Bira 91 Faces Funding Crisis; Kirin Holdings, Anicut Capital Acquire The Beer Cafe

funding

October 29, 2025

In a significant shake-up for India’s craft beer market, Japanese brewer Kirin Holdings and its financial partner Anicut Capital have assumed control of The Beer Cafe, a subsidiary of B9 Beverages, the parent company of Bira 91. The move follows Bira 91’s worsening financial position and declining sales volumes, which prompted lenders to take possession of shares pledged as collateral.

According to filings with the Registrar of Companies, the share transfer leaves B9 Beverages with no ownership stake in The Beer Cafe operator, Better Than Before (BTB), which runs 42 pubs across India. The change in ownership, confirmed by Beer Cafe founder and CEO Rahul Singh, marks a new chapter for the popular pub chain. “With a renewed focus on innovation and sustainable growth, we are stepping into this phase with optimism,” Singh said.

Founded by Ankur Jain, B9 Beverages acquired BTB in an all-stock deal in 2022. The subsidiary contributed nearly 35 percent of B9’s consolidated revenue in FY25. However, mounting losses have cast a shadow over the company’s growth story. In FY24, B9 Beverages reported revenues of ₹638 crore, a net loss of ₹748 crore, and negative cash flow of ₹84 crore. The brewer’s total accumulated losses stood at ₹1,904 crore, while liabilities exceeded assets by ₹619.6 crore.

Industry sources said the lenders’ move was aimed at safeguarding BTB’s operations and employees in the event of bankruptcy. Bira 91’s founder, however, has challenged the action in the Delhi High Court, calling it a breach of contract. The court issued an interim order restricting any third-party sale of BTB shares.

As of June 2025, Kirin held 20.1% in B9 Beverages, followed by Peak XV Partners (14.6%) and the Jain family (17.8%).

Bengaluru’s iD Fresh Food stirs the market with a 5x jump in profits and 22% revenue rise to ₹681 crore

Growth

SnackTeam

October 29, 2025

Bengaluru-based ready-to-cook food company iD Fresh Food has reported a sharp fivefold jump in profits for FY25, touching around ₹26 crore. The impressive growth comes on the back of a 22 percent surge in revenue, which rose to ₹681.38 crore from ₹557.85 crore in the previous financial year.

The company’s strong performance was driven by steady demand across its core portfolio, which includes idli-dosa batter, parotas, and grated coconut. iD Fresh’s focus on expanding its reach and improving cost efficiency across manufacturing and distribution channels played a key role in boosting margins, even as input costs remained high.

According to its consolidated financial statements, the company successfully ramped up production and strengthened its distribution network across India and the Gulf markets. Its operating leverage improved significantly, helping offset higher raw material expenses.

The growth also highlights how iD Fresh continues to solidify its position in the ready-to-cook segment — a space that has witnessed rising consumer adoption amid busy urban lifestyles and growing demand for convenient yet healthy food options.

Founded in 2005, iD Fresh Food has evolved into one of India’s most trusted homegrown food brands, known for its focus on freshness, natural ingredients, and innovative packaging. With FY25’s performance showing strong profitability and operational strength, the company seems well-positioned to continue its expansion and maintain its leadership in the fast-growing fresh food category.

CAVU backs Recess with $30 million funding boost as the functional drink brand expands beyond CBD into mood-boosting beverages

funding

SnackTeam

October 29, 2025

Recess, the New York-based functional beverage brand founded by Ben Witte in 2018, has raised $30 million in a Series B funding round led by CAVU Consumer Partners. The round also saw participation from existing investors, marking a strong vote of confidence in the brand’s rapid growth and evolving product strategy.

CAVU, known for backing breakout consumer brands like Poppi, first invested in Recess in 2021. Its decision to double down underscores growing investor appetite for functional and wellness-oriented beverage companies.

Recess started out as a CBD-infused sparkling water brand, tapping into the early wellness trend. But as regulations and consumer preferences shifted, the company smartly diversified in 2021, expanding into broader functional beverage categories. Today, Recess offers a range of magnesium- and adaptogen-infused drinks designed to promote calm, focus, and mood balance, alongside several drink mix variants.

The funding will help Recess scale production, expand distribution, and strengthen its marketing presence across the U.S. The company has also brought on a major industry hire — Kyle Thomas, former CRO and COO at Nutrabolt, who joins as President and Co-CEO. His experience in scaling consumer brands is expected to play a key role in driving Recess’s next phase of growth.

As consumers increasingly seek beverages that offer both refreshment and functional benefits, Recess aims to cement its place among the leading players in the wellness drink category — one that continues to grow rapidly with investor interest and consumer demand.

Milky Mist Dairy Secures SEBI Approval for ₹2,035 Crore IPO Amid Strong Revenue Growth

funding

SnackTeam

October 28, 2025

Milky Mist Dairy Foods Ltd, one of India’s fastest-growing dairy brands, has received approval from the Securities and Exchange Board of India (SEBI) to launch its ₹2,035 crore initial public offering (IPO). The Tamil Nadu–based company, known for its value-added dairy products, plans to use the funds to scale operations, repay borrowings, and strengthen its manufacturing infrastructure.

The IPO will include a fresh issue of shares worth up to ₹1,785 crore and an offer for sale of ₹250 crore by promoters T. Sathishkumar and Anitha S, according to the company’s red herring prospectus. Of the total proceeds, Milky Mist intends to allocate ₹750 crore toward repayment or prepayment of loans, ₹414.7 crore for expanding and modernizing its Perundurai facility, and ₹129.4 crore to enhance its distribution with visi coolers and freezers across markets. The remaining funds will go toward general corporate purposes.

Founded in Erode, Milky Mist has built its brand around high-margin, value-added dairy products such as paneer, cheese, curd, yogurt, ghee, butter, and ice cream. By deliberately avoiding the liquid milk segment, the company has maintained profitability levels closer to fast-moving consumer goods (FMCG) firms.

Milky Mist sources milk directly from over 67,000 farmers and operates one of India’s most automated dairy facilities. Its paneer and curd products are priced at a 10 to 25 percent premium compared to competitors. The company reported ₹2,349 crore in revenue for FY25, up from ₹1,394 crore in FY23, reflecting a 30 percent compound annual growth rate.

Its expanding portfolio includes sub-brands like Capella, SmartChef, and Misty Lite, alongside recent acquisitions such as Asal and Briyas. JM Financial, Axis Capital, and IIFL Capital are managing the issue, while KFin Technologies will serve as registrar. Shares will be listed on both NSE and BSE.

Retailers Stock Up as Colder Winter, GST Cuts Boost Consumer Demand in India

Retail & Ecommerce

SnackTeam

October 28, 2025

Consumer goods and apparel retailers are ramping up winter inventories after festive season demand outpaced expectations, signaling a buoyant close to the year. Industry executives say primary sales—from companies to retailers—have jumped nearly 20% year-on-year, buoyed by the recent Goods and Services Tax (GST) rate cuts and improving consumer sentiment.

Hindustan Unilever (HUL), Emami, Bajaj Electricals, Dabur, Lifestyle International, and V-Mart Retail are among the companies anticipating a strong winter quarter. “The trade is stocked up pretty well for winter. If we have a decent season, we should see solid growth,” said Ritesh Tiwari, Chief Financial Officer at HUL, which has a broad range of cold-weather products, from creams and moisturisers to lip balms.

Emami Vice-Chairman Mohan Goenka said winter-related stocking demand has risen in double digits, with the season beginning earlier than usual. “Sentiments are very positive, and growth could have been higher if not for the brief Diwali distributor closure,” he added.

The upbeat mood extends to appliance makers too. Bajaj Electricals Managing Director Sanjay Sachdeva noted a sharp rise in orders for water and room heaters, with primary sales expanding in double digits.

Apparel retailers are equally optimistic. Lifestyle International CEO Devarajan Iyer said the company expects up to 20% growth this season, particularly across northern and eastern India, where temperatures have already begun to dip. The India Meteorological Department’s forecast of a colder-than-usual winter due to La Niña has further boosted confidence.

For FMCG and apparel players, winter contributes as much as 25% of annual revenue. Following weak summer sales, the sector is counting on the combination of a prolonged wedding season, improved liquidity, and stronger consumer sentiment to deliver one of the most robust winter quarters in recent years.

Lenskart Delivers ₹62 Crore Q1 Profit as Revenue Climbs 25% Ahead of Stock Market Debut

funding

SnackTeam

October 28, 2025

Eyewear retailer Lenskart Solutions Ltd has posted a strong first-quarter performance ahead of its much-anticipated initial public offering, with the company swinging to a net profit of Rs 61.2 crore in the April–June period of FY26. This marks a turnaround from a loss of Rs 11 crore in the same quarter last year, according to its Red Herring Prospectus (RHP).

The company’s operating revenue climbed 25% year-on-year to Rs 1,894 crore, up from Rs 1,520 crore in Q1 FY25, driven by growth across both domestic and international markets.

Founded by Peyush Bansal and Amit Chaudhary, Lenskart had already closed FY25 on a high note, reporting a net profit of Rs 297 crore, reversing a Rs 10 crore loss in FY24. Full-year revenue rose 22% to Rs 6,652 crore, compared with Rs 5,428 crore in the previous fiscal.

Lenskart’s overseas operations continue to play a major role, contributing nearly 40% of its Q1 FY26 revenue, led by markets such as Taiwan, Australia, Japan, South Korea, Thailand, and the Middle East. International revenue rose to Rs 736 crore, up from Rs 584 crore a year earlier.

The company operates more than 2,800 stores globally, including 2,137 in India. Its India business generated Rs 1,169 crore in revenue in Q1 FY26, compared with Rs 936 crore a year ago.

The upcoming IPO, opening on October 31 and closing on November 4, includes a fresh issue of Rs 2,150 crore and an offer for sale worth Rs 5,128 crore, pegging Lenskart’s valuation at around Rs 70,000 crore. Proceeds from the issue will fund new store expansion (Rs 272 crore) and leasing, rentals, and operational costs (Rs 591 crore).

EBITDA surged to Rs 336.6 crore from Rs 183.4 crore last year, reflecting better operating leverage and efficiency gains.

EatFit & CakeZone Parent Curefoods to Hit Dalal Street with ₹800 Crore IPO; Early Investors Eye Big Payouts

INVESTMENTS

SnackTeam

October 27, 2025

Cloud kitchen operator Curefoods, the company behind popular food brands such as EatFit, CakeZone, and Krispy Kreme (India), has received approval from the Securities and Exchange Board of India (SEBI) to launch its ₹800 crore initial public offering (IPO), as reported by Moneycontrol.

The public issue will consist of a fresh equity issue along with an offer-for-sale (OFS) of up to 4.85 crore shares, giving several early investors a chance to either trim down or fully exit their stakes.

Ankit Nagori, founder and CEO of Curefoods, will retain his entire holding and has confirmed that he will not be selling any of his shares in the IPO.

Investors planning to offload part of their holdings include Iron Pillar, Crimson Winter, Accel, Chiratae Ventures, and Curefit Healthcare — the last of which was co-founded by Mukesh Bansal and Ankit Nagori.

According to the report, Iron Pillar PCC will be the largest seller, offering around 1.91 crore shares. Crimson Winter will sell roughly 97.6 lakh shares, followed by Accel (45.7 lakh shares), Chiratae Ventures (36.6 lakh shares), and Curefit Healthcare (12.8 lakh shares).

Iron Pillar is also set to be the biggest beneficiary of the IPO, with its estimated exit value projected to be 2.6 times higher than that of Accel and Chiratae, based on the weighted average acquisition cost.

With this move, Curefoods is poised to strengthen its presence in India’s rapidly growing cloud kitchen space while rewarding early backers who bet on its multi-brand food ecosystem early on.

India’s FMCG Market Sees Slowdown as GST Changes and Rainfall Disrupt Sales

FMCG

SnackTeam

October 27, 2025

India’s fast-moving consumer goods (FMCG) sector faced a turbulent September quarter as erratic monsoons and the rollout of revised GST slabs weighed on sales for global majors across categories. Companies ranging from Hindustan Unilever and Reckitt to PepsiCo, Coca-Cola, and Heineken reported muted growth or temporary declines, even as they maintained confidence in India’s long-term consumption potential.

Unilever’s chief executive Fernando Fernandez said the company saw short-term disruption due to GST adjustments but believes the reform will benefit nearly 40% of its product portfolio by making prices about 10% lower. He added that India remains among the company’s strongest growth markets in the medium term.

At Reckitt, net revenue growth was affected by the GST transition, although its flagship hygiene brand Dettol continued to post volume-led gains. Chief financial officer Shannon Eisenhardt told investors that the third-quarter impact from GST phasing was in the “low to mid-single digits,” with India’s like-for-like growth staying marginally positive.

Beer maker Heineken, which controls United Breweries, cited heavy rains in several states for a mid-single-digit decline in volumes during the quarter. The unusual monsoon, which hit beverage consumption in both on-trade and off-trade channels, also dented sales for soft drink giants Coca-Cola and PepsiCo.

Despite these challenges, FMCG executives remain upbeat. Coca-Cola CEO James Quincey said India continues to represent “huge potential for long-term volume growth,” supported by a young consumer base and expanding rural penetration, though at lower price points compared with mature markets.

Industry analysts say the September quarter marks a temporary correction rather than a trend reversal. With rural demand improving, inflation easing, and logistics stabilizing post-GST, FMCG players are expected to regain momentum in the coming months, reinforcing India’s status as one of the most dynamic consumer markets globally.

India’s Beauty Industry Lures Global Brands with Cost Benefits and Rising Luxury Demand

Beauty

SnackTeam

October 27, 2025

India is fast emerging as the world’s next beauty manufacturing hub, attracting global cosmetics giants eager to tap into a market projected to quadruple over the next decade. Japanese luxury skincare and cosmetics company Shiseido is the latest to confirm plans to manufacture in India as it scales operations, joining peers Estée Lauder and The Body Shop, which are in advanced talks with local partners to produce domestically.

“Local manufacturing offers inherent advantages, including lower duties and faster access to consumers,” said Sanjay Sharma, country head of Shiseido India. The company, which currently imports its entire portfolio, said the move is part of a long-term global plan contingent on business scale.

According to a joint report by Kearney and LuxAsia, India’s luxury beauty market—currently valued at $800 million—is expected to reach $4 billion by 2035, driven by rising incomes, urbanization, and aspirational consumption. With China’s luxury demand slowing, India is fast becoming the next big growth story for global beauty brands.

In recent months, high-end and celebrity-led labels such as Rare Beauty, Fenty Beauty, Anomaly, H&M Beauty, and Huda Beauty have made their India debut. Executives at import firms say at least two more celebrity-owned brands are scouting exclusive Indian manufacturing partners to produce locally at mid-tier price points.

Estée Lauder, which operates nine global production sites, has already rolled out limited-edition products made in India through a third-party partner. Its CEO Stéphane de La Faverie recently confirmed “massive investments” in India, highlighting strategies like smaller pack sizes and affordable luxury offerings to appeal to a broader base of consumers.

With import duties currently totaling nearly 48%, local manufacturing is becoming not just an efficiency move but a competitive necessity. As global beauty giants invest, India is fast cementing its status as the next powerhouse in global cosmetics production.

UPI Payments Rise 34% as Indians Spend More on Eating Out and Food Delivery

Growth

SnackTeam

October 24, 2025

Image of upi — UPI Payments Rise 34% as Indians Spend More on Eating Out and Food Delivery

India’s appetite for dining out is reshaping the country’s spending habits, with restaurant payments recording a sharp surge this year. Unified Payments Interface (UPI) transactions for eating places jumped 34% to 14 billion in the six months to September, compared with 10.4 billion in the same period last year. The value of these payments rose to ₹1.9 lakh crore from ₹1.5 lakh crore, signalling strong consumer momentum despite inflationary pressures.

Data indicates that Indians spent an average of ₹1,056 crore daily on dining out during the first half of FY26, up from ₹810 crore a year ago. Restaurant payments now account for nearly one-fifth of total UPI transactions. The shift aligns with a broader trend in household expenditure — the share of restaurants and hotels in total consumption spending touched a decade-high of 2.3% in FY24.

Industry executives say the recent GST rate cuts have further lifted sentiment. “The October–December quarter will be the strongest of the year, with industry growth expected at 18–20%,” said Sagar Daryani, president of the National Restaurant Association of India and cofounder of Wow! Momo. His brand has seen 21% annual growth, ahead of the industry average of 12–19%.

The momentum extends beyond metros, with tier-2 and tier-3 cities contributing significantly to growth. Brands like Daryaganj Hospitality and Speciality Restaurants are witnessing record sales during the festive season. “Eating out has become the biggest form of entertainment in India,” said Amit Bagga, CEO of Daryaganj Hospitality.

Experts note that dining is evolving from a functional activity to an experiential one. “Guests now choose experiences that make them feel special,” said Divya Aggarwal of Impresario Entertainment. With inflation in cooked snacks up to 4.1% this fiscal and UPI usage rising 10%, India’s food service industry appears set for a historic year.

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