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Swiggy allocates lion’s share of IPO proceeds to expand Instamart dark stores

By
M Haziq Pandit
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0
Swiggy Instamart

Swiggy‘s updated prospectus, filed on Thursday for its initial public offering (IPO), reveals the Bengaluru-based company’s plans to continue investing heavily in its quick commerce vertical, Instamart.

Most͏͏ of͏͏ the͏͏ fresh͏͏ capital͏͏ raised͏͏ from͏͏ the͏͏ IPO—INR͏͏ 982͏͏ crore—is͏͏ expected͏͏ to͏͏ be͏͏ allocated͏͏ for͏͏ expanding͏͏ Instamart’s͏͏ dark͏͏ store͏͏ footprint.

Competitive͏͏ Pressures͏͏ Drive͏͏ Further͏͏ Investments:

In͏͏ May͏͏ 2023,͏͏ Sriharsha͏͏ Majety͏͏ stated͏͏ in͏͏ a͏͏ blog͏͏ post͏͏ that͏͏ the͏͏ company͏͏ had͏͏ moved͏͏ beyond͏͏ the͏͏ “peak͏͏ of͏͏ our͏͏ investments”͏͏ in͏͏ the͏͏ quick͏͏ commerce͏͏ sector.͏͏ The͏͏ decision͏͏ to͏͏ invest͏͏ further͏͏ in͏͏ Instamart͏͏ is͏͏ viewed͏͏ as͏͏ a͏͏ response͏͏ to͏͏ increasing͏͏ competitive͏͏ pressure͏͏ in͏͏ quick͏͏ commerce.

Swiggy’s͏͏ substantial͏͏ $700͏͏ million͏͏ fundraising͏͏ in͏͏ January͏͏ 2022͏͏ was͏͏ mainly͏͏ aimed͏͏ at͏͏ supporting͏͏ its͏͏ quick͏͏ commerce͏͏ growth͏͏ initiatives.

In͏͏ August,͏͏ Swiggy͏͏ appointed͏͏ Amitesh͏͏ Jha,͏͏ Flipkart’s͏͏ senior͏͏ vice͏͏ president,͏͏ as͏͏ the͏͏ chief͏͏ executive͏͏ officer͏͏ of͏͏ Instamart.

As͏͏ of͏͏ September͏͏ 10,͏͏ the͏͏ company͏͏ had͏͏ 605͏͏ active͏͏ dark͏͏ stores͏͏ in͏͏ the͏͏ country,͏͏ an͏͏ increase͏͏ from͏͏ 557͏͏ micro͏͏ warehouses͏͏ as͏͏ of͏͏ June͏͏ 30.

Continue͏͏ Exploring:͏͏ Swiggy Instamart expands͏͏ to͏͏ 42͏͏ cities,͏͏ eyes͏͏ growth͏͏ in͏͏ tier͏͏ 2͏͏ and͏͏ 3͏͏ markets

As͏͏ of͏͏ July,͏͏ brokerage͏͏ firm͏͏ UBS͏͏ estimated͏͏ Blinkit’s͏͏ quick͏͏ commerce͏͏ market͏͏ share͏͏ at͏͏ 40-45%,͏͏ followed͏͏ by͏͏ Swiggy͏͏ Instamart͏͏ at͏͏ 20-25%,͏͏ Zepto͏͏ at͏͏ 15-20%,͏͏ and͏͏ BB͏͏ Now͏͏ at͏͏ 10-15%.

For͏͏ the͏͏ current͏͏ financial͏͏ year,͏͏ Swiggy͏͏ Instamart͏͏ has͏͏ a͏͏ gross͏͏ order͏͏ value͏͏ (GOV)͏͏ run͏͏ rate͏͏ of͏͏ $1.3͏͏ billion,͏͏ while͏͏ Blinkit’s͏͏ run͏͏ rate͏͏ exceeds͏͏ $2͏͏ billion͏͏ and͏͏ Zepto’s͏͏ stands͏͏ at͏͏ $1.5͏͏ billion.

Performance͏͏ Metrics:͏͏ Instamart vs.͏͏ Blinkit

In͏͏ the͏͏ June͏͏ quarter,͏͏ Instamart͏͏ reported͏͏ a͏͏ gross͏͏ order͏͏ value͏͏ (GOV)͏͏ of͏͏ INR͏͏ 2,724͏͏ crore͏͏ and͏͏ revenue͏͏ of͏͏ INR͏͏ 403͏͏ crore,͏͏ resulting͏͏ in͏͏ a͏͏ take͏͏ rate͏͏ of͏͏ 14.8%.

The͏͏ take͏͏ rate͏͏ refers͏͏ to͏͏ the͏͏ percentage͏͏ of͏͏ revenue͏͏ a͏͏ company͏͏ earns͏͏ from͏͏ its͏͏ gross͏͏ order͏͏ value͏͏ (GOV).

Blinkit͏͏ reported͏͏ a͏͏ gross͏͏ order͏͏ value͏͏ (GOV)͏͏ of͏͏ INR͏͏ 4,923͏͏ crore͏͏ and͏͏ revenue͏͏ of͏͏ INR͏͏ 942͏͏ crore͏͏ during͏͏ the͏͏ June͏͏ quarter,͏͏ resulting͏͏ in͏͏ a͏͏ higher͏͏ take͏͏ rate͏͏ of͏͏ 19.1%.

As͏͏ of͏͏ the͏͏ first͏͏ quarter͏͏ of͏͏ FY25,͏͏ Swiggy͏͏ Instamart’s͏͏ average͏͏ order͏͏ value͏͏ (AOV)͏͏ was͏͏ lower͏͏ than͏͏ Blinkit’s.͏͏ Swiggy͏͏ reported͏͏ a͏͏ year-on-year͏͏ (YoY)͏͏ increase͏͏ of͏͏ 10%͏͏ in͏͏ Instamart’s͏͏ AOV,͏͏ reaching͏͏ INR͏͏ 487,͏͏ while͏͏ Blinkit’s͏͏ AOV͏͏ for͏͏ the͏͏ same͏͏ period͏͏ was͏͏ INR͏͏ 625.

In͏͏ the͏͏ food͏͏ delivery͏͏ segment,͏͏ the͏͏ largest͏͏ revenue-generating͏͏ vertical͏͏ for͏͏ both͏͏ companies,͏͏ Swiggy͏͏ trails͏͏ behind͏͏ Zomato,͏͏ which͏͏ reported͏͏ a͏͏ gross͏͏ order͏͏ value͏͏ (GOV)͏͏ of͏͏ INR͏͏ 6,808͏͏ crore.

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

Its͏͏ listed͏͏ rival,͏͏ on͏͏ the͏͏ other͏͏ hand,͏͏ recorded͏͏ a͏͏ gross͏͏ order͏͏ value͏͏ (GOV)͏͏ of͏͏ INR͏͏ 9,264͏͏ crore͏͏ from͏͏ food͏͏ delivery͏͏ during͏͏ the͏͏ April-June͏͏ period.

Although͏͏ Swiggy͏͏ achieved͏͏ a͏͏ higher͏͏ take͏͏ rate͏͏ of͏͏ 25.4%͏͏ in͏͏ this͏͏ segment͏͏ for͏͏ April-June,͏͏ compared͏͏ to͏͏ Zomato’s͏͏ 24.3%,͏͏ the͏͏ Bengaluru-based͏͏ company͏͏ reported͏͏ an͏͏ adjusted͏͏ EBITDA͏͏ of͏͏ INR͏͏ 57.8͏͏ crore,͏͏ while͏͏ Zomato’s͏͏ was͏͏ INR͏͏ 313͏͏ crore͏͏ for͏͏ the͏͏ same͏͏ period.

Zomato͏͏ also͏͏ boasts͏͏ a͏͏ larger͏͏ average͏͏ monthly͏͏ transacting͏͏ customer͏͏ base,͏͏ which͏͏ reached͏͏ 20.3͏͏ million͏͏ for͏͏ the͏͏ three͏͏ months͏͏ ending͏͏ in͏͏ June,͏͏ compared͏͏ to͏͏ Swiggy’s͏͏ 14.03͏͏ million.

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

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Swiggy’s IPO could net Prosus $500 Mn; founders set to cash out $36 Mn

By
M Haziq Pandit
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0
Swiggy

Swiggy’s largest investor, Prosus, stands to gain over $500 million from the food and grocery delivery firm’s upcoming IPO, as it plans to offload a 5% stake. This͏͏ figure͏͏ is͏͏ based͏͏ on͏͏ Swiggy’s͏͏ projected͏͏ listing͏͏ valuation͏͏ of͏͏ $11-12͏͏ billion͏͏ and͏͏ could͏͏ vary͏͏ depending͏͏ on͏͏ the͏͏ final͏͏ issue͏͏ price.

Key͏͏ Stakeholders͏͏ Join͏͏ Prosus in͏͏ Offloading͏͏ Shares:

In͏͏ addition͏͏ to͏͏ Prosus,͏͏ other͏͏ investors͏͏ such͏͏ as͏͏ Elevation͏͏ Capital,͏͏ Accel,͏͏ and͏͏ Norwest͏͏ will͏͏ also͏͏ offload͏͏ part͏͏ of͏͏ their͏͏ stake͏͏ in͏͏ the͏͏ IPO,͏͏ according͏͏ to͏͏ Swiggy’s͏͏ updated͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP)͏͏ filed͏͏ late͏͏ on͏͏ Thursday.

Continue͏͏ Exploring:͏͏ Swiggy’s͏͏ early͏͏ investors͏͏ Prosus,͏͏ Accel,͏͏ and͏͏ Elevation͏͏ Capital͏͏ set͏͏ to͏͏ sell͏͏ shares͏͏ ahead͏͏ of͏͏ IPO

Prosus͏͏ Recoups͏͏ Investment:

Prosus,͏͏ through͏͏ its͏͏ affiliate͏͏ MIH͏͏ India͏͏ Food͏͏ Holdings,͏͏ holds͏͏ a͏͏ 31%͏͏ stake͏͏ in͏͏ Swiggy.͏͏ By͏͏ selling͏͏ less͏͏ than͏͏ one-fifth͏͏ of͏͏ this͏͏ stake,͏͏ it͏͏ is͏͏ expected͏͏ to͏͏ recover͏͏ over͏͏ half͏͏ of͏͏ its͏͏ total͏͏ $1͏͏ billion͏͏ investment,͏͏ made͏͏ across͏͏ multiple͏͏ funding͏͏ rounds.

Potential͏͏ Stake͏͏ Reduction͏͏ for͏͏ Prosus:

The͏͏ sale͏͏ of͏͏ shares͏͏ and͏͏ issuance͏͏ of͏͏ fresh͏͏ equity͏͏ by͏͏ Swiggy͏͏ could͏͏ reduce͏͏ Prosus’͏͏ stake͏͏ to͏͏ below͏͏ 25%,͏͏ which͏͏ would͏͏ prevent͏͏ the͏͏ investor͏͏ from͏͏ being͏͏ classified͏͏ as͏͏ the͏͏ company’s͏͏ promoter.

According͏͏ to͏͏ the͏͏ updated͏͏ DRHP,͏͏ Swiggy’s͏͏ shareholders͏͏ will͏͏ sell͏͏ a͏͏ total͏͏ of͏͏ 185.3͏͏ million͏͏ shares,͏͏ with͏͏ Prosus͏͏ leading͏͏ the͏͏ offer͏͏ for͏͏ sale͏͏ (OFS)͏͏ by͏͏ offloading͏͏ 118.2͏͏ million͏͏ shares.

Venture͏͏ capital͏͏ firm͏͏ Accel͏͏ is͏͏ set͏͏ to͏͏ sell͏͏ 10.6͏͏ million͏͏ shares͏͏ worth͏͏ approximately͏͏ $46͏͏ million,͏͏ while͏͏ Elevation͏͏ Capital,͏͏ one͏͏ of͏͏ Swiggy’s͏͏ earliest͏͏ investors,͏͏ will͏͏ realise͏͏ around͏͏ $32͏͏ million͏͏ from͏͏ the͏͏ sale͏͏ of͏͏ 7.4͏͏ million͏͏ shares.

Accel͏͏ and͏͏ Elevation͏͏ Capital͏͏ (formerly͏͏ SAIF͏͏ Partners͏͏ India)͏͏ each͏͏ wrote͏͏ seed͏͏ funding͏͏ cheques͏͏ of͏͏ $1͏͏ million͏͏ for͏͏ Swiggy͏͏ in͏͏ January͏͏ 2015.

In͏͏ October͏͏ 2014,͏͏ when͏͏ the͏͏ term͏͏ sheets͏͏ were͏͏ signed,͏͏ Swiggy͏͏ had͏͏ partnered͏͏ with͏͏ 25͏͏ restaurants͏͏ in͏͏ Bengaluru’s͏͏ Koramangala͏͏ neighbourhood͏͏ and͏͏ was͏͏ handling͏͏ an͏͏ average͏͏ of͏͏ 35͏͏ orders͏͏ per͏͏ day.

Swiggy Founders͏͏ to͏͏ Partially͏͏ Sell͏͏ Shares:

Swiggy’s͏͏ founders,͏͏ Sriharsha͏͏ Majety,͏͏ Rahul͏͏ Jaimini,͏͏ and͏͏ Nandan͏͏ Reddy,͏͏ will͏͏ also͏͏ be͏͏ partially͏͏ selling͏͏ their͏͏ stakes͏͏ through͏͏ the͏͏ IPO.

According͏͏ to͏͏ the͏͏ prospectus,͏͏ Majety͏͏ and͏͏ Reddy͏͏ sold͏͏ shares͏͏ in͏͏ the͏͏ company͏͏ through͏͏ secondary͏͏ transactions͏͏ between͏͏ July͏͏ and͏͏ September͏͏ this͏͏ year.͏͏ Majety͏͏ offloaded͏͏ a͏͏ stake͏͏ worth͏͏ INR͏͏ 196͏͏ crore͏͏ ($23͏͏ million),͏͏ while͏͏ Reddy͏͏ sold͏͏ shares͏͏ valued͏͏ at͏͏ INR͏͏ 101͏͏ crore͏͏ ($12͏͏ million).

Currently,͏͏ Majety,͏͏ Swiggy’s͏͏ group͏͏ CEO,͏͏ holds͏͏ a͏͏ 6.23%͏͏ stake͏͏ in͏͏ the͏͏ company͏͏ and͏͏ plans͏͏ to͏͏ sell͏͏ shares͏͏ valued͏͏ at͏͏ $7.5͏͏ million.

Reddy,͏͏ the͏͏ only͏͏ executive͏͏ director͏͏ on͏͏ Swiggy’s͏͏ board͏͏ besides͏͏ Majety,͏͏ is͏͏ also͏͏ selling͏͏ shares͏͏ for͏͏ a͏͏ similar͏͏ amount.͏͏ He͏͏ currently͏͏ holds͏͏ a͏͏ 1.76%͏͏ stake͏͏ in͏͏ Swiggy.

Jaimini,͏͏ the͏͏ third͏͏ co-founder͏͏ who͏͏ left͏͏ the͏͏ company͏͏ in͏͏ 2020͏͏ but͏͏ still͏͏ holds͏͏ a͏͏ 1.14%͏͏ stake,͏͏ is͏͏ also͏͏ selling͏͏ a͏͏ portion͏͏ of͏͏ his͏͏ shares.

Targeting͏͏ $448͏͏ Million͏͏ Fundraising:

The͏͏ Bengaluru-based͏͏ company͏͏ aims͏͏ to͏͏ raise͏͏ up͏͏ to͏͏ INR͏͏ 3,750͏͏ crore,͏͏ or͏͏ approximately͏͏ $448͏͏ million,͏͏ through͏͏ a͏͏ fresh͏͏ issue͏͏ of͏͏ shares,͏͏ according͏͏ to͏͏ the͏͏ draft͏͏ papers.

Swiggy͏͏ submitted͏͏ a͏͏ confidential͏͏ DRHP͏͏ to͏͏ the͏͏ Securities͏͏ and͏͏ Exchange͏͏ Board͏͏ of͏͏ India͏͏ (Sebi)͏͏ in͏͏ April͏͏ and͏͏ received͏͏ approval͏͏ from͏͏ the͏͏ stock͏͏ market͏͏ regulator͏͏ earlier͏͏ this͏͏ week.

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

As͏͏ per͏͏ the͏͏ approval͏͏ granted͏͏ by͏͏ the͏͏ company’s͏͏ board͏͏ for͏͏ its͏͏ IPO͏͏ plan͏͏ in͏͏ April,͏͏ the͏͏ OFS͏͏ component͏͏ was͏͏ set͏͏ at͏͏ $800͏͏ million,͏͏ alongside͏͏ a͏͏ fresh͏͏ issue͏͏ of͏͏ $450͏͏ million,͏͏ bringing͏͏ the͏͏ total͏͏ issue͏͏ to͏͏ $1.25͏͏ billion.

The͏͏ amount͏͏ of͏͏ fresh͏͏ capital͏͏ being͏͏ raised͏͏ could͏͏ also͏͏ be͏͏ increased͏͏ to͏͏ $600͏͏ million,͏͏ and͏͏ the͏͏ company͏͏ has͏͏ convened͏͏ an͏͏ extraordinary͏͏ general͏͏ meeting͏͏ to͏͏ seek͏͏ shareholder͏͏ approval͏͏ for͏͏ this͏͏ change.

Continue͏͏ Exploring:͏͏ Swiggy attracts͏͏ celebrity͏͏ investors:͏͏ Rahul͏͏ Dravid,͏͏ Karan͏͏ Johar͏͏ &͏͏ others͏͏ invest͏͏ in͏͏ pre-IPO͏͏ round

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Zomato’s Co-Founder and CPO Akriti Chopra resigns

By
M Haziq Pandit
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0
Zomato Akriti Chopra

Foodtech giant Zomato‘s co-founder and Chief People Officer (CPO) Akriti Chopra has resigned from the company.

In͏͏ an͏͏ exchange͏͏ filing͏͏ with͏͏ the͏͏ BSE,͏͏ the͏͏ foodtech͏͏ giant͏͏ stated͏͏ that͏͏ Chopra͏͏ left͏͏ the͏͏ company͏͏ to͏͏ explore͏͏ other͏͏ interests.

The͏͏ filing͏͏ stated,͏͏ “We͏͏ would͏͏ like͏͏ to͏͏ inform͏͏ you͏͏ that͏͏ Ms.͏͏ Akriti͏͏ Chopra,͏͏ co-founder͏͏ and͏͏ Chief͏͏ People͏͏ Officer͏͏ designated͏͏ as͏͏ senior͏͏ management͏͏ personnel,͏͏ has͏͏ tendered͏͏ her͏͏ resignation͏͏ effective͏͏ September͏͏ 27,͏͏ 2024.”

Career͏͏ Journey͏͏ at͏͏ Zomato:

An͏͏ alumnus͏͏ of͏͏ Lady͏͏ Shri͏͏ Ram͏͏ College͏͏ for͏͏ Women,͏͏ Chopra͏͏ joined͏͏ Zomato͏͏ in͏͏ 2011͏͏ as͏͏ a͏͏ Senior͏͏ Manager͏͏ of͏͏ Finance͏͏ and͏͏ Operations,͏͏ eventually͏͏ advancing͏͏ to͏͏ the͏͏ position͏͏ of͏͏ Chief͏͏ Financial͏͏ Officer͏͏ (CFO)͏͏ in͏͏ 2019.

She͏͏ was͏͏ promoted͏͏ to͏͏ co-founder͏͏ in͏͏ 2021,͏͏ as͏͏ Zomato͏͏ was͏͏ preparing͏͏ to͏͏ go͏͏ public.

Chopra͏͏ is͏͏ married͏͏ to͏͏ Albinder͏͏ Dhindsa,͏͏ the͏͏ co-founder͏͏ and͏͏ CEO͏͏ of͏͏ Blinkit,͏͏ a͏͏ quick͏͏ commerce͏͏ company͏͏ that͏͏ Zomato͏͏ acquired͏͏ in͏͏ 2022.

Founded͏͏ in͏͏ 2008͏͏ by͏͏ Deepinder͏͏ Goyal͏͏ and͏͏ Pankaj͏͏ Chaddah,͏͏ Zomato͏͏ operates͏͏ across͏͏ various͏͏ verticals,͏͏ including͏͏ food͏͏ delivery,͏͏ quick͏͏ commerce,͏͏ B2B͏͏ supplies,͏͏ and͏͏ dining͏͏ experiences.͏͏ Following͏͏ Chaddah’s͏͏ departure͏͏ from͏͏ the͏͏ company͏͏ in͏͏ 2018,͏͏ three͏͏ other͏͏ senior͏͏ executives—Gaurav͏͏ Gupta,͏͏ Gunjan͏͏ Patidar,͏͏ and͏͏ Mohit͏͏ Gupta—were͏͏ promoted͏͏ to͏͏ co-founder͏͏ status.

Gaurav͏͏ Gupta͏͏ resigned͏͏ in͏͏ 2021,͏͏ while͏͏ Gunjan͏͏ Patidar͏͏ and͏͏ Mohit͏͏ Gupta͏͏ left͏͏ in͏͏ 2023͏͏ and͏͏ 2022,͏͏ respectively.͏͏ Following͏͏ Chopra’s͏͏ departure,͏͏ CEO͏͏ Deepinder͏͏ Goyal͏͏ remains͏͏ the͏͏ only͏͏ co-founder͏͏ at͏͏ the͏͏ foodtech͏͏ giant.

This͏͏ comes͏͏ as͏͏ Zomato’s͏͏ shares͏͏ are͏͏ experiencing͏͏ an͏͏ upswing.͏͏ On͏͏ September͏͏ 23,͏͏ the͏͏ stock͏͏ reached͏͏ an͏͏ all-time͏͏ high͏͏ of͏͏ INR͏͏ 298.05͏͏ during͏͏ intraday͏͏ trading͏͏ on͏͏ the͏͏ BSE.͏͏ The͏͏ surge͏͏ is͏͏ attributed͏͏ to͏͏ the͏͏ company’s͏͏ growing͏͏ profit͏͏ figures,͏͏ rising͏͏ revenue,͏͏ and͏͏ the͏͏ robust͏͏ growth͏͏ of͏͏ Blinkit.

Continue͏͏ Exploring:͏͏ Zomato shares͏͏ soar͏͏ to͏͏ all-time͏͏ high͏͏ of͏͏ INR͏͏ 298.05͏͏ amid͏͏ broader͏͏ market͏͏ rally

Strong͏͏ Financial͏͏ Results:

Zomato͏͏ reported͏͏ a͏͏ net͏͏ profit͏͏ of͏͏ INR͏͏ 253͏͏ crore͏͏ for͏͏ the͏͏ quarter͏͏ ending͏͏ June͏͏ 2024,͏͏ up͏͏ from͏͏ INR͏͏ 2͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.͏͏ Additionally,͏͏ operating͏͏ revenues͏͏ surged͏͏ by͏͏ 74%,͏͏ reaching͏͏ INR͏͏ 4,206͏͏ crore͏͏ in͏͏ Q1͏͏ FY24,͏͏ compared͏͏ to͏͏ INR͏͏ 2,416͏͏ crore͏͏ in͏͏ Q1͏͏ FY23.

On͏͏ Friday͏͏ (September͏͏ 27),͏͏ the͏͏ company’s͏͏ shares͏͏ closed͏͏ down͏͏ 1.97%͏͏ at͏͏ INR͏͏ 278.25͏͏ on͏͏ the͏͏ BSE.

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

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Swiggy’s revenue surpasses INR 10,000 Cr in FY24 as losses nearly halved

By
M Haziq Pandit
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0
Swiggy

IPO-bound Swiggy reduced its losses by 44% for the financial year ending March 31, 2024. The decacorn startup reported a net loss of INR 2,350 crore in FY24, down from INR 4,179.3 crore in FY23.

In͏͏ the͏͏ first͏͏ quarter͏͏ of͏͏ FY25,͏͏ the͏͏ Prosus-backed͏͏ startup͏͏ reported͏͏ a͏͏ loss͏͏ of͏͏ INR͏͏ 611͏͏ crore.

Revenue͏͏ Surge͏͏ Driven͏͏ by͏͏ Quick͏͏ Commerce:

Swiggy’s͏͏ operating͏͏ revenue͏͏ surged͏͏ 36%͏͏ to͏͏ INR͏͏ 11,247.3͏͏ crore͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 8,264.5͏͏ crore͏͏ the͏͏ previous͏͏ year,͏͏ driven͏͏ by͏͏ the͏͏ growth͏͏ of͏͏ its͏͏ quick͏͏ commerce͏͏ arm,͏͏ Swiggy͏͏ Instamart.

Swiggy͏͏ generates͏͏ revenue͏͏ through͏͏ its͏͏ food͏͏ delivery͏͏ and͏͏ quick͏͏ commerce͏͏ businesses,͏͏ restaurant͏͏ reservation͏͏ and͏͏ event͏͏ ticketing͏͏ platform͏͏ DineOut͏͏ and͏͏ SteppingOut,͏͏ as͏͏ well͏͏ as͏͏ supply͏͏ chain͏͏ services͏͏ for͏͏ wholesalers,͏͏ among͏͏ other͏͏ streams.

Food͏͏ Delivery͏͏ and͏͏ Quick͏͏ Commerce͏͏ Growth:

The͏͏ food͏͏ delivery͏͏ business͏͏ generated͏͏ INR͏͏ 5,160͏͏ crore͏͏ in͏͏ operating͏͏ revenue͏͏ in͏͏ FY24,͏͏ marking͏͏ a͏͏ 25%͏͏ rise͏͏ from͏͏ INR͏͏ 4,129.9͏͏ crore͏͏ the͏͏ previous͏͏ year.

The͏͏ quick͏͏ commerce͏͏ business͏͏ recorded͏͏ an͏͏ operating͏͏ revenue͏͏ of͏͏ INR͏͏ 978.5͏͏ crore͏͏ in͏͏ FY24,͏͏ nearly͏͏ doubling͏͏ from͏͏ INR͏͏ 451.3͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.

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

Out-of-Home͏͏ Consumption͏͏ Segment͏͏ Performance:

The͏͏ out-of-home͏͏ consumption͏͏ segment,͏͏ including͏͏ DineOut͏͏ and͏͏ SteppingOut,͏͏ reported͏͏ an͏͏ operating͏͏ revenue͏͏ of͏͏ INR͏͏ 157.1͏͏ crore,͏͏ up͏͏ 102%͏͏ from͏͏ INR͏͏ 77.6͏͏ crore͏͏ in͏͏ FY23.

Swiggy’s͏͏ platform͏͏ innovation͏͏ segment,͏͏ comprising͏͏ Swiggy͏͏ Minis,͏͏ Swiggy͏͏ Genie,͏͏ and͏͏ its͏͏ private͏͏ labels,͏͏ generated͏͏ INR͏͏ 171.9͏͏ crore͏͏ in͏͏ revenue,͏͏ reflecting͏͏ a͏͏ 46%͏͏ decline͏͏ from͏͏ INR͏͏ 319.2͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.

Swiggy͏͏ reported͏͏ a͏͏ total͏͏ revenue͏͏ of͏͏ INR͏͏ 11,634.3͏͏ crore͏͏ in͏͏ FY24,͏͏ including͏͏ other͏͏ income,͏͏ marking͏͏ a͏͏ 33%͏͏ increase͏͏ from͏͏ INR͏͏ 8,714.3͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.

Competitive͏͏ Landscape:

In͏͏ comparison,͏͏ Swiggy’s͏͏ listed͏͏ competitor͏͏ Zomato͏͏ posted͏͏ a͏͏ net͏͏ profit͏͏ of͏͏ INR͏͏ 351͏͏ crore͏͏ in͏͏ FY24,͏͏ alongside͏͏ an͏͏ operating͏͏ revenue͏͏ of͏͏ INR͏͏ 12,114͏͏ crore.

The͏͏ IPO-bound͏͏ company͏͏ effectively͏͏ managed͏͏ to͏͏ limit͏͏ its͏͏ expense͏͏ growth,͏͏ with͏͏ total͏͏ expenditure͏͏ increasing͏͏ only͏͏ 8%͏͏ to͏͏ INR͏͏ 13,947.3͏͏ crore͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 12,884.3͏͏ crore͏͏ in͏͏ FY23.͏͏ In͏͏ the͏͏ first͏͏ quarter͏͏ of͏͏ FY25,͏͏ the͏͏ startup’s͏͏ total͏͏ expenses͏͏ amounted͏͏ to͏͏ INR͏͏ 3,907.9͏͏ crore.

As͏͏ the͏͏ startup͏͏ focused͏͏ on͏͏ its͏͏ quick͏͏ commerce͏͏ business,͏͏ Swiggy’s͏͏ procurement͏͏ cost͏͏ emerged͏͏ as͏͏ its͏͏ largest͏͏ expenditure͏͏ in͏͏ FY24,͏͏ representing͏͏ nearly͏͏ 33%͏͏ of͏͏ total͏͏ expenses.͏͏ Procurement͏͏ costs͏͏ reached͏͏ INR͏͏ 4,604͏͏ crore͏͏ in͏͏ FY24,͏͏ a͏͏ 36%͏͏ increase͏͏ from͏͏ INR͏͏ 3,380.7͏͏ crore͏͏ in͏͏ FY23.

Employee͏͏ Cost͏͏ was͏͏ the͏͏ second-largest͏͏ expense͏͏ for͏͏ Swiggy.͏͏ However,͏͏ employee͏͏ benefit͏͏ expenses͏͏ declined͏͏ by͏͏ 6%͏͏ to͏͏ INR͏͏ 2,012.1͏͏ crore͏͏ in͏͏ FY24,͏͏ down͏͏ from͏͏ INR͏͏ 2,129.8͏͏ crore͏͏ in͏͏ FY23.͏͏ The͏͏ cost͏͏ of͏͏ share-based͏͏ payments͏͏ reached͏͏ INR͏͏ 596͏͏ crore,͏͏ a͏͏ slight͏͏ increase͏͏ from͏͏ INR͏͏ 533.9͏͏ crore͏͏ in͏͏ FY23.

Like͏͏ many͏͏ startups͏͏ aiming͏͏ to͏͏ reduce͏͏ losses,͏͏ Swiggy͏͏ cut͏͏ its͏͏ advertising͏͏ expenses͏͏ by͏͏ 26%,͏͏ bringing͏͏ them͏͏ down͏͏ to͏͏ INR͏͏ 1,850.7͏͏ crore͏͏ in͏͏ FY24͏͏ from͏͏ INR͏͏ 2,501͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.

The͏͏ startup’s͏͏ EBITDA͏͏ margin͏͏ improved͏͏ to͏͏ -16.2%͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ -46.4%͏͏ in͏͏ FY23.͏͏ The͏͏ adjusted͏͏ EBITDA͏͏ loss͏͏ nearly͏͏ halved͏͏ to͏͏ INR͏͏ 1,835.5͏͏ crore͏͏ in͏͏ FY24,͏͏ down͏͏ from͏͏ a͏͏ loss͏͏ of͏͏ INR͏͏ 3,910.3͏͏ crore͏͏ the͏͏ previous͏͏ year.

Founded͏͏ in͏͏ 2014͏͏ by͏͏ Sriharsha͏͏ Majety,͏͏ Nandan͏͏ Reddy,͏͏ Phani͏͏ Kishan͏͏ Addepalli,͏͏ and͏͏ Rahul͏͏ Jaimini,͏͏ Swiggy͏͏ began͏͏ as͏͏ a͏͏ food͏͏ delivery͏͏ startup͏͏ before͏͏ expanding͏͏ into͏͏ the͏͏ quick͏͏ commerce͏͏ segment͏͏ with͏͏ Instamart.

IPO͏͏ Filing͏͏ Announcement:

After͏͏ much͏͏ anticipation,͏͏ Swiggy͏͏ publicly͏͏ filed͏͏ its͏͏ IPO͏͏ papers,͏͏ or͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP),͏͏ on͏͏ Thursday,͏͏ September͏͏ 26.͏͏ The͏͏ public͏͏ offer͏͏ will͏͏ include͏͏ a͏͏ fresh͏͏ issue͏͏ of͏͏ shares͏͏ valued͏͏ at͏͏ INR͏͏ 3,750͏͏ crore͏͏ ($450͏͏ million)͏͏ and͏͏ an͏͏ offer͏͏ for͏͏ sale͏͏ of͏͏ approximately͏͏ 18.53͏͏ crore͏͏ shares.

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

Investors͏͏ including͏͏ Accel,͏͏ Coatue,͏͏ Alpha͏͏ Wave,͏͏ Elevation,͏͏ Norwest,͏͏ and͏͏ Tencent͏͏ will͏͏ sell͏͏ shares͏͏ as͏͏ part͏͏ of͏͏ the͏͏ offer͏͏ for͏͏ sale͏͏ (OFS).͏͏ Accel͏͏ India͏͏ IV͏͏ (Mauritius)͏͏ Ltd͏͏ will͏͏ offload͏͏ 1.05͏͏ crore͏͏ shares,͏͏ while͏͏ Alpha͏͏ Wave͏͏ Ventures͏͏ will͏͏ sell͏͏ 55.73͏͏ lakh͏͏ shares.

The͏͏ company͏͏ intends͏͏ to͏͏ use͏͏ the͏͏ IPO͏͏ proceeds͏͏ for͏͏ marketing͏͏ and͏͏ promotion,͏͏ investing͏͏ in͏͏ technology͏͏ and͏͏ cloud͏͏ infrastructure,͏͏ funding͏͏ inorganic͏͏ growth͏͏ through͏͏ acquisitions,͏͏ and͏͏ for͏͏ general͏͏ corporate͏͏ purposes.

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Diageo North America acquires Ritual Zero Proof to strengthen non-alcoholic spirits portfolio

By
M Haziq Pandit
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0
Diageo Ritual Zero Proof

Diageo North America has acquired non-alcoholic spirits brand Ritual Zero Proof to capitalise on the growing demand for alcohol alternatives.

Rapid͏͏ Growth͏͏ of͏͏ Ritual Zero Proof:

Since͏͏ its͏͏ launch͏͏ in͏͏ 2019,͏͏ Ritual͏͏ has͏͏ rapidly͏͏ become͏͏ the͏͏ leading͏͏ non-alcoholic͏͏ spirit͏͏ brand͏͏ in͏͏ the͏͏ US,͏͏ highlighting͏͏ a͏͏ notable͏͏ shift͏͏ in͏͏ consumer͏͏ preferences͏͏ towards͏͏ healthier͏͏ beverage͏͏ choices.

A͏͏ Diverse͏͏ Range͏͏ of͏͏ Non-Alcoholic Options:

The͏͏ brand͏͏ offers͏͏ substitutes͏͏ for͏͏ whiskey,͏͏ tequila,͏͏ gin,͏͏ and͏͏ rum,͏͏ along͏͏ with͏͏ an͏͏ aperitif͏͏ alternative,͏͏ enabling͏͏ consumers͏͏ to͏͏ recreate͏͏ classic͏͏ cocktails͏͏ without͏͏ alcohol.͏͏ These͏͏ drinks͏͏ are͏͏ low͏͏ in͏͏ sugar,͏͏ crafted͏͏ with͏͏ natural͏͏ flavours,͏͏ and͏͏ gluten-free.

Ritual’s͏͏ founders—David͏͏ Crooch,͏͏ Marcus͏͏ Sakey,͏͏ and͏͏ GG͏͏ Sakey—created͏͏ their͏͏ product͏͏ line͏͏ to͏͏ offer͏͏ consumers͏͏ flavourful͏͏ alternatives͏͏ to͏͏ traditional͏͏ spirits.

Ritual’s͏͏ approach͏͏ has͏͏ struck͏͏ a͏͏ chord͏͏ with͏͏ a͏͏ diverse͏͏ consumer͏͏ base,͏͏ evidenced͏͏ by͏͏ the͏͏ fact͏͏ that͏͏ 94%͏͏ of͏͏ non-alcoholic͏͏ beverage͏͏ buyers͏͏ also͏͏ purchase͏͏ alcoholic͏͏ options.͏͏ This͏͏ underscores͏͏ the͏͏ category’s͏͏ incremental͏͏ value͏͏ within͏͏ the͏͏ broader͏͏ beverage͏͏ alcohol͏͏ market.

Continue͏͏ Exploring:͏͏ Diageo launches͏͏ single͏͏ malt͏͏ Crown͏͏ Royal͏͏ Canadian͏͏ whisky

Supporting͏͏ Diageo’s͏͏ Growth͏͏ Ambition͏͏ Strategy:

The͏͏ acquisition͏͏ supports͏͏ Diageo’s͏͏ broader͏͏ ‘Growth͏͏ Ambition’͏͏ strategy,͏͏ which͏͏ focuses͏͏ on͏͏ fostering͏͏ sustainable͏͏ growth͏͏ by͏͏ investing͏͏ in͏͏ high-potential͏͏ brands͏͏ within͏͏ emerging͏͏ categories.

The͏͏ non-alcoholic͏͏ beverage͏͏ segment͏͏ has͏͏ experienced͏͏ a͏͏ 31%͏͏ CAGR͏͏ in͏͏ retail͏͏ sales͏͏ over͏͏ the͏͏ past͏͏ five͏͏ years,͏͏ with͏͏ non-alcoholic͏͏ spirits͏͏ emerging͏͏ as͏͏ the͏͏ fastest-growing͏͏ category͏͏ in͏͏ adult͏͏ beverages.

Sally͏͏ Grimes,͏͏ CEO͏͏ of͏͏ Diageo͏͏ North͏͏ America,͏͏ stated:͏͏ “We͏͏ are͏͏ thrilled͏͏ to͏͏ welcome͏͏ it͏͏ into͏͏ our͏͏ broader͏͏ portfolio,͏͏ where͏͏ it͏͏ will͏͏ seamlessly͏͏ complement͏͏ both͏͏ our͏͏ non-alcoholic͏͏ and͏͏ alcoholic͏͏ offerings,͏͏ providing͏͏ consumers͏͏ with͏͏ even͏͏ more͏͏ choice͏͏ and͏͏ variety.”

This͏͏ acquisition͏͏ not͏͏ only͏͏ strengthens͏͏ Diageo’s͏͏ non-alcoholic͏͏ portfolio͏͏ but͏͏ also͏͏ positions͏͏ the͏͏ company͏͏ to͏͏ better͏͏ cater͏͏ to͏͏ a͏͏ market͏͏ that͏͏ is͏͏ increasingly͏͏ prioritising͏͏ health-conscious͏͏ choices.

Diageo͏͏ has͏͏ a͏͏ significant͏͏ presence͏͏ in͏͏ the͏͏ non-alcoholic͏͏ segment,͏͏ already͏͏ holding͏͏ leading͏͏ market͏͏ shares͏͏ in͏͏ key͏͏ markets͏͏ worldwide.

The͏͏ integration͏͏ of͏͏ Ritual͏͏ into͏͏ Diageo’s͏͏ portfolio͏͏ is͏͏ anticipated͏͏ to͏͏ capitalise͏͏ on͏͏ these͏͏ strengths,͏͏ further͏͏ reinforcing͏͏ the͏͏ company’s͏͏ status͏͏ as͏͏ the͏͏ leading͏͏ player͏͏ in͏͏ non-alcoholic͏͏ spirits͏͏ globally.

Since͏͏ its͏͏ initial͏͏ investment͏͏ in͏͏ Ritual͏͏ through͏͏ Distill͏͏ Ventures͏͏ in͏͏ 2020,͏͏ Diageo͏͏ has͏͏ seen͏͏ the͏͏ potential͏͏ of͏͏ the͏͏ non-alcoholic͏͏ landscape.͏͏ Distill͏͏ Ventures,͏͏ an͏͏ accelerator͏͏ for͏͏ founder-led͏͏ drinks͏͏ brands,͏͏ has͏͏ been͏͏ key͏͏ in͏͏ supporting͏͏ Ritual’s͏͏ growth,͏͏ allowing͏͏ it͏͏ to͏͏ establish͏͏ itself͏͏ as͏͏ a͏͏ market͏͏ leader.

As͏͏ part͏͏ of͏͏ the͏͏ acquisition,͏͏ David͏͏ Crooch͏͏ will͏͏ take͏͏ on͏͏ the͏͏ role͏͏ of͏͏ general͏͏ manager͏͏ for͏͏ Diageo’s͏͏ Non-Alcohol͏͏ business͏͏ unit,͏͏ responsible͏͏ for͏͏ driving͏͏ the͏͏ expansion͏͏ of͏͏ non-alcoholic͏͏ offerings͏͏ throughout͏͏ North͏͏ America.

David͏͏ stated:͏͏ “From͏͏ the͏͏ very͏͏ beginning,͏͏ we͏͏ aimed͏͏ to͏͏ create͏͏ an͏͏ iconic͏͏ brand͏͏ in͏͏ the͏͏ drinks͏͏ industry,͏͏ specifically͏͏ tailored͏͏ to͏͏ meet͏͏ the͏͏ needs͏͏ of͏͏ the͏͏ modern͏͏ consumer.͏͏ Ritual͏͏ embodies͏͏ this͏͏ mission,͏͏ and͏͏ Diageo͏͏ recognised͏͏ that͏͏ from͏͏ the͏͏ start.”

He͏͏ continued:͏͏ “With͏͏ the͏͏ ongoing͏͏ and͏͏ widespread͏͏ growth͏͏ of͏͏ the͏͏ category,͏͏ there͏͏ is͏͏ substantial͏͏ market͏͏ presence͏͏ and͏͏ consumer͏͏ demand.͏͏ Ritual͏͏ has͏͏ the͏͏ capacity͏͏ to͏͏ satisfy͏͏ consumer͏͏ preferences͏͏ and͏͏ tastes,͏͏ providing͏͏ traditional͏͏ spirit͏͏ alternatives͏͏ ounce-for-ounce.”

Continue͏͏ Exploring:͏͏ Pernod͏͏ Ricard͏͏ acquires͏͏ stake͏͏ in͏͏ non-alcoholic agave͏͏ spirit͏͏ brand͏͏ Almave

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Coca-Cola and Bacardi to launch co-branded ready-to-drink cocktail in 2025

By
M Haziq Pandit
-
0
Coca-Cola Bacardi

Coca-Cola and Bacardi are planning to introduce a co-branded ready-to-drink cocktail next year,͏͏ building͏͏ on͏͏ Coca-Cola’s͏͏ recent͏͏ collaboration͏͏ with͏͏ Brown-Forman͏͏ for͏͏ Jack͏͏ Daniel‘s.

Market͏͏ Focus:

The͏͏ Bacardi͏͏ Mixed͏͏ with͏͏ Coca-Cola͏͏ cocktail͏͏ will͏͏ first͏͏ be͏͏ launched͏͏ in͏͏ Mexico͏͏ and͏͏ select͏͏ European͏͏ markets͏͏ in͏͏ 2025.

The͏͏ companies͏͏ stated͏͏ that͏͏ the͏͏ “global͏͏ benchmark”͏͏ for͏͏ the͏͏ new͏͏ drink’s͏͏ alcohol͏͏ by͏͏ volume͏͏ (ABV)͏͏ is͏͏ set͏͏ at͏͏ 5%,͏͏ although͏͏ it͏͏ will͏͏ differ͏͏ by͏͏ market.͏͏ The͏͏ promotional͏͏ launch͏͏ features͏͏ packaging͏͏ that͏͏ indicates͏͏ an͏͏ ABV͏͏ of͏͏ 5.9%.

Coca-Cola͏͏ Co.͏͏ chairman͏͏ and͏͏ CEO͏͏ James͏͏ Quincey͏͏ stated,͏͏ “We͏͏ are͏͏ committed͏͏ to͏͏ expanding͏͏ our͏͏ portfolio͏͏ as͏͏ a͏͏ total͏͏ beverage͏͏ company,͏͏ particularly͏͏ in͏͏ the͏͏ growing͏͏ alcohol͏͏ RTD͏͏ market.͏͏ Our͏͏ new͏͏ partnership͏͏ with͏͏ Bacardi͏͏ Limited͏͏ aligns͏͏ with͏͏ our͏͏ strategic͏͏ expansion͏͏ goals.”

Bacardi͏͏ CEO͏͏ Mahesh͏͏ Madhavan͏͏ remarked,͏͏ “This͏͏ partnership͏͏ will͏͏ enhance͏͏ our͏͏ reach͏͏ and͏͏ accessibility,͏͏ allowing͏͏ even͏͏ more͏͏ legal͏͏ drinking͏͏ age͏͏ consumers͏͏ to͏͏ enjoy͏͏ the͏͏ classic͏͏ Bacardi͏͏ rum͏͏ and͏͏ Coca-Cola͏͏ cocktail.”

Continue͏͏ Exploring:͏͏ Coca-Cola’s͏͏ Minute͏͏ Maid͏͏ diversifies͏͏ portfolio:͏͏ Enters͏͏ alcohol͏͏ market͏͏ with͏͏ innovative͏͏ cocktails

Previous͏͏ Collaborations:

In͏͏ 2022,͏͏ Coca-Cola͏͏ partnered͏͏ with͏͏ Brown-Forman͏͏ to͏͏ create͏͏ a͏͏ cocktail͏͏ featuring͏͏ Jack͏͏ Daniel’s͏͏ Tennessee͏͏ Whiskey͏͏ and͏͏ Coca-Cola.

That͏͏ agreement͏͏ marked͏͏ the͏͏ first͏͏ collaboration͏͏ between͏͏ the͏͏ two͏͏ companies͏͏ on͏͏ a͏͏ product,͏͏ even͏͏ though͏͏ Brown-Forman͏͏ had͏͏ previously͏͏ launched͏͏ pre-mixed͏͏ Jack͏͏ Daniel’s͏͏ and͏͏ Cola͏͏ RTDs,͏͏ which͏͏ have͏͏ since͏͏ been͏͏ discontinued.

Last͏͏ year,͏͏ Coca-Cola͏͏ unveiled͏͏ a͏͏ co-branded͏͏ ready-to-drink͏͏ cocktail͏͏ in͏͏ collaboration͏͏ with͏͏ Pernod͏͏ Ricard,͏͏ introducing͏͏ the͏͏ vodka-based͏͏ Absolut͏͏ &͏͏ Sprite.

Before͏͏ partnering͏͏ with͏͏ Brown-Forman,͏͏ Coca-Cola͏͏ collaborated͏͏ with͏͏ Molson͏͏ Coors͏͏ to͏͏ introduce͏͏ Topo͏͏ Chico͏͏ Hard͏͏ Seltzer͏͏ and͏͏ experimented͏͏ with͏͏ alcoholic͏͏ soft͏͏ drinks,͏͏ including͏͏ a͏͏ hard͏͏ lemonade͏͏ in͏͏ Japan.

However,͏͏ it͏͏ had͏͏ not͏͏ incorporated͏͏ the͏͏ Coca-Cola͏͏ brand͏͏ into͏͏ an͏͏ alcoholic͏͏ product͏͏ until͏͏ its͏͏ partnership͏͏ with͏͏ Brown-Forman.

When͏͏ the͏͏ partnership͏͏ was͏͏ initially͏͏ announced͏͏ in͏͏ 2022,͏͏ Ricard͏͏ Woodard͏͏ highlighted͏͏ that͏͏ it͏͏ signified͏͏ a͏͏ change͏͏ in͏͏ Coca-Cola’s͏͏ approach͏͏ to͏͏ alcohol,͏͏ particularly͏͏ given͏͏ that͏͏ the͏͏ company͏͏ has͏͏ millions͏͏ of͏͏ sub-LDA͏͏ consumers͏͏ among͏͏ its͏͏ most͏͏ loyal͏͏ customers.

“Historically͏͏ hesitant͏͏ to͏͏ engage͏͏ in͏͏ the͏͏ alcohol͏͏ sector,͏͏ Coca-Cola͏͏ has,͏͏ under͏͏ current͏͏ CEO͏͏ James͏͏ Quincey,͏͏ ventured͏͏ more͏͏ into͏͏ this͏͏ complex͏͏ market͏͏ with͏͏ products͏͏ like͏͏ Topo͏͏ Chico͏͏ hard͏͏ seltzer͏͏ and͏͏ alcoholic͏͏ extensions͏͏ of͏͏ its͏͏ Simply͏͏ and͏͏ Fresca͏͏ brands,”͏͏ wrote͏͏ Woodard.

“This͏͏ venture͏͏ is͏͏ taking͏͏ place͏͏ at͏͏ a͏͏ time͏͏ that͏͏ highlights͏͏ the͏͏ rapid͏͏ and͏͏ significant͏͏ transformations͏͏ occurring͏͏ within͏͏ the͏͏ expansive͏͏ RTD͏͏ category.͏͏ Once͏͏ viewed͏͏ in͏͏ many͏͏ Western͏͏ markets͏͏ as͏͏ a͏͏ low-margin͏͏ entry͏͏ point͏͏ into͏͏ beverage͏͏ alcohol,͏͏ it͏͏ has͏͏ evolved͏͏ into͏͏ a͏͏ highly͏͏ diverse͏͏ space͏͏ that͏͏ includes͏͏ everything͏͏ from͏͏ hard͏͏ seltzers͏͏ and͏͏ premium͏͏ premixed͏͏ cocktails͏͏ to͏͏ reinvented͏͏ alcopops,͏͏ as͏͏ well͏͏ as͏͏ hard͏͏ teas,͏͏ coffees,͏͏ and͏͏ kombuchas.”

Continue͏͏ Exploring:͏͏ Bacardi India͏͏ intensifies͏͏ focus͏͏ on͏͏ premiumization͏͏ as͏͏ demand͏͏ for͏͏ high-end͏͏ spirits͏͏ surges

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Festive season boosts gold and silver prices, experts predict further increases

By
M Haziq Pandit
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0
gold and silver

Gold and silver prices are rising due to strong demand, and this momentum is expected to continue throughout the festival season.

In͏͏ the͏͏ current͏͏ financial͏͏ year,͏͏ gold͏͏ prices͏͏ have͏͏ increased͏͏ by͏͏ nearly͏͏ 10͏͏ percent,͏͏ while͏͏ silver͏͏ prices͏͏ have͏͏ risen͏͏ by͏͏ approximately͏͏ 24͏͏ percent.

“From͏͏ an͏͏ Indian͏͏ perspective,͏͏ the͏͏ customs͏͏ duty͏͏ cut͏͏ in͏͏ July͏͏ has͏͏ significantly͏͏ boosted͏͏ gold͏͏ consumption͏͏ and͏͏ will͏͏ continue͏͏ to͏͏ do͏͏ so.͏͏ We͏͏ anticipate͏͏ a͏͏ strong͏͏ performance͏͏ in͏͏ the͏͏ October-December͏͏ quarter.͏͏ It’s͏͏ an͏͏ opportune͏͏ time͏͏ for͏͏ gold,”͏͏ said͏͏ Sachin͏͏ Jain,͏͏ Regional͏͏ CEO,͏͏ India,͏͏ World͏͏ Gold͏͏ Council,͏͏ in͏͏ a͏͏ phone͏͏ interview.

Ajay͏͏ Kedia,͏͏ head͏͏ of͏͏ Mumbai-based͏͏ Kedia͏͏ Advisory,͏͏ expects͏͏ gold͏͏ futures͏͏ prices͏͏ to͏͏ rise͏͏ to͏͏ INR͏͏ 77,000͏͏ in͏͏ the͏͏ near͏͏ term.

Gold Nears͏͏ All-Time͏͏ Highs:

Gold͏͏ prices͏͏ are͏͏ currently͏͏ approximately͏͏ INR͏͏ 75,000͏͏ per͏͏ 10͏͏ grams,͏͏ slightly͏͏ below͏͏ the͏͏ all-time͏͏ high͏͏ of͏͏ around͏͏ INR͏͏ 75,400.͏͏ At͏͏ the͏͏ beginning͏͏ of͏͏ the͏͏ financial͏͏ year,͏͏ prices͏͏ were͏͏ around͏͏ INR͏͏ 68,700.

“For͏͏ a͏͏ rally͏͏ to͏͏ occur,͏͏ a͏͏ price͏͏ correction͏͏ is͏͏ necessary,͏͏ and͏͏ we’re͏͏ currently͏͏ witnessing͏͏ that.͏͏ Factors͏͏ such͏͏ as͏͏ ETF͏͏ purchases,͏͏ central͏͏ bank͏͏ buying,͏͏ and͏͏ geopolitical͏͏ tensions͏͏ all͏͏ support͏͏ a͏͏ bullish͏͏ outlook͏͏ for͏͏ gold,”͏͏ said͏͏ Ajay͏͏ Kedia.

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

Silver Prices͏͏ to͏͏ Reach͏͏ INR͏͏ 100,000:

Kedia͏͏ predicts͏͏ that͏͏ silver͏͏ prices͏͏ will͏͏ reach͏͏ INR͏͏ 100,000͏͏ per͏͏ kg͏͏ in͏͏ the͏͏ near͏͏ to͏͏ mid-term.

“Industrial͏͏ demand͏͏ for͏͏ silver͏͏ is͏͏ rising,͏͏ particularly͏͏ for͏͏ electric͏͏ vehicles͏͏ and͏͏ solar͏͏ panels.͏͏ Although͏͏ silver͏͏ prices͏͏ struggled͏͏ to͏͏ gain͏͏ traction͏͏ due͏͏ to͏͏ recession͏͏ fears͏͏ in͏͏ some͏͏ countries,͏͏ we͏͏ have͏͏ seen͏͏ significant͏͏ outperformance͏͏ in͏͏ silver͏͏ over͏͏ the͏͏ past͏͏ few͏͏ months,”͏͏ Kedia͏͏ stated.

Silver͏͏ prices͏͏ are͏͏ currently͏͏ approximately͏͏ INR͏͏ 93,000͏͏ per͏͏ kg,͏͏ compared͏͏ to͏͏ INR͏͏ 75,000͏͏ at͏͏ the͏͏ beginning͏͏ of͏͏ the͏͏ current͏͏ financial͏͏ year.

Manoj͏͏ Kumar͏͏ Jain,͏͏ Director͏͏ and͏͏ Head͏͏ of͏͏ Commodity͏͏ and͏͏ Currency͏͏ Research͏͏ at͏͏ Prithvi͏͏ Finmart,͏͏ expects͏͏ gold͏͏ futures͏͏ to͏͏ reach͏͏ INR͏͏ 77,000͏͏ and͏͏ silver͏͏ to͏͏ hit͏͏ INR͏͏ 96,000͏͏ in͏͏ the͏͏ near͏͏ term.

“The͏͏ usual͏͏ market͏͏ fundamentals͏͏ are͏͏ not͏͏ in͏͏ play,͏͏ and͏͏ the͏͏ current͏͏ bull͏͏ run͏͏ is͏͏ driven͏͏ by͏͏ post-Covid͏͏ gold͏͏ purchases͏͏ by͏͏ central͏͏ banks͏͏ as͏͏ part͏͏ of͏͏ de-dollarisation,͏͏ along͏͏ with͏͏ increased͏͏ geopolitical͏͏ tensions͏͏ and͏͏ rate͏͏ cuts͏͏ by͏͏ various͏͏ central͏͏ banks.͏͏ Lower͏͏ interest͏͏ rates͏͏ are͏͏ also͏͏ beneficial͏͏ for͏͏ gold͏͏ and͏͏ other͏͏ commodities,”͏͏ Jain͏͏ stated.

International͏͏ gold͏͏ prices͏͏ have͏͏ experienced͏͏ an͏͏ “extraordinary”͏͏ increase͏͏ of͏͏ approximately͏͏ 40͏͏ percent͏͏ this͏͏ year,͏͏ compared͏͏ to͏͏ the͏͏ usual͏͏ average͏͏ of͏͏ around͏͏ 10͏͏ percent,͏͏ Jain͏͏ noted.

Colin͏͏ Shah,͏͏ MD͏͏ of͏͏ Kama͏͏ Jewelry͏͏ and͏͏ former͏͏ Vice͏͏ Chairman͏͏ of͏͏ the͏͏ Gem͏͏ and͏͏ Jewellery͏͏ Export͏͏ Promotion͏͏ Council͏͏ (GJEPC),͏͏ stated͏͏ that͏͏ gold͏͏ demand͏͏ is͏͏ anticipated͏͏ to͏͏ remain͏͏ strong͏͏ with͏͏ the͏͏ arrival͏͏ of͏͏ the͏͏ festive͏͏ season.

“The͏͏ primary͏͏ factors͏͏ contributing͏͏ to͏͏ gold’s͏͏ outstanding͏͏ performance͏͏ are͏͏ the͏͏ onset͏͏ of͏͏ a͏͏ rate͏͏ cut͏͏ cycle͏͏ in͏͏ the͏͏ US͏͏ and͏͏ the͏͏ strong͏͏ expectations͏͏ for͏͏ additional͏͏ rate͏͏ cuts͏͏ in͏͏ the͏͏ upcoming͏͏ meetings.͏͏ Geopolitical͏͏ tensions͏͏ between͏͏ Israel͏͏ and͏͏ Lebanon͏͏ are͏͏ also͏͏ driving͏͏ gold͏͏ prices͏͏ higher,”͏͏ Shah͏͏ said.

International͏͏ gold͏͏ prices͏͏ are͏͏ currently͏͏ approaching͏͏ USD͏͏ 2,700͏͏ per͏͏ ounce,͏͏ and͏͏ Shah͏͏ anticipates͏͏ they͏͏ may͏͏ reach͏͏ USD͏͏ 3,000.͏͏ In͏͏ the͏͏ domestic͏͏ market,͏͏ he͏͏ expects͏͏ prices͏͏ to͏͏ surpass͏͏ INR͏͏ 78,000͏͏ in͏͏ the͏͏ medium͏͏ to͏͏ long͏͏ term.

Pranav͏͏ Mer,͏͏ Vice͏͏ President͏͏ of͏͏ Commodity͏͏ and͏͏ Currency͏͏ Research͏͏ at͏͏ JM͏͏ Financial͏͏ Services͏͏ Ltd,͏͏ echoed͏͏ this͏͏ sentiment.͏͏ He͏͏ stated͏͏ that͏͏ bullion͏͏ is͏͏ expected͏͏ to͏͏ remain͏͏ bolstered͏͏ by͏͏ safe-haven͏͏ demand͏͏ and͏͏ purchases͏͏ from͏͏ ETF͏͏ investors.

“On͏͏ the͏͏ chart,͏͏ the͏͏ trend͏͏ remains͏͏ positive͏͏ as͏͏ long͏͏ as͏͏ support͏͏ at͏͏ 75,850/75,500͏͏ holds,͏͏ while͏͏ resistance͏͏ is͏͏ noted͏͏ at͏͏ 76,550͏͏ for͏͏ December͏͏ futures,”͏͏ Mer͏͏ added.

Continue͏͏ Exploring:͏͏ Jewellery͏͏ stores͏͏ see͏͏ gold rush͏͏ as͏͏ customs͏͏ duty͏͏ cut͏͏ spurs͏͏ buying͏͏ frenzy

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NCLT slams Dunzo for lack of progress in settling creditor disputes

By
M Haziq Pandit
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0
Dunzo

Reliance Retail-backed hyperlocal delivery startup Dunzo has come under scrutiny from the National Company Law Tribunal (NCLT) for failing to reach a settlement with its creditors.

The͏͏ Bengaluru͏͏ bench͏͏ of͏͏ the͏͏ NCLT͏͏ noted͏͏ today͏͏ (September͏͏ 27)͏͏ that͏͏ despite͏͏ being͏͏ granted͏͏ three͏͏ months͏͏ to͏͏ resolve͏͏ its͏͏ dispute͏͏ with͏͏ creditors,͏͏ Dunzo͏͏ has͏͏ yet͏͏ to͏͏ reach͏͏ a͏͏ settlement,͏͏ according͏͏ to͏͏ Mint.

The͏͏ tribunal͏͏ asserted͏͏ that͏͏ Dunzo͏͏ had͏͏ “enough͏͏ time”͏͏ to͏͏ settle͏͏ with͏͏ its͏͏ creditors͏͏ and͏͏ declined͏͏ to͏͏ hear͏͏ the͏͏ company’s͏͏ objections͏͏ to͏͏ the͏͏ insolvency͏͏ cases͏͏ filed͏͏ against͏͏ it.͏͏ The͏͏ NCLT͏͏ has͏͏ reportedly͏͏ instructed͏͏ Dunzo͏͏ to͏͏ submit͏͏ an͏͏ interlocutory͏͏ application͏͏ if͏͏ it͏͏ wishes͏͏ for͏͏ its͏͏ objections͏͏ to͏͏ be͏͏ considered.

Two͏͏ of͏͏ Dunzo’s͏͏ creditors,͏͏ Invoice͏͏ Discounters͏͏ of͏͏ Dunzo͏͏ Digital͏͏ and͏͏ Velvin͏͏ Packaging,͏͏ had͏͏ earlier͏͏ approached͏͏ the͏͏ NCLT͏͏ to͏͏ initiate͏͏ insolvency͏͏ proceedings͏͏ against͏͏ the͏͏ company͏͏ due͏͏ to͏͏ outstanding͏͏ payments.

In͏͏ January,͏͏ Invoice͏͏ Discounters͏͏ of͏͏ Dunzo͏͏ Digital͏͏ submitted͏͏ an͏͏ application͏͏ to͏͏ the͏͏ NCLT,͏͏ claiming͏͏ that͏͏ the͏͏ startup͏͏ had͏͏ paid͏͏ only͏͏ 50%͏͏ of͏͏ the͏͏ outstanding͏͏ amount.͏͏ The͏͏ exact͏͏ debt͏͏ Dunzo͏͏ owes͏͏ its͏͏ creditors͏͏ remains͏͏ unclear.

This͏͏ development͏͏ comes͏͏ as͏͏ Dunzo͏͏ grapples͏͏ with͏͏ significant͏͏ challenges,͏͏ including͏͏ a͏͏ severe͏͏ cash͏͏ crunch,͏͏ layoffs,͏͏ and͏͏ the͏͏ threat͏͏ of͏͏ bankruptcy.͏͏ Last͏͏ month,͏͏ reports͏͏ indicated͏͏ that͏͏ the͏͏ Bengaluru-based͏͏ startup͏͏ had͏͏ laid͏͏ off͏͏ 150͏͏ employees͏͏ across͏͏ its͏͏ supply͏͏ and͏͏ market͏͏ verticals͏͏ as͏͏ part͏͏ of͏͏ its͏͏ cost-cutting͏͏ measures.

Continue͏͏ Exploring:͏͏ Cash-strapped͏͏ Dunzo hit͏͏ with͏͏ fresh͏͏ legal͏͏ trouble͏͏ as͏͏ another͏͏ creditor͏͏ seeks͏͏ insolvency

Dunzo’s͏͏ Losses͏͏ Soar͏͏ to͏͏ INR͏͏ 1,801͏͏ Cr:

Dunzo’s͏͏ losses͏͏ surged͏͏ over͏͏ threefold͏͏ to͏͏ INR͏͏ 1,801͏͏ Cr͏͏ in͏͏ FY23,͏͏ up͏͏ from͏͏ INR͏͏ 464͏͏ Cr͏͏ in͏͏ the͏͏ previous͏͏ fiscal.͏͏ The͏͏ financial͏͏ strain͏͏ led͏͏ to͏͏ delays͏͏ in͏͏ salary͏͏ disbursements͏͏ for͏͏ current͏͏ and͏͏ former͏͏ employees,͏͏ along͏͏ with͏͏ unpaid͏͏ dues͏͏ to͏͏ vendors.

Founded͏͏ in͏͏ 2015͏͏ by͏͏ Kabeer͏͏ Biswas,͏͏ Suri,͏͏ Mukund͏͏ Jha,͏͏ and͏͏ Ankur͏͏ Aggarwal,͏͏ Dunzo͏͏ links͏͏ consumers͏͏ to͏͏ local͏͏ stores,͏͏ offering͏͏ delivery͏͏ services͏͏ for͏͏ groceries,͏͏ medicines,͏͏ food,͏͏ and͏͏ other͏͏ daily͏͏ essentials.͏͏ Its͏͏ entry͏͏ into͏͏ the͏͏ quick͏͏ commerce͏͏ sector͏͏ with͏͏ Dunzo͏͏ Daily͏͏ significantly͏͏ accelerated͏͏ its͏͏ cash͏͏ burn.

Earlier͏͏ this͏͏ year,͏͏ the͏͏ NCLT͏͏ cautioned͏͏ Dunzo͏͏ that͏͏ it͏͏ would͏͏ enforce͏͏ a͏͏ moratorium͏͏ on͏͏ the͏͏ hyperlocal͏͏ delivery͏͏ platform͏͏ if͏͏ it͏͏ did͏͏ not͏͏ swiftly͏͏ respond͏͏ to͏͏ a͏͏ notice͏͏ regarding͏͏ unpaid͏͏ dues͏͏ of͏͏ INR͏͏ 4͏͏ Cr͏͏ owed͏͏ to͏͏ Betterplace͏͏ Safety͏͏ Solutions.

Dunzo,͏͏ grappling͏͏ with͏͏ a͏͏ major͏͏ cash͏͏ shortage,͏͏ has͏͏ been͏͏ served͏͏ with͏͏ numerous͏͏ legal͏͏ notices͏͏ from͏͏ vendors͏͏ demanding͏͏ payment͏͏ for͏͏ unpaid͏͏ dues,͏͏ further͏͏ complicating͏͏ its͏͏ efforts͏͏ to͏͏ sustain͏͏ operations.

Last͏͏ year,͏͏ Dunzo͏͏ was͏͏ issued͏͏ legal͏͏ notices͏͏ from͏͏ Google͏͏ India,͏͏ Nilenso,͏͏ Clover͏͏ Ventures,͏͏ Facebook͏͏ India͏͏ Online͏͏ Services͏͏ Private͏͏ Limited͏͏ (FBI),͏͏ Cupshup,͏͏ Koo,͏͏ and͏͏ Glance͏͏ over͏͏ unpaid͏͏ dues,͏͏ which͏͏ total͏͏ approximately͏͏ INR͏͏ 11.4͏͏ Cr.

Cofounder͏͏ Pursues͏͏ New͏͏ Funding͏͏ Opportunities:

As͏͏ Dunzo͏͏ faces͏͏ insolvency͏͏ proceedings,͏͏ cofounder͏͏ and͏͏ former͏͏ chief͏͏ technology͏͏ officer͏͏ Mukund͏͏ Jha͏͏ is͏͏ reportedly͏͏ in͏͏ discussions͏͏ with͏͏ Together͏͏ Fund͏͏ to͏͏ secure͏͏ INR͏͏ 50͏͏ Cr͏͏ to͏͏ INR͏͏ 80͏͏ Cr͏͏ in͏͏ funding͏͏ for͏͏ his͏͏ new͏͏ venture,͏͏ GenAI.

Continue͏͏ Exploring:͏͏ NCLT grants͏͏ Dunzo two-week͏͏ extension͏͏ to͏͏ settle͏͏ dues͏͏ with͏͏ Betterplace

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Mul Secrets launches Gut Detox Drink to boost digestion and skin health

By
M Haziq Pandit
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0
Mul Secrets

Mul Secrets has launched its Gut Detox Drink, the brand’s latest addition to its wellness range. Crafted͏͏ with͏͏ a͏͏ focus͏͏ on͏͏ gut health,͏͏ this͏͏ refreshing,͏͏ nutrient-packed͏͏ beverage͏͏ aims͏͏ to͏͏ support͏͏ digestion͏͏ and͏͏ enhance͏͏ skin͏͏ radiance.

Nutrient-Rich͏͏ Superfood͏͏ Blend:

With͏͏ an͏͏ enhanced͏͏ formulation,͏͏ the͏͏ Gut͏͏ Detox͏͏ Drink͏͏ delivers͏͏ a͏͏ potent͏͏ mix͏͏ of͏͏ prebiotics͏͏ and͏͏ superfoods͏͏ aimed͏͏ at͏͏ promoting͏͏ digestive͏͏ health.͏͏ Key͏͏ ingredients͏͏ like͏͏ amla,͏͏ apple͏͏ peel,͏͏ harad,͏͏ raw͏͏ turmeric,͏͏ and͏͏ sun͏͏ fiber͏͏ are͏͏ specifically͏͏ chosen͏͏ to͏͏ tackle͏͏ common͏͏ issues͏͏ such͏͏ as͏͏ gas,͏͏ acidity,͏͏ bloating,͏͏ constipation,͏͏ and͏͏ indigestion.͏͏ Additionally,͏͏ the͏͏ drink͏͏ addresses͏͏ skin͏͏ concerns͏͏ like͏͏ acne,͏͏ which͏͏ the͏͏ brand͏͏ links͏͏ to͏͏ poor͏͏ gut͏͏ health.

In͏͏ line͏͏ with͏͏ Mul͏͏ Secrets’͏͏ philosophy,͏͏ the͏͏ Gut͏͏ Detox͏͏ Drink͏͏ is͏͏ formulated͏͏ based͏͏ on͏͏ the͏͏ GUT-SKIN͏͏ Axis,͏͏ a͏͏ concept͏͏ the͏͏ brand͏͏ considers͏͏ essential͏͏ for͏͏ holistic͏͏ health.͏͏ The͏͏ company͏͏ emphasizes,͏͏ “Your͏͏ skin͏͏ health͏͏ is͏͏ a͏͏ reflection͏͏ of͏͏ your͏͏ gut͏͏ health,”͏͏ highlighting͏͏ the͏͏ crucial͏͏ role͏͏ of͏͏ internal͏͏ cleansing͏͏ in͏͏ achieving͏͏ external͏͏ benefits.

Continue͏͏ Exploring:͏͏ Luxury͏͏ skincare brand͏͏ No.9͏͏ launches͏͏ advanced͏͏ Anti-Aging͏͏ Vitamin͏͏ C͏͏ Serum͏͏ in͏͏ India

Puja,͏͏ Founder͏͏ of͏͏ Mul͏͏ Secrets,͏͏ stated,͏͏ “Skincare͏͏ is͏͏ a͏͏ holistic͏͏ journey͏͏ that͏͏ requires͏͏ both͏͏ external͏͏ care͏͏ and͏͏ internal͏͏ nourishment.͏͏ It’s͏͏ not͏͏ just͏͏ about͏͏ what͏͏ you͏͏ apply͏͏ to͏͏ your͏͏ skin͏͏ but͏͏ also͏͏ about͏͏ what͏͏ you͏͏ consume͏͏ and͏͏ how͏͏ you͏͏ support͏͏ your͏͏ body͏͏ from͏͏ within.͏͏ Your͏͏ diet͏͏ plays͏͏ a͏͏ significant͏͏ role͏͏ in͏͏ skin͏͏ health,͏͏ as͏͏ your͏͏ skin͏͏ needs͏͏ proper͏͏ nutrition͏͏ too.͏͏ Poor͏͏ gut͏͏ health͏͏ can͏͏ lead͏͏ to͏͏ accelerated͏͏ aging͏͏ and͏͏ acne͏͏ breakouts.͏͏ Our͏͏ Gut͏͏ Detox͏͏ Drink͏͏ embodies͏͏ the͏͏ Gut-Skin͏͏ connection͏͏ we͏͏ advocate,͏͏ and͏͏ I͏͏ am͏͏ excited͏͏ about͏͏ its͏͏ launch.”

Mul Secrets’͏͏ Holistic͏͏ Approach͏͏ to͏͏ Detox:

This͏͏ drink͏͏ is͏͏ designed͏͏ to͏͏ metabolise͏͏ and͏͏ eliminate͏͏ toxins,͏͏ helping͏͏ to͏͏ regulate͏͏ pH͏͏ levels,͏͏ support͏͏ bile͏͏ production͏͏ for͏͏ digestion,͏͏ and͏͏ filter͏͏ airborne͏͏ toxins͏͏ while͏͏ fighting͏͏ acne-causing͏͏ bacteria.͏͏ The͏͏ Gut͏͏ Detox͏͏ Drink͏͏ from͏͏ Mul͏͏ Secrets͏͏ aims͏͏ to͏͏ be͏͏ more͏͏ than͏͏ just͏͏ a͏͏ beverage—it͏͏ serves͏͏ as͏͏ a͏͏ holistic͏͏ tool͏͏ for͏͏ enhancing͏͏ well-being͏͏ from͏͏ the͏͏ inside͏͏ out.

Continue͏͏ Exploring:͏͏ The͏͏ Good͏͏ Bug͏͏ secures͏͏ $3.5͏͏ Million͏͏ in͏͏ Series͏͏ A͏͏ funding͏͏ to͏͏ transform͏͏ gut health in͏͏ India

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Peter England strengthens retail presence in Nepal with new store

By
M Haziq Pandit
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Peter England

Peter England, a prominent menswear brand under Aditya Birla Fashion and Retail Ltd, has broadened its retail presence by opening a new flagship store in Kathmandu, Nepal. This͏͏ expansion͏͏ reflects͏͏ the͏͏ brand’s͏͏ dedication͏͏ to͏͏ providing͏͏ high-quality͏͏ lifestyle͏͏ products͏͏ in͏͏ emerging͏͏ markets.͏͏ The͏͏ store͏͏ was͏͏ inaugurated͏͏ by͏͏ Nepalese͏͏ actor͏͏ Ayushman͏͏ Joshi͏͏ and͏͏ aims͏͏ to͏͏ strengthen͏͏ Peter͏͏ England’s͏͏ regional͏͏ footprint͏͏ by͏͏ meeting͏͏ the͏͏ rising͏͏ demand͏͏ for͏͏ premium͏͏ menswear.

Peter England Offers͏͏ a͏͏ Diverse͏͏ Range͏͏ of͏͏ Men’s͏͏ Fashion:

Established͏͏ in͏͏ 1889,͏͏ Peter͏͏ England͏͏ has͏͏ evolved͏͏ into͏͏ India’s͏͏ largest͏͏ menswear͏͏ brand.͏͏ The͏͏ new͏͏ 750͏͏ sq͏͏ ft͏͏ store͏͏ in͏͏ Kumaripati,͏͏ Kathmandu,͏͏ showcases͏͏ an͏͏ extensive͏͏ selection͏͏ of͏͏ men’s͏͏ clothing,͏͏ including͏͏ shirts,͏͏ trousers,͏͏ t-shirts,͏͏ suits,͏͏ and͏͏ accessories͏͏ such͏͏ as͏͏ belts͏͏ and͏͏ ties.͏͏ It͏͏ also͏͏ features͏͏ the͏͏ brand’s͏͏ latest͏͏ Yacht͏͏ Club͏͏ collection,͏͏ tailored͏͏ to͏͏ cater͏͏ to͏͏ contemporary͏͏ fashion͏͏ requirements͏͏ for͏͏ both͏͏ formal͏͏ and͏͏ casual͏͏ attire.

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

Anil͏͏ S͏͏ Kumar,͏͏ Chief͏͏ Operating͏͏ Officer͏͏ at͏͏ Peter͏͏ England,͏͏ remarked,͏͏ “We͏͏ are͏͏ excited͏͏ to͏͏ strengthen͏͏ our͏͏ presence͏͏ in͏͏ Nepal͏͏ with͏͏ the͏͏ opening͏͏ of͏͏ our͏͏ third͏͏ store͏͏ in͏͏ Kathmandu.͏͏ Peter͏͏ England͏͏ represents͏͏ trust,͏͏ quality,͏͏ and͏͏ affordability,͏͏ and͏͏ we͏͏ are͏͏ committed͏͏ to͏͏ delivering͏͏ an͏͏ improved͏͏ shopping͏͏ experience͏͏ for͏͏ our͏͏ customers.͏͏ Our͏͏ collaboration͏͏ with͏͏ Pacific͏͏ Business͏͏ Private͏͏ Limited͏͏ has͏͏ been͏͏ instrumental͏͏ to͏͏ our͏͏ success͏͏ in͏͏ this͏͏ market.”

Bipin͏͏ Kumar͏͏ Agarwal,͏͏ Director͏͏ of͏͏ Pacific͏͏ Business͏͏ Private͏͏ Limited,͏͏ highlighted͏͏ the͏͏ importance͏͏ of͏͏ the͏͏ new͏͏ store,͏͏ stating͏͏ that͏͏ it͏͏ reinforces͏͏ their͏͏ partnership͏͏ with͏͏ Peter͏͏ England͏͏ while͏͏ providing͏͏ stylish͏͏ and͏͏ affordable͏͏ menswear͏͏ options͏͏ that͏͏ cater͏͏ to͏͏ local͏͏ fashion͏͏ preferences.

This͏͏ expansion͏͏ underscores͏͏ Peter͏͏ England’s͏͏ commitment͏͏ to͏͏ enhancing͏͏ its͏͏ retail͏͏ presence͏͏ across͏͏ India͏͏ and͏͏ its͏͏ neighboring͏͏ regions,͏͏ offering͏͏ versatile͏͏ fashion͏͏ options͏͏ at͏͏ competitive͏͏ prices.

Continue͏͏ Exploring:͏͏ Apparel͏͏ brand͏͏ Dockers͏͏ expands͏͏ in͏͏ India͏͏ with͏͏ second͏͏ retail͏͏ outlet

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