This development comes after the merchandising company concluded a successful campaign for the Indian Premiere League (IPL) where it built and managed official Mega Stores for 7 IPL teams, including Rajasthan Royals, Punjab Kings, Kolkata Knight Riders, Gujarat Titans, Lucknow Super Giants and Sunrisers Hyderabad.
Expansion Strategy: Airport Outlets and Retail Chains
FanCode Shop will collaborate with specific outlets to extend the availability of its merchandise at airports across Mumbai, Ahmedabad, Delhi, Hyderabad, Kolkata, and Bangalore, enhancing its distribution network.
The merchandise company also stated that its products will be accessible at chosen retail store chains nationwide.
Product Range: Fashionable Fan Apparel and Accessories
Fans can select from an array of fashionable casual apparel options, including vests, caps, t-shirts, polos, shorts, joggers, sweatshirts, and accessories like backpacks, tote bags, bottles, and keychains. Prices begin at INR 299, and there is a kid-focused collection as well.
“We’re delighted to continue working with the ICC to make affordable and high-quality merchandise available to Indian fans,” stated Prasana Krishnan, Co-Founder of FanCode. “Our collection has shown to be quite popular, and we’ll keep giving the fans the chicest accessories to show off their passion.”
Founded in 2020, FanCode Shop has collaborated with various sports and fitness brands. It provides official sports fan gear and merchandise from notable names including the NBA, IPL Teams, NFL, PSG, Barcelona, Juventus, FC Barcelona, WWE, SG, Nivia, and Elevar football teams.
Beauty retailers and brands with omnichannel strategies are garnering significant investments from venture capital and private equity firms, fueled by increasing demand following the Covid-19 pandemic.
Abu Dhabi’s sovereign fund ADIA recently spearheaded a $100 million investment in Mumbai’s Purplle, a beauty retailer, comprising both primary and secondary funding. The investment values Purplle at $1.2-1.3 billion, marking a 15% increase from its last funding round, according to sources familiar with the matter.
Creaegis, a private equity fund led by former Premji Invest partner Prakash Parthasarathy, known for its investments in Third Wave Coffee, is poised to participate in Purplle’s upcoming funding round as a new investor. Discussions are reportedly in the final stages of completion. Additionally, Premji Invest, an existing investor in Purplle, has reaffirmed its commitment to the company, according to sources familiar with the situation.
During a secondary share sale, current shareholders sell their shares to new investors, and the proceeds do not directly benefit the company’s finances.
MCaffeine, known for its caffeine-infused skincare and haircare products, is currently in the midst of raising funds. Sources familiar with the situation reveal that the company is considering engaging strategic investors in addition to ongoing discussions with financial investors for its upcoming funding round.
“ADIA has spearheaded this funding round. Additionally, a few smaller family offices are also participating through a fund dedicated to managing investments for high net worth individuals,” disclosed one individual familiar with the matter.
The company is anticipated to officially announce the round within the upcoming days.
A representative from ADIA declined to provide a comment, and emails sent to Purplle founder Manish Taneja and a spokesperson for Creaegis did not yield any response.
MCaffeine founder Tarun Sharma refuted any involvement with “strategic investors” for funding purposes.
The funding would be directed towards MCaffeine’s parent company, PepTechnologies, which also encompasses the newly introduced skincare brand, Hyphen.
Emergence of New Beauty Brands
Experts anticipate the emergence of several INR 400-500 crore beauty brands in India, despite the increased presence and competition from major players like Nykaa, Myntra, Reliance’s Ajio, and Tira in the beauty sector.
Over the past few months, skincare brand Foxtail secured funding from Panthera Growth Partners, while haircare brand Traya received capital from Xponential Capital.
“Both Traya and Foxtail received offers from several investors to lead their funding rounds,” stated an individual familiar with the details. “Following the recent funding, these companies have doubled their monthly sales to approximately INR 15 crore. Moreover, their high gross margin business models have garnered investor interest in achieving profitability at scale.”
In March, Honasa Consumer, the parent company of Mamaearth, introduced a budget-friendly beauty brand called Staze 9to9. Meanwhile, its skincare brand, The Derma Co, which is backed by active ingredients, achieved an annual revenue run rate (ARR) of INR 500 crore in April.
“Companies are introducing new brands to stimulate growth,” remarked an individual monitoring deals within the beauty sector. “Newer brands are growing faster and reaching significant milestones than older brands, despite often relying on premium pricing strategies. Hyphen has been launched with a similar strategic approach,” the individual added.
Although the increase in brands intensifies competition, “new-age brands are distinguishing themselves across various aspects beyond just pricing,” noted one of the aforementioned sources. “Despite the heightened demand, certain companies haven’t experienced substantial growth, underscoring the significance of product quality,” the source emphasized.
Platform Expansion into Beauty
In May, Myntra CEO Nandita Sinha emphasized that beauty is one of the primary focus areas for the company moving forward.
A recent report from BofA Securities indicated that beauty products are experiencing accelerated growth on quick-commerce platforms. There have been reports of platforms such as Blinkit, Zepto, Swiggy Instamart, and BigBasket’s BB Now expanding their offerings to include more beauty products.
This, along with other new entrants, may reshape the fundraising landscape for the quick commerce unicorn, which was on track to raise $300-350 million and achieve a valuation of $2.5-3 billion.
A group of private equity funds and Zepto’s existing investors, including Nexus Venture Partners, are also participating in what has become one of the most sought-after deals in the consumer internet sector this year, despite ongoing challenges in late-stage fundraising.
“The round began in April and has since drew significant interest from a number of top-tier investors, according to a person familiar with the situation. “The financing is nearly complete, and an official announcement could come at any time.”
Another individual familiar with the situation stated, “There has been heightened activity in the round over the past week, with the potential for additional external investors to participate… If that happens, it will be closed in stages.”
Queries directed towards Zepto, DST Global, and Lightspeed went unanswered.
This current fundraising effort will mark one of Zepto’s fastest scale-ups.
Despite the high cash burn typically associated with consumer-centric businesses like ultra-fast-delivery platforms, investors are enticed by their growing popularity.
Zepto’s Rapid Growth Trajectory
According to financial analysts monitoring Zepto, the Mumbai-based startup, originally launched as the grocery delivery app KiranaKart during the pandemic, has surpassed $1.4 billion in annualized gross sales run rate as of May. A run rate is an estimate projected from the current financial performance.
Zepto is positioning the fundraising as a pre-initial public offering (IPO) round, while simultaneously preparing to transition back from Singapore. “The company aims to commence preparations for its public debut within a year,” stated a source familiar with the matter.
DST Global’s interest goes against the current trend, as the investment fund, led by Russian-Israeli tech billionaire Milner, has been decreasing its presence in India. Its portfolio now mainly consists of the B2B commerce startup Udaan, ecommerce giant Meesho, and the used car trading platform Cars24.
Once regarded as one of the most dynamic late-stage investors in the domestic consumer internet sector, DST had supported early industry giants like Flipkart and Ola. However, globally, DST has been adopting a more cautious approach since 2021.
According to insiders, Lightspeed’s investment in Zepto will be made through its growth-stage investment vehicle. In recent months, Lightspeed has finalized significant deals, such as with Razorpay, using its global fund. Additionally, it has been assessing other late-stage investment opportunities.
Competition Intensifies in India’s Quick Commerce Sector
The quick commerce sector stands out as one of the most fiercely competitive segments in India’s consumer internet industry, boasting several well-funded players including Zomato-owned Blinkit, Instamart by Swiggy, and BB Now by Tata Digital’s BigBasket.
On Tuesday, Zomato announced an investment of INR 300 crore into Blinkit, which aims to expand its network to 1,000 ‘dark stores,’ up from the 526 it had as of March 31. To provide context, Zepto currently operates 350 such warehouses, while Instamart has over 500.
Walmart-owned Flipkart, which recently concluded a nearly $1-billion funding round, is set to launch its quick delivery service next month. Amazon is also closely monitoring this rapidly growing segment, indicating that major marketplaces view quick commerce as a significant contender.
JM Financial recently projected that quick commerce would reach $6 billion in gross merchandise value (GMV) by the end of 2025.
The financial details of the transaction, overseen by Blackstone-managed private equity funds, remain undisclosed.
In December 2023, Levine Leichtman Capital Partners, the former proprietor of Tropical Smoothie Café, commenced the sale proceedings with the guidance of investment bank Robert W Baird & Co, in a transaction estimated at $2 billion.
In April 2024, Blackstone entered into a binding agreement to purchase Tropical Smoothie Café.
The acquisition represents the first transaction within Blackstone’s latest private equity vehicle.
Leadership Changes
Nigel Travis, the ex-CEO of Dunkin’ Brands, has been named as the new board chairman of Tropical Smoothie Café.
Barclays provided financial advisory services, while Simpson Thacher & Bartlett served as legal counsel to Blackstone for the acquisition.
Baird advised Tropical Smoothie Café on the sale with backing from North Point, BofA Securities, and Kirkland & Ellis.
Future Plans:
Peter Wallace, Senior Managing Director of Blackstone’s Private Equity division, along with Managing Director Michael Staub, remarked, “Tropical Smoothie Café is a nationally renowned brand experiencing remarkable growth, bolstered by a foundation of dedicated franchisees and patrons.”
“With the backing of Blackstone’s capital and resources, we anticipate expediting the company’s nationwide expansion and fostering innovation to maximize the brand’s distinctive position.”
Established in 1997 and headquartered in Atlanta, Georgia, USA, Tropical Smoothie Café has undergone substantial growth, boasting over 1,400 outlets spread across 44 states in the US.
Acquired by Levine Leichtman in September 2020, the brand provides a variety of health-conscious options including bowls, smoothies, salads, desserts, wraps, flatbreads, and sandwiches.
CEO Charles Watson of Tropical Smoothie Café expressed, “Through our collaboration with Blackstone, Tropical Smoothie Café aims to spread wellness to more communities across the nation alongside our committed franchisees. In 2024, we anticipate another significant year in our expansion journey, prioritizing operational excellence, menu enhancements, and enhancing the digital guest experience.”
GoodLife Foods, a Dutch company specializing in vegetarian foods, is set to acquire Spain’s Audens Group Solutions.
GoodLife, known for its spicy beanburger and falafel products, has yet to disclose the financial details of its acquisition of Audens, a Barcelona-based company renowned for its frozen ready-meals and Portuguese culinary offerings.
GoodLife, headquartered in Breda and under the ownership of UK private-equity firm IK Partners since June last year, boasts major UK supermarkets as part of its customer base.
Audens provides a range of branded and private-label products, primarily specializing in frozen snacks, appetizers, and ready meals. Its distribution spans both retail and foodservice sectors, with a primary focus on serving the Iberian markets.
The company employs over 800 staff and operates five manufacturing plants in Spain and Portugal.
Leadership Changes
Following the transaction’s finalization, David Sala Coll, CEO of Audens, will assume the role of non-executive director at GoodLife, also serving as a strategic adviser to the Spanish division. Carles Bosch will step in as Audens’ general manager, overseeing day-to-day operations in the Iberian region.
GoodLife stated that the acquisition will lead to a “highly complementary consortium,” specializing in the production and distribution of innovative frozen food snacks and meal components throughout Europe.
Dirk Van de Walle, CEO of GoodLife Foods, commented, “We have the opportunity to establish a formidable force in the food industry, poised for success. By harnessing our combined strengths, we aim to enhance customer satisfaction, elevate operational standards, and propel growth in both established and emerging markets.”
Sala Coll further remarked, “This deal brings forth thrilling prospects for our staff, clients, suppliers, and collaborators. United, we will persist in providing outstanding appetizer solutions, upholding our steadfast dedication to quality and customer contentment.”
Rebranding and Previous Acquisitions
Before its acquisition by IK Partners last year, GoodLife was under the ownership of the Dutch investment firm Egeria.
In 2019, GoodLife Foods was established through a rebranding from Izico Foods Group, reflecting Egeria’s acquisition of UK-based Goodlife Foods in 2017.
Frederik Jacobs, a partner at IK, expressed, “We are delighted to have facilitated the union of these two companies. A cornerstone of our investment strategy at GoodLife Foods is to expedite internationalization and extend our footprint into swiftly evolving frozen food segments.”
“The merger of GoodLife Foods and Audens marks a substantial step forward in our pursuit to establish a robust and continuously expanding frozen food enterprise within targeted savory segments.”
Krispy Kreme, the American multinational doughnut company and coffeehouse chain, has broadened its menu by introducing four new flavors of Doughnut Dots in the US.
The Four New Flavors: Powdered, Sprinkled, Cinnamon, and Cookie Crumb
The newest additions to the company’s lineup include Powdered, Sprinkled, Cinnamon, and Cookie Crumb varieties, which now stand alongside the Original Glazed Doughnut Dots as permanent menu options.
Powdered Doughnut Dots consist of Original Glazed doughnut holes enveloped in a sugary powdered coating, while the Sprinkled version features a covering of rainbow nonpareils.
The Cinnamon flavor brings a delightful twist of cinnamon to the Original Glazed doughnut hole, while the Cookie Crumb option features an Original Glazed doughnut coated in cookie crumb topping, complemented by a light dusting of powdered sugar.
Availability and Purchase Options
The Dots are available for purchase in a 10-count cup or a 24-count box at the Krispy Kreme store. Alternatively, customers can order them for pickup or delivery through Krispy Kreme’s app or website.
In celebration of the launch, Krispy Kreme has introduced Dollar Doughnut Dot Days, a promotional event allowing customers to buy a 10-count cup of assorted Doughnut Dots or Original Glazed Doughnut Dots for only $1 with the purchase of any dozen doughnuts.
This offer is available from June 10th to June 16th, 2024.
“Krispy Kreme fans now have the opportunity to double down on deliciousness when grabbing their usual dozen, thanks to our new lineup of Doughnut Dots,” remarked Dave Skena, Krispy Kreme’s global chief brand officer.
“They’re small, enjoyable, and crafted fresh every day. Ideal for sharing or for a quick snack on the move!”
In May 2024, Krispy Kreme introduced its Minis for Mom collection, a fresh assortment of miniature doughnuts created to commemorate Mother’s Day 2024.
The assortment included three brand-new, delectable mini doughnuts: the Mini Strawberry Iced Heart Doughnut, the Mini Iced Rose Doughnut, and the Mini Chocolate Cookie Crumble Doughnut featuring OREO.
The Loom, an online women’s fashion brand, which has recently inaugurated its first store in Delhi, is aiming to achieve 10 percent of its revenue from offline channels this fiscal year, according to Komal Goel and Aman Goel, the Co-Founders.
By the end of this fiscal year, the brand intends to launch five company-owned, company-operated stores in Delhi, Noida, Gurgaon, Bangalore, and Mumbai. Additionally, it aims to expand its total store count to 25 by the end of the following fiscal year.
“We chose to venture offline to reach consumers who exclusively shop in physical stores, while also addressing the changing preferences of online shoppers. Our focus this fiscal year is primarily on learning and enhancing the customer experience, hence we intend to proceed gradually,” explained the co-founders.
On average, the brand’s stores will cover an area ranging from 1,000 to 1,500 square feet, with an estimated CAPEX of INR 1 crore required for each store opening.
The curated marketplace, featuring a selection of 40,000 handpicked products from over 1,000 designers alongside its private label, intends to showcase 400-500 products at its stores.
Private Label and Revenue Streams
“At present, fifty percent of our revenue is generated by our private label & our repeat customer ratio stands at 35 percent cent,” they stated.
Presently, the brand’s average order value ranges between INR 6,000 and INR 6,500, while the customer acquisition cost stands at INR 1,500.
Additionally, the brand is planning to increase the size of its manufacturing unit in Delhi from 22,000 square feet to 40,000 square feet by January 2025.
“We are allocating INR 3 crore towards expanding our capacity, aiming to increase our monthly production from 15,000-20,000 products to 50,000-60,000 products,” they said.
Financial Goals and Strategic Direction
The bootstrapped brand, which wrapped up the last fiscal at INR 120 crore, has set its sights on achieving INR 200 crore this fiscal.
They mentioned, “Currently, 15 percent of our revenue comes from international orders.”
At present, the brand maintains an EBITDA ranging from 12 to 15 percent. Looking forward, it may explore strategic investments, particularly to fuel its expansion into offline channels.
Brij Hotels, renowned for its distinctive boutique accommodations, has launched its newest luxury property: the BRIJ Atmanya at Bhowali. Nestled amid the picturesque hills of Bhowali, Nainital, Brij Atmanya offers a lavish retreat at an elevation of 5,000 feet above sea level. Situated in the scenic Lake District of Kumaon, the Brij Atmanya is conveniently just a 25-minute drive from Bhimtal, Naukuchiatal, and the famed Naini Lake.
Aligned with BRIJ’s commitment to offering immersive experiences in India’s distinctive locales, while safeguarding the heritage and culture of each destination, BRIJ Atmanya strives to offer a captivating stay in Bhowali. Reflecting Brij Hotels’ fundamental value of curating immersive experiences, Brij Atmanya invites guests to immerse themselves in the rich heritage of the Kumaon region while indulging in unmatched luxury.
The establishment presents its guests with 12 luxury rooms and suites, meticulously designed to mirror the aesthetics and cultural richness of the Kumaon region. With open terraces, verdant gardens, and spacious decks, it offers an ideal environment for relaxation and cherished moments with family and friends. Enhancing the guest experience is the awe-inspiring 360-degree valley vista, adding an extra layer of delight.
Brij Atmanya also boasts an on-site spa, a multi-recreational area, and long walking trails for guests to relax and rejuvenate. Additionally, an on-site multi-cuisine restaurant with a special focus on local Kumaoni flavors is available for guests to savor local delicacies.
The Launch Event
The inauguration of BRIJ Atmanya was attended by lifestyle, travel, and beauty media, as well as influencers, who had the privilege of being the first to experience the accommodations and activities at the newly unveiled property. The launch event was enriched by the participation of India’s premier beauty and skincare brand, Kama Ayurveda, which offered a rejuvenating yoga session followed by Mukh Abhyanga, a facial yoga activity aimed at fostering inner connection among guests. Additionally, Nicobar, a prominent lifestyle brand, contributed to creating a holistic wellness experience.
Udit Kumar & Anant Kumar, Founders of BRIJ, express their enthusiasm about the property launch, stating, “We are thrilled to introduce Brij Atmanya, the latest jewel in our esteemed portfolio. We have meticulously designed distinctive experiences that honor the vibrant culture of Kumaon, complemented by the region’s enchanting natural beauty. Our dedication lies in tailoring hyperlocal experiences, guaranteeing a truly personalized and unforgettable stay for our guests.”
In a bold move, Svish On The Go has entered the sexual health category with the launch of two innovative products tailored to address male sexual wellness challenges. Introducing Isvish Extend Topical Spray and IsvishShilajit with 12 Natural Herbs, the brand aims to provide practical solutions for common concerns, empowering men to take charge of their sexual well-being. Spearheading this endeavor is cricket icon Shikhar Dhawan, lending his influence as the brand ambassador. This initiative strives to raise awareness, eliminate stigmas, and offer effective remedies for prevalent sexual health issues in India.
Isvish Extend Topical Spray:
Presenting Svish’s newest offering, the Isvish Extend Topical Spray, featuring Lidocaine, a proven ingredient for managing premature ejaculation safely and effectively. Engineered for convenient application, this spray is to be used moments before intercourse. By decreasing sensitivity without sacrificing pleasure, it enables men to enjoy extended performance and heightened satisfaction. Moreover, this product delivers multiple advantages, including improved control over ejaculation, boosted sexual confidence, and an enhanced overall sexual experience for both partners.
The next product, IsvishShilajit with 12 Natural Herbs, breaks new ground as India’s inaugural effervescent powder formula in the sexual health sector. It boasts a distinctive fusion of Himalayan-sourced Shilajit and 12 potent natural herbs, including Ashwagandha, Shatavari, Gokshura, Renuka Beej, and Safed Musli. This entirely Ayurvedic blend is meticulously crafted to enhance performance, vitality, and overall well-being. Each ingredient offers unique advantages: Shilajit bolsters strength, stamina, and vigor; Ashwagandha alleviates stress while amplifying energy levels; Shatavari fortifies reproductive health and vitality; Gokshura supports urinary and reproductive functions; Renuka Beej aids in general well-being; and Safed Musli augments strength and stamina. Setting a precedent in India’s sexual health market, IsvishShilajit arrives in convenient single-use sachets, revolutionizing accessibility and ease of use.
“At Svish On The Go, our dedication lies in tackling the frequently neglected facets of health and well-being. Through our introduction of Isvish Extend Topical Spray and IsvishShilajit with 12 Natural Herbs in the sexual health domain, we showcase our resolve to dismantle societal constraints and furnish practical, user-friendly remedies that enable men to assert command over their sexual well-being. Our fresh lineup of offerings is engineered to elevate sexual prowess and holistic health, liberating men from enduring silent struggles,” stated JD, CMO of Svish On The Go.
Svish, a direct-to-consumer brand specializing in personal hygiene, presents a diverse array of products spanning three key categories: sanitization, hair hygiene, and ‘below the belt’ hygiene. With over 50 products currently in its repertoire, Svish is poised to unveil additional offerings across these categories, empowering men to navigate their sexual health with confidence. Available through various channels including its official website, Amazon, Nykaa, Flipkart, Big Basket, Blinkit, Zepto, PharmEasy, Myntra, LBB, Milkbasket, WHSmith, Shopclues, Snapdeal, and more, Svish ensures widespread accessibility of its products.
Poult American Bar and Bistro, celebrated for its signature American-style fried chicken, has unveiled its third location at Phoenix Mall of the Millennium in Wakad, Pune. Renowned for its delectable fried chicken varieties and gourmet burgers, Poult is dedicated to delivering an unforgettable dining journey where chicken steals the spotlight.
Poult offers a tempting array of dishes, ranging from fiery hot wings to crunchy drumsticks and succulent thighs, alongside their standout crispy chicken burgers. Guests can complement their meals with a choice of beer or a refreshing margarita. For health-conscious diners, Poult presents grilled chicken options. Those seeking culinary adventure can delve into Poult’s gourmet burger selection, each boasting unique flavors and textures.
Prashant Issar, Director of Bellona Hospitality, expressed excitement about Poult’s expansion in Pune, stating, “Whether you’re a devoted chicken enthusiast or just seeking a delicious meal, Poult caters to all tastes. We’re delighted to bring our renowned chicken delights to the lively community of Wakad.”
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