growth͏͏ in͏͏ India:

USPA͏͏ entered͏͏ India͏͏ in͏͏ early͏͏ 2007͏͏ and͏͏ is͏͏ licensed͏͏ by͏͏ Arvind͏͏ Fashions͏͏ Ltd.͏͏ It͏͏ currently͏͏ boasts͏͏ a͏͏ retail͏͏ presence͏͏ of͏͏ over͏͏ 450͏͏ brand͏͏ stores͏͏ and͏͏ more͏͏ than͏͏ 2,000͏͏ shop-in-shops͏͏ across͏͏ 200͏͏ cities͏͏ in͏͏ the͏͏ country.

Arvind͏͏ Fashions͏͏ is͏͏ now͏͏ scaling͏͏ up͏͏ USPA,͏͏ aiming͏͏ to͏͏ expand͏͏ both͏͏ its͏͏ store͏͏ and͏͏ online͏͏ presence,͏͏ develop͏͏ adjacent͏͏ categories,͏͏ and͏͏ launch͏͏ new͏͏ related͏͏ products,͏͏ Chaturvedi͏͏ stated.

Continue͏͏ Exploring:͏͏ Arvind͏͏ Fashions͏͏ plans͏͏ aggressive͏͏ expansion͏͏ for͏͏ US Polo Assn in͏͏ India,͏͏ targeting͏͏ INR͏͏ 5,000͏͏ Cr͏͏ in͏͏ sales

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Lighthouse Advisors divests 2% stake in V2 Retail for INR 85 Cr; Motilal Oswal Mutual Fund acquires shares

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M Haziq Pandit
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0
V2 Retail
V2 Retail (Representative Image)

Private equity firm Lighthouse Advisors has divested a 2 per cent stake in value retail chain V2 Retail for͏͏ INR͏͏ 85͏͏ crore͏͏ through͏͏ an͏͏ open͏͏ market͏͏ transaction,͏͏ while͏͏ Motilal͏͏ Oswal͏͏ Mutual͏͏ Fund͏͏ has͏͏ acquired͏͏ shares͏͏ in͏͏ the͏͏ company.

Transaction͏͏ Details:

Mumbai-based͏͏ Lighthouse͏͏ Advisors,͏͏ via͏͏ its͏͏ affiliate͏͏ India͏͏ 2020͏͏ Fund͏͏ II͏͏ Ltd.,͏͏ sold͏͏ over͏͏ 7.34͏͏ lakh͏͏ shares,͏͏ representing͏͏ a͏͏ 2.12͏͏ per͏͏ cent͏͏ stake͏͏ in͏͏ V2͏͏ Retail,͏͏ according͏͏ to͏͏ block͏͏ deal͏͏ data͏͏ from͏͏ the͏͏ NSE.

The͏͏ shares͏͏ were͏͏ sold͏͏ at͏͏ an͏͏ average͏͏ price͏͏ of͏͏ INR͏͏ 1,160͏͏ each,͏͏ bringing͏͏ the͏͏ total͏͏ transaction͏͏ value͏͏ to͏͏ INR͏͏ 85.23͏͏ crore.

Following͏͏ the͏͏ stake͏͏ sale,͏͏ Lighthouse͏͏ Advisors’͏͏ holding͏͏ in͏͏ V2͏͏ Retail͏͏ has͏͏ decreased͏͏ to͏͏ 4.24͏͏ per͏͏ cent͏͏ from͏͏ 6.36͏͏ per͏͏ cent.

Continue͏͏ Exploring:͏͏ V2 Retail’s͏͏ Q1͏͏ revenue͏͏ surges͏͏ 57%͏͏ to͏͏ INR͏͏ 414͏͏ Cr

Motilal͏͏ Oswal͏͏ Mutual͏͏ Fund’s͏͏ Acquisition:

Motilal͏͏ Oswal͏͏ Mutual͏͏ Fund͏͏ acquired͏͏ these͏͏ shares͏͏ at͏͏ the͏͏ same͏͏ price,͏͏ according͏͏ to͏͏ data͏͏ from͏͏ the͏͏ National͏͏ Stock͏͏ Exchange͏͏ (NSE).

V2͏͏ Retail͏͏ shares͏͏ surged͏͏ 5͏͏ per͏͏ cent,͏͏ closing͏͏ at͏͏ INR͏͏ 1,223.70͏͏ each͏͏ on͏͏ the͏͏ NSE.

In͏͏ a͏͏ separate͏͏ transaction͏͏ on͏͏ the͏͏ BSE,͏͏ SBI͏͏ Mutual͏͏ Fund͏͏ acquired͏͏ 3.72͏͏ lakh͏͏ shares,͏͏ representing͏͏ a͏͏ 2.3͏͏ per͏͏ cent͏͏ stake͏͏ in͏͏ Alicon͏͏ Castalloy,͏͏ for͏͏ INR͏͏ 48͏͏ crore͏͏ through͏͏ an͏͏ open͏͏ market͏͏ transaction.

The͏͏ shares͏͏ were͏͏ purchased͏͏ at͏͏ an͏͏ average͏͏ price͏͏ of͏͏ INR͏͏ 1,300͏͏ each,͏͏ bringing͏͏ the͏͏ total͏͏ deal͏͏ value͏͏ to͏͏ INR͏͏ 48.41͏͏ crore.

Rajeev͏͏ Sikand͏͏ and͏͏ the͏͏ promoter͏͏ entity͏͏ of͏͏ Alicon͏͏ Castalloy͏͏ collectively͏͏ sold͏͏ 3.59͏͏ lakh͏͏ shares͏͏ of͏͏ the͏͏ company͏͏ at͏͏ the͏͏ same͏͏ price.

The͏͏ identities͏͏ of͏͏ other͏͏ sellers͏͏ of͏͏ Alicon͏͏ Castalloy’s͏͏ shares͏͏ could͏͏ not͏͏ be͏͏ determined͏͏ on͏͏ the͏͏ BSE.

On͏͏ Monday,͏͏ shares͏͏ of͏͏ Alicon͏͏ Castalloy͏͏ declined͏͏ 2.47͏͏ per͏͏ cent,͏͏ closing͏͏ at͏͏ INR͏͏ 1,337.90͏͏ apiece͏͏ on͏͏ the͏͏ BSE.

Continue͏͏ Exploring:͏͏ V2 Retail targets͏͏ higher͏͏ full-price͏͏ sales,͏͏ aims͏͏ to͏͏ keep͏͏ gross͏͏ margins͏͏ steady

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Pakka launches new range of compostable flexible packaging solutions for FMCG industry

By
M Haziq Pandit
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0
Pakka

Pakka, a maker of compostable packaging solutions, has introduced a new line of flexible compostable packaging. This͏͏ innovative͏͏ range͏͏ aims͏͏ to͏͏ meet͏͏ the͏͏ rising͏͏ demand͏͏ for͏͏ flexible͏͏ packaging͏͏ in͏͏ the͏͏ food͏͏ and͏͏ beverage͏͏ industry͏͏ while͏͏ promoting͏͏ a͏͏ cleaner͏͏ planet.

Innovative͏͏ Solutions͏͏ for͏͏ Food Packaging:

Pakka’s͏͏ new͏͏ flexible͏͏ packaging͏͏ range͏͏ features͏͏ three͏͏ innovative͏͏ solutions͏͏ tailored͏͏ to͏͏ the͏͏ food͏͏ packaging͏͏ industry.͏͏ The͏͏ M1͏͏ is͏͏ a͏͏ paper-based͏͏ compostable͏͏ option͏͏ that͏͏ boasts͏͏ superior͏͏ barrier͏͏ properties͏͏ and͏͏ heat͏͏ and͏͏ cold͏͏ sealability,͏͏ making͏͏ it͏͏ perfect͏͏ for͏͏ various͏͏ primary͏͏ food͏͏ applications.

The͏͏ M3͏͏ is͏͏ both͏͏ recyclable͏͏ and͏͏ compostable,͏͏ offering͏͏ excellent͏͏ barrier͏͏ performance͏͏ alongside͏͏ effective͏͏ heat͏͏ sealability,͏͏ making͏͏ it͏͏ a͏͏ sustainable͏͏ choice͏͏ for͏͏ eco-conscious͏͏ brands.͏͏ Both͏͏ models͏͏ are͏͏ suitable͏͏ for͏͏ packaging͏͏ chocolates,͏͏ confectioneries,͏͏ granola͏͏ bars,͏͏ nuts,͏͏ and͏͏ tea.

Finally,͏͏ the͏͏ NM1͏͏ is͏͏ a͏͏ specialised͏͏ non-metallized͏͏ structure͏͏ with͏͏ exceptional͏͏ barrier͏͏ qualities,͏͏ specifically͏͏ designed͏͏ for͏͏ chocolates͏͏ and͏͏ confectioneries.

Continue͏͏ Exploring:͏͏ Pakka teams͏͏ up͏͏ with͏͏ Brawny͏͏ Bear͏͏ to͏͏ launch͏͏ energy͏͏ bars͏͏ in͏͏ compostable͏͏ flexible͏͏ packaging

Compatibility͏͏ with͏͏ Various͏͏ Printing͏͏ Technologies:

All͏͏ products͏͏ are͏͏ compatible͏͏ with͏͏ digital,͏͏ flexographic,͏͏ and͏͏ gravure͏͏ printing͏͏ technologies.͏͏ These͏͏ packaging͏͏ solutions͏͏ are͏͏ food-grade,͏͏ compostability͏͏ certified,͏͏ and͏͏ feature͏͏ high͏͏ barrier͏͏ properties.͏͏ They͏͏ are͏͏ heat͏͏ or͏͏ cold͏͏ sealable,͏͏ printable,͏͏ lightweight,͏͏ and͏͏ boast͏͏ a͏͏ premium͏͏ appearance.͏͏ Last͏͏ year,͏͏ Pakka͏͏ launched͏͏ India’s͏͏ first͏͏ compostable͏͏ flexible͏͏ packaging͏͏ for͏͏ food͏͏ products͏͏ in͏͏ partnership͏͏ with͏͏ Brawny͏͏ Bear,͏͏ a͏͏ nutrition͏͏ company͏͏ known͏͏ for͏͏ its͏͏ date-based͏͏ healthy͏͏ offerings.

Jagdeep͏͏ Hira,͏͏ India͏͏ Business͏͏ Head͏͏ at͏͏ Pakka,͏͏ stated,͏͏ “For͏͏ over͏͏ four͏͏ decades,͏͏ we͏͏ have͏͏ been͏͏ dedicated͏͏ to͏͏ our͏͏ vision͏͏ of͏͏ creating͏͏ a͏͏ cleaner͏͏ planet.͏͏ Last͏͏ year,͏͏ we͏͏ ventured͏͏ into͏͏ compostable͏͏ flexible͏͏ packaging͏͏ in͏͏ collaboration͏͏ with͏͏ a͏͏ brand,͏͏ making͏͏ it͏͏ a͏͏ natural͏͏ progression͏͏ to͏͏ expand͏͏ our͏͏ product͏͏ range.͏͏ The͏͏ demand͏͏ for͏͏ flexible͏͏ packaging͏͏ in͏͏ the͏͏ food͏͏ industry͏͏ is͏͏ significant.͏͏ With͏͏ our͏͏ new͏͏ offerings,͏͏ we͏͏ aim͏͏ to͏͏ provide͏͏ businesses͏͏ and͏͏ consumers͏͏ with͏͏ a͏͏ variety͏͏ of͏͏ compostable͏͏ packaging͏͏ solutions.͏͏ This͏͏ not͏͏ only͏͏ addresses͏͏ the͏͏ need͏͏ for͏͏ flexible͏͏ packaging͏͏ but͏͏ also͏͏ contributes͏͏ to͏͏ reducing͏͏ packaging͏͏ waste.”

Flexible͏͏ packaging͏͏ is͏͏ essential͏͏ in͏͏ India’s͏͏ consumer͏͏ market,͏͏ transforming͏͏ product͏͏ packaging,͏͏ distribution,͏͏ and͏͏ consumption͏͏ across͏͏ various͏͏ sectors.͏͏ This͏͏ versatile͏͏ solution͏͏ is͏͏ now͏͏ commonplace,͏͏ from͏͏ single-serve͏͏ sachets͏͏ of͏͏ shampoo͏͏ and͏͏ detergent͏͏ accessible͏͏ to͏͏ rural͏͏ and͏͏ price-sensitive͏͏ consumers͏͏ to͏͏ convenient͏͏ ready-to-eat͏͏ food͏͏ packets͏͏ for͏͏ the͏͏ growing͏͏ urban͏͏ population.͏͏ However,͏͏ traditional͏͏ non-biodegradable͏͏ flexible͏͏ packaging͏͏ presents͏͏ significant͏͏ recycling͏͏ challenges.͏͏ Pakka’s͏͏ compostable͏͏ solutions͏͏ provide͏͏ an͏͏ eco-friendly͏͏ alternative͏͏ that͏͏ maintains͏͏ performance͏͏ and͏͏ versatility,͏͏ reflecting͏͏ the͏͏ company’s͏͏ long-standing͏͏ commitment͏͏ to͏͏ sustainable͏͏ packaging.

Continue͏͏ Exploring:͏͏ Pakka Limited͏͏ and͏͏ Brawny͏͏ Bear͏͏ break͏͏ new͏͏ ground͏͏ with͏͏ India’s͏͏ first͏͏ compostable͏͏ flexible͏͏ packaging͏͏ for͏͏ food͏͏ products

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Ospree expands duty-free operations at Mangaluru International Airport

By
M Haziq Pandit
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0
Ospree

Ospree͏͏ Duty͏͏ Free͏͏ has͏͏ launched͏͏ its͏͏ newly͏͏ expanded͏͏ arrival͏͏ store͏͏ at͏͏ Mangaluru͏͏ International͏͏ Airport͏͏ in͏͏ Karnataka,͏͏ marking͏͏ a͏͏ significant͏͏ advancement͏͏ in͏͏ India’s͏͏ retail͏͏ sector.͏͏ The͏͏ revamped͏͏ store,͏͏ situated͏͏ at͏͏ the͏͏ state’s͏͏ second͏͏ busiest͏͏ airport,͏͏ provides͏͏ travelers͏͏ with͏͏ an͏͏ extensive͏͏ selection͏͏ of͏͏ premium͏͏ products,͏͏ elevating͏͏ the͏͏ duty-free͏͏ shopping͏͏ experience.

Broader͏͏ Range͏͏ of͏͏ Premium͏͏ Products:

The͏͏ store͏͏ has͏͏ expanded͏͏ from͏͏ 35͏͏ square͏͏ meters͏͏ to͏͏ 245͏͏ square͏͏ meters,͏͏ enabling͏͏ a͏͏ broader͏͏ selection͏͏ of͏͏ products.͏͏ In͏͏ addition͏͏ to͏͏ core͏͏ categories͏͏ like͏͏ liquor,͏͏ tobacco,͏͏ confectionery,͏͏ and͏͏ toys,͏͏ it͏͏ now͏͏ includes͏͏ an͏͏ extended͏͏ array͏͏ of͏͏ premium͏͏ items͏͏ such͏͏ as͏͏ destination͏͏ merchandise,͏͏ bags,͏͏ sunglasses,͏͏ and͏͏ watches.͏͏ This͏͏ enhanced͏͏ offering͏͏ gives͏͏ customers͏͏ access͏͏ to͏͏ more͏͏ international͏͏ brands͏͏ and͏͏ an͏͏ improved͏͏ shopping͏͏ experience.

Continue͏͏ Exploring:͏͏ Ospree elevates͏͏ Mumbai͏͏ airport͏͏ shopping͏͏ experience͏͏ with͏͏ two͏͏ new͏͏ retail͏͏ outlets

Avishek͏͏ Bambi͏͏ Das,͏͏ CEO͏͏ of͏͏ Ospree͏͏ Duty͏͏ Free,͏͏ stated,͏͏ “The͏͏ revamped͏͏ Mangaluru͏͏ store͏͏ showcases͏͏ our͏͏ dedication͏͏ to͏͏ improving͏͏ the͏͏ shopping͏͏ experience͏͏ at͏͏ regional͏͏ airports.͏͏ By͏͏ providing͏͏ a͏͏ wider͏͏ range͏͏ of͏͏ premium͏͏ products,͏͏ we͏͏ aim͏͏ to͏͏ meet͏͏ our͏͏ customers’͏͏ increasing͏͏ demands͏͏ while͏͏ reinforcing͏͏ our͏͏ presence͏͏ in͏͏ vital͏͏ regional͏͏ markets.”

With͏͏ the͏͏ launch͏͏ of͏͏ the͏͏ revamped͏͏ store,͏͏ Ospree͏͏ aims͏͏ to͏͏ provide͏͏ a͏͏ seamless͏͏ retail͏͏ experience͏͏ for͏͏ travelers͏͏ at͏͏ Mangaluru͏͏ International͏͏ Airport,͏͏ which͏͏ continues͏͏ to͏͏ attract͏͏ high͏͏ foot͏͏ traffic͏͏ and͏͏ demand͏͏ for͏͏ international͏͏ products.

Continue͏͏ Exploring:͏͏ Cochin͏͏ Duty͏͏ Free͏͏ enhances͏͏ airport͏͏ experience͏͏ with͏͏ new͏͏ last-minute͏͏ store͏͏ and͏͏ mobile͏͏ shop-on-wheels

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Bigbasket partners with 30,000 farmers to offer affordable organic produce

By
M Haziq Pandit
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Bigbasket

Bigbasket, an omnichannel grocery delivery firm, has teamed up with more than 30,000 farmers to provide organically grown fruits, vegetables, and staples at͏͏ prices͏͏ equivalent͏͏ to͏͏ conventionally͏͏ grown͏͏ products.

Expanding͏͏ Organic Offerings:

By͏͏ collaborating͏͏ with͏͏ over͏͏ 2,000͏͏ organic͏͏ fruit͏͏ and͏͏ vegetable͏͏ farmers͏͏ and͏͏ 28,000͏͏ agri-commodity͏͏ producers͏͏ via͏͏ registered͏͏ farmer͏͏ producer͏͏ organisations͏͏ (FPOs),͏͏ Bigbasket͏͏ now͏͏ provides͏͏ more͏͏ than͏͏ 50͏͏ varieties͏͏ of͏͏ organically͏͏ grown͏͏ fruits͏͏ and͏͏ vegetables,͏͏ alongside͏͏ over͏͏ 100͏͏ grocery͏͏ staples.

Over͏͏ the͏͏ last͏͏ financial͏͏ year,͏͏ the͏͏ retailer’s͏͏ organic͏͏ category͏͏ has͏͏ recorded͏͏ a͏͏ month-on-month͏͏ sales͏͏ growth͏͏ of͏͏ 15-17%.͏͏ Organic͏͏ products͏͏ now͏͏ make͏͏ up͏͏ 22%͏͏ of͏͏ its͏͏ staples͏͏ sales,͏͏ while͏͏ sales͏͏ of͏͏ organically͏͏ grown͏͏ fruits͏͏ and͏͏ vegetables͏͏ have͏͏ risen͏͏ by͏͏ 50%,͏͏ contributing͏͏ to͏͏ 8%͏͏ of͏͏ total͏͏ fresh͏͏ produce͏͏ sales,͏͏ according͏͏ to͏͏ the͏͏ company.

Continue͏͏ Exploring:͏͏ BigBasket to͏͏ phase͏͏ out͏͏ slotted͏͏ deliveries,͏͏ merge͏͏ BBdaily͏͏ into͏͏ main͏͏ app

Addressing͏͏ Cost͏͏ Barriers:

“The͏͏ cost͏͏ difference͏͏ between͏͏ organic͏͏ and͏͏ conventional͏͏ products͏͏ has͏͏ historically͏͏ posed͏͏ a͏͏ significant͏͏ challenge͏͏ for͏͏ consumers,”͏͏ said͏͏ Seshu͏͏ Kumar,͏͏ Chief͏͏ Buying͏͏ and͏͏ Merchandising͏͏ Officer͏͏ at͏͏ Bigbasket.͏͏ “By͏͏ eliminating͏͏ this͏͏ price͏͏ gap,͏͏ we͏͏ are͏͏ addressing͏͏ a͏͏ crucial͏͏ barrier,͏͏ enabling͏͏ more͏͏ people͏͏ to͏͏ experience͏͏ the͏͏ advantages͏͏ of͏͏ organic͏͏ food.”

“This͏͏ initiative͏͏ not͏͏ only͏͏ supports͏͏ our͏͏ customers͏͏ but͏͏ also͏͏ empowers͏͏ farmers͏͏ by͏͏ broadening͏͏ the͏͏ market͏͏ for͏͏ their͏͏ organic͏͏ produce,”͏͏ he͏͏ added.

The͏͏ company͏͏ aids͏͏ its͏͏ farmers͏͏ by͏͏ employing͏͏ technologies͏͏ such͏͏ as͏͏ geotagging͏͏ to͏͏ track͏͏ sowing͏͏ and͏͏ harvest͏͏ schedules,͏͏ along͏͏ with͏͏ offering͏͏ weather͏͏ forecasts͏͏ and͏͏ strategies͏͏ to͏͏ mitigate͏͏ climate-related͏͏ risks.͏͏ Additionally,͏͏ Bigbasket͏͏ has͏͏ launched͏͏ a͏͏ digital͏͏ labelling͏͏ system͏͏ that͏͏ improves͏͏ traceability͏͏ by͏͏ connecting͏͏ each͏͏ product͏͏ to͏͏ its͏͏ respective͏͏ farmer.

Based͏͏ in͏͏ Bengaluru,͏͏ Bigbasket͏͏ was͏͏ established͏͏ in͏͏ 2011͏͏ by͏͏ Hari͏͏ Menon,͏͏ VS͏͏ Sudhakar,͏͏ V͏͏ S͏͏ Ramesh,͏͏ Vipul͏͏ Parekh,͏͏ and͏͏ Abhinay͏͏ Choudari.͏͏ In͏͏ May͏͏ 2021,͏͏ Tata͏͏ Digital,͏͏ a͏͏ wholly-owned͏͏ subsidiary͏͏ of͏͏ Tata͏͏ Sons,͏͏ acquired͏͏ a͏͏ 64%͏͏ stake͏͏ in͏͏ Supermarket͏͏ Grocery͏͏ Supplies,͏͏ the͏͏ parent͏͏ company͏͏ of͏͏ Bigbasket.͏͏ Bigbasket͏͏ is͏͏ currently͏͏ managed͏͏ by͏͏ Innovative͏͏ Retail͏͏ Concepts,͏͏ a͏͏ subsidiary͏͏ of͏͏ Supermarket͏͏ Grocery͏͏ Supplies.

The͏͏ company͏͏ now͏͏ operates͏͏ in͏͏ over͏͏ 400͏͏ cities͏͏ across͏͏ India,͏͏ processing͏͏ approximately͏͏ 15͏͏ million͏͏ customer͏͏ orders͏͏ each͏͏ month.

Continue͏͏ Exploring:͏͏ As͏͏ competition͏͏ grows,͏͏ BigBasket expands͏͏ into͏͏ electronics͏͏ with͏͏ 10-minute͏͏ iPhone͏͏ 16͏͏ delivery

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