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Mamaearth strengthens retail presence in India through Reliance Retail partnership

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Mamaearth

Honasa Consumer Limited, the proprietor of the rapidly expanding personal care label Mamaearth, has announced that its products are now available at over 1,000 Smart Bazaar and Smart Point stores across India. This expansion, achieved through a partnership with Reliance Retail Ventures Ltd., signifies a major advancement for Mamaearth as it strengthens its foothold in brick-and-mortar retail.

Renowned for its dedication to delivering safe, natural, and toxin-free products, Mamaearth has garnered a devoted customer following due to its innovative offerings. The collaboration with Reliance Retail is geared towards expanding the accessibility of Mamaearth’s products to a wider audience.

Continue Exploring: Mamaearth parent Honasa Consumer achieves profitability for full fiscal year FY24

Varun Alagh, Co-Founder and CEO of Honasa Consumer Limited, expressed, “At Honasa, we strongly believe in being present wherever our consumers prefer to shop for the brand. Our collaboration with Reliance Retail further extends our commitment to making toxin-free, safe products available to a broader spectrum of consumers. With our presence in over 1,000 stores now and the rising demand for Mamaearth products, we aim to sustain growth and expand our reach through this partnership.”

This partnership aims to facilitate consumers’ access to Mamaearth’s diverse range of products, reinforcing the brand’s core promise of providing toxin-free beauty products crafted from natural ingredients.

Continue Exploring: Mamaearth parent Honasa Consumer plans merger of two subsidiaries to eliminate cost duplication and enhance efficiency

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Nykaa to reappoint Pradeep Parameswaran and Seshashayee Sridhara as independent directors for second consecutive term

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Nykaa
Nykaa

Nykaa, the beauty e-commerce startup, has informed the stock exchanges that it has passed a special resolution to reappoint Pradeep Parameswaran and Seshashayee Sridhara as non-executive, independent directors for a second consecutive term of three years each, starting from July 15, 2024, and July 26, 2024, respectively.

Additionally, FSN E-Commerce Ventures Limited, the parent company of Nykaa, has passed a special resolution to appoint Santosh Desai as a non-executive independent director for a term of five years, commencing from July 15, 2024.

The exchange filing also disclosed that members can express their agreement or disagreement regarding the aforementioned resolution through e-voting from June 13, 2024, to July 12, 2024. The outcome of the vote will be announced on or before July 15, 2024.

Pradeep Parameswaran, currently serving as the global head of business development at Uber, assumed his position on Nykaa’s board on July 15, 2021. Additionally, he holds a seat on the board of Nykaa E-retail Limited, a subsidiary of FSN E-commerce Ventures Limited.

Continue Exploring: Beauty retailer Nykaa overhauls operations: Merges LBB with Nykaa Fashion in strategic restructuring

Seshashayee Sridhara joined Nykaa on July 26 and also serves as a director in Nykaa’s other subsidiaries – FSN Brand Marketing Private Limited and FSN International Limited.

Desai, as indicated by his LinkedIn profile, presently holds the positions of Managing Director and CEO at Futurebrands India. Additionally, he serves as a director in D.B Corp Limited, Bidada Foods Pvt Ltd, Think9 Consumer Technologies Pvt Ltd, among other companies.

This comes after Nykaa announced Desai’s appointment as an independent director nearly two weeks ago. Desai, who previously served as president at the advertising agency McCann, brings over two decades of experience in the advertising industry to his new role.

Continue Exploring: Nykaa board appoints Santosh Desai as Independent Director

At the time of the appointment, Nykaa founder and CEO Falguni Nayar remarked, “Santosh’s expertise in grasping the intricate dynamics between culture and brands has contributed to the establishment of numerous iconic brands… We trust that Santosh’s strategic counsel will guide our vision to enhance Nykaa’s brand value and strengthen our current portfolio of brands for sustainable global growth.”

Composition of Nykaa’s Board

The unicorn in e-commerce now has nine directors on its board following Desai’s appointment. The other independent directors on the board are Pradeep Prameshwaram, Anita Ramachandran, Seshashayee Sridhara, and Milind Sarwate.

The appointment and reappointment closely follow the startup’s report of a 1.2X increase in net profit year-on-year (YoY) to INR 9.07 Cr in Q4 FY24, although it experienced a 48% decline on a quarter-on-quarter (QoQ) basis. Operating revenue surged 28% YoY to INR 1,667.9 Cr but saw a 6% sequential decrease.

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Palette Brands secures $2 Million in pre-Series A funding to launch Ember cookware brand

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Palette Brands
Palette Brands

Palette Brands (earlier White.Inc), a consumer goods company, has raised close to $2 million in a pre-Series A round led by Rockstud Capital.

The round also saw participation from existing investors such as IPV & Dholakia Ventures, alongside angel investors Stoffer Anko Norden and Apurva Salapuria.

The primary focus of this funding will be on the launch of Ember, a cookware brand, given the ripe opportunity for innovation in this category. Consumers are actively seeking to elevate their kitchen experiences while prioritizing healthier choices.

Continue Exploring: Kent Ro expands portfolio, enters cookware segment with emphasis on health and durability

Siddharth Gadodia, the founder of Palette Brands, expressed, “There’s a significant gap in the market for cookware that seamlessly blends form and functionality. Ember is poised to address this by offering a non-toxic cookware brand with exceptional non-stick properties.”

Market Opportunity and Consumer Trends

As per a Goldman Sachs Research report, the number of affluent consumers in India is projected to surge from approximately 60 million in 2023 to 100 million by 2027. Palette is strategically catering to this aspirational affluent demographic, characterized by a preference for exceptional product design and value. This encompasses offerings in the mass premium segment across categories with substantial Total Addressable Market (TAM) and notable unmet consumer demands.

Established in 2022 by Siddharth Gadodia, Young Yun, Himanshi Tandon, and Bret Recor, the startup encompasses a drinkware brand, Unbottle, and an Apple accessories brand, Totem, within its portfolio.

Continue Exploring: Wonderchef expands retail presence: Launches 28th store in India, eyes 50 outlets by 2025

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Agritech startup DeHaat completes its first ESOP buyback, targets full-year profitability in FY25

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Shashank Kumar, Amrendra Singh, Shyam Sundar, and Adarsh Srivastav - Co-Founders, DeHaat
Shashank Kumar, Amrendra Singh, Shyam Sundar, and Adarsh Srivastav - Co-Founders, DeHaat

DeHaat, the Peak XV-backed agritech startup, has successfully completed its first-ever employee stock ownership plan (ESOP) buyback programme worth INR 10 Cr.

DeHaat, in a statement on Wednesday (June 12), announed that it has already allocated ESOPs totaling over INR 100 Cr to a cohort of over 200 individuals. During its initial ESOP buyback, 153 team members, ranging from senior vice presidents to field teams, benefited from the initiative.

Shashank Kumar, the Cofounder and CEO of DeHaat, remarked, “The unwavering dedication and hard work of our team has enabled DeHaat’s sustained growth and exceptional performance in empowering Indian farmers over the last decade. The ESOP buyback program underscores our commitment to our employees, and we are delighted to create opportunities for wealth generation.”

Continue Exploring: Agritech startup DeHaat forays into consumer market with Honest Farms brand

DeHaat’s Business Model and Operations

Established in 2012 by Shashank Kumar, Amrendra Singh, Shyam Sundar, and Adarsh Srivastav, Patna and Gurugram-based DeHaat operates as a comprehensive business-to-farmer (B2F) platform. It offers end-to-end agricultural services to farmers, including the distribution of high-quality agri-inputs, customized farm advisory, access to financial services, and market linkages for selling their produce.

DeHaat further announced that its revenue from operations surged by 40% year-on-year (YoY) to INR 2,700 Cr in FY24, accompanied by a 50% YoY reduction in losses.

The startup asserted that its revenue growth was bolstered by operational efficiency and a heightened emphasis on profitability, particularly through lucrative ventures such as exporting sustainably grown farm produce, food processing, and sales of biological agricultural inputs.

Targeting Profitability and Expansion Plans

DeHaat targets attaining full-year profitability within the ongoing fiscal year, FY25.

Since its establishment, the startup asserts to have assisted over 2 million farmers across 11 states in India via its digital network spanning over 11,000 ‘DeHaat Centres’. Additionally, it prides itself on maintaining a network of over 1,500 stock-keeping units, processing over 15,000 orders daily, and catering to more than 15 countries.

Recently, the startup expanded its product line by introducing offerings on modern trade, quick commerce, and ecommerce platforms under the brand name Honest Farms.

In November last year, the startup completed the acquisition of fruit export company Freshtrop Fruits in an all-cash transaction.

Throughout the year, the startup has secured more than $300 million in funding through various rounds. Additionally, the company has garnered support from notable investors such as Sofina Ventures, RTP Global Partners, Prosus, and Lightrock India, among others.

In FY22, DeHaat recorded a net loss of INR 1,563.9 Cr, marking a widening of over 253% year-on-year (YoY), while revenue from operations experienced a significant surge, increasing 2.6 times YoY to INR 1,273.42 Cr.

Continue Exploring: DeHaat diversifies agritech portfolio with strategic acquisition of Freshtrop Fruits’ export business

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Reliance Retail’s Tira launches skincare brand ‘Akind’ Co-Founded by Mira Kapoor

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Akind

Reliance Retail’s beauty retail platform, Tira, announced on Wednesday the launch of its new skincare brand, ‘Akind’, co-founded by Mira Kapoor. The brand was unveiled at Tira’s flagship store at Jio World Drive in Mumbai.

Accessibility: Online and Offline Channels

The brand will be accessible at Tira through both online and offline channels.

The brand features three categories of formulations designed to “fulfill specific roles in enhancing skin barrier health.”

Continue Exploring: Deepika Padukone’s 82°E joins forces with Reliance Retail’s TIRA for nationwide retail expansion

Isha Ambani, Executive Director of Reliance Retail Ventures Limited, expressed, “We are thrilled to debut Akind, Tira’s inaugural skincare brand in our portfolio of proprietary brands. This launch marks a noteworthy milestone in Tira’s trajectory. As we advance and grow, our dedication to innovation and excellence remains steadfast.”

Mira Kapoor, Co-Founder of Akind, shared, “My skincare journey truly commenced when I began tuning into my skin’s needs. The Akind range was crafted with meticulous attention, incorporating care, experimentation, and thorough research into potent ingredients tailored to address specific concerns. Partnering with Tira, the premier hub for curated beauty brands, perfectly embodies our vision and brings it to fruition.”

“Through Akind, my aim is to spread the delight of skincare that transcends skin types, prioritizes barrier health, delivers high performance, and remains budget-friendly, empowering everyone to achieve their skin’s optimal state, as I have,” she added.

In a statement, the company emphasized, “The introduction of Akind as its first skincare brand reaffirms Tira’s dedication to offering customers a wide array of top-notch, innovative products spanning beauty and personal care segments.”

Continue Exploring: Reliance Retail’s Tira brand steps into beauty accessories market with ‘Tira Tools’

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Filter coffee startup VS Mani & Co taps singer Anirudh Ravichander as Co-Founder and brand ambassador

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GD Prasad, Yashas Alur and Rahul Bajaj (Co-Founders of VS Mani & Co) with singer Anirudh Ravichander
GD Prasad, Yashas Alur and Rahul Bajaj (Co-Founders of VS Mani & Co) with singer Anirudh Ravichander

VS Mani & Co, renowned for its South Indian filter coffee and delectable snacks, has enlisted the renowned singer of “Why This Kolaveri Di,” Anirudh Ravichander, as its co-founder and brand ambassador. This strategic move is geared towards enhancing its footprint and capturing a larger market share in Tamil Nadu and Karnataka. As part of this collaboration, Ravichander will also be a stakeholder in the company, further solidifying his commitment to its success.

Celebrity Endorsements and Investments

For VS Mani & Co, known for its appearance on Shark Tank, this marks another significant celebrity endorsement. Previously, it has received investments from Sobhita Dhulipala, Rana Daggubati, Ranbir Kapoor, Disha Patani, and more. The brand believes that collaborating with celebrities aids in solidifying its status as a household name.

Continue Exploring: A-Listers Spice Up Their Portfolios with Bold Bets on India’s Booming F&B Startups

Market Focus and Expansion Strategy

Although it operates in several cities, the company’s focus is on penetrating the South Indian market before pursuing extensive expansion in other regions. This rationale elucidates the decision to bring Ravichander on board as a co-founder. However, the company has not disclosed the specifics of the arrangement with Ravichander.

Anirudh Ravichander, music composer and co-founder of VS Mani & Co, expressed, “VS Mani & Co is revolutionizing the world of filter coffee for my generation. I felt compelled to play a more active role in their journey, beyond being just a consumer. Additionally, I aspire to promote our rich South Indian cuisine and exquisite filter coffee to a global audience.”

The company focuses on consumers aged 27 to 40, as this demographic is inclined towards paying for convenience. Chennai, Bengaluru, Hyderabad, and Mumbai rank as the top cities for the company in terms of revenue contribution.

Continue Exploring: Indian Filter Coffee ranks No. 2 in Top 38 Coffees worldwide ranking

“We are excited to collaborate with Anirudh as we embark on establishing a premier brand for South Indian filter coffee and snacks. As a prominent figure in the South Indian music industry, he embodies the essence of our food and culture impeccably,” stated the company’s founders.

Established in 2020 by GD Prasad, Yashas Alur, and Rahul Bajaj, VS Mani & Co has secured a cumulative funding of $1.5 million from investors such as Kettleborough VC, Lets Venture, Hyderabad Angels, Supermorpheus, among others.

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Skincare startup Foxtale secures $18 Million in Series B funding round led by Panthera Growth Partners

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Romita Mazumdar, Founder and CEO, Foxtale
Romita Mazumdar, Founder and CEO, Foxtale

Foxtale, a direct-to-consumer (D2C) skincare startup, has raised $18 million (approximately INR 150 crore) in its Series B funding round. Led by Singapore-based Panthera Growth Partners, the investment also saw continued support from existing backers Matrix Partners India and Kae Capital.

Founder and CEO Romita Mazumdar revealed that the Mumbai-based startup intends to utilize the new funds to broaden its digital presence and introduce additional categories into its product portfolio.

Foxtale’s Skincare Offerings

Established in 2021, Foxtale specializes in tailored skincare solutions designed to combat a range of skin issues, including acne, aging, and hyperpigmentation, among others.

Foxtale offers an extensive array of skincare items, including serums, masks, moisturizers, face washes, and sunscreens. These products are available for purchase on Foxtale’s website, various online marketplaces, and select offline stores.

Continue Exploring: Deepika Padukone-backed personal care startup 82°E to secure INR 50 Cr in extended seed funding round

Foxtale boasts accessibility to users in over 100 cities throughout India, targeting women aged 23-35 in tier I, tier II, and tier III cities with its products.

Financial Performance and Growth Targets

In FY24, the startup reported a gross merchandise value of INR 172 crore, primarily driven by sales from its official website.

Moreover, it claims a retention rate of over 50% and aims to achieve profitability by FY25.

Continue Exploring: Omnichannel beauty brands spark investment frenzy: ADIA leads $100M round in Purplle, MCaffeine & others gear up for funding

Foxtale competes with Nykaa, Mamaearth, Purplle, MyGlamm, Plum, and other similar brands.

Foxtale’s Funding History

In March, the startup secured INR 119 crore (approximately $14.4 million) in funding, led by Panthera Growth Partners. Existing investors, including Matrix Partners India and Kae Capital through various entities, also participated in the round.

Continue Exploring: D2C skincare brand Foxtale secures $14 Million in funding led by Panthera Growth Partners

Before that, in 2022, it secured $4 million in its pre-Series A funding round, spearheaded by Matrix Partners India.

In the thriving D2C segment, beauty and personal care (BPC) products have experienced rapid expansion in recent years. This growth is fueled by robust consumer demand for personalized products designed specifically for their unique skin and body needs.

The changing landscape of the beauty and personal care (BPC) industry has given rise to numerous innovative brands, garnering substantial funding from investors.

Last week, skincare solution startup CHOSEN by Dermatology secured a seed funding of $1.2 million (approximately INR 10 crore) from friends and family.

Earlier reports indicated that Bengaluru-based WOW Skin Science was in discussions with investors to raise between $65 million and $75 million at a valuation of $400 million.

According to a report by IMARC Group, the BPC market in India reached $26.3 billion in 2022 and is expected to reach $38 billion by 2028, with a compound annual growth rate (CAGR) of 6.45% between 2023 and 2028.

Continue Exploring: Skincare startup CHOSEN secures $1.2M seed funding, eyes expansion into B2B sector

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CYK Hospitalities brings authentic Mexican flavors to Gurugram with the launch of Casa Dona

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Casa Dona

CYK Hospitalities, a leading end-to-end F&B consultancy, has facilitated the launch of Casa Dona, a Mexican quick-service restaurant, in DLF Cyber Park, Gurugram. This marks the second outlet of Casa Dona, the first being at Hudson Lane, Delhi. CYK has been instrumental in meticulously curating every detail to complement the essence of the Mexican QSR experience.

From crafting the logo to developing brand identity and packaging, to curating and executing the menu and pinpointing the optimal location for the QSR, CYK has devoted itself to guaranteeing that every facet of Casa Dona’s presentation mirrors a dedication to excellence and ingenuity.

Continue Exploring: CYK Hospitalities facilitates Sassy Desserts’ first store opening in Panipat

A Culinary Journey Through Mexico: Casa Dona’s Menu Highlights

CYK has meticulously crafted a distinctive menu that honors the heart of Mexican cuisine. From flavorful tacos to tangy enchiladas, each dish embodies a culinary odyssey through Mexico’s vibrant gastronomic legacy. Adding a unique twist, the consultancy has introduced homemade nachos in beetroot and spinach flavors. To ensure seamless operations at the new outlet, CYK has diligently trained and selected staff members who embody a collective passion for delivering outstanding service with each guest interaction.

The interiors and ambiance are tastefully designed, bringing the lively flavors of Mexico closer to Gurugram residents. Casa Doña’s dedication to authenticity shines in every detail, from the precisely crafted menu to the welcoming hospitality.

Sandeep Bansal, the Founder of Casa Dona, said, “CYK Hospitalities, renowned for their culinary mastery, has been instrumental in shaping Casa Dona’s offerings. Their expertise ensures that every dish caters to the diverse palate of D.L.F Cyber Park’s corporate offices, promising an unforgettable dining experience for all patrons.”

Pulkit Arora, Director of CYK Hospitalities, commented on the successful launch of Casa Dona, stating, “From inception, we aligned Casa Dona’s vision with prevailing market trends and consumer preferences. We meticulously selected the ideal location, recognizing its paramount significance for brand expansion. Additionally, we meticulously crafted the menu and conceptualized interior designs to establish a unique and inviting ambiance that embodies the values of the Mexican cuisine while resonating with our target demographic. Our culinary experts collaborated closely with Casa Dona to curate a diverse and enticing menu, showcasing the finest of Mexican culinary heritage to delight our guests.”

CYK Hospitalities also played a pivotal role in establishing Casa Dona’s base kitchen in North Campus, Delhi, optimizing operations to ensure a smooth culinary experience.

Continue Exploring: CYK Hospitalities strengthens its leasing portfolio for QSR brands

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Jewellery stores report uptick in sales as gold prices decrease by 4.5%

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gold jewellery
(Representative Image)

A drop of 4.5% in gold prices over three weeks, from a peak of INR 74,222 per 10 gm, has invigorated consumer confidence. Mumbai’s Zaveri Bazaar, Asia’s largest gold market, is bustling with activity. Jewellers like Joyalukkas, Senco Gold & Diamonds, PNG Jewellers, Kama Jewelry, and more are witnessing a surge in foot traffic and demand, up by 10-15% compared to two months prior.

Election Model Code Lift Boosts Market

The decline in prices has encouraged some consumers to purchase gold bars and coins. Additionally, the lifting of the election model code of conduct, which was in place since the start of April, has enticed consumers back to the market, as they are now able to carry more cash beyond INR 50,000 and make jewellery purchases.

The Model Code of Conduct (MCC) prohibits carrying cash exceeding INR 50,000, as well as new items worth more than INR 50,000, without supporting documents.

Continue Exploring: Jewellery retailer Senco Gold’s QoQ profit falls; annual revenue crosses INR 5K Crore

Kumar Jain, proprietor of Umedmal Tilokchand Zaveri based in Zaveri Bazaar, remarked, “The atmosphere is optimistic not only here but across the country. Jewellers are replenishing their stocks with new items, and customers are actively purchasing gold. In the weeks ahead, we anticipate a further increase in sales.”

Current Gold Price Status

As of Tuesday, the price of gold was approximately INR 70,900 per 10 gm.

Saurabh Gadgil, managing director of Pune-based PNG Jewellers, expressed, “We’ve experienced increased foot traffic thanks to the price decrease and the establishment of a stable central government. Additionally, the relaxation on cash limits for purchasing jewellery has contributed positively. The previous constraints on cash movement, which dampened demand since April, have been alleviated. We’ve observed a 15% rise in demand.”

The decline in the price of gold was attributed to profit-taking, especially following the release of the Federal Reserve meeting minutes. These minutes suggested a lack of confidence among policymakers regarding the likelihood of immediate interest rate cuts.

Continue Exploring: Organized gold jewellery retailers set for strong revenue growth in FY2025: CRISIL Analysis

The decrease in prices has also spurred families planning weddings later in the year to purchase jewellery. Suvankar Sen, managing director of Senco Gold & Diamonds, remarked, “The decline in gold prices has motivated customers to revisit our stores and commence their wedding shopping. Concerned about potential price increases, they’re opting to buy gold ahead of time. Demand has surged by 15% in the past week alone.”

Baby George, CEO of the jewellery retail chain Joyalukkas, reported a 10-15% rise in sales across their stores in India. He attributed this increase primarily to the softening of gold prices.

Continue Exploring: Jewellery brand Tanishq enters Oman, unveils first store at Oman Avenues Mall

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H&M India expands reach with launch of H&M Home Concept at Inorbit Mall, Hyderabad

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H&M

H&M India, a globally recognized retailer known for delivering sustainable fashion and quality at unbeatable prices, has unveiled its H&M Home concept at Inorbit Mall, Madhapur. Covering an area of 2,012 square meters, this inauguration marks a significant achievement for H&M in Hyderabad, providing customers with an enriched shopping venture featuring the highly anticipated H&M Home collection.

Continue Exploring: H&M bolsters Indian presence with two more outlets in Pune and Bengaluru

Product Offerings

The store presents the newest Summer Collection alongside the H&M Home assortment, addressing a wide array of customer preferences. Fashion enthusiasts have the opportunity to delve into a versatile array of collections for Ladies, Kids, and Men, with prices commencing at an attractive INR 399. For the younger fashion aficionados, the Kids’ collection starts at INR 299, providing trendy options. H&M’s Summer Collection showcases an eclectic blend of flowing silhouettes, daring prints, and vivid hues. Standout pieces include inventive knitted kaftans, crochet items, billowy maxi sun dresses, and coordinated skirts or shorts sets paired with bikini tops, ideal for summer getaways.

The Home concept presents a selection of high-quality bed linens, dinnerware, and home décor items tailored to complement diverse interior aesthetics. Whether customers seek contemporary showpieces or enduring favorites, the Home collection encompasses all the necessities for crafting a chic living environment. With prices kicking off at a mere INR 149, the collection endeavors to democratize luxurious living, ensuring accessibility for all.

Yanira Ramirez, Country Sales Manager at H&M India, expressed her excitement, stating, “We’re thrilled to introduce our much-anticipated Home concept to our Hyderabad store, aiming to bring a touch of chic and contemporary home décor to this dynamic city. Our objective is to inspire and present the latest trends in home décor, complementing our fashion offerings. We are steadfast in delivering top-notch quality at competitive prices, all while staying true to our commitment to sustainability.”

Aligned with H&M’s commitment to sustainability, the newly opened store in Hyderabad is actively participating in the Garment Collect initiative, urging customers to recycle clothing and textiles, irrespective of brand or condition.

Continue Exploring: Tata Group eyes expansion with potential stake purchase in Fabindia’s apparel business

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