Oyo to resubmit IPO papers following $450 Million refinancing for Term Loan B

May 18, 2024

Oyo, a SoftBank-backed hospitality and travel-tech firm, is reportedly preparing to refile the draft papers for its much-anticipated initial public offering (IPO) as the company finalizes its refinancing plans.

The firm aims to raise as much as $450 million by issuing dollar bonds, with JP Morgan poised to spearhead the refinancing endeavor. According to reports from the news agency PTI, the bonds are projected to bear an annual interest rate of 9-10%.

Continue Exploring: JP Morgan extends INR 200 Crore credit facility to fuel Oyo’s expansion

Oyo has already filed an application to retract its existing draft red herring prospectus (DRHP) with the markets regulator SEBI. The company intends to submit a revised version of the DRHP after finalizing its bond issuance.

“The refinancing process will lead to significant alterations in the company’s financial statements. Consequently, in accordance with current regulations, the company will be required to amend its submissions to the regulator,” stated a source quoted in the report.

Earlier, reports indicated that Oyo intended to raise as much as $450 million through dollar bonds to refinance its high-cost Term Loan B.

Continue Exploring: Oyo Hotels plans $450 Million bond sale for refinancing

Last year, Oyo repaid INR 1,620 crore (approximately $195 million) to buy back 30% of its outstanding Term Loan B (TLB). Nevertheless, approximately $465 million of the TLB remains outstanding.

The company took out the loan in 2021. As per the report, the refinancing will lengthen Oyo’s repayment timeline by five years. Initially, the company was expected to repay the remaining amount of the Term Loan B by 2026.

Term Loan B is a type of loan extended by financial institutions, commonly utilized by companies for diverse purposes such as acquisitions, recapitalizations, or refinancing existing debt.

Established in 2012 by Ritesh Agarwal, Oyo provides a range of accommodations including holiday homes, casino hotels, coworking spaces, budget hotels, and corporate stays. To date, the startup has amassed over $3.5 billion in funding, with investors including Peak XV Partners and Microsoft.

Earlier this year, CEO Agarwal announced that Oyo achieved a second consecutive profitable quarter in Q3 of the financial year 2023-24 (FY24), doubling its profit after tax to INR 30 crore.

Agarwal mentioned that Oyo experienced nearly a 10% year-on-year growth in revenue in Q3 FY24, alongside a 15% reduction in operating costs compared to the corresponding quarter of the previous year.

Last year, the startup submitted its draft red herring document (DRHP) for its initial public offering (IPO) through the confidential route. Additionally, it reduced the IPO size to $400 million to $600 million from the initial INR 8,430 crore ($1.2 billion) it intended to raise when it initially filed the DRHP in 2021.

Continue Exploring: OYO’s parent company Oravel Stays to unveil 13 self-operated upscale hotels under ‘Palette’ brand by year-end

Plain gold jewellery exports surge by 27.45% to $342.27 Million in April 2024

SnackTeam

May 18, 2024

The export of plain gold jewellery has seen a remarkable surge, climbing by 27.45% to reach USD 342.27 million in April 2024, compared to USD 268.56 million in the corresponding month of the previous year.

The collective exports of gems and jewellery experienced a decrease of 11.37% to USD 2074.85 million in April 2024 compared to the previous year. Despite this, the total export value of gold jewellery (both plain and adorned) showed a positive growth of 11.03%, reaching USD 718.34 million in April 2024, in contrast to USD 646.97 million during the corresponding period in the preceding year.

Continue Exploring: Indian diamond jewellery market set to soar, expected to reach US$ 17 Billion by 2031

Vipul Shah, the chairman of the Gem & Jewellery Export Promotion Council, emphasized the remarkable expansion of plain gold jewellery exports, particularly following the UAE CEPA. He underscored its enduring significance within the gem and jewellery sector. Anticipating additional advantages from the FTAs inked with the UAE, Australia, and EFTA, he foresees continued growth in the forthcoming years. Notably, in April 2024 alone, exports of plain gold jewellery surged by 27.45% to USD 342.27 million. Moreover, studded jewellery exports are displaying encouraging trends, nearly on par with last year’s April figures. Shah expressed optimism for the future, foreseeing growth in diamond and silver jewellery exports in the upcoming year.

Shah added, “We have developed a strong promotion plan, focusing on tapping into new markets, to further boost exports.” Furthermore, we are funding the general promotion of gold and diamond jewellery in association with the World Gold Council (WGC) and the Natural Diamond Council (NDC), respectively.

During April 2024, the overall export of studded gold jewellery witnessed a minor decrease of 0.62%, amounting to USD 376.06 million, in contrast to USD 378.41 million recorded in the corresponding month of the preceding year.

Continue Exploring: Bengaluru-based jewellery marketplace Eternz secures $1.15M pre-seed funding led by Kae Capital

Additional findings from the report indicate a drop in the total export value of cut & polished diamonds by 16.76% to USD 1154.8 million in April 2024, in comparison to USD 1387.38 million recorded in the same period of the previous year.

In April 2024, the total export of silver jewellery witnessed a notable decline of 32.98%, amounting to USD 43.63 million, compared to USD 65.11 million in the corresponding month of the previous year. Conversely, the gross export of platinum jewellery for April 2024 showed remarkable growth, soaring by 281.1% to USD 13.41 million, in contrast to USD 3.52 million in the same month of the preceding year.

Moreover, the total export of colored gemstones for April 2024 witnessed a decline of 35.39%, amounting to USD 24.8 million, compared to USD 38.38 million in the corresponding month of the previous year. Likewise, the gross export of Polished Lab Grown Diamonds for April 2024 experienced an 18.2% decrease, totaling USD 83.77 million, in contrast to USD 102.4 million in the same month of the previous year.

Continue Exploring: Titan’s CaratLane jewellery line to make US debut in FY25

IHCL to launch over 50 new hotels in next two years

SnackTeam

May 18, 2024

Indian Hotels Company Ltd (IHCL) is set to continue its expansion drive, with plans to open over 50 hotels across its various brands in the next couple of years. This ambitious growth is fueled by a strong pipeline of projects, supported by a promising demand outlook in the hospitality sector.

The company has surpassed the milestone of having a portfolio of over 300 hotels, encompassing all five brands – Taj, Vivanta, SeleQtions, Ginger, and Tree of Life. Currently, 218 hotels are operational, while approximately 92 hotels are in the pipeline for development. Puneet Chhatwal, MD & CEO of Indian Hotels Company Ltd, stated that last year they signed agreements for 53 hotels and opened 20 (excluding Tree of Life). This year, they aim to open at least 25 hotels, followed by a minimum of 30 hotels next year.

Continue Exploring: Hotel giants bet big on India: Radisson, Marriott, Hilton, IHG, and Wyndham compete in intense race for expansion

Chhatwal believes that despite facing temporary challenges, the hospitality industry’s upward cycle will endure for a considerable period, remaining robust and sustained.

The company, with a consolidated revenue of INR 6,952 crore, anticipates a capital expenditure of INR 2,500 crore over the forthcoming three years. This investment is aligned with its objective of deploying INR 3,500 crore for expansion between FY23 and FY25. Currently, it operates in over 130 cities across India.

The hotel supply is projected to expand at a compound annual growth rate (CAGR) of 8 percent over the upcoming three years, reaching approximately 2.41 lakh rooms by FY2027, compared to 1.88 lakh rooms in FY24. Around 60 percent of this supply is expected to be outside the top 10 destinations.

“Due to the increasing number of travelers, there’s a robust demand for hotel rooms, yet the supply is limited, resulting in higher occupancy rates. Increased occupancy enables higher pricing, consequently boosting profits. As profitability rises, so does reinvestment in the business,” he explained.

IHCL also intends to launch its latest brand – a reimagined rendition of Gateway, which will serve as a full-service hotel offering in the upscale segment. The introduction of this brand will kick off with 15 hotels, and the portfolio is anticipated to expand to 100 by 2030.

Continue Exploring: IHCL expands partnership with CG Hospitality, sets sights on 25 hotels in Indian sub-continent by 2025

Nestle India shareholders reject proposal to increase royalty payments to Swiss parent company

SnackTeam

May 18, 2024

Shareholders of Nestle India have rejected a proposal to raise royalty payments to Nestle SA, the parent company of the packaged foods maker.

Nestle India Ltd shareholders have rejected the company’s proposal to increase the royalty payout to its Swiss parent. The resolution failed to pass, with 57% of shareholders voting against the plan, as reported by the packaged foods maker in a stock exchange filing on Friday.

The proposal aimed to raise the royalty by 0.15% of sales annually for a period of five years. The adjusted payout was scheduled to take effect on July 1st.

Continue Exploring: Nestle India approves 0.15% annual increase in royalty payments to parent company for next five years

Last month, the producer of Maggi noodles and Nescafe coffee unveiled a proposal to incrementally raise the licensing fees from the current 4.5% to 5.25% of net sales over a five-year period.

Seventy percent of the company’s public shareholders and 57 percent of all shareholders opposed the proposed increase in royalty payments to the Swiss parent company, which happens to be the world’s largest packaged foods maker.

Abneesh Roy, Executive Director at Nuvama Institutional Equities, expressed that this development represents a significant positive for Nestle.

Continue Exploring: Nestle India sets sights on 6 Million touchpoints, focusing on volume growth

Nestle India reported a 27% increase in net profit, reaching INR 934 crore for the fourth quarter ended March 2024, compared to INR 737 crore in the year-ago period. This growth was attributed to strong demand and lower material costs. Revenues from operations also saw a 9% increase to INR 5,268 crore in the quarter, from INR 4,830.5 crore in the year-ago period.

Continue Exploring: Nestle India’s Q4 net profit jumps 27% to INR 934 Crore amid strong sales growth

The company has now finalized an agreement with Dr. Reddy’s Laboratories to establish a joint venture aimed at introducing a range of nutraceutical brands, encompassing vitamins, minerals, herbal, and supplements sourced from Nestle Health Science (NHSc). Under the terms, Dr. Reddy’s will retain a 51% stake, while Nestle India will own 49% in the venture. Additionally, Nestle India retains the option to boost its ownership to 60% after six years, subject to fair market valuation.

Continue Exploring: Nestle and Dr. Reddy’s announce joint venture for nutraceutical brands in India

Top luggage manufacturers see slower growth in Q4

SnackTeam

May 18, 2024

Samsonite, Safari, and VIP Industries, renowned luggage manufacturers, experienced a notable decrease in their growth rates during the March quarter. This decline can be attributed to the comparably high base set last year, coupled with a subdued wedding and travel season this year.

Samsonite’s Indian operations experienced a 10% decline year-on-year during the quarter, a notable shift from the 108% growth observed a year earlier. Meanwhile, Safari witnessed a drop in its growth rate to 21% from the previous year’s 57%. Similarly, VIP Industries saw its sales growth moderate to 14% from 26% a year ago. Despite this, most companies in the sector anticipate continued growth, albeit not at the same accelerated pace witnessed immediately following the Covid-19 pandemic.

Jai Krishnan, CEO of Samsonite South Asia, remarked, “The pandemic has fundamentally reshaped travel patterns and frequency. The performance this quarter represents a transient dip primarily driven by a high baseline, given our business has doubled over the past three years, a pace that isn’t sustainable every quarter. However, our optimism persists that the sector won’t encounter a long-term slowdown, although the growth rate may fluctuate.”

Continue Exploring: Safari Industries raises INR 229 Crore in funding from Lighthouse’s AIF, eyes expansion in Indian luggage market

During its global earnings call, Samsonite, the largest luggage manufacturer worldwide based in the US, noted that its Indian operations might show a decrease compared to past performance levels, which witnessed a doubling of sales. However, it anticipates a mid-single-digit growth trajectory due to the high baseline.

Reza Taleghani, the Chief Financial Officer at Samsonite, informed analysts, “In India, we encounter robust competition from strong players occupying the second and third positions. There’s a noticeable trend of promotional activities in the Indian market, with competitors also engaging in discounting practices. Consequently, there’s a significant accumulation of inventory. Overall, the Indian market is characterized by a proliferation of bags.”

In 2022, India surpassed China to become Samsonite’s largest market worldwide. However, a year later, China reclaimed the top position after relaxing travel restrictions.

The Indian luggage industry is valued at just under INR 50,000 crore, with organized players representing approximately a quarter of the market. VIP Industries, Samsonite, and Safari collectively dominate almost 90% of the branded segment. Over recent years, the sector has witnessed consistent growth, driven by evolving lifestyles, an expanding middle class, and the accessibility of affordable air travel. However, growth came to a standstill during the initial year of the pandemic.

Neetu Kashiramka, the Managing Director at VIP Industries, shared with analysts, “Our confidence in achieving double-digit growth for the year stems from several factors. Firstly, we believe that by executing our strategies effectively, we can enhance our market share. Additionally, considering industry forecasts suggesting a 12% growth rate, we aim to surpass this by 1% or 2%, hence projecting double-digit growth. Moreover, the positive performance indicators from the travel sector, as evidenced by airline and hotel industry data, further bolster our optimism.”

Continue Exploring: D2C luggage brand Mokobara secures $12 million in funding from Peak XV Partners, existing investors

Consumers are increasingly favoring hard luggage due to its enhanced aesthetics and durability. Over the last five fiscal years, the market share of hard luggage has surged from 33% to 55%. According to a recent report by RedSeer, the phenomenon of “revenge tourism” is motivating consumers to travel more and invest in high-quality luggage. Brands are responding with competitive pricing strategies to stimulate sales, while a government reduction in goods and services tax has made branded luggage more affordable, reducing the price disparity between branded and unbranded options.

As IPL playoffs heat up, bars and pubs become hotspots amid sweltering heatwave

SnackTeam

May 18, 2024

As the Indian Premier League (IPL) reaches its playoff (elimination) stage, bars, pubs, and cafes are seizing the opportunity to attract fans. With a heatwave sweeping across the region, many cricket enthusiasts are opting for the air-conditioned comfort of these venues instead of enduring the intense heat in the stadiums, according to industry executives.

Bars and pubs are enhancing their offerings with live screenings, aiming to recreate a stadium-like atmosphere. They are introducing curated sports menus, cocktails, beer buckets, and staff dressed in IPL jerseys. Some establishments are even providing team apparel and merchandise to elevate the experience.

It’s important to note that elections in Mumbai on May 20 and in Delhi-Gurgaon on May 25 will result in alcohol-free dry days in those regions. However, executives are confident they will compensate for this in other states. Additionally, they believe that the group-watching atmosphere will attract people even without the presence of alcohol.

“Sports bars that depend heavily on alcohol sales might see a slight dip in revenue during the earlier matches,” said Abhilash Menon, director at Studs Sports Bar & Grill.

“However, we still anticipate that fans will attend the games in order to enjoy the food along with other refreshments in addition to the booze. In general, even on the dry days, a lot of people should be drawn in by the excitement of the IPL.”

Continue Exploring: Indian cricketer Shikhar Dhawan joins QUE eyewear as investor and brand ambassador

Constituencies enforce dry days starting two days before polling and continuing through election day. In Delhi, for instance, this period lasts from 6 pm on May 23 to 6 pm on May 25. However, the semifinals begin on May 21, allowing Mumbaikars to enjoy their favorite drinks during the final stages of the tournament.

The final is scheduled for May 26 in Chennai.

“The IPL is scoring higher and higher, as I’ve noticed. More patrons at our bars are expected as it moves into the playoffs,” stated AD Singh, MD of the Olive group of restaurants, which includes Olive Bar & Kitchen, Monkey Bar and SodaBottleOpenerWala.

“At Social, we’re branding ourselves as the #DoosraStadium,” said Riyaaz Amlani, MD of Impresario Entertainment and Hospitality, which operates Social and Smoke House Deli. During IPL 2023, the chain experienced a 20-30% increase in order volumes.

Monkey Bar, Olive, Social, Yes Minister, Beer Cafe, Tap Room, Jamie’s Oliver, Whisky Samba, Studs Sports Bar, The Sassy Spoon, and Baraza Resto Bars are some of the establishments capitalizing on the final two weeks of the IPL. “In addition to live screenings, we’re setting up spaces for team-versus-team events as the IPL progresses into the knockout stages,” said Ashish Kapur, promoter of Whisky Samba and Wine Co.

The 10-team tournament commenced on March 22 and concludes on May 26. Executives mentioned that they are heightening the IPL excitement at their venues, drawing from the statistics of previous years. The screenings offer a blend of sports and gastronomy, according to Jasper Reid, founder of Dolomite Restaurants, which manages Jamie’s Oliver’s Kitchen and Pizzeria.

Bookings are rapidly filling up, with numerous customers reserving tables well ahead of time, noted Miten Shah, director at Studs Sports Bar & Grill, owned by Ambros World Foods. The Mumbai-based sports bar has outlets in 11 cities.

Rising summer temperatures, with the capital exceeding 45 degrees Celsius, have driven fans to pubs and bars rather than stadiums, according to executives.

“It’s uncomfortable to watch a game in a stadium amid this intense heat wave. As a result, we’ve noticed a significant increase in foot traffic as fans choose our bars’ chillier atmosphere when watching games with friends and family,” said Rahul Singh, Senior Vice President of Pubs at Bira 91 and Chief Executive of pub chain The Beer Cafe.

Dhruv Anand Goyale, Chief Executive of Yes Minister Bowling, Bar & Kitchen, situated at New Delhi’s Essex Farms, mentioned the venue offers “mega guzzler cocktail menus” along with in-house celebrations and performances specifically designed for the IPL.

Continue Exploring: Magicpin’s food delivery orders skyrocket to 1 Million on ONDC network amidst cricket World Cup frenzy

LT Foods records 14% surge in Q4 net profit, driven by strong sales growth

SnackTeam

May 18, 2024

LT Foods, the parent company of the renowned basmati rice labels ‘Daawat’ and ‘Royal’, reported a 14 percent jump in consolidated net profit at INR 150.24 crore for the fourth quarter of fiscal 2023-24 on robust sales. The company’s profit stood at INR 131.81 crore a year earlier.

According to a regulatory filing, total income increased to INR 2,091.73 crore during the January-March quarter of 2023-24, compared to INR 1,834.95 crore in the corresponding period of the previous year.

Expenditures remained elevated at INR 1,898.46 crore compared to INR 1,685.92 crore from the previous year.

Continue Exploring: LT Foods Q3 profit soars by 52%, reaching INR 152.64 Crore

For the full fiscal year 2023-24, LT Foods reported a net profit of INR 597.59 crore, marking a 41.35 percent increase compared to INR 422.75 crore in the previous year.

Total income increased to INR 7,822.05 crore, up from INR 6,978.81 crore the previous year.

Commenting on the performance, LT Foods Managing Director Ashwani Arora stated that the company achieved stellar growth in both revenue and profitability for yet another year, despite a challenging external environment.

He stated that the three key segments—Basmati and other specialty rice, organic food and ingredients, and Ready-to-Eat and Ready-to-Cook products—have collectively delivered an impressive 12 percent year-on-year (YoY) growth.

“This steady growth underscores our strategic focus on continuous investment on brands across geographies and innovation, which has substantially bolstered our domestic and international market position,” he stated.

By 1500 hours on Friday, shares in LT Foods climbed 0.44 percent to INR 229.40 on the Bombay Stock Exchange.

Continue Exploring: Daawat earns top spot in Canstar Blue’s dry rice ratings in Australia

Subko Coffee Roasters reports 94% surge in sales to INR 13.5 Cr in FY23

SnackTeam

May 18, 2024

Subko Coffee Roasters, a Mumbai-based specialty coffee and craft-baked goods brand, reported sales of INR 13.5 Cr in the financial year ended March 31, 2023. This marked a 94% increase from the INR 7 Cr operating revenue it posted in the previous fiscal year.

Subko Coffee generates revenue by retailing coffee and bakery items via its cafes and online platform. According to its financial records, the majority of its earnings, amounting to INR 13.4 Cr, stemmed from coffee product sales during FY23.

During the fiscal year FY23, the net loss surged to INR 9.1 Cr, up from INR 1.7 Cr in the preceding fiscal period.

Expenditure surged by 176% to INR 23.4 Cr in the fiscal year under review, up from INR 8.5 Cr in FY22, reflecting the robust expansion of the startup’s operations.

Continue Exploring: Nothing Before Coffee expands with first cafe in Portugal, aims for 400 outlets in 2 years; targets INR 400 Crore revenue

Employee costs were the largest expenditure for the specialty coffee startup. During the year under review, it spent INR 6.6 crore on employee benefit expenses, marking a 154% increase from INR 2.6 crore. This suggests the startup has been expanding its workforce.

Subko Coffee spent INR 3.8 crore on procuring raw materials for coffee, bakehouse, and cacao products in FY23, a 58% increase from INR 2.4 crore in FY22.

The startup’s rent expenditure more than doubled, rising to INR 2 crore in FY23 from INR 70 lakh in the previous fiscal year.

EBITDA loss amounted to INR 8.2 crore, up from INR 87 lakh in FY22. The EBITDA margin was -60.5% during the year under review, compared to -12.46% in the previous fiscal year.

Founded in 2020 by Rahul Reddy, Subko Coffee claims to source coffee beans, fine cacao, and wheat directly from farmers. In addition to its website, it sells its products through its flagship cafes and ‘mini’ pop-up stores.

Earlier this year, the startup raised approximately $10 million in funding from Nikhil Kamath, reaching a valuation of $34 million. The round also included contributions from Blume Founders Fund, The Gauri Khan Family Trust, John Abraham and his wife Priya, among others.

Continue Exploring: Subko Coffee secures INR 80 Crore in a funding round led by NKSquared

The startup said it will utilize the fresh funds for talent acquisition, developing tech-driven customer experiences, product and design research, improving farm-level infrastructure for specialty green coffee and fine cacao beans, and launching new ‘ready to drink’ coffee products.

Subko Coffee competes with emerging specialty coffee brands like Third Wave Coffee, Blue Tokai, and abCoffee.

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

Bars and pubs in Gurgaon can now only operate till midnight

SnackTeam

May 18, 2024

With alcohol prices rising at shops, bars, and pubs, and bar closing times reduced from 2 AM to midnight for those with a base license, the new excise policy in Haryana may dampen the spirits of many NCR residents who used to flock to Gurgaon for late-night partying.

According to the 2024-25 excise policy, bars in Gurgaon with a base license can only operate until midnight. To stay open until 2 AM, they must pay an additional INR 20 lakh, and INR 5 lakh for each hour beyond that. This new policy has shocked many in the business community, who had praised last year’s policy as “highly progressive.” Previously, licensed bars could remain open until 2 AM with a base license, with an option to extend until 8 AM for an additional annual fee of INR 20 lakh. Before 2023, Gurgaon bars could stay open until 1 AM, with a one-hour extension available for an additional annual fee of INR 10 lakh, and further extensions until 6 AM for an extra fee of INR 20 lakh.

Continue Exploring: Haryana cabinet approves new excise policy for 2024-25 with increased duties, implements QR code tracking for imported liquor

Reports indicate that beer prices are expected to increase by 20 percent for a case containing 12 or 24 bottles. The cost of Indian Made Foreign Liquor (IMFL) is anticipated to rise by 15 percent per bottle, while the prices for imported foreign liquor are projected to increase by 12-15 percent per bottle.

Restaurateurs warn that the increased license fees will be difficult for businesses to manage and will negatively impact consumers and Gurgaon’s nightlife.

“Bars will have to raise prices to cover operating expenses. It’s a significant setback, as Gurgaon’s nightlife was steadily gaining a strong reputation. Over the years, the city had become a late-night party hub with bars operating until 2 AM. With the new policy, I don’t expect the NCR crowd to come to Gurgaon anymore,” says restaurateur Sahil Sambhi.

Restaurateur Rahul Singh adds, “In Gurgaon, a large part of the population works in the corporate sector. Due to their long working hours, many residents unwind at restaurants and cafes late at night. The reduction in liquor-serving hours, along with the exorbitant fees for staying open past midnight, is not commercially feasible for most restaurants.”

“Local markets in Gurgaon are renowned for being home to numerous tiny eateries, many of which flourish when given a base licence that allows them to stay open until two in the morning. The late-night business crowd frequently congregates in these bars. These establishments will have to reduce their hours because they are unable to afford the extra costs associated with remaining open until 2 AM. As a result, consumers will have fewer options to select from,” believes restaurateur Vikrant Batra.

Restaurateur Umang Tiwari adds, “Most BYOB outlets are already operating like restaurants, and small bars and restaurants are suffering losses. The new excise policy and increased costs will make it very difficult for them to survive.” Restaurateur Varun Khera notes that “the new excise policy means every restaurant and bar will have to pay a high price for each operational hour, raising overall operating costs and impacting consumers with higher prices.”

Continue Exploring: Maharashtra’s excise revenue soars to new high of INR 23k Cr as tax hike drives shift from country liquor to IMFL

IBF to inaugurate Delhi/NCR Chapter, spearheading business networking in bakery industry

SnackTeam

May 17, 2024

The Indian Bakers Federation (IBF) has announced the inauguration of its Delhi/NCR/NCR Chapter, scheduled for May 18th, 2024, in New Delhi. This event signifies a significant expansion of the IBF’s mission to foster business growth, collaboration, and innovation across India.

Dr. R.K. Bharti, IEDS, Joined Director & HOO, Gov. of India, Ministry of MSME will be the distinguished Chief Guest for the inauguration ceremony. Dr. Bharti’s leadership and vision underscore the significance of the IBF’s initiatives in bolstering the baking community in Delhi/NCR and beyond.

Continue Exploring: The Cinnamon Kitchen’s INR 60 Lakh ‘Shark Tank’ deal marks a sweet success for the bakery

During the inauguration event, Dr. R.K. Bharti will deliver a keynote address, emphasizing the crucial role of collaborative endeavors in fostering economic advancement. Subsequently, attendees can look forward to a series of interactive sessions and networking opportunities tailored to facilitate connections among business leaders, entrepreneurs, and professionals across various industries.

The event promises a rich array of highlights, including a keynote presentation by Dr. R.K. Bharti, IEDS, who recently assumed the role of Director & HOO at the Government of India’s Ministry of MSME. Dr. Bharti will shed light on the intricacies of the bakery business landscape in India. Additionally, attendees can anticipate inaugural addresses by Mr. Balraj KR, National Convener of IBF, and other senior members of IBF, who will delve into the prevailing trends, challenges, and opportunities within various sectors of the bakery industry in India. Moreover, the event will offer networking sessions designed to facilitate meaningful connections among business professionals and leaders, fostering collaboration and knowledge exchange.

Gaurav Dhingra, Vice President of IBF, conveyed his excitement regarding the launch of the Delhi/NCR Chapter, stating, “The establishment of the IBF’s Delhi/NCR Chapter underscores our dedication to empowering the business community within one of India’s most dynamic economic centers. With the backing of esteemed leaders and our members, we are primed to exert a substantial influence on the national bakery industry landscape.”

The IBF Delhi/NCR Chapter is positioned to serve as a crucial platform for business networking, offering resources and opportunities to support the growth of businesses. The event will take place at Cypress Hall, India Habitat Centre, New Delhi, on Saturday, 18th May 2024, at 3:00 pm.

Continue Exploring: The Baker’s Dozen pioneers sustainability in India’s artisan bakery sector with new initiative

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