The Food Safety and Standards Authority of India (FSSAI) has directed all food companies to promptly remove any claim of ‘100% fruit juices’ from the labels and advertisements of reconstituted fruit juices, effective immediately, as stated in a recent announcement.
Additionally, it has instructed all companies to utilize all current pre-printed packaging materials before September 1, 2024.
“FSSAI has noted that numerous Food Business Operators (FBOs) have been misleadingly promoting different varieties of reconstituted fruit juices, falsely branding them as 100% fruit juices,” stated FSSAI in a release.
“After extensive review, FSSAI has determined that, as per the Food Safety and Standards (Advertising and Claims) Regulations, 2018, there is no provision allowing for the assertion of ‘100%’,” it further stated.
The food regulator highlighted that such assertions are deceptive, especially when the principal component of the fruit juice is water and the main ingredient, for which the assertion is made, is only present in minimal concentrations, or when the fruit juice is reconstituted using water alongside fruit concentrates or pulp.
Regulatory Compliance for Reconstituted Fruit Juices
According to India’s food regulations, food companies are required to include the term “reconstituted” in the ingredient list alongside the name of the juice derived from concentrate.
Moreover, if the amount of added nutritive sweeteners surpasses 15 grams per kilogram, the product must be labeled as ‘sweetened juice’.
In May, the Open Network for Digital Commerce (ONDC) experienced significant growth, achieving a new milestone with 89 lakh transactions recorded across retail and ride-hailing sectors. This marked a notable 23% increase compared to the previous month.
Breaking down the data, the state-supported network revealed that the majority of the transaction volume originated from the retail segment, reaching a new peak of 50 lakh orders in May. This showcased a month-on-month growth of 39%, up from 35.9 lakh orders in April.
During the reviewed month, the network witnessed a single-day record of 2 lakh retail transactions. Additionally, both the grocery and food delivery categories surpassed the 10 lakh order milestone individually for the first time in May 2024.
ONDC stated that within the home and kitchen sub-segment, there were 6.3 lakh orders, while fashion recorded 3.3 lakh transactions. The remaining 20 lakh orders were distributed across other retail sub-segments.
“Indicating a diversification of ONDC’s retail business, shares have increased in categories such as groceries, fashion, home, and kitchen. The food category used to make up 76% of all retail orders, but thanks to the increase in contributions from other categories, it only made up 20% of orders in May of this year, according to the statement.
Conversely, the ride-hailing segment on ONDC experienced modest expansion, with the platform logging 38 lakh trips in May, compared to 36 lakh transactions in April. It’s worth noting that ONDC achieved its peak number of trips this year in March, reaching 40 lakh.
Regarding geographical distribution, Delhi, Uttar Pradesh, and Maharashtra emerged as the top regions with the highest number of orders on the state-backed network.
On a broader scale, ONDC also stated that the network now comprises 5.35 lakh sellers spanning 1,200 cities. Of these sellers, 84% are classified as “small sellers,” collectively accounting for 56% of the total orders on the platform.
This comes as more and more Indian startups in the ecommerce landscape are lining up to join the ONDC to shore up their business operations. In the last 18 months, a number of notable businesses have joined the ONDC Network, including Shiprocket, Ola, Paytm, &
For instance, recent reports surfaced indicating that Ola was developing a feature to allow users to purchase groceries, fashion, and apparel directly through its app. Similarly, PhonePe expanded its services to include food delivery and ticket booking through ONDC.
Moreover, companies such as Delhivery, Dainik Jagran, Uber, IDFC Bank, Kotak, Dunzo, and Tata Neu have integrated some of their services with ONDC. Furthermore, the Gautam Adani-led Adani Group was reportedly considering entering the ecommerce and fintech sectors with the support of ONDC.
Last week, Reliance Retail, another conglomerate, reportedly initiated a pilot program on ONDC through Fynd, aiming to gauge the potential of the network.
Established in 2021 under the supervision of the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC is an open protocol-based network designed to facilitate local commerce across various sectors, including grocery and mobility, among others.
With the support of this platform, the government aims to boost India’s ecommerce penetration to 25%, while ONDC sets its sights on achieving a gross merchandise value (GMV) of $48 billion in the next few years.
Kalyan Jewellers India has signed a definitive agreement with Rupesh Jain, founder of Candere (Enovate Lifestyles Pvt. Ltd), to acquire his remaining 15% stake in Candere, a subsidiary of Kalyan Jewellers. This transaction, valued at INR 42 crore, will make Candere a wholly owned subsidiary of Kalyan Jewellers as it transitions from e-commerce to omni-channel commerce.
Kalyan Jewellers acquired a majority stake in Candere in 2017 to expand into the e-commerce sector. In FY2023-24, Candere reported an annual revenue of INR 130.3 crore. Since its inception in 2013, Candere has been a key player in the rapidly growing affordable and accessible jewellery segment. Following its acquisition by Kalyan Jewellers, the brand has steadily enhanced its product offerings, gained customer preference, and increased its presence in leading marketplaces.
Over the past sixteen months, Candere has strategically pivoted to omni-channel commerce to meet emerging consumer needs. To support this transition, experienced talent has been brought in at both operational and management levels. In the last fiscal year, Candere launched 11 physical showrooms across the country and plans to quadruple its offline presence in the current fiscal year.
Commenting on the announcement, T S Kalyanaraman, Managing Director of Kalyan Jewellers, stated, “Kalyan Jewellers has shown its capacity to expand a hyper-local consumer brand to substantial size and scale while staying agile to evolving customer needs. With Candere, we are thrilled to explore an emerging market segment within the jewellery industry, concentrating on lightweight, fashion-forward, and universally appealing designs. The next phase of growth will be best achieved with a significant retail presence and a strategic shift to omnichannel commerce.”
Rupesh Jain, Founder of Enovate Lifestyle, added, “Candere has greatly benefited since Kalyan Jewellers joined us about seven years ago. As it enters the next phase of growth, I am confident that Candere will continue to shine and solidify its unique position in the minds of Indian consumers.”
Bikanervala Foods Ltd said that it won’t be raising the prices of sweets at the moment. Instead, the company has decided to absorb the hike in rates of milk by leading suppliers Amul and Mother Dairy.
Effective Monday, Amul and Mother Dairy have raised the prices of liquid milk by INR 2 per litre.
“The recent surge in milk prices is likely to impact both consumers and small sweet shop owners, leading to higher prices for milk-related products,” noted Manish Aggarwal, Director at Bikano, Bikanervala Foods Pvt Ltd. “However, it’s worth noting that the demand for ‘mithai’ and other milk-based products may not see significant changes despite these rising costs.”
“We are absorbing the rising cost of milk & presently have no plan of passing it on to our customers,” he stated.
Aggarwal mentioned that the company is meticulously navigating between consumer price sensitivity, price elasticity, and competitive dynamics.
Considerations for Future Pricing Adjustments
“While our goal is to sustain a consistent volume momentum, should this situation persist, we may have to contemplate future adjustments to the prices of our products,” he said.
Bikanervala Foods holds a prominent position among the top players in the sweets and snacks industry.
Le Marche, a Delhi-based gourmet grocer, has opened a new store at DLF Promenade Mall in Vasant Kunj, Delhi, as announced in a social media post by the retailer on Monday.
The latest establishment of the retailer is situated on the first floor of the mall.
“Drumrolls, please! Today marks an unparalleled joy as our latest store is officially open. We extend a warm invitation to all to join us at DLF Promenade. Are you excited?” Le Marche Retail expressed in a LinkedIn post.
Established in 2005, Le Marche is a premium supermarket chain renowned for its assortment of fresh-cut meats, seafood, delectable cold cuts, chef’s marinated delicacies, bakery delights, and an array of global cuisines. With a presence in 10 locations across Delhi NCR, the retailer boasts approximately 20,000 stock-keeping units (SKUs) since its acquisition by Noida-based DS Group in 2017. Additionally, Le Marche has secured approximately 25,000 sq. ft. of space in Lykli Gurugram, the inaugural mixed-use development by Ingka Centres, the shopping center arm of Ingka Group.
Coty Inc, a renowned global beauty conglomerate boasting a rich portfolio of iconic brands, is thrilled to announce the introduction of adidas Sports Fragrances in India. Teaming up with distributor Beauty Concepts Pvt Ltd, the refreshed lineup caters specifically to those who embody an active lifestyle.
The adidas Sports Fragrances assortment encompasses Eau de Toilettes (EDTs), deodorants, and shower gels, delivering a complete olfactory journey for enthusiasts of activity and vitality. Significantly, sustainability takes precedence within the range, showcasing vegan compositions and recyclable packaging. Supported by scientific advancements, the new adidas bodycare selection delivers enduring scents infused with natural essential oils, tailored to the demands of the “Everyday Mover” – individuals who value fitness within their daily regimens.
Rizwan Mulla, Business Development Director at Coty India, expressed, “We’re thrilled to bring adidas Sports Fragrances to India, providing consumers with a distinctive scent journey that aligns with their dynamic lifestyles. Through this collection, our goal is to encourage individuals to embrace movement, wellness, and self-expression.”
The debut of adidas Sports Fragrances signifies yet another significant achievement for Coty in the Indian market. With a heritage of creating timeless scents and cutting-edge beauty offerings, Coty persists in reshaping beauty norms and fostering individual expression. The availability of adidas Sports Fragrances at top retailers nationwide, such as Shoppers Stop, Nykaa, and other prominent outlets, beckons customers to discover scents that harmonize with their vibrant lifestyles.
Rebel Foods, the leading global internet restaurant brand and master franchise holder for Wendy’s in India, has unveiled a new Wendy’s dine-in outlet at V3S Mall, Laxmi Nagar, New Delhi. This expansion solidifies New Delhi as the largest Wendy’s market in India. With this new addition, Delhi-locations at Gaur City Mall and Kamla Nagar.
Rebel Foods manages Wendy’s cloud kitchens (delivery-only) as well as traditional restaurants throughout India, demonstrating its dedication to expanding the brand’s reach. Wendy’s presently boasts a network exceeding 100 locations in over 20 cities across India. The latest outlet is crafted to serve the needs of both take-away and dine-in patrons, addressing a variety of consumer preferences.
At the new V3S Mall venue, self-ordering kiosks will enhance the experience, offering seamless and personalized service. Patrons can indulge in Wendy’s classic offerings like the OG Spicy Aloo Crunch Burger and Flavor Fresh Premium Burgers, alongside globally acclaimed favorites such as the iconic Frosty. Additionally, the outlet offers convenient takeaway options for customers on the move.
Ankush Grover, Co-Founder and CEO – India and MENA at Rebel Foods, expressed, “As we mark the opening of Wendy’s dine-in store at V3S Mall, Laxmi Nagar in New Delhi, we’re thrilled to extend our presence throughout the region. Through our tech-powered delivery and dining experience, we aspire to establish Wendy’s as a household favorite across India, and we’re steadily progressing towards that goal. This new store marks a significant stride in our mission to make Wendy’s the latest burger craze in India.”
Rebel Foods aims to further strengthen Wendy’s footprint in India by emphasizing digital proficiency in delivery, automation, and innovation. Since Wendy’s introduction to India in 2020, the menu has been tailored to suit Indian palates, offering favorites like the Spicy Aloo Crunch Burger, perfectly crispy fries, and the recently introduced Flavor Fresh burger line-up. This range includes distinctive choices such as the Firebolt Tandoori Burger, Lord Cheesynator, and Nachoburg.
Baron Capital, a US-based asset manager, has marked up the valuation of Swiggy to $15.1 billion, as indicated in regulatory filings with the US Securities and Exchange Commission (SEC).
This marks a nearly 25% surge in the company’s valuation compared to the $12.1 billion estimated by Baron as of December 2023. Following Baron’s adjustment, Swiggy’s early backer, Invesco, also raised its valuation to $12.7 billion in April.
This comes as Swiggy gears up for its initial public offering (IPO). The Bengaluru-based firm has received shareholders’ approval to float its $1.25 billion IPO and reportedly filed papers with SEBI via a confidential route in May.
Prior to filing IPO papers, Swiggy was offering a pre-IPO deal to high net-worth individuals (HNIs), allowing them to purchase its shares at a 20% discount.
During the first three quarters of the financial year FY24, Swiggy reported revenue from operations of INR 5,476 crore and a loss of INR 1,600 crore. In FY23, its revenue amounted to INR 8,265 crore, while its losses surged to INR 4,179 crore.
In addition to Swiggy, Pine Labs, Meesho, FirstCry, and Ola Electric have all experienced increases in their valuations over the past six months.
According to stock exchange data, Swiggy’s main competitor, Zomato, is presently valued at $18.7 billion. Recently, the latter reached a market capitalization of $21 billion.
Meanwhile, Baron has reduced the valuation of the edtech company Byju’s to just $24 million as of March 2024. Previously, BlackRock had already lowered the company’s valuation to $1 billion from $22 billion in early 2022.
Style Up, a leading youth shopping destination under Aditya Birla Fashion and Retail Ltd. (ABFRL), has opened its seventh store in Hyderabad. The new outlet is located in the newly launched Aparna Neo Mall at Nallagandla.
Aiming at young customers seeking stylish yet affordable clothing, the 8,800 sq. ft. store offers a diverse selection of trendy apparel and accessories.
Sangeeta, CEO of Pantaloons, Style Up, and Marigold Lane, stated, “With the opening of our seventh store in Hyderabad, we are proud to have 30 ‘Style Up’ stores across India, uniquely catering to the youth. Our other stores in Sarath City Capital Mall, Kompally, and LB Nagar have been tremendously successful from the start, and we aim to maintain this momentum with our new locations in the city. At ‘Style Up’, we understand that Gen-Z and Gen Alpha have redefined fashion. Our trend-driven designs, competitive pricing, exceptional quality, and world-class store experience allow us to elevate their style journey.”
Temasek, the Singaporean state investment firm, along with US-based Fidelity, has infused $200 million into Lenskart, the omnichannel eyewear unicorn.
This investment also signifies Temasek’s doubling down on Lenskart, as noted by financial advisor Avendus. Additionally, Fidelity Management & Research Company (FMR) has joined the cap table, Avendus stated.
According to a report by TechCrunch, the transaction valued Lenskart at $5 billion.
This comes days after reports surfaced indicating that both Temasek and Fidelity were in the final stages of discussions to back the startup with $200 million through a secondary share sale.
Over the past 18 months, Lenskart has secured nearly $1 billion in capital, solidifying its position as one of the largest growth-stage startups.
Neeraj Shrimali, Managing Director and Cohead of Digital and Technology Investment Banking at Avendus Capital, emphasized, “The investment from renowned global investors underscores the uniqueness of Lenskart’s disruptive model and reflects the anticipation surrounding one of the most awaited IPOs in India in the upcoming years.”
Established in 2010 by Peyush Bansal, Lenskart stands as India’s premier omnichannel eyewear retailer, expanding its footprint into Singapore, the UAE, and various other regions. With a customer base of 20 million in India alone, the company operates over 2,500 stores, predominantly in India, numbering around 2,000.
In addition to extending its reach within India, Lenskart is rapidly expanding its footprint across Southeast Asia and the Middle East.
In the financial year 2022-23 (FY23), the startup recorded sales of INR 3,788 crore, marking a 152% surge from INR 1,502.7 crore in the preceding fiscal year.
The startup mainly generated 95% of its revenue from the sale of eyewear products.
During the period under review, there was a notable 38% decrease in net loss, amounting to INR 63.7 crore, compared to INR 102.3 crore in the previous fiscal year.
This funding comes amidst a challenging landscape for late-stage financing, with startups in this sector only managing to raise $314 million across 13 deals in April, marking a stark 50% decline.
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