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Eastern expands portfolio with ready-to-cook Kerala breakfast range

By
M Haziq Pandit
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breakfast

With the goal of becoming an all-foods brand, Eastern, a leading spice brand, has unveiled a new line of ready-to-cook Kerala breakfast products.

The͏͏ newly͏͏ launched͏͏ products͏͏ include͏͏ Puttu,͏͏ Palappam,͏͏ Ghee͏͏ Upmavu,͏͏ Dosa,͏͏ Idli,͏͏ and͏͏ Idiyapam.͏͏ Each͏͏ of͏͏ these͏͏ can͏͏ be͏͏ prepared͏͏ in͏͏ just͏͏ five͏͏ minutes͏͏ while͏͏ retaining͏͏ the͏͏ authentic͏͏ taste͏͏ of͏͏ Kerala.

Catering͏͏ to͏͏ Modern͏͏ Consumers’͏͏ Breakfast͏͏ Needs:

Sanjay͏͏ Sharma,͏͏ CEO͏͏ of͏͏ Orkla͏͏ India,͏͏ stated͏͏ that͏͏ these͏͏ products͏͏ are͏͏ part͏͏ of͏͏ Keralites’͏͏ breakfast͏͏ preferences,͏͏ offering͏͏ consumers͏͏ a͏͏ convenient͏͏ way͏͏ to͏͏ prepare͏͏ their͏͏ traditional͏͏ morning͏͏ meals.

Feedback͏͏ from͏͏ the͏͏ trial͏͏ run͏͏ was͏͏ positive,͏͏ with͏͏ modern͏͏ consumers͏͏ expressing͏͏ a͏͏ preference͏͏ for͏͏ these͏͏ products͏͏ over͏͏ traditional͏͏ breakfast͏͏ preparation,͏͏ which͏͏ often͏͏ requires͏͏ advance͏͏ planning,͏͏ cooking͏͏ skills,͏͏ and͏͏ more͏͏ time.

However,͏͏ consumers͏͏ who͏͏ frequently͏͏ prepare͏͏ these͏͏ dishes͏͏ at͏͏ home͏͏ indicated͏͏ that͏͏ they͏͏ seek͏͏ time-efficient͏͏ solutions͏͏ and͏͏ wish͏͏ to͏͏ reduce͏͏ their͏͏ time͏͏ spent͏͏ in͏͏ the͏͏ kitchen.

Continue͏͏ Exploring:͏͏ Orkla͏͏ India͏͏ Appoints͏͏ Murali͏͏ S͏͏ as͏͏ CEO͏͏ of͏͏ Eastern spice͏͏ and͏͏ masala͏͏ brand

Growth͏͏ Potential͏͏ in͏͏ Breakfast Segment:

Sharma͏͏ noted͏͏ that͏͏ the͏͏ organized͏͏ segment͏͏ for͏͏ breakfast͏͏ food͏͏ products͏͏ is͏͏ valued͏͏ at͏͏ around͏͏ INR͏͏ 400͏͏ crore,͏͏ and͏͏ the͏͏ company͏͏ aims͏͏ for͏͏ considerable͏͏ growth͏͏ in͏͏ this͏͏ area.͏͏ However,͏͏ it͏͏ has͏͏ opted͏͏ for͏͏ a͏͏ cautious͏͏ and͏͏ steady͏͏ approach͏͏ to͏͏ gain͏͏ market͏͏ acceptance.

All͏͏ the͏͏ products͏͏ have͏͏ a͏͏ shelf͏͏ life͏͏ of͏͏ six͏͏ months͏͏ and͏͏ are͏͏ competitively͏͏ priced.͏͏ The͏͏ MRP͏͏ for͏͏ Idiyappam͏͏ (200͏͏ grams)͏͏ is͏͏ INR͏͏ 99,͏͏ while͏͏ Dosa,͏͏ Idly,͏͏ Palappam,͏͏ and͏͏ Puttu͏͏ are͏͏ all͏͏ priced͏͏ at͏͏ INR͏͏ 69͏͏ each.

Leading͏͏ the͏͏ Spice͏͏ Market͏͏ in͏͏ Kerala:

Eastern͏͏ leads͏͏ the͏͏ pure͏͏ spices͏͏ and͏͏ masalas͏͏ market͏͏ in͏͏ Kerala,͏͏ boasting͏͏ over͏͏ 45͏͏ percent͏͏ market͏͏ share.͏͏ “We͏͏ play͏͏ a͏͏ vital͏͏ role͏͏ in͏͏ consumers’͏͏ daily͏͏ meals͏͏ for͏͏ lunch͏͏ and͏͏ dinner͏͏ and͏͏ aim͏͏ to͏͏ be͏͏ present͏͏ at͏͏ every͏͏ food͏͏ occasion,”͏͏ he͏͏ stated.͏͏ Additionally,͏͏ the͏͏ company͏͏ is͏͏ targeting͏͏ upcountry͏͏ and͏͏ international͏͏ markets͏͏ to͏͏ showcase͏͏ authentic͏͏ Kerala͏͏ flavors.

Manoj͏͏ Lalwani,͏͏ Chief͏͏ Marketing͏͏ Officer,͏͏ stated͏͏ that͏͏ Eastern,͏͏ with͏͏ its͏͏ 40-year͏͏ legacy,͏͏ has͏͏ a͏͏ strong͏͏ market͏͏ connection͏͏ and͏͏ a͏͏ deep͏͏ understanding͏͏ of͏͏ authentic͏͏ Kerala͏͏ cuisine.͏͏ Recent͏͏ market͏͏ research͏͏ revealed͏͏ that͏͏ Keralites͏͏ have͏͏ a͏͏ strong͏͏ preference͏͏ for͏͏ their͏͏ traditional͏͏ breakfast,͏͏ which͏͏ they͏͏ regard͏͏ as͏͏ the͏͏ ideal͏͏ way͏͏ to͏͏ start͏͏ the͏͏ day.

In͏͏ 2021,͏͏ Norwegian͏͏ conglomerate͏͏ Orkla͏͏ acquired͏͏ Eastern͏͏ via͏͏ its͏͏ Indian͏͏ subsidiary,͏͏ MTR͏͏ Foods.

Continue͏͏ Exploring:͏͏ Indian͏͏ food͏͏ market͏͏ more͏͏ intricate͏͏ and͏͏ competitive͏͏ than͏͏ European͏͏ counterparts,͏͏ says͏͏ MTR͏͏ Owner

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Zomato allocates INR 330 Cr in stock options to employees through ESOPs

By
M Haziq Pandit
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0
Zomato

Foodtech giant Zomato has granted approximately 12 million stock options through its employee stock option plans (ESOPs). In͏͏ an͏͏ official͏͏ filing͏͏ dated͏͏ October͏͏ 2,͏͏ 2024,͏͏ the͏͏ company͏͏ revealed͏͏ that͏͏ a͏͏ total͏͏ of͏͏ 11,997,768͏͏ stock͏͏ options͏͏ have͏͏ been͏͏ allocated͏͏ to͏͏ eligible͏͏ employees͏͏ under͏͏ its͏͏ ESOP͏͏ 2014͏͏ and͏͏ ESOP͏͏ 2021͏͏ programs.

These͏͏ stock͏͏ options,͏͏ valued͏͏ at͏͏ INR͏͏ 330.17͏͏ crore͏͏ based͏͏ on͏͏ Zomato’s͏͏ current͏͏ share͏͏ price͏͏ of͏͏ INR͏͏ 275.2,͏͏ are͏͏ intended͏͏ to͏͏ enhance͏͏ employee͏͏ motivation͏͏ by͏͏ providing͏͏ avenues͏͏ for͏͏ long-term͏͏ wealth͏͏ creation.͏͏ Approved͏͏ by͏͏ the͏͏ company’s͏͏ Nomination͏͏ and͏͏ Remuneration͏͏ Committee,͏͏ the͏͏ grant͏͏ allows͏͏ employees͏͏ to͏͏ exercise͏͏ their͏͏ stock͏͏ options͏͏ within͏͏ 10͏͏ years͏͏ from͏͏ the͏͏ vesting͏͏ date͏͏ or͏͏ within͏͏ 12͏͏ years͏͏ from͏͏ the͏͏ company’s͏͏ listing͏͏ date.

Majority͏͏ of͏͏ Options͏͏ Allocated͏͏ Under͏͏ ESOP 2021͏͏ Plan:

Of͏͏ the͏͏ total͏͏ options͏͏ granted,͏͏ the͏͏ majority—11,997,652—are͏͏ part͏͏ of͏͏ the͏͏ ESOP͏͏ 2021͏͏ plan,͏͏ while͏͏ just͏͏ 116͏͏ options͏͏ come͏͏ from͏͏ the͏͏ older͏͏ ESOP͏͏ 2014͏͏ plan,͏͏ referred͏͏ to͏͏ as͏͏ the͏͏ Foodie͏͏ Bay͏͏ Employee͏͏ Stock͏͏ Option͏͏ Plan.͏͏ Each͏͏ option͏͏ can͏͏ be͏͏ converted͏͏ into͏͏ one͏͏ fully͏͏ paid-up͏͏ equity͏͏ share͏͏ with͏͏ a͏͏ face͏͏ value͏͏ of͏͏ INR͏͏ 1.

Continue͏͏ Exploring:͏͏ Zomato expands͏͏ ESOP pool,͏͏ allocates͏͏ 1.2͏͏ Cr͏͏ stock͏͏ options͏͏ to͏͏ employees

This͏͏ comes͏͏ as͏͏ Zomato’s͏͏ key͏͏ rival,͏͏ Swiggy,͏͏ is͏͏ gearing͏͏ up͏͏ for͏͏ a͏͏ significant͏͏ initial͏͏ public͏͏ offering͏͏ (IPO),͏͏ intensifying͏͏ the͏͏ competition͏͏ between͏͏ the͏͏ two͏͏ major͏͏ players͏͏ in͏͏ India’s͏͏ food͏͏ delivery͏͏ sector.

On͏͏ Friday,͏͏ Zomato͏͏ shares͏͏ closed͏͏ at͏͏ INR͏͏ 275.2,͏͏ marking͏͏ a͏͏ 2.4͏͏ percent͏͏ increase͏͏ on͏͏ the͏͏ BSE,͏͏ while͏͏ the͏͏ benchmark͏͏ Sensex͏͏ declined͏͏ by͏͏ 0.98͏͏ percent.͏͏ Year-to-date,͏͏ the͏͏ company’s͏͏ shares͏͏ have͏͏ risen͏͏ by͏͏ 121͏͏ percent͏͏ and͏͏ have͏͏ increased͏͏ by͏͏ 330͏͏ percent͏͏ over͏͏ the͏͏ past͏͏ two͏͏ years,͏͏ resulting͏͏ in͏͏ a͏͏ market͏͏ capitalization͏͏ of͏͏ INR͏͏ 2,43,122͏͏ crore.

Q1͏͏ FY25͏͏ Profit͏͏ and͏͏ Revenue͏͏ Growth:

In͏͏ Q1͏͏ FY25,͏͏ Zomato͏͏ experienced͏͏ substantial͏͏ year-on-year͏͏ growth͏͏ in͏͏ its͏͏ consolidated͏͏ net͏͏ profit,͏͏ reaching͏͏ INR͏͏ 253͏͏ crore.͏͏ During͏͏ the͏͏ same͏͏ period,͏͏ revenue͏͏ from͏͏ operations͏͏ rose͏͏ by͏͏ 74͏͏ percent͏͏ year-on-year͏͏ to͏͏ INR͏͏ 4,206͏͏ crore.

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

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IPO-bound Swiggy grants $271 Mn in ESOPs to founders, top executives

By
M Haziq Pandit
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0
Swiggy

IPO-bound foodtech giant Swiggy has granted employee stock options valued at $271 million to its founders and top management. This͏͏ move͏͏ is͏͏ part͏͏ of͏͏ the͏͏ stock-based͏͏ compensation͏͏ plan͏͏ rolled͏͏ out͏͏ in͏͏ April,͏͏ as͏͏ detailed͏͏ in͏͏ the͏͏ company’s͏͏ pre-listing͏͏ prospectus.

Major͏͏ Allocations͏͏ for͏͏ Founders:

Nearly͏͏ $200͏͏ million͏͏ of͏͏ this͏͏ stock͏͏ has͏͏ been͏͏ allocated͏͏ to͏͏ Sriharsha͏͏ Majety,͏͏ the͏͏ founder͏͏ and͏͏ group͏͏ chief͏͏ executive͏͏ officer͏͏ of͏͏ the͏͏ Bengaluru-based͏͏ company.͏͏ The͏͏ remaining͏͏ options͏͏ went͏͏ to͏͏ co-founders͏͏ Nandan͏͏ Reddy͏͏ and͏͏ Phani͏͏ Kishan͏͏ Addepalli,͏͏ chief͏͏ financial͏͏ officer͏͏ Rahul͏͏ Bothra,͏͏ chief͏͏ technology͏͏ officer͏͏ Madhusudhan͏͏ Rao,͏͏ food͏͏ marketplace͏͏ CEO͏͏ Rohit͏͏ Kapoor,͏͏ and͏͏ the͏͏ newly͏͏ appointed͏͏ CEO͏͏ of͏͏ Swiggy͏͏ Instamart,͏͏ Amitesh͏͏ Jha,͏͏ as͏͏ reported͏͏ by͏͏ ET.

While͏͏ Reddy͏͏ serves͏͏ as͏͏ the͏͏ company’s͏͏ head͏͏ of͏͏ innovation,͏͏ Addepalli͏͏ holds͏͏ the͏͏ position͏͏ of͏͏ chief͏͏ growth͏͏ officer͏͏ at͏͏ Swiggy.

For͏͏ Majety,͏͏ who͏͏ has͏͏ a͏͏ 6.23%͏͏ stake͏͏ in͏͏ the͏͏ company͏͏ on͏͏ a͏͏ fully͏͏ diluted͏͏ basis,͏͏ the͏͏ additional͏͏ ESOPs͏͏ granted͏͏ through͏͏ the͏͏ 2024͏͏ scheme͏͏ could͏͏ increase͏͏ his͏͏ stake͏͏ by͏͏ 2.2-2.5%.͏͏ He͏͏ plans͏͏ to͏͏ sell͏͏ shares͏͏ worth͏͏ $7.5͏͏ million͏͏ through͏͏ the͏͏ IPO’s͏͏ offer͏͏ for͏͏ sale͏͏ (OFS)͏͏ component.

Between͏͏ July͏͏ and͏͏ September,͏͏ Majety͏͏ and͏͏ Reddy͏͏ sold͏͏ shares͏͏ of͏͏ Swiggy͏͏ through͏͏ secondary͏͏ transactions.͏͏ Majety͏͏ offloaded͏͏ a͏͏ stake͏͏ valued͏͏ at͏͏ approximately͏͏ $23͏͏ million,͏͏ while͏͏ Reddy͏͏ sold͏͏ shares͏͏ worth͏͏ $12͏͏ million.

Jha,͏͏ who͏͏ joined͏͏ Swiggy͏͏ in͏͏ September͏͏ after͏͏ his͏͏ tenure͏͏ at͏͏ the͏͏ e-commerce͏͏ marketplace͏͏ Flipkart,͏͏ received͏͏ stock͏͏ options͏͏ valued͏͏ at͏͏ $13.3͏͏ million.͏͏ In͏͏ contrast,͏͏ Kapoor,͏͏ who͏͏ has͏͏ been͏͏ with͏͏ the͏͏ company͏͏ since͏͏ August͏͏ 2022,͏͏ was͏͏ awarded͏͏ stock͏͏ options͏͏ amounting͏͏ to͏͏ $9.8͏͏ million͏͏ under͏͏ the͏͏ new͏͏ ESOP͏͏ plan.

Under͏͏ the͏͏ scheme,͏͏ Swiggy͏͏ granted͏͏ stock͏͏ options͏͏ worth͏͏ $5.7͏͏ million͏͏ to͏͏ Ashwath͏͏ Swaminathan,͏͏ who͏͏ resigned͏͏ as͏͏ the͏͏ company’s͏͏ chief͏͏ growth͏͏ and͏͏ marketing͏͏ officer,͏͏ effective͏͏ September͏͏ 30.

Continue͏͏ Exploring:͏͏ IPO-bound Swiggy launches͏͏ fifth͏͏ ESOP liquidity͏͏ program͏͏ worth͏͏ $65͏͏ Million

Vesting͏͏ Period͏͏ and͏͏ Market͏͏ Implications:

It͏͏ is͏͏ worth͏͏ noting͏͏ that͏͏ the͏͏ stock͏͏ options͏͏ given͏͏ to͏͏ the͏͏ company’s͏͏ senior͏͏ management͏͏ under͏͏ the͏͏ ESOP͏͏ 2024͏͏ scheme͏͏ have͏͏ a͏͏ vesting͏͏ period͏͏ ranging͏͏ from͏͏ one͏͏ to͏͏ eight͏͏ years͏͏ from͏͏ the͏͏ date͏͏ they͏͏ were͏͏ granted.͏͏ Furthermore,͏͏ any͏͏ changes͏͏ in͏͏ the͏͏ company’s͏͏ stock͏͏ price͏͏ after͏͏ the͏͏ public͏͏ listing͏͏ may͏͏ affect͏͏ the͏͏ valuation͏͏ of͏͏ the͏͏ stock͏͏ rewards͏͏ issued.

Companies͏͏ usually͏͏ provide͏͏ additional͏͏ stock͏͏ options͏͏ to͏͏ founders͏͏ and͏͏ senior͏͏ management͏͏ as͏͏ performance͏͏ incentives͏͏ prior͏͏ to͏͏ going͏͏ public.͏͏ This͏͏ practice͏͏ is͏͏ particularly͏͏ common͏͏ among͏͏ consumer͏͏ internet͏͏ firms,͏͏ where͏͏ founders͏͏ often͏͏ experience͏͏ significant͏͏ dilution͏͏ of͏͏ their͏͏ stakes͏͏ during͏͏ multiple͏͏ fundraising͏͏ rounds.

The͏͏ news͏͏ was͏͏ first͏͏ reported͏͏ by͏͏ the͏͏ online͏͏ publication͏͏ The͏͏ Arc.

Swiggy͏͏ submitted͏͏ regulatory͏͏ filings͏͏ for͏͏ its͏͏ $1.25͏͏ billion͏͏ IPO͏͏ with͏͏ the͏͏ Securities͏͏ and͏͏ Exchange͏͏ Board͏͏ of͏͏ India͏͏ (SEBI)͏͏ in͏͏ April͏͏ using͏͏ the͏͏ regulator’s͏͏ confidential͏͏ filing͏͏ route.͏͏ Following͏͏ approval͏͏ from͏͏ SEBI,͏͏ it͏͏ submitted͏͏ an͏͏ updated͏͏ draft͏͏ prospectus͏͏ in͏͏ September.

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

The͏͏ fresh͏͏ issue͏͏ component͏͏ of͏͏ the͏͏ offering,͏͏ originally͏͏ set͏͏ at͏͏ $450͏͏ million,͏͏ may͏͏ be͏͏ increased͏͏ to͏͏ $600͏͏ million.͏͏ In͏͏ addition͏͏ to͏͏ Majety͏͏ and͏͏ Reddy,͏͏ major͏͏ Swiggy͏͏ investors͏͏ participating͏͏ in͏͏ the͏͏ OFS͏͏ component͏͏ include͏͏ the͏͏ company’s͏͏ largest͏͏ shareholder,͏͏ Prosus,͏͏ as͏͏ well͏͏ as͏͏ Norwest͏͏ Venture͏͏ Partners,͏͏ Elevation͏͏ Capital,͏͏ Accel,͏͏ Coatue,͏͏ and͏͏ Alpha͏͏ Wave͏͏ Global.

In͏͏ 2021,͏͏ Swiggy’s͏͏ main͏͏ competitor,͏͏ Zomato,͏͏ granted͏͏ its͏͏ founder͏͏ and͏͏ CEO͏͏ Deepinder͏͏ Goyal͏͏ stock-based͏͏ compensation͏͏ valued͏͏ at͏͏ approximately͏͏ $376͏͏ million.͏͏ As͏͏ of͏͏ June͏͏ 30,͏͏ Goyal͏͏ owned͏͏ a͏͏ 4.2%͏͏ stake͏͏ in͏͏ Zomato,͏͏ which͏͏ was͏͏ worth͏͏ over͏͏ $1.2͏͏ billion.

Likewise,͏͏ Paytm’s͏͏ parent͏͏ company,͏͏ One͏͏ 97͏͏ Communications,͏͏ granted͏͏ ESOPs͏͏ to͏͏ its͏͏ founder͏͏ and͏͏ CEO,͏͏ Vijay͏͏ Shekhar͏͏ Sharma,͏͏ in͏͏ 2021,͏͏ ahead͏͏ of͏͏ the͏͏ fintech͏͏ company’s͏͏ IPO.͏͏ However,͏͏ these͏͏ grants͏͏ reportedly͏͏ attracted͏͏ scrutiny͏͏ from͏͏ the͏͏ markets͏͏ regulator,͏͏ SEBI,͏͏ earlier͏͏ this͏͏ year.

Other͏͏ tech͏͏ startups,͏͏ such͏͏ as͏͏ Freshworks,͏͏ Delhivery,͏͏ and͏͏ PB͏͏ Fintech,͏͏ have͏͏ granted͏͏ stock-based͏͏ awards͏͏ to͏͏ their͏͏ founders͏͏ and͏͏ senior͏͏ management͏͏ prior͏͏ to͏͏ their͏͏ IPOs͏͏ in͏͏ 2021͏͏ and͏͏ 2022.͏͏ Notable͏͏ recipients͏͏ include͏͏ Girish͏͏ Mathrubootham,͏͏ the͏͏ founder͏͏ and͏͏ former͏͏ CEO͏͏ of͏͏ Freshworks;͏͏ Sahil͏͏ Barua,͏͏ founder͏͏ and͏͏ CEO͏͏ of͏͏ Delhivery;͏͏ and͏͏ PB͏͏ Fintech͏͏ founders͏͏ Yashish͏͏ Dahiya͏͏ and͏͏ Alok͏͏ Bansal.

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magicpin records 1.5 lakh daily food and logistics orders on ONDC

By
M Haziq Pandit
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0
magicpin

Hyperlocal delivery startup magicpin is recording 1.5 lakh daily food and logistics orders on the govt-backed Open Network for Digital Commerce (ONDC).

In͏͏ a͏͏ statement,͏͏ magicpin͏͏ revealed͏͏ that͏͏ the͏͏ number͏͏ of͏͏ orders͏͏ on͏͏ its͏͏ platform͏͏ surged͏͏ 1500X͏͏ over͏͏ the͏͏ past͏͏ 16͏͏ months,͏͏ increasing͏͏ from͏͏ 100͏͏ orders͏͏ in͏͏ May͏͏ 2023͏͏ to͏͏ 1.5͏͏ lakh.

It͏͏ also͏͏ noted͏͏ that͏͏ the͏͏ number͏͏ of͏͏ restaurants͏͏ in͏͏ its͏͏ network͏͏ increased͏͏ to͏͏ 70,000͏͏ by͏͏ the͏͏ end͏͏ of͏͏ September͏͏ 2024,͏͏ up͏͏ from͏͏ 22,000͏͏ when͏͏ it͏͏ launched͏͏ on͏͏ ONDC͏͏ in͏͏ March͏͏ of͏͏ last͏͏ year.

Double-Digit͏͏ Market͏͏ Share͏͏ Achieved:

“Over͏͏ the͏͏ past͏͏ 15͏͏ months,͏͏ we’ve͏͏ achieved͏͏ double-digit͏͏ market͏͏ share͏͏ in͏͏ major͏͏ cities,͏͏ surpassing͏͏ 10%͏͏ in͏͏ key͏͏ markets͏͏ like͏͏ Delhi͏͏ and͏͏ Bengaluru͏͏ for͏͏ overall͏͏ food͏͏ delivery.͏͏ We’re͏͏ also͏͏ excited͏͏ about͏͏ magicpin’s͏͏ success͏͏ on͏͏ ONDC,͏͏ where͏͏ we’ve͏͏ hit͏͏ 1.5͏͏ lakh͏͏ daily͏͏ orders͏͏ for͏͏ food͏͏ delivery͏͏ and͏͏ logistics,”͏͏ said͏͏ Anshoo͏͏ Sharma,͏͏ cofounder͏͏ and͏͏ CEO͏͏ of͏͏ magicpin.

Ambitious͏͏ Expansion͏͏ Plans:

Sharma͏͏ noted͏͏ that͏͏ magicpin͏͏ handles͏͏ 90%͏͏ of͏͏ food͏͏ orders͏͏ from͏͏ major͏͏ buyer͏͏ apps͏͏ like͏͏ Paytm,͏͏ Tata͏͏ Neu,͏͏ and͏͏ Ola.͏͏ He͏͏ also͏͏ mentioned͏͏ the͏͏ company’s͏͏ plans͏͏ to͏͏ onboard͏͏ 1͏͏ lakh͏͏ new͏͏ restaurants͏͏ and͏͏ cloud͏͏ kitchens͏͏ on͏͏ ONDC.

Continue͏͏ Exploring:͏͏ magicpin to͏͏ invest͏͏ INR͏͏ 100͏͏ Cr͏͏ to͏͏ onboard͏͏ 1͏͏ lakh͏͏ restaurants͏͏ and͏͏ cloud͏͏ kitchens͏͏ on͏͏ ONDC

“We͏͏ provide͏͏ a͏͏ strong͏͏ assortment,͏͏ seamless͏͏ demand-side͏͏ integration,͏͏ and͏͏ competitive͏͏ pricing͏͏ that͏͏ benefits͏͏ both͏͏ customers͏͏ and͏͏ merchants,”͏͏ said͏͏ CEO͏͏ Anshoo͏͏ Sharma,͏͏ highlighting͏͏ magicpin’s͏͏ unique͏͏ selling͏͏ proposition.

Founded͏͏ in͏͏ 2015͏͏ by͏͏ Anshoo͏͏ Sharma͏͏ and͏͏ Brij͏͏ Bhushan,͏͏ magicpin͏͏ began͏͏ as͏͏ a͏͏ restaurant͏͏ discovery͏͏ and͏͏ user͏͏ savings͏͏ platform.͏͏ It͏͏ later͏͏ became͏͏ one͏͏ of͏͏ the͏͏ first͏͏ platforms͏͏ to͏͏ join͏͏ ONDC,͏͏ helping͏͏ sellers͏͏ and͏͏ restaurants͏͏ adopt͏͏ the͏͏ open͏͏ protocol.

magicpin͏͏ has͏͏ been͏͏ focused͏͏ on͏͏ scaling͏͏ its͏͏ operations͏͏ due͏͏ to͏͏ the͏͏ growing͏͏ popularity͏͏ of͏͏ ONDC.͏͏ Earlier͏͏ this͏͏ year,͏͏ the͏͏ company͏͏ announced͏͏ plans͏͏ to͏͏ invest͏͏ INR͏͏ 100͏͏ crore͏͏ to͏͏ enhance͏͏ its͏͏ presence͏͏ on͏͏ the͏͏ state-backed͏͏ network,͏͏ providing͏͏ incentives͏͏ such͏͏ as͏͏ zero͏͏ commission͏͏ and͏͏ free͏͏ home͏͏ delivery͏͏ for͏͏ customers.

New͏͏ Logistics͏͏ Vertical͏͏ Launched:

Additionally,͏͏ the͏͏ company͏͏ provides͏͏ SaaS͏͏ tools͏͏ to͏͏ buyer͏͏ apps.͏͏ In͏͏ March͏͏ of͏͏ this͏͏ year,͏͏ the͏͏ hyperlocal͏͏ delivery͏͏ startup͏͏ entered͏͏ the͏͏ logistics͏͏ aggregation͏͏ space͏͏ with͏͏ the͏͏ launch͏͏ of͏͏ its͏͏ new͏͏ vertical,͏͏ Velocity,͏͏ serving͏͏ brands͏͏ such͏͏ as͏͏ KFC,͏͏ Burger͏͏ King,͏͏ and͏͏ IGP,͏͏ among͏͏ others.

Continue͏͏ Exploring:͏͏ magicpin ventures͏͏ into͏͏ logistics͏͏ aggregation͏͏ with͏͏ launch͏͏ of͏͏ ‘Velocity’͏͏ platform

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Zomato bolsters ‘going out’ vertical with appointment of former BookMyShow executive Kunal Khambhati

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M Haziq Pandit
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Zomato Kunal Khambhati
Kunal Khambhati

Ahead of the launch of its District app, foodtech giant Zomato has strengthened its ‘going out’ vertical by bringing on board Kunal Khambhati, former head of live events and IP at BookMyShow.

Khambhati͏͏ spent͏͏ over͏͏ seven͏͏ years͏͏ at͏͏ BookMyShow,͏͏ overseeing͏͏ live͏͏ events͏͏ and͏͏ intellectual͏͏ property͏͏ development͏͏ across͏͏ markets͏͏ such͏͏ as͏͏ India,͏͏ Indonesia,͏͏ and͏͏ Sri͏͏ Lanka.͏͏ According͏͏ to͏͏ his͏͏ LinkedIn͏͏ profile,͏͏ he͏͏ left͏͏ the͏͏ company͏͏ in͏͏ April.

Sources͏͏ close͏͏ to͏͏ Zomato͏͏ confirmed͏͏ Khambhati’s͏͏ appointment͏͏ but͏͏ were͏͏ unable͏͏ to͏͏ confirm͏͏ his͏͏ exact͏͏ designation͏͏ in͏͏ the͏͏ new͏͏ role.

The͏͏ Arc͏͏ was͏͏ the͏͏ first͏͏ to͏͏ report͏͏ on͏͏ his͏͏ move͏͏ to͏͏ Zomato.

Khambhati͏͏ will͏͏ join͏͏ a͏͏ group͏͏ of͏͏ senior͏͏ executives͏͏ recently͏͏ brought͏͏ on͏͏ by͏͏ Zomato͏͏ to͏͏ strengthen͏͏ its͏͏ ‘going͏͏ out’͏͏ vertical.͏͏ In͏͏ July,͏͏ the͏͏ company͏͏ rehired͏͏ Rahul͏͏ Ganjoo͏͏ and͏͏ Pradyot͏͏ Ghate,͏͏ both͏͏ of͏͏ whom͏͏ had͏͏ left͏͏ in͏͏ 2023.͏͏ At͏͏ the͏͏ time,͏͏ it͏͏ was͏͏ reported͏͏ that͏͏ they͏͏ would͏͏ lead͏͏ the͏͏ ‘going͏͏ out’͏͏ business.

Launching͏͏ the͏͏ District͏͏ App͏͏ Soon:

Since͏͏ August,͏͏ Zomato͏͏ has͏͏ been͏͏ hinting͏͏ at͏͏ the͏͏ launch͏͏ of͏͏ its͏͏ new͏͏ ‘District’͏͏ app,͏͏ aimed͏͏ at͏͏ the͏͏ ‘going͏͏ out’͏͏ segment.͏͏ The͏͏ app͏͏ will͏͏ enable͏͏ users͏͏ to͏͏ discover͏͏ and͏͏ book͏͏ restaurants,͏͏ as͏͏ well͏͏ as͏͏ purchase͏͏ tickets͏͏ for͏͏ movies,͏͏ sports͏͏ events,͏͏ live͏͏ performances,͏͏ and͏͏ more.

Continue͏͏ Exploring:͏͏ Zomato to͏͏ introduce͏͏ new͏͏ ‘District’͏͏ app͏͏ for͏͏ going-out business

Zomato Acquires͏͏ Paytm͏͏ Ticketing͏͏ Business:

In͏͏ a͏͏ move͏͏ to͏͏ challenge͏͏ BookMyShow’s͏͏ dominance͏͏ in͏͏ the͏͏ live͏͏ events͏͏ space,͏͏ Zomato͏͏ acquired͏͏ Paytm’s͏͏ entertainment͏͏ ticketing͏͏ business͏͏ in͏͏ August͏͏ for͏͏ INR͏͏ 2,048͏͏ crore.

Continue͏͏ Exploring:͏͏ Zomato completes͏͏ acquisition͏͏ of͏͏ Paytm’s͏͏ event͏͏ and͏͏ movie͏͏ ticketing͏͏ subsidiaries

In͏͏ a͏͏ recent͏͏ interview͏͏ with͏͏ Moneycontrol,͏͏ Zomato͏͏ founder͏͏ and͏͏ CEO͏͏ Deepinder͏͏ Goyal͏͏ revealed͏͏ the͏͏ company’s͏͏ plans͏͏ to͏͏ upgrade͏͏ stadiums͏͏ across͏͏ the͏͏ country͏͏ to͏͏ enhance͏͏ the͏͏ customer͏͏ experience͏͏ in͏͏ the͏͏ live͏͏ events͏͏ space.

“We’ll͏͏ need͏͏ to͏͏ build͏͏ stadiums͏͏ at͏͏ some͏͏ point.͏͏ Otherwise,͏͏ the͏͏ songs,͏͏ artists,͏͏ and͏͏ overall͏͏ experience͏͏ won’t͏͏ be͏͏ truly͏͏ worthwhile.͏͏ While͏͏ we͏͏ won’t͏͏ create͏͏ a͏͏ Zomato͏͏ stadium͏͏ ourselves,͏͏ we͏͏ plan͏͏ to͏͏ partner͏͏ with͏͏ someone͏͏ to͏͏ propose͏͏ upgrades͏͏ to͏͏ the͏͏ infrastructure͏͏ and͏͏ give͏͏ the͏͏ stadium͏͏ a͏͏ facelift.͏͏ We͏͏ can͏͏ manage͏͏ the͏͏ capital͏͏ expenditure͏͏ and,͏͏ in͏͏ return,͏͏ request͏͏ 40͏͏ days͏͏ of͏͏ rent-free͏͏ use͏͏ each͏͏ year,”͏͏ he͏͏ stated͏͏ in͏͏ the͏͏ interview.

Rising͏͏ Demand͏͏ for͏͏ Live͏͏ Events͏͏ in͏͏ India:

It͏͏ is͏͏ important͏͏ to͏͏ note͏͏ that͏͏ the͏͏ live͏͏ events͏͏ sector͏͏ is͏͏ experiencing͏͏ significant͏͏ demand͏͏ in͏͏ the͏͏ country.͏͏ Zomato,͏͏ which͏͏ served͏͏ as͏͏ the͏͏ exclusive͏͏ ticketing͏͏ partner͏͏ for͏͏ Diljit͏͏ Dosanjh’s͏͏ ‘Dil-luminati͏͏ Tour͏͏ –͏͏ India’,͏͏ witnessed͏͏ tickets͏͏ selling͏͏ out͏͏ within͏͏ minutes͏͏ and͏͏ being͏͏ resold͏͏ at͏͏ exorbitant͏͏ prices͏͏ on͏͏ secondary͏͏ ticketing͏͏ platforms.͏͏ Similarly,͏͏ BookMyShow,͏͏ which͏͏ partnered͏͏ with͏͏ the͏͏ ‘Coldplay:͏͏ Music͏͏ Of͏͏ The͏͏ Spheres͏͏ World͏͏ Tour’,͏͏ experienced͏͏ the͏͏ same͏͏ trend.

Zomato͏͏ shares͏͏ closed͏͏ Tuesday’s͏͏ trading͏͏ session͏͏ up͏͏ 4.75%͏͏ at͏͏ INR͏͏ 279͏͏ on͏͏ the͏͏ BSE.

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Ranveer Singh-backed Bold Care expands into women’s wellness with launch of ‘Bloom’

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M Haziq Pandit
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Ranveer Singh Bold Care

Bold Care, the sexual wellness startup backed by actor Ranveer Singh, has entered the women’s health and wellness sector with the launch of its new brand, Bloom.

Comprehensive͏͏ Solutions͏͏ for͏͏ Women’s͏͏ Health͏͏ Concerns:

According͏͏ to͏͏ the͏͏ company,͏͏ Bloom͏͏ will͏͏ provide͏͏ solutions͏͏ addressing͏͏ women’s͏͏ health͏͏ concerns͏͏ at͏͏ different͏͏ life͏͏ stages.͏͏ The͏͏ brand’s͏͏ product͏͏ lineup͏͏ features͏͏ offerings͏͏ for͏͏ sexual͏͏ health,͏͏ hygiene,͏͏ and͏͏ period͏͏ care.

“I,͏͏ along͏͏ with͏͏ the͏͏ founding͏͏ team,͏͏ firmly͏͏ believe͏͏ in͏͏ the͏͏ RCM͏͏ (research-backed,͏͏ clinically͏͏ tested,͏͏ maximum͏͏ efficacy)͏͏ methodology͏͏ to͏͏ deliver͏͏ comprehensive͏͏ wellness͏͏ solutions͏͏ for͏͏ the͏͏ root͏͏ causes͏͏ of͏͏ women’s͏͏ concerns.͏͏ We͏͏ are͏͏ thrilled͏͏ to͏͏ innovate͏͏ for͏͏ every͏͏ stage͏͏ of͏͏ women’s͏͏ wellness,”͏͏ said͏͏ Singh,͏͏ who͏͏ was͏͏ appointed͏͏ as͏͏ Bold͏͏ Care’s͏͏ co-founder͏͏ last͏͏ year.

Bold Care’s͏͏ Founding͏͏ Team͏͏ and͏͏ Product͏͏ Lineup:

Founded͏͏ in͏͏ 2020͏͏ by͏͏ Rajat Jadhav,͏͏ Rahul͏͏ Krishnan,͏͏ Harsh͏͏ Singh,͏͏ and͏͏ Mohit͏͏ Yadav,͏͏ Bold͏͏ Care͏͏ is͏͏ a͏͏ D2C͏͏ startup͏͏ focused͏͏ on͏͏ men’s͏͏ health͏͏ and͏͏ wellness.͏͏ The͏͏ company’s͏͏ product͏͏ lineup͏͏ features͏͏ condoms,͏͏ lubricants,͏͏ chewables,͏͏ and͏͏ gummies,͏͏ along͏͏ with͏͏ supplements͏͏ that͏͏ support͏͏ hair͏͏ growth,͏͏ immunity,͏͏ sleep,͏͏ and͏͏ more.

Ranveer Singh’s͏͏ Startup͏͏ Ventures:

Singh’s͏͏ involvement͏͏ in͏͏ startups͏͏ spans͏͏ more͏͏ than͏͏ just͏͏ Bold͏͏ Care.

In͏͏ February,͏͏ he͏͏ invested͏͏ in͏͏ boAt,͏͏ a͏͏ manufacturer͏͏ of͏͏ audio͏͏ products͏͏ and͏͏ smartwatches.͏͏ Prior͏͏ to͏͏ that,͏͏ he͏͏ backed͏͏ SUGAR͏͏ Cosmetics͏͏ in͏͏ 2022.

Continue͏͏ Exploring:͏͏ Allied͏͏ Blenders͏͏ partners͏͏ with͏͏ Ranveer Singh to͏͏ launch͏͏ new͏͏ premium͏͏ spirits͏͏ brand

Celebrity͏͏ Interest͏͏ in͏͏ the͏͏ Wellness Sector:

The͏͏ wellness͏͏ sector͏͏ has͏͏ also͏͏ drawn͏͏ the͏͏ attention͏͏ of͏͏ other͏͏ celebrities,͏͏ including͏͏ PV͏͏ Sindhu,͏͏ who͏͏ supported͏͏ the͏͏ D2C͏͏ consumer͏͏ health͏͏ startup͏͏ Hoop͏͏ in͏͏ July,͏͏ and͏͏ Samantha͏͏ Ruth͏͏ Prabhu,͏͏ who͏͏ invested͏͏ in͏͏ Secret͏͏ Alchemist,͏͏ an͏͏ aromatherapy-based͏͏ wellness͏͏ brand,͏͏ this͏͏ month

Continue͏͏ Exploring:͏͏ Samantha͏͏ Prabhu͏͏ invests͏͏ in͏͏ D2C͏͏ wellness brand͏͏ Secret͏͏ Alchemist,͏͏ joins͏͏ as͏͏ co-founder

This͏͏ development͏͏ comes͏͏ at͏͏ a͏͏ time͏͏ when͏͏ the͏͏ Indian͏͏ smart͏͏ wearables͏͏ market,͏͏ including͏͏ health͏͏ and͏͏ wellness͏͏ devices,͏͏ is͏͏ witnessing͏͏ significant͏͏ growth.

According͏͏ to͏͏ Allied͏͏ Market͏͏ Research,͏͏ this͏͏ market͏͏ is͏͏ set͏͏ to͏͏ see͏͏ a͏͏ CAGR͏͏ of͏͏ 23.91%͏͏ over͏͏ the͏͏ forecast͏͏ period͏͏ of͏͏ 2022͏͏ to͏͏ 2027.

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FMCG giant Emami expects 4-5x growth in quick commerce sales over next two years

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M Haziq Pandit
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Emami

Emami, the home-grown FMCG giant, expects a four to five-fold increase in sales via quick commerce channels over the next two years, according to Vice Chairman & MD Harsha V Agarwal. Additionally,͏͏ the͏͏ company͏͏ is͏͏ exploring͏͏ acquisition͏͏ opportunities͏͏ in͏͏ D2C͏͏ segments,͏͏ focusing͏͏ on͏͏ areas͏͏ such͏͏ as͏͏ nutrition,͏͏ pet͏͏ care,͏͏ and͏͏ health͏͏ food.

Positive͏͏ Outlook͏͏ for͏͏ Festive͏͏ Season͏͏ Sales:

The͏͏ Kolkata-headquartered͏͏ company͏͏ is͏͏ optimistic͏͏ about͏͏ strong͏͏ festive͏͏ season͏͏ sales,͏͏ bolstered͏͏ by͏͏ a͏͏ positive͏͏ monsoon͏͏ this͏͏ year,͏͏ especially͏͏ from͏͏ the͏͏ previously͏͏ lagging͏͏ rural͏͏ markets.

Recent͏͏ Acquisitions:

Recently,͏͏ the͏͏ firm͏͏ acquired͏͏ the͏͏ remaining͏͏ 49.6%͏͏ stake͏͏ in͏͏ Helios͏͏ Lifestyle,͏͏ which͏͏ owns͏͏ the͏͏ men’s͏͏ grooming͏͏ brand͏͏ ‘The͏͏ Man͏͏ Company‘.

Continue͏͏ Exploring:͏͏ Emami acquires͏͏ remaining͏͏ 49.6%͏͏ stake͏͏ in͏͏ Helios͏͏ Lifestyle͏͏ for͏͏ INR͏͏ 177.63͏͏ Cr

Furthermore,͏͏ the͏͏ firm͏͏ acquired͏͏ a͏͏ 26%͏͏ stake͏͏ in͏͏ Axiom͏͏ Ayurveda,͏͏ entering͏͏ the͏͏ packed͏͏ juice͏͏ market,͏͏ and͏͏ increased͏͏ its͏͏ investment͏͏ in͏͏ Cannis͏͏ Lupus,͏͏ a͏͏ pet͏͏ care͏͏ product͏͏ manufacturer.

“We͏͏ have͏͏ pursued͏͏ acquisitions͏͏ aggressively,͏͏ and͏͏ moving͏͏ forward,͏͏ we͏͏ will͏͏ continue͏͏ to͏͏ seek͏͏ opportunities,͏͏ whether͏͏ through͏͏ full͏͏ acquisitions͏͏ or͏͏ partnerships͏͏ with͏͏ D2C͏͏ companies͏͏ to͏͏ support͏͏ their͏͏ growth͏͏ and͏͏ develop͏͏ together,”͏͏ Agarwal͏͏ stated.

Revenue͏͏ Growth͏͏ from͏͏ Acquired͏͏ Brands:

In͏͏ its͏͏ latest͏͏ annual͏͏ report,͏͏ Emami͏͏ stated͏͏ that͏͏ acquired͏͏ brands͏͏ contributed͏͏ 45%͏͏ of͏͏ its͏͏ FY24͏͏ revenue,͏͏ while͏͏ non-seasonal͏͏ brands͏͏ made͏͏ up͏͏ 56%͏͏ of͏͏ the͏͏ total͏͏ revenue.

The͏͏ company,͏͏ which͏͏ owns͏͏ brands͏͏ like͏͏ Navratna,͏͏ Boro͏͏ Plus,͏͏ Kesh͏͏ King,͏͏ and͏͏ Fair͏͏ And͏͏ Handsome,͏͏ is͏͏ “cash-rich͏͏ and͏͏ zero-debt,”͏͏ increasing͏͏ its͏͏ ability͏͏ to͏͏ invest͏͏ in͏͏ “acquisitions͏͏ and͏͏ explore͏͏ new͏͏ categories”͏͏ with͏͏ lower͏͏ risk,͏͏ it͏͏ mentioned.

“There͏͏ are͏͏ several͏͏ areas͏͏ in͏͏ the͏͏ D2C͏͏ space,͏͏ including͏͏ nutrition,͏͏ pet͏͏ care,͏͏ and͏͏ health͏͏ food,͏͏ where͏͏ we͏͏ have͏͏ already͏͏ invested͏͏ and͏͏ are͏͏ looking͏͏ for͏͏ more͏͏ promising͏͏ opportunities,”͏͏ Agarwal͏͏ stated͏͏ on͏͏ the͏͏ sidelines͏͏ of͏͏ an͏͏ event͏͏ organized͏͏ by͏͏ the͏͏ industry͏͏ body͏͏ FICCI.

When͏͏ asked͏͏ about͏͏ quick͏͏ commerce,͏͏ Agarwal͏͏ mentioned͏͏ that͏͏ FMCG͏͏ companies͏͏ are͏͏ experiencing͏͏ “very,͏͏ very͏͏ fast”͏͏ growth͏͏ from͏͏ this͏͏ channel.

“We͏͏ anticipate͏͏ that͏͏ in͏͏ the͏͏ next͏͏ two͏͏ years,͏͏ we͏͏ will͏͏ grow͏͏ by͏͏ 4X͏͏ or͏͏ 5X͏͏ in͏͏ the͏͏ area͏͏ of͏͏ quick͏͏ commerce,”͏͏ he͏͏ said,͏͏ noting͏͏ that͏͏ the͏͏ rapid͏͏ growth͏͏ in͏͏ this͏͏ channel͏͏ is͏͏ due͏͏ to͏͏ the͏͏ “convenience͏͏ and͏͏ flexibility”͏͏ it͏͏ offers͏͏ to͏͏ buyers.

Continue͏͏ Exploring:͏͏ India’s͏͏ quick commerce sales͏͏ surge͏͏ 280%͏͏ in͏͏ two͏͏ years,͏͏ expected͏͏ to͏͏ reach͏͏ USD͏͏ 9.95͏͏ Bn͏͏ by͏͏ 2029

Agarwal͏͏ added͏͏ that͏͏ this͏͏ is͏͏ “a͏͏ very͏͏ relevant”͏͏ area͏͏ that͏͏ consumers͏͏ are͏͏ likely͏͏ to͏͏ remain͏͏ loyal͏͏ to.

“Therefore,͏͏ as͏͏ a͏͏ company,͏͏ we͏͏ are͏͏ seeking͏͏ additional͏͏ opportunities͏͏ to͏͏ offer͏͏ more͏͏ products͏͏ that͏͏ are͏͏ relevant͏͏ to͏͏ consumers͏͏ through͏͏ this͏͏ channel͏͏ and͏͏ capitalize͏͏ on͏͏ this͏͏ potential,”͏͏ he͏͏ said.

Optimism͏͏ for͏͏ Rural͏͏ Demand͏͏ This͏͏ Festive͏͏ Season:

Regarding͏͏ this͏͏ year’s͏͏ festive͏͏ season͏͏ demand,͏͏ he͏͏ stated,͏͏ “We͏͏ are͏͏ quite͏͏ optimistic.”

“The͏͏ monsoon͏͏ is͏͏ favorable,͏͏ and͏͏ we͏͏ anticipate͏͏ strong͏͏ rural͏͏ demand͏͏ during͏͏ the͏͏ festive͏͏ season.͏͏ We͏͏ are͏͏ looking͏͏ forward͏͏ to͏͏ it,”͏͏ Agarwal͏͏ said.

Agarwal͏͏ believes͏͏ the͏͏ trend͏͏ of͏͏ premiumization͏͏ will͏͏ continue͏͏ in͏͏ the͏͏ FMCG͏͏ sector,͏͏ as͏͏ consumers͏͏ seek͏͏ more͏͏ specific͏͏ and͏͏ niche͏͏ solutions͏͏ and͏͏ are͏͏ willing͏͏ to͏͏ pay͏͏ for͏͏ them.

For͏͏ the͏͏ financial͏͏ year͏͏ that͏͏ ended͏͏ in͏͏ March͏͏ 2024,͏͏ Emami’s͏͏ revenue͏͏ from͏͏ operations͏͏ reached͏͏ INR͏͏ 3,578͏͏ crore.

Continue͏͏ Exploring:͏͏ FMCG firms͏͏ adjust͏͏ to͏͏ quick commerce boom,͏͏ cut͏͏ distributor͏͏ sales͏͏ amid͏͏ inventory͏͏ oversupply

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Nestle India Chairman Suresh Narayanan to retire; Amazon’s Manish Tiwary to take over

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M Haziq Pandit
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Nestle India Suresh Narayanan Manish Tiwary
Suresh Narayanan & Manish Tiwary

Nestle India’s Chairman and Managing Director Suresh Narayanan will retire from the company on July 31, 2025, according to a stock exchange filing on Monday. He will be succeeded by Manish Tiwary, currently the country leader at Amazon‘s e-commerce platform,͏͏ who͏͏ will͏͏ assume͏͏ the͏͏ role͏͏ of͏͏ Managing͏͏ Director͏͏ effective͏͏ August͏͏ 1,͏͏ 2025.

Narayanan͏͏ has͏͏ been͏͏ with͏͏ Nestle͏͏ for͏͏ more͏͏ than͏͏ 26͏͏ years.

Tiwary’s͏͏ Industry͏͏ Background:

Tiwary͏͏ brings͏͏ nearly͏͏ three͏͏ decades͏͏ of͏͏ experience͏͏ in͏͏ the͏͏ e-commerce͏͏ and͏͏ consumer͏͏ goods͏͏ sectors.͏͏ He͏͏ has͏͏ been͏͏ with͏͏ Amazon͏͏ India͏͏ since͏͏ 2016,͏͏ following͏͏ a͏͏ 20-year͏͏ tenure͏͏ at͏͏ Unilever.

Continue͏͏ Exploring:͏͏ Amazon India͏͏ Head͏͏ Manish Tiwary steps͏͏ down͏͏ after͏͏ eight͏͏ years

Tiwary͏͏ holds͏͏ an͏͏ MBA͏͏ from͏͏ IIM͏͏ Bangalore͏͏ and͏͏ currently͏͏ serves͏͏ as͏͏ a͏͏ director͏͏ at͏͏ Amazon͏͏ Digital͏͏ Services͏͏ Private͏͏ Limited͏͏ and͏͏ More͏͏ Consumer͏͏ Brands͏͏ Private͏͏ Limited.͏͏ According͏͏ to͏͏ the͏͏ stock͏͏ exchange͏͏ filing,͏͏ he͏͏ will͏͏ resign͏͏ from͏͏ his͏͏ directorship͏͏ on͏͏ October͏͏ 30,͏͏ 2024.

Narayanan,͏͏ who͏͏ took͏͏ over͏͏ as͏͏ Managing͏͏ Director͏͏ of͏͏ Nestle͏͏ India͏͏ in͏͏ 2015,͏͏ played͏͏ a͏͏ key͏͏ role͏͏ in͏͏ revitalising͏͏ the͏͏ company’s͏͏ flagship͏͏ instant͏͏ noodles͏͏ brand,͏͏ Maggi,͏͏ following͏͏ a͏͏ ban͏͏ imposed͏͏ by͏͏ the͏͏ food͏͏ safety͏͏ authority͏͏ FSSAI.

Continue͏͏ Exploring:͏͏ Nestle India sets͏͏ sights͏͏ on͏͏ 6͏͏ Million͏͏ touchpoints,͏͏ focusing͏͏ on͏͏ volume͏͏ growth

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Zomato shares surge 4% as HSBC raises PT to INR 330

By
M Haziq Pandit
-
0
Zomato

Zomato shares surged over 4% in early trading today after brokerage HSBC reaffirmed its ‘buy’ rating, citing the company’s lead over Swiggy in growth and profitability across its food delivery and quick commerce segments.

The͏͏ stock͏͏ rose͏͏ by͏͏ 4.4%͏͏ to͏͏ INR͏͏ 278.15͏͏ on͏͏ the͏͏ BSE͏͏ after͏͏ HSBC͏͏ increased͏͏ its͏͏ price͏͏ target͏͏ from͏͏ INR͏͏ 260͏͏ to͏͏ INR͏͏ 330͏͏ per͏͏ share,͏͏ indicating͏͏ a͏͏ potential͏͏ upside͏͏ of͏͏ nearly͏͏ 24%͏͏ from͏͏ the͏͏ previous͏͏ close.

Year-to-Date͏͏ Growth͏͏ Outpaces͏͏ Sensex:

Notably,͏͏ shares͏͏ of͏͏ Deepinder͏͏ Goyal-led͏͏ Zomato͏͏ have͏͏ surged͏͏ over͏͏ 122%͏͏ year-to-date,͏͏ significantly͏͏ outperforming͏͏ the͏͏ Sensex,͏͏ which͏͏ has͏͏ risen͏͏ just͏͏ under͏͏ 13%͏͏ in͏͏ the͏͏ same͏͏ period.

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

Strong͏͏ Profitability͏͏ and͏͏ Revenue͏͏ Growth͏͏ in͏͏ Q1͏͏ FY25:

The͏͏ stock’s͏͏ bull͏͏ run͏͏ has͏͏ been͏͏ driven͏͏ by͏͏ Zomato’s͏͏ improving͏͏ profitability͏͏ and͏͏ top-line͏͏ growth.͏͏ In͏͏ the͏͏ June͏͏ quarter͏͏ of͏͏ FY25,͏͏ the͏͏ company͏͏ reported͏͏ a͏͏ sharp͏͏ increase͏͏ in͏͏ consolidated͏͏ net͏͏ profit,͏͏ rising͏͏ to͏͏ INR͏͏ 253͏͏ crore͏͏ from͏͏ INR͏͏ 2͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.

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

Meanwhile,͏͏ revenue͏͏ from͏͏ operations͏͏ surged͏͏ 74%͏͏ to͏͏ INR͏͏ 4,206͏͏ crore͏͏ in͏͏ Q1͏͏ FY25,͏͏ compared͏͏ to͏͏ INR͏͏ 2,416͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ quarter͏͏ last͏͏ year.

Zomato Leads͏͏ Over͏͏ Swiggy:

HSBC͏͏ analysts͏͏ highlighted͏͏ that͏͏ Zomato͏͏ maintains͏͏ its͏͏ dominance͏͏ in͏͏ the͏͏ food͏͏ delivery͏͏ and͏͏ quick͏͏ commerce͏͏ markets,͏͏ surpassing͏͏ IPO-bound͏͏ Swiggy.͏͏ While͏͏ competition͏͏ in͏͏ the͏͏ food͏͏ delivery͏͏ sector͏͏ appears͏͏ to͏͏ be͏͏ stabilizing,͏͏ there͏͏ is͏͏ still͏͏ significant͏͏ potential͏͏ for͏͏ Zomato͏͏ to͏͏ enhance͏͏ its͏͏ take͏͏ rates.

Conversely,͏͏ Swiggy,͏͏ which͏͏ recently͏͏ secured͏͏ shareholder͏͏ approval͏͏ to͏͏ raise͏͏ the͏͏ fresh͏͏ issue͏͏ component͏͏ of͏͏ its͏͏ IPO͏͏ to͏͏ INR͏͏ 5,000͏͏ crore,͏͏ trails͏͏ behind͏͏ Deepinder͏͏ Goyal’s͏͏ company͏͏ in͏͏ the͏͏ food͏͏ delivery͏͏ market͏͏ in͏͏ terms͏͏ of͏͏ active͏͏ user͏͏ base,͏͏ gross͏͏ order͏͏ volume,͏͏ and͏͏ order͏͏ frequency͏͏ growth,͏͏ according͏͏ to͏͏ the͏͏ brokerage.

Swiggy͏͏ Struggles͏͏ in͏͏ Quick͏͏ Commerce:

The͏͏ report͏͏ also͏͏ highlighted͏͏ that͏͏ Swiggy’s͏͏ quick͏͏ commerce͏͏ division,͏͏ Instamart,͏͏ is͏͏ finding͏͏ it͏͏ challenging͏͏ to͏͏ compete͏͏ with͏͏ Zomato’s͏͏ Blinkit.͏͏ However,͏͏ there͏͏ remains͏͏ potential͏͏ for͏͏ recovery͏͏ in͏͏ both͏͏ market͏͏ share͏͏ and͏͏ profitability.

Continue͏͏ Exploring:͏͏ Blinkit͏͏ best͏͏ positioned͏͏ to͏͏ benefit͏͏ from͏͏ quick͏͏ commerce͏͏ growth;͏͏ Zomato PT raised͏͏ to͏͏ INR͏͏ 353:͏͏ CLSA

As͏͏ of͏͏ Q1͏͏ FY25,͏͏ Blinkit͏͏ posted͏͏ an͏͏ annual͏͏ gross͏͏ merchandise͏͏ value͏͏ (GMV)͏͏ of͏͏ $2.4͏͏ billion,͏͏ reflecting͏͏ an͏͏ 84%͏͏ increase͏͏ over͏͏ Instamart’s͏͏ $1.3͏͏ billion.͏͏ This͏͏ growth͏͏ was͏͏ fueled͏͏ by͏͏ Blinkit’s͏͏ robust͏͏ performance͏͏ in͏͏ essential͏͏ metrics͏͏ such͏͏ as͏͏ dark͏͏ store͏͏ additions,͏͏ average͏͏ order͏͏ volume,͏͏ and͏͏ daily͏͏ orders͏͏ per͏͏ store.

In͏͏ the͏͏ past͏͏ two͏͏ years,͏͏ Blinkit͏͏ has͏͏ launched͏͏ 260͏͏ dark͏͏ stores,͏͏ while͏͏ Instamart͏͏ added͏͏ 121.͏͏ By͏͏ the͏͏ end͏͏ of͏͏ Q1͏͏ FY25,͏͏ Blinkit͏͏ operated͏͏ 639͏͏ dark͏͏ stores,͏͏ compared͏͏ to͏͏ Swiggy’s͏͏ 581.

During͏͏ the͏͏ quarter,͏͏ Blinkit͏͏ reported͏͏ a͏͏ gross͏͏ order͏͏ value͏͏ (GOV)͏͏ of͏͏ INR͏͏ 4,923͏͏ crore,͏͏ which͏͏ is͏͏ 1.8͏͏ times͏͏ greater͏͏ than͏͏ that͏͏ of͏͏ Swiggy’s͏͏ Instamart.͏͏ Additionally,͏͏ its͏͏ take͏͏ rates͏͏ exceeded͏͏ those͏͏ of͏͏ Instamart͏͏ by͏͏ 430͏͏ basis͏͏ points.

Zomato Holds͏͏ 58%͏͏ Market͏͏ Share:

In͏͏ a͏͏ recent͏͏ research͏͏ note,͏͏ Morgan͏͏ Stanley͏͏ highlighted͏͏ that͏͏ Zomato͏͏ holds͏͏ a͏͏ market͏͏ share͏͏ of͏͏ 58%͏͏ in͏͏ the͏͏ food͏͏ delivery͏͏ segment,͏͏ an͏͏ increase͏͏ from͏͏ 54%͏͏ in͏͏ FY22.͏͏ The͏͏ company͏͏ also͏͏ outperforms͏͏ Swiggy͏͏ in͏͏ contribution͏͏ margins͏͏ and͏͏ adjusted͏͏ EBITDA,͏͏ thanks͏͏ to͏͏ its͏͏ scalability.

Meanwhile,͏͏ Swiggy͏͏ Instamart͏͏ is͏͏ lagging͏͏ behind͏͏ Zomato’s͏͏ quick͏͏ commerce͏͏ division,͏͏ Blinkit,͏͏ with͏͏ disparities͏͏ in͏͏ average͏͏ order͏͏ volume͏͏ and͏͏ take͏͏ rate͏͏ contributing͏͏ to͏͏ the͏͏ margin͏͏ gap.͏͏ While͏͏ Swiggy͏͏ Instamart͏͏ recorded͏͏ an͏͏ adjusted͏͏ EBITDA͏͏ loss͏͏ of͏͏ -11.7%͏͏ in͏͏ Q1͏͏ FY25,͏͏ Blinkit͏͏ nearly͏͏ achieved͏͏ EBITDA͏͏ break-even͏͏ at͏͏ -0.1%,͏͏ according͏͏ to͏͏ the͏͏ brokerage.

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Beauté Secrets receives INR 1.6 crore from Velocity ahead of festive season

By
Ashutosh Dubey
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0
Beauty, E-commerce, Quick commerce, Retail Sector
Beauté Secrets receives INR 1.6 crore from Velocity ahead of festive season

Beauté Secrets, a beauty tools brand from Gurgaon, received INR 1.6 crore from Velocity, backed by Peter Thiel’s Valar Ventures. Just in time for the festive season, this funding will help them grow on quick commerce platforms and launch new products as the brand aims.

Established by Harnika Aneja in 2010, Beauté Secrets is known for its quality and affordable beauty tools that enhance natural beauty without chemicals or heavy makeup. They offer basic, essential, and premium products to meet various customer needs and budgets. Their range includes manicure/pedicure kits, tweezers, cuticle trimmers, foot scrubbers, hair brushes, and scissors, combining looks, function, and affordability.

Beauté Secrets aims to launch travel-friendly, durable beauty tools

According to Indian Retailer, Harika Aneja, Co-Founder, Beauté Secrets released a statement regarding launch of new products, “Our focus on creating travel-friendly, durable, and elegant beauty tools has resonated with consumers looking for quality products without breaking the bank. By maintaining reasonable pricing while ensuring durability and precision in our tools, we’ve successfully met the varied needs of our clientele and established Beauté Secrets as a trusted brand in the beauty tools market.”

Notably, the brand has grown remarkably by providing stylish and effective beauty tools. Since starting, they’ve served over 4 million customers in India and grown three times, despite tough competition.

Marking Its expansion. They mainly sell online now but are looking at partnerships with major distributors and planning to enter top retail stores in major Indian cities. With backing from Velocity, they’ll grow, add new product categories, and keep making innovative tools for simple natural beauty routines.

However this festive season will be huge for Beauté Secrets. With more products and a stronger presence on quick commerce platforms, they’re expecting high demand. Their social media engagement will help them serve their growing customer base during this busy shopping time.

India’s Beauty & Personal Care market targets $ 31.56 billion in 2024

In relation to the investment, Atul Khichariya, Co-founder and COO of Velocity said, “We’re excited to support Beauté Secrets growth journey. Our financing enables brands like Beauté Secrets to capitalize on the festive season demand, which often accounts for a significant portion of their annual sales. By providing the necessary working capital, we’re helping promising D2C brands reach their full potential.”

Notably, Statista projects that India’s Beauty & Personal Care market will make $ 31.56 billion in 2024, growing at 2.76% annually from 2024-2029. As this sector grows, Beauté Secrets is well-placed to gain a large share, due to its focus on affordable innovation and keeping customers happy.

Meanwhile, Velocity has helped many digital-first brands like Koskii, Power Gummies, Hammer, Bella Vita Organic, and Bewakoof succeed. Their strategic funding is crucial for D2C brands like Beauté Secrets, especially during busy times like the festive season. As the market prepares for high sales, Velocity’s support ensures these brands have the resources to thrive.


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