Apax Partners Buys Minority Stake in iD Fresh Food at ₹4,500 Crore Valuation

funding

January 6, 2026

London-based private equity firm Apax Partners is set to make its first major foray into India’s fresh foods space by acquiring a significant minority stake in Bengaluru-headquartered iD Fresh Food, a company closely associated with preservative-free, ready-to-cook Indian staples such as idli and dosa batter.

While the companies have not disclosed the financial details, people familiar with the transaction said Apax will pick up roughly a 25 percent stake, valuing iD Fresh Food at around ₹4,500 crore. The investment is largely a secondary transaction, with existing investors Premji Invest and TPG NewQuest partially selling down their holdings while continuing to remain shareholders. Co-founder and chief executive PC Musthafa, along with family promoters, will retain control of the business.

Founded in 2005, iD Fresh Food began as a small local supplier of idli-dosa batter and has since scaled into one of India’s most recognisable fresh food brands. The company now operates across more than 50 cities in India and the Gulf region, employs close to 2,400 people, and has expanded its portfolio to include flatbreads, chutneys, sambar, and select dairy-based products, all positioned around freshness and clean labels.

For the financial year 2024-25, iD Fresh Food reported revenue of ₹688.2 crore, marking a year-on-year growth of over 22 percent, according to filings with the Registrar of Companies. The steady growth reflects rising demand for convenient home-cooked meal solutions among urban consumers.

PC Musthafa said the partnership would help accelerate expansion, strengthen manufacturing capacity, and broaden the product range while entering newer markets. Apax Partners, which has advised and raised funds totalling nearly $80 billion globally, sees iD Fresh as a play on long-term trends such as urbanisation, higher disposable incomes, and shifting food consumption habits.

Harjot Dhaliwal, partner and head of India at Apax, said the firm plans to work closely with the management team to deepen distribution, invest in brand-building, and use technology to improve supply chain efficiency. Apax has invested about $3.6 billion in India since 2007, with interests spanning technology, healthcare, and consumer-facing businesses.

Tata-Owned CaratLane Names Jigar Vyas as Chief Financial Officer

Business

SnackTeam

January 6, 2026

Tata group–backed jewellery retailer CaratLane has strengthened its senior leadership by appointing Jigar Vyas as its new Chief Financial Officer, a move that comes as the omni-channel brand continues to expand its footprint across India’s organised jewellery market.

In his new role, Vyas will lead CaratLane’s finance and accounting functions, with a mandate that spans financial planning, capital allocation, governance, risk management, and internal controls. He will work closely with the company’s leadership team to support scale-led growth while ensuring tighter cost discipline and long-term financial sustainability.

Vyas brings more than 16 years of experience across business finance and commercial strategy, with exposure to both large corporates and high-growth consumer brands. Before joining CaratLane, he held senior finance roles at ITC Ltd, market research firm Nielsen, and beauty and personal care brand SUGAR Cosmetics. Across these organisations, he has led finance operations covering budgeting, forecasting, performance management, cost optimisation, and compliance across multiple geographies.

At SUGAR Cosmetics, Vyas played a key role in supporting rapid scale-up, managing finance operations in a fast-evolving direct-to-consumer environment. His earlier stints at ITC and Nielsen provided experience in managing complex financial structures, large teams, and data-driven decision-making in established enterprises.

The appointment comes at a time when CaratLane is reporting robust growth. In the second quarter of FY26, the company posted revenue of Rs 1,072 crore, marking a year-on-year increase of over 32 percent compared to Rs 811 crore in the same period last year. The performance reflects steady demand across both online and offline channels, supported by network expansion, marketing investments, and a growing customer base.

CaratLane operates at the intersection of digital retail and physical jewellery stores, positioning itself as a modern, accessible alternative in a traditionally fragmented market. With Vyas stepping into the CFO role, the company is expected to sharpen its focus on financial efficiency as it pursues its next phase of growth under the Tata Group umbrella.

Reliance ropes in Amitabh Bachchan as brand ambassador for Campa Sure packaged water

SnackTeam

January 6, 2026

Reliance Consumer Products Limited has brought Amitabh Bachchan on board as the face of its packaged drinking water brand, Campa Sure, as the company sharpens its push in India’s highly competitive bottled water market. People familiar with the development said the association has been signed for an initial period of one year and is designed to combine Bachchan’s unmatched mass reach with Campa Sure’s value-led positioning.

The move signals Reliance’s intent to scale Campa Sure rapidly by targeting price-sensitive consumers. The brand is currently priced about 20 to 30 percent lower than leading competitors such as Bisleri, Coca Cola’s Kinley and PepsiCo’s Aquafina. Industry executives said the strategy mirrors Reliance’s playbook in carbonated beverages, where aggressive pricing has been used to gain shelf space and volumes in a crowded market.

Packaged drinking water has also received a policy boost in recent months. In September, the government reduced the Goods and Services Tax on natural and artificial mineral water to 5 percent from 18 percent, prompting companies across the category to recalibrate prices. The tax cut has intensified competition, making brand visibility and recall increasingly critical for driving consumer choice.

Bachchan’s appointment marks the third high-profile brand association for Reliance Consumer Products in a short span. Earlier this year, Campa signed actor Ram Charan as a brand ambassador, with the campaign rolling out during the IPL T20 season to tap into peak viewership. In another move aimed at broadening appeal, the company also entered a strategic partnership with actor and racing enthusiast Ajith Kumar’s motorsport team.

Rival brands continue to rely on celebrity endorsements to maintain mindshare. Bisleri, the market leader in packaged water, is endorsed by actor Deepika Padukone.

Reliance Consumer Products did not respond to queries seeking comment on the Bachchan deal. However, industry watchers say the endorsement underscores Reliance’s broader FMCG ambition to build mass brands by combining competitive pricing, expansive distribution and high-impact marketing across categories.

Swiggy Launches EatRight Across 50+ Cities to Tap Rising Demand for Healthy Food

Business

SnackTeam

January 6, 2026

Swiggy has rolled out a new health-led food discovery category, EatRight, across more than 50 cities, signalling a sharper push towards wellness-focused consumption on its platform as demand for healthier meal options continues to rise beyond metros.

The new category brings together over 1.8 million dishes from more than two lakh restaurant partners, offering consumers a consolidated view of meals aligned with specific dietary preferences such as high-protein, low-calorie and no-added-sugar options. By grouping these choices under a single section, Swiggy aims to simplify decision-making for users who want to eat healthier without significantly altering their everyday ordering behaviour.

The launch is backed by Swiggy’s internal consumption data, which points to a notable shift in food ordering patterns across India. According to the platform, Tier-2 cities are now driving the next wave of growth in healthy food consumption, recording nearly double the year-on-year growth compared to metropolitan markets. Cities such as Chandigarh, Guwahati, Ludhiana and Bhubaneswar have emerged as early leaders, highlighting a widening appetite for wellness-oriented diets beyond India’s largest urban centres.

Swiggy said EatRight has been designed to integrate seamlessly into the regular app experience rather than operate as a niche add-on. Clear labelling and categorisation are intended to reduce the effort involved in identifying suitable options, allowing users to balance indulgence and nutrition within the same ordering journey.

Deepak Maloo, Vice President for Food Strategy, Customer Experience and New Initiatives at Swiggy, said the company’s focus is on making healthier eating a natural choice rather than a conscious trade-off. He added that the initiative is aimed at reducing decision fatigue while encouraging long-term habit shifts through accessibility and choice.

Restaurant partners on the platform are also responding to this trend by developing new menu items tailored to health-conscious consumers. Swiggy said this collaborative approach is expected to expand the variety and depth of EatRight offerings over time, positioning the category as a key growth lever as consumer priorities continue to evolve toward nutrition, fitness and preventive health.

Elvish Yadav Turns Fan Power into Profit as Systumm Logs Rs 25 Lakh Sales Within Minutes of Launch

Growth

SnackTeam

January 5, 2026

Elvish Yadav’s leap from screens to storefronts has arrived with serious intent. The popular YouTuber and Bigg Boss OTT 2 winner has officially stepped into fashion with the launch of his clothing brand, Systumm, and the early numbers tell a loud story. Within just 11 minutes of the website going live, the brand reportedly clocked sales worth Rs 25 lakh, a rare opening even by influencer brand standards in India.

The launch instantly drew massive attention from Yadav’s loyal fanbase, many of whom rushed to the site the moment the drop was announced. The surge was so intense that the platform briefly struggled under traffic, with several products selling out almost immediately. For a first time founder entering a crowded apparel market, this kind of response highlights the purchasing power creators now command beyond likes and views.

Systumm’s success also reflects a shift in how Indian audiences engage with influencers. This was not casual merchandise buying. It was fans placing trust in a personal brand they have followed for years. Yadav later shared a video thanking supporters, visibly surprised by the scale of the response and acknowledging the faith his audience showed in the venture.

More importantly, this launch marks Elvish Yadav’s first serious move into entrepreneurship outside digital content. By turning online influence into a consumer brand, he joins a growing list of creators building businesses rather than just partnerships. Industry watchers see Systumm as a strong case study for India’s creator economy, where popularity is now converting into real revenue, real demand, and real companies.

If this opening is any indication, Systumm is not just a hype driven drop. It is a signal that creator led brands are becoming a commercial force to reckon with.

DoorDash Bans Delivery Partner After AI-Generated Image Used to Fake Order Delivery

Business

SnackTeam

January 5, 2026

DoorDash has permanently deactivated a delivery partner after an investigation found that an artificial intelligence generated image was used to falsely mark an order as delivered, raising fresh concerns around fraud and platform safeguards in the on-demand delivery economy.

The incident came to light after Austin-based author and investor Byrne Hobart reported receiving a delivery confirmation for an order that never arrived. According to Hobart, the DoorDash app showed the order as completed along with a photo that closely resembled the entrance of his home. However, no delivery driver was present and no food was found at the location. After contacting customer support, DoorDash issued a refund, provided account credit and arranged a replacement order, which arrived within the original delivery window.

Hobart later shared the experience on social media, prompting other users in Austin to report similar issues. One individual claimed to have encountered a comparable situation involving a driver using the same display name, though there is no confirmation that the incidents were connected. Online discussion suggested the possibility that the driver account may have been compromised or misused to falsely complete deliveries.

Typically, DoorDash requires delivery partners to capture a live photo at the point of drop-off, rather than uploading existing images. However, users speculated that system limitations, network issues or altered devices could allow workarounds. Others noted that platforms may retain visual records from previous successful deliveries, which could potentially be exploited to create convincing but misleading proof of delivery.

In a statement to TechCrunch, DoorDash confirmed that it investigated the matter, banned the delivery partner involved and ensured the customer was fully reimbursed. The company said it maintains a strict zero-tolerance stance on fraud and relies on a combination of automated detection tools and manual reviews to identify misuse.

The case highlights growing challenges for delivery platforms as AI-generated content becomes easier to create and harder to detect, putting pressure on companies to strengthen verification systems while maintaining speed and convenience for users.

Foxtale FY25: Revenue Jumps 139% to Rs 199 Cr as Loss Widens to Rs 73 Cr

Business

SnackTeam

January 5, 2026

D2C skincare startup Foxtale closed FY25 with sharply higher revenue but a deeper loss, underlining the cost of aggressive scale-up in India’s crowded beauty market.

The Mumbai-based brand reported a net loss of Rs 72.7 crore for the financial year ended March 2025, widening 32.5 percent from Rs 54.8 crore in FY24. The increase in losses came even as Foxtale more than doubled its topline, reflecting heavy spending on marketing, inventory, and team expansion to fuel growth.

Operating revenue surged 138.7 percent year on year to Rs 198.7 crore in FY25, compared to Rs 83.2 crore a year earlier. Including other income of Rs 7.5 crore, the company’s total income rose 2.4 times to Rs 206.2 crore during the year, according to regulatory filings.

Founded in 2021 by Romita Mazumdar, Foxtale operates in the mass-premium skincare segment, offering products such as serums, sunscreens, face washes, masks, and moisturisers. The company claims to have served over 15 lakh customers and currently sells a portfolio of around 20 stock keeping units across its website, online marketplaces, quick commerce platforms, and select offline retail outlets.

Growth came at a cost. Foxtale’s total expenditure climbed 100.2 percent to Rs 278.9 crore in FY25 from Rs 139.3 crore in the previous year. Advertising and sales promotion emerged as the single largest expense head, with spending rising 110.2 percent to Rs 105.8 crore as the brand pushed customer acquisition and visibility. Purchase of traded goods stood at Rs 94.4 crore, accounting for nearly 34 percent of total expenses, up 126.2 percent year on year. Employee benefit costs also increased 56 percent to Rs 30.7 crore as the company expanded its workforce.

Foxtale operates in an intensely competitive space, going up against new-age brands such as Dot and Key, Minimalist, Plum, and mCaffeine, as well as established players including Hindustan Unilever and Lakme. The startup has raised over $66 million to date from investors such as Z47, Panthera Growth Partners, and Kae Capital, including a $30 million Series C round last year.

While FY25 numbers highlight strong demand traction, they also reflect the financial strain of scaling fast in a market where brand-building and distribution come at a steep price.

Zomato Delivery Pay Up 10.9% in 2025 as Gig Worker Rights Debate Intensifies

Quick Commerce

SnackTeam

January 5, 2026

Delivery earnings on Zomato rose sharply in 2025, but the debate over whether gig work in India offers a sustainable livelihood has intensified rather than eased.

According to a fact sheet shared by Eternal founder and chief executive Deepinder Goyal, average hourly earnings for Zomato delivery partners increased to Rs 102 in 2025, compared with Rs 92 a year earlier, marking a 10.9 percent year-on-year rise. The calculation is based on total logged-in hours, including waiting time, not just active delivery minutes.

At these rates, a partner working 10 hours a day for 26 days a month could earn around Rs 26,500 in gross income. After deducting estimated fuel and vehicle maintenance costs of about 20 percent, monthly take-home earnings would be close to Rs 21,000, the company said.

The Telangana Gig and Platform Workers Union disputed the interpretation of these numbers, arguing that net earnings translate to roughly Rs 81 per hour for workers putting in close to 260 hours a month. The union said such income levels cannot be classified as decent work, particularly in the absence of paid leave, provident fund benefits, or guaranteed social security.

Goyal noted that delivery partners retain 100 percent of customer tips, with average tips per hour rising marginally to Rs 2.6 in 2025. The union countered that tips apply to a small fraction of orders, limiting their impact on overall earnings.

The data also highlighted the short-term nature of most platform engagement. In 2025, the average delivery partner worked 38 days in the year, clocking about seven hours per working day. Only 2.3 percent of partners worked more than 250 days.

Eternal maintained that flexibility is central to the gig model, with no fixed shifts or assigned locations. The union argued that flexibility does not offset income uncertainty or replace labour protections.

The exchange has widened the national conversation around gig work, as platform growth accelerates while questions over wages, safety, and worker rights remain unresolved.

Nykaa Expects December Quarter Revenue Growth at Upper End of Mid-Twenties, Beauty Segment Hits Six-Quarter High

Growth

SnackTeam

January 5, 2026

FSN E-Commerce Ventures, the parent of beauty and fashion retailer Nykaa, expects its December quarter performance to mark a clear step-up in growth, led decisively by its beauty business. In a regulatory filing, the company said consolidated net revenue for the quarter is likely to grow at the upper end of the mid-twenties on a year-on-year basis, reflecting strong consumer demand during the festive period and continued traction from its flagship sales events.

The beauty vertical is set to be the standout performer. Nykaa indicated that net sales value growth for the segment is expected to be in the late twenties, making it the strongest quarter for beauty in the last six reporting periods. The company described the December quarter as its largest ever for beauty in absolute terms. Growth was driven by festive-led demand, a higher contribution from in-house brands, and customer acquisition during the Pink Friday sale, which remains one of Nykaa’s biggest annual shopping events. Net revenue growth in beauty is also projected to remain at the upper end of the mid-twenties.

The fashion business continued to expand, though at a more measured pace. Nykaa said net sales value growth for fashion is likely to be in the mid-twenties, while net revenue growth is expected to stay in the late teens. The slower conversion of sales into revenue was attributed to softer content and marketing income, along with ongoing efforts to optimise channels for its fashion-owned brands.

At a consolidated level, both gross merchandise value and net sales value growth for the quarter are expected to be in the late twenties, reflecting a modest acceleration compared to recent quarters. In the September quarter, the company had reported revenue of ₹2,346 crore, up 25 percent year-on-year.

Nykaa also continues to scale its rapid delivery service, Nykaa Now, which currently operates across seven major cities including Mumbai, Delhi and Bengaluru. The service is supported by 53 stores and offers delivery timelines ranging from 30 to 120 minutes. The company noted that the December quarter update is provisional and subject to audit.

PVR INOX Appoints Dinesh Hariharan to Lead Rs 2,000 Crore Food & Beverages Business

Growth

SnackTeam

January 5, 2026

India’s largest multiplex operator PVR INOX has strengthened its leadership bench at a time when food and beverages are emerging as a critical growth lever for the cinema business. The company has appointed industry veteran Dinesh Hariharan as Senior Vice President for Food and Beverages, tasking him with steering a food portfolio that has quietly scaled into a near Rs. 2,000 crore annual business.

The appointment comes as cinema F&B moves well beyond traditional concessions, increasingly resembling a hybrid of quick service restaurants, experiential dining and packaged food retail. At PVR INOX, food now plays a central role in driving margins, customer engagement and premiumisation across formats.

Hariharan brings more than two decades of experience across QSRs, retail food, hospitality and multiplex kitchens. Prior to joining PVR INOX, he served as Chief Executive Officer of Vaango at Devyani International, where he focused on brand expansion and operational efficiency. He is no stranger to cinema food either, having spent nearly six years at INOX Leisure in senior F&B roles before the PVR INOX merger. His earlier stints include leadership positions at SPAR India, Oriental Cuisines, Spencer’s Retail and Reliance Industries, alongside international exposure with Norwegian Cruise Line.

The scale of the business he steps into is significant. In FY24, PVR INOX reported F&B revenue of Rs. 1,958 crore, growing 21 percent year on year and outpacing ticket revenue growth. While FY25 saw a moderation to Rs. 1,733 crore amid weaker film releases, consumer spending remained resilient, with spend per head rising to Rs. 134. Recovery gathered pace in FY26, with Q1 F&B revenue climbing 22 percent to Rs. 492 crore, followed by Rs. 588 crore in Q2, supported by improved content and higher footfalls.

Beyond cinemas, the company is expanding into mall food courts through a joint venture with Devyani International, scaling dine-in cinema formats, and building FMCG and delivery-led revenue streams. Its gourmet popcorn brand 4700BC crossed Rs. 100 crore in FY25, underscoring the growing role of cinema food beyond theatres.

Hariharan’s elevation reflects a broader shift in the industry, where food is no longer an add-on to entertainment but a standalone business shaping the future economics of multiplexes.

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