California Burrito Bags Rs 120 Crore From Elevation Capital, Targets 140 Stores by FY26

funding

September 25, 2025

Bengaluru-based quick service restaurant chain California Burrito has raised about Rs 120 crore ($14 million) from Elevation Capital, marking its biggest fundraise since inception. The deal, which had been in discussion nearly 18 months ago but stalled, has now been revived on favourable terms, people familiar with the development.

Founded in 2012 by American entrepreneur Bert Mueller along with friends Dharam Khalsa and Gaelan Connell, California Burrito has grown from four outlets in Bengaluru in its early years to more than 110 stores across India. Mueller, now the sole remaining co-founder and chief executive officer, is steering the brand into its next phase of growth.

The fresh capital will be deployed to expand the chain to about 140 outlets by March 2026, with Pune and other new cities joining Bengaluru as key markets. A portion of the funds will also be used to strengthen leadership, with recent hires from KFC and other large QSR brands already in place.

California Burrito’s revenues have nearly doubled in two years. The company reported Rs 109 crore in FY23, rising to Rs 196 crore in FY24. After several years of losses, it turned profitable last year with Rs 6.8 crore in net profit, according to regulatory filings. Results for FY25 are yet to be disclosed.

Online platforms remain the company’s biggest growth driver, with 60 percent of sales coming via Zomato and Swiggy, while dine-in contributes the remaining 40 percent.

The brand, backed by Kumar Vembu, brother of Zoho founder Sridhar Vembu, has raised under $10 million till now, making the Elevation Capital infusion a significant milestone in its funding journey. Both California Burrito and Elevation Capital declined to comment on the development.

Handpickd Bags $15M Series A from Bertelsmann, Titan to Scale Zero-Inventory Commerce Model

Growth

SnackTeam

September 25, 2025

Handpickd, a commerce startup founded in 2024, has raised $15 million in Series A funding led by Bertelsmann India Investments, with Titan Capital Winners Fund and existing backers also participating. The company said the fresh capital will be used to expand its operations, strengthen supply chain technology, and hire across key functions.

The round marks one of the larger early-stage investments this year in India’s growing agri-commerce and fresh produce sector. Handpickd was co-founded by Anant Goel, who earlier launched Milkbasket, along with Nitin Gupta and Sahil Madan.

Unlike traditional grocery and quick commerce players, Handpickd operates on a zero-inventory model. Orders placed by customers are aggregated and sourced directly from farmers before being delivered within six to seven hours. The company does not rely on warehouses, cold storages, or dark stores, a structure it claims reduces wastage significantly while improving profitability at scale.

“We are inverting the demand-supply equation. Instead of pushing stockpiled goods, we procure exactly what the consumer wants and deliver it the same day. This systematically eliminates inefficiencies across the supply chain,” said Anant Goel, co-founder and chief executive.

The model also positions Handpickd differently in India’s competitive fresh food and grocery segment, where players such as Zepto, Blinkit, and BigBasket have invested heavily in warehousing and logistics infrastructure. By bypassing inventory holding, Handpickd aims to achieve faster growth with leaner capital requirements.

Backed by its new investors, the company plans to strengthen its technology stack to improve farmer integration, streamline sourcing, and build predictive systems for demand planning. Expansion into new cities is also on the roadmap.

With consumer demand for fresher, transparent, and waste-free food supply chains rising, Handpickd is betting its model can scale rapidly and profitably in the coming years.

TenderCuts Turns the Tables: Retail-First Pivot Delivers Profitability and Faster Breakeven

Food

SnackTeam

September 25, 2025

Chennai-based meat and seafood brand TenderCuts has staged a sharp turnaround, moving from the brink of closure to profitability within just 20 months. The company, which had been weighed down by high acquisition costs and slow-breaking stores, is now reporting positive unit economics after restructuring its business model.

Co-founder and CEO Sasikumar Kallanai told ETRetail that the company broke even at the corporate level in August, marking its first profitable month. The shift came after TenderCuts moved away from its online-heavy strategy, where nearly 90 percent of revenue once originated, to a retail-first approach centered on smaller, more efficient neighborhood stores.

Store formats were trimmed from 1,500–2,000 sq. ft. to 800–1,000 sq. ft., reducing capital expenditure from Rs 70–80 lakh per outlet to Rs 20–30 lakh. Operating costs were cut in half to under Rs 4 lakh. As a result, stores are now breaking even in under six months, compared to 18 months previously, and are generating 15 to 18 percent EBITDA at the outlet level.

The restructuring has also boosted customer retention. Repeat orders now account for 88 percent of transactions, while online sales are growing 5 to 8 percent each month despite zero spending on performance marketing.

Chennai remains the core market, with plans to expand from 18 to 50 outlets by March 2026. Smaller stores are expected to deliver Rs 35 lakh in monthly throughput, while larger formats could reach Rs 50 lakh.

TenderCuts closed FY25 with operating revenue of Rs 48 crore and expects to reach Rs 80 crore in FY26. The brand projects Rs 120 crore in annual recurring revenue by March 2026 and aims to scale to Rs 500 crore across Chennai, Bengaluru and Hyderabad within three years.

Gant Strengthens Footprint in India, Appoints Shahid Kapoor as Brand Ambassador to Drive Lifestyle

SnackTeam

September 25, 2025

American sportswear brand Gant is intensifying its push in India with Bollywood actor Shahid Kapoor coming on board as its new brand ambassador. The partnership will be unveiled through a campaign titled “Button Up. Build Your Story,” aimed at celebrating resilience, individuality, and self-expression, key themes that the brand hopes will resonate with Indian consumers.

Shahid Kapoor, a prominent figure in Indian cinema with a strong following among urban millennials, emphasized the campaign’s alignment with personal authenticity. “Style for me has always been about authenticity, wearing something that not only looks good but also tells a story about who you are,” Kapoor said. “Gant’s legacy of effortless sophistication and its commitment to progress and self-expression deeply resonate with me.”

The campaign will feature a short film designed to engage consumers on an emotional level, highlighting personal narratives that mirror Gant’s values. The brand believes Kapoor’s image of confidence and elegance makes him a natural fit for its message, reinforcing its positioning as a modern, heritage-rooted lifestyle brand.

Fredrik Malm, EVP of global commercial, brand, and product at Gant, noted that the collaboration is intended to strengthen the brand’s footprint in one of the world’s fastest-growing fashion markets. “Shahid Kapoor embodies the effortless style and confidence that define Gant. Through this partnership, we aim to deepen engagement with Indian consumers and expand awareness of our cultural and lifestyle offerings,” he said.

Pawan Khandelwal, managing director of Samarth Lifestyle, which oversees Gant’s business in India, highlighted that the brand plans to leverage this campaign to elevate its presence across key metropolitan centers while delivering a premium retail and digital experience.

The move comes as Gant seeks to accelerate growth in India, where international sportswear and lifestyle brands are increasingly investing to capture a market valued at billions of dollars, fueled by rising urban incomes and evolving fashion preferences.

Handcrafted Metalware Brand P•TAL Raises $3 Million in Series A Led by VC Grid and Zerodha’s Rainmatter, Eyes ₹150 Crore ARR and Global Expansion

Growth

SnackTeam

September 24, 2025

Handcrafted copper, brass and bronze brand P•TAL has secured 3 million US dollars (about ₹25 crore) in a Series A round led by VC Grid and Rainmatter, the venture fund backed by Zerodha cofounder Nithin Kamath. The round also saw participation from Connecticut Innovations, marking the US-based firm’s first investment in an Indian company.

Other investors joining the round include Anicut Capital, Zero Pearl VC, Jaipur Rugs Family Office, Livspace cofounder Ramakant Sharma, Genesis Luxury’s Sanjay Kapoor, CaratLane cofounder Avnish Anand, Atomberg’s Shibam Das, Innov8’s Ritesh Malik, Ekamya Ventures, the Salarpuria Group and LNB Group.

The company, which appeared on Shark Tank India and secured an all-sharks deal in Season 3, has scaled rapidly over the past two years. Revenues have jumped from ₹5 crore annual run rate (ARR) to ₹50 crore, and P•TAL now targets ₹150 crore ARR within the next 12 months.

Exports currently contribute over 55 percent of its sales, spanning the United States, United Kingdom, Europe and the Middle East. The brand expects international revenue share to climb to 75 percent in the next three to five years as it strengthens distribution abroad.

Co-founder and chief executive Aditya Agrawal said the fresh capital will be channelled into product development, technology-led supply chain efficiencies and community initiatives for its artisan base. “We want to redefine what Made in India means — craft rooted in tradition but designed for the future. Our goal is to build a brand that makes India proud on the global stage,” he said.

P•TAL, short for Punjab Thathera Art Legacy, works with traditional artisans in north India to create modern handcrafted metalware, blending design innovation with heritage techniques.

Deepinder Goyal Bets on Moving Billboards: Zomato in Talks to Sell Ads on Riders’ T-Shirts and Bags Across 5 Lakh Fleet, 47 Lakh Orders Daily

Quick Commerce

SnackTeam

September 24, 2025

Online food delivery major Zomato is preparing to open up a fresh revenue channel by monetising its most visible assets — its delivery partners and the bags they carry. According to people familiar with the development, the company is in talks with advertisers to explore how rider uniforms and delivery bags could be redesigned to carry brand advertisements.

The idea mirrors sports sponsorship models where jerseys double up as prime ad real estate. For Zomato, the scale is significant. The company has about 5.09 lakh active delivery partners who collectively fulfill more than 25 lakh food orders every day. Its quick commerce arm Blinkit, which Zomato acquired in 2022, delivers another 22 lakh daily orders. Combined, that’s nearly 50 lakh doorstep interactions daily, giving advertisers unparalleled visibility in Indian neighbourhoods.

“If executed across food delivery and Blinkit, this could emerge as an entirely new revenue line item for Zomato,” a person aware of the discussions told Indian Startup News.

For Zomato, the timing is strategic. The company turned profitable earlier this year, overtaking rival Swiggy in terms of order volumes and market share. By layering in ad revenues, Zomato can further strengthen its balance sheet while also giving delivery partners potential upside if incentives are tied to ad campaigns.

Industry watchers note that while brand advertising on delivery fleets is not new in India, Zomato’s scale could make it commercially viable in a way smaller pilots could not. With half a million riders covering every major metro and Tier-II city, advertisers can tap into a hyperlocal, mobile media network unmatched by television or digital campaigns.

Zomato did not respond to queries on the matter. If rolled out, the move could reshape the familiar red Zomato uniform into a walking advertisement, while intensifying its battle with Swiggy, Zepto, and others in India’s fast-growing delivery economy.

Rapido Hits $2.3 Billion Valuation as Swiggy Exits With ₹2,400 Crore Payout

Growth

SnackTeam

September 24, 2025

Bengaluru-based ride-hailing startup Rapido is in advanced talks to raise between $500 million and $550 million through a mix of primary and secondary share sales, with food delivery major Swiggy set to offload its holding. The round, among the largest venture financings this year, values Rapido at about $2.3 billion, more than double its $1.1 billion mark in February.

People familiar with the matter said the primary infusion is pegged at $300 million, led by Prosus with $240–250 million, and WestBridge Capital bringing in the remainder. The secondary leg will see Swiggy exit its 11.8 per cent stake for $270 million (₹2,400 crore), with Prosus and WestBridge absorbing the shares. Both investors already count among Rapido’s top backers, with WestBridge holding nearly 19 per cent and Prosus also the largest shareholder in Swiggy at 23 per cent.

For Swiggy, which invested close to ₹1,000 crore in Rapido in 2022, the exit delivers a 2.4x return. The move comes amid a cash crunch at its quick commerce arm Instamart, where it spent over ₹1,050 crore in the June quarter. As of June 30, Swiggy reported ₹5,354 crore in cash reserves, significantly lower than Blinkit parent Eternal, which had more than ₹18,000 crore on hand. Analysts say the Rapido sale will add some cushion but may not eliminate the need for further fundraising.

Rapido, meanwhile, will use the fresh capital to expand its ride-hailing footprint and strengthen food delivery offshoot Ownly. The company claims leadership in the overall ride-hailing market, though it trails Uber in the four-wheeler category. Rapido reported FY24 operating revenue of ₹648 crore, up 46 per cent year-on-year, while trimming losses by 45 per cent to ₹371 crore. Growth in FY25 is estimated at over 40 per cent, according to people aware of internal numbers.

Patanjali Wins Partial Relief: Court Says ‘Ordinary Chyawanprash’ Tag Allowed, Dabur’s 61.6% Market Share Still Under Spotlight

Business

SnackTeam

September 24, 2025

The Delhi High Court on Tuesday delivered its ruling in an advertising tussle between Patanjali Ayurved and Dabur India, allowing Patanjali to continue using the phrase “why settle for ordinary chyawanprash” but directing the company to withdraw references that specifically target Dabur’s 40-herb formulation.

A division bench of Justices C Hari Shankar and Om Prakash Shukla held that while comparative advertising and “puffery” are permissible, Patanjali’s direct claim that rival chyawanprash is made with only 40 herbs unfairly singled out Dabur. The court observed that modern advertising permits a brand to say “I am the best and others are not as good,” but drew a line at statements that could mislead consumers about product composition.

The ruling came in response to Patanjali’s appeal against a July interim order of a single judge, which had restrained the company from airing parts of its commercials alleged to disparage Dabur.

Dabur, which commands an estimated 61.6 percent share of India’s chyawanprash market, argued that Patanjali’s advertisements not only belittled its product but also spread misinformation. Dabur said Patanjali falsely claimed its chyawanprash was prepared with 51 herbs, when in reality it used 47. It also objected to the “ordinary chyawanprash with 40 herbs” line, contending this was a direct swipe at Dabur’s flagship formulation.

The company further accused Patanjali of suggesting that other manufacturers lacked the Ayurvedic knowledge or Vedic traditions required to make authentic chyawanprash, creating a perception that only Patanjali’s variant was genuine.

While the bench dismissed Dabur’s contention that consumers would abandon its product because of Patanjali’s puffery, it ruled that factual inaccuracies about ingredients must be corrected.

Myntra Steps Into B2B: Opens 40 Lakh SKUs and 10,000 Brands for Businesses With GST Benefits Ahead of Festive Season

E-Commerce

SnackTeam

September 23, 2025

Fashion and lifestyle e-commerce major Myntra has launched a new business-to-business (B2B) vertical on its platform, enabling registered enterprises to directly procure fashion, beauty, and lifestyle products. The move, announced on Monday, is aimed at bridging gaps in traditional wholesale supply chains and comes weeks before India’s festive shopping season begins.

The B2B offering provides companies with access to over 10,000 brands and more than 40 lakh stock keeping units (SKUs) available on Myntra. The platform will issue GST-compliant invoices and ensure quality verification, allowing registered buyers to claim input tax credits. Businesses can now place both bulk and small-volume orders, with the flexibility to purchase even a single unit if required.

By reducing multiple supply chain layers, Myntra aims to make procurement more transparent, cost-effective, and reliable. This is expected to benefit retailers, boutique owners, and service providers who previously relied on fragmented offline distribution networks.

“The initiative strengthens the ecosystem by solving two critical challenges—credibility and transparency for our brand partners, and supply reliability for business shoppers,” said Bharath Kumar BS, Senior Director, Revenue and Growth at Myntra. “This will empower our B2B buyers to serve their customers better, particularly during the high-demand festive period.”

The rollout is being executed in two phases. The first phase, already active, includes GSTIN validation at checkout for eligible buyers. The second phase, expected in the coming months, will introduce bulk-order handling, brand-level order requests, and a dedicated supply chain support system designed for business customers.

With the launch, Myntra is positioning itself as more than just a consumer marketplace, extending its platform to serve as a procurement partner for India’s growing retail and services sector.

Molson Coors Names Rahul Goyal as CEO Effective Oct 1; Veteran Executive Takes Charge Amid Beer Demand Slump and 50% U.S. Tariff Pressure on Aluminum

Business

SnackTeam

September 23, 2025

Molson Coors Beverage Company on Monday announced the appointment of Rahul Goyal as its next chief executive officer, effective October 1, as the global brewer faces declining beer consumption and rising input costs in its largest market, the United States. Goyal, who currently serves as chief strategy officer, will succeed Gavin Hattersley, the outgoing CEO who is set to retire at the end of the year after six years at the helm.

A veteran of more than two decades with Molson Coors, Goyal has worked across geographies and functions, including a stint as finance chief for the company’s India operations. His elevation marks a continuation of the company’s recent focus on developing non-beer categories, including flavored alcoholic beverages and energy drinks, as U.S. beer volumes shrink. According to industry estimates, alcohol consumption among American adults fell to its lowest level on record in 2024, with traditional beer brands taking the sharpest hit.

Molson Coors itself warned in August of lower annual profit, citing tariff-related headwinds on aluminum imports. The U.S. government’s decision to impose a 50% duty on foreign aluminum has pushed up Midwest premium prices, inflating packaging costs for beverage makers. With nearly all of its portfolio reliant on cans, the brewer expects margin pressure through the rest of FY25.

Analysts say Goyal’s long association with the company and his role in shaping Molson Coors’ diversification strategy position him to manage the turbulence. “Few executives know Molson Coors better than Rahul Goyal,” said Zak Stambor, analyst at eMarketer. “But with younger consumers increasingly rejecting beer and alcohol altogether, the challenge is steep.”

Hattersley will continue to serve in an advisory capacity until the end of 2025 to ensure a smooth leadership transition, the company said. Shares of Molson Coors were down about 1% in early trading on Monday following the announcement.

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