Safari Industries (India) has reported a consolidated net profit of INR 43.19 crore in the fourth quarter ended March 2024. It noted a consolidated net profit of INR 38.08 crore in the same period in the previous fiscal year, as stated in a BSE filing.
In the fourth quarter of FY24, its total income surged to INR 370.48 crore, compared to INR 305.38 crore in the corresponding period of the previous year.
According to the regulatory filing, the company’s total expenses increased to INR 314.56 crore in Q4 FY24 from INR 255.80 crore in Q4 FY23.
Modi Enterprises is strategizing to make Colorbar, a cosmetics firm, publicly traded within the next three years. This move reflects their confidence in the strong growth potential of the Indian beauty and personal care sector. Samir K Modi, the managing director, outlined that Colorbar is projected to achieve a revenue of INR 1,000 crores in the upcoming fiscal year and is set to broaden its presence in international markets.
The company presently possesses and manages the Colorbar, 24Seven, and Modicare brands.
Modi stated that among these, Colorbar is experiencing the most rapid growth and will be the first to undergo an initial public offering, whereas 24Seven, currently incurring losses, is anticipated to achieve financial recovery by FY25.
“Collectively, these brands yield approximately INR 3,000-3,500 crore in revenue. However, we anticipate Colorbar’s growth to reach 50% this year. Coupled with our strategy to expand exports to international markets, we believe Colorbar possesses the potential for even swifter growth,” remarked Modi.
As per a report by Redseer, India’s beauty and personal care market is poised to exhibit the most rapid expansion among similar nations, boasting a compound annual growth rate of 10% from 2022 to 2027. This surge is anticipated to elevate the market size from its current $19 billion to $30 billion.
Colorbar reported a revenue of INR 530 crore in the fiscal year 2024. Over the subsequent three years, it is projected that exports will account for 10-15% of Colorbar’s overall cosmetics business, he mentioned.
Regarding Godfrey Phillips India, the primary enterprise of Modi Enterprises, announcing intentions to divest from 24Seven, Modi clarified that he personally is not actively seeking to sell the business. He emphasized that the ultimate decision will be made by the board.
Last year, the 24Seven business experienced a growth of 19%, boasting a total of 157 stores. Plans are underway to open at least 100 additional stores within this fiscal year.
Executives stated that quick commerce not only boosted overall e-commerce for these companies but also propelled growth in the broader fast-moving consumer goods (FMCG) industry.
In FY23, quick commerce contributed 15-18% to overall sales.
Since the pandemic, FMCG companies have consistently reported the fastest sales growth from e-commerce, followed by modern trade or grocery retail chains, and then general stores or kiranas. This trend has accelerated in FY24.
This shift has prompted Walmart-backed Flipkart to plan its entry into the quick commerce market.
Parle Products Vice-President Mayank Shah remarked that the pace of change has been surprising, with consumers readily accepting the additional convenience fee. Quick commerce companies like Zepto, Swiggy, Blinkit, and BB Now are encouraged to expand into new markets.
“Even the heavy spending on discounts has decreased somewhat. Time has become a premium for people,” he said.
Social commentator and brand specialist Santosh Desai observed that quick commerce has reached a stage of normalization, with people increasingly avoiding planning their purchases in advance.
“For an increasing number of consumers, the convenience fee for quick commerce is much lower than the hassle of planning a shopping trip or ordering in advance,” he said. “It’s a new value equation in their lives.”
Zomato announced in its earnings release on Monday that it is swiftly expanding its Blinkit quick commerce business, targeting 1,000 dark stores (warehouses from which goods are shipped to consumers) by March 2025, up from 526 as of the March quarter.
It was mentioned that while Blinkit currently operates in 26 cities, the expansion efforts are primarily concentrated on the top eight cities, including Bengaluru, Mumbai, and Hyderabad.
Earlier this month, Dabur India’s Chief Executive, Mohit Malhotra, informed analysts that quick commerce is contributing approximately 30% to the company’s e-commerce business.
“And we aim to collaborate with Swiggy, Zomato (Blinkit), Zepto — as they continue to expand into various urban areas across India. This presents a significant opportunity,” he said.
The sales growth via e-commerce for FMCG companies has been two to three times greater than that of modern trade.
As an example, Tata Consumer Products experienced a 35% growth in e-commerce sales, in contrast to a 9% increase in modern trade. While the contribution of modern trade to overall sales remained stagnant at 14% for the company, the contribution of e-commerce rose from 9% in FY23 to 11% in FY24.
Angshu Mallick, the managing director of Adani Wilmar, emphasized that quick commerce is fueling the growth of the overall e-commerce segment for FMCG. “In fact, there are consumers now placing orders every half an hour. Our top-selling items in quick commerce include packs of mustard oil, sunflower oil, and atta,” he noted.
In its most recent investor presentation, Nestlé reported that the contribution of e-commerce to domestic sales has increased fivefold over the last five years — from 1.3% in 2018 to 6.8% as of March 2024 — propelled by “significant growth in quick commerce.”
Besides quick commerce, Jawa noted that even beauty commerce and marketplaces are expanding for HUL within the overall e-commerce sector.
Zappfresh, a Delhi-NCR based meat delivery startup, has undergone a significant transformation, now positioning itself as a publicly traded company in preparation for its upcoming initial public offering (IPO).
In a filing submitted to the Ministry of Corporate Affairs, the startup stated that it has transitioned from a private limited company to a public limited company, indicated by the removal of “Private” from its registered name, previously recorded as “DSM Fresh Foods Private Limited”.
With this move, the company aims to list its equity shares on the stock exchanges via an IPO.
According to the filing, “The Board of Directors has sanctioned the adoption of a new set of Articles of Association, replacing and excluding the existing Articles of Association of the company. The Board has also sanctioned the amended Memorandum of Association of the Company.”
It’s worth mentioning that for any company aiming to enter the public market, shedding the private label is crucial. Swiggy, one of the notable startups, followed the same path before its IPO, transitioning from ‘Swiggy Private Limited’ to simply ‘Swiggy Limited’ by removing the word ‘Private’ last month.
Zappfresh, established in 2015 by Deepanshu Manchanda and Shruti Gochhwal, delivers farm-fresh meat to customers within 90 minutes. Presently, it operates in Delhi-NCR and Bengaluru.
As part of its IPO plans, the startup has proposed a rise in its authorized share capital from INR 1.11 Cr to INR 25 Cr. Additionally, it unveiled bonus shares at a ratio of 725 equity shares for every 1 equity share held by the shareholders.
Additionally, the startup has put forward the nomination of Suman Chaudhary, who serves as the director of Navdeep Marketing, as an Independent Director for a five-year term. Moreover, Manchanda is slated to assume the position of Chairman and Managing Director of the Company, starting from May 8, for a duration of 5 years.
This development comes after more than six months since the startup secured a $4.3 Mn funding round from Ah! Ventures, HT Media, Unity SFB, and Heifer Impact. During that period, the company aimed to utilize the funds for acquisitions, expansion initiatives, and infrastructure enhancements.
While it has not yet revealed its total revenue for FY24, the startup had set a target of INR 300 Cr by the end of the financial year 2023-24 (FY24), with INR 70 Cr in revenue anticipated from Bengaluru alone.
It competes with players such as Licious, Fresh2Home, and others in the rapidly growing direct-to-consumer (D2C) meat delivery sector. As per a RedSeer report, the online meat market in India is projected to reach $80-85 Bn by 2024.
Celcius Logistics, a startup specializing in cold chain solutions, has secured INR 40 crore ($4.7 million) in a Pre-Series B funding round led by its existing investor IvyCap Ventures.
The company plans to utilize the fresh capital to enhance its transportation management system (TMS) and warehouse management system (WMS), thereby reinforcing its cold storage capabilities.
At present, the platform boasts 4,000 vehicles, 107 cold storage facilities, 27 distribution centers, and 200 hyperlocal riders spread across the country.
Moreover, the company’s new business vertical is slated to launch in 17 cities within the coming month, with a portion of the funds earmarked for this expansion.
This development comes a year after the startup raised INR 100 crore in a Series A funding round led by IvyCap Ventures in April 2023.
Swarup Bose, the Founder and chief executive of Celcius Logistics, stated, “With this new funding, our goal is to expand our footprint and address the demand-supply disparity within the cold supply chain. Our transportation and warehousing systems promote transparency and operational efficiency, ensuring adherence to quality standards in the cold chain logistics sector.”
Vikram Gupta, founder and managing partner of IvyCap Ventures, remarked, “The team’s dedication to digitizing the cold chain industry is admirable, and we are confident that the new investment will expedite their growth trajectory, benefiting stakeholders across the nation.”
Established in 2020 by Swarup Bose, Rajneesh Raman, and Arbind Jain, Celcius Logistics counts Zepto, Zomato, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Domino’s, Keventers, and Godrej Agrovet among its clientele.
Celcius provides users with a digital platform for accessing end-to-end supply chain solutions. The platform streamlines bookings and consolidates all data into a unified system.
Its goal is to expand its reach to more than 500 cities by the following year, facilitating manufacturers in selling their perishable products.
The startup asserts that it has transported over 125,000 tons of perishable goods across multiple sectors such as dairy, fresh agricultural produce, pharmaceuticals, fruits, seafood, and vaccines. With operations spanning over 350 cities in India, Celcius has expanded into cross-border trade, facilitating the export and import of exotic fruits and seafood.
Pringles, a brand under Kellanova, has introduced its first-ever puffed crisps called Pringles Mingles. This new product marks a shift from their iconic tube packaging to a bagged snack.
Pringles Mingles, an entirely new product for the brand, offers a crispy, light, melt-in-the-mouth snacking experience.
Each bite-sized puff combines two Pringles flavors in a unique bowtie shape. Launching in three varieties, the new line includes Cheddar & Sour Cream, offering hints of buttery cheddar cheese and tangy sour cream; Sharp White Cheddar & Ranch, featuring aged white cheddar with buttermilk and herb ranch notes; and Dill Pickle & Ranch, blending zesty dill pickle with creamy, herby ranch flavors.
Mauricio Jenkins, US marketing lead for Pringles, stated, “Our iconic Pringles can is a core part of our identity and it’s here to stay. However, we continuously seek innovative ways to satisfy our fans’ evolving cravings. This puffy, airy snack offers a fresh way to enjoy Pringles, and its easy-to-share packaging makes it perfect for sharing with friends and family, whether at home for movie night, at a party, or on the go.”
This latest release adds to a series of recent innovations from Pringles. In February, the brand introduced five new spicy flavors. In January, Pringles enhanced the sustainability of its classic tube by replacing the bottom with a paper-based alternative. Last August, they launched a new ‘Everything Bagel’ flavor, and in June, they debuted chips made from sweet potato and multigrain.
Pringles Mingles will hit the shelves of retailers across the US later this year.
IKEA, the Swedish furniture giant, has collaborated with Rhenus, a global logistics player, to bolster its online presence and facilitate deliveries to customers in Delhi-NCR.
IKEA said that it has inked a MoU with Rhenus to “elevate the home delivery experience” for clients in the Delhi-NCR region.
This move aims to support the growth of IKEA’s e-commerce expansion and ensure faster and sustainable deliveries to customers in the region, as stated in a statement.
As part of this collaboration, Rhenus will establish a warehouse facility capable of storing and fulfilling over 7,000 products. The warehouse is expected to go live early next year, the company stated.
The company stated that this initiative will guarantee smooth doorstep delivery to customers in the Delhi-NCR region, representing a notable milestone in IKEA’s expansion in India. Furthermore, the company added that this move would empower it to fulfill the majority of orders within a 24-hour timeframe.
“Our collaboration with Rhenus spans decades. Bringing their knowledge and expertise in growing IKEA in other global countries to our operations in India is an exciting opportunity for both,” said Saiba Suri, IKEA Country Customer Fulfilment Manager.
Suri elaborated, stating, “Our aim is not only to expand but also to craft a customer experience that prioritizes sustainability and community well-being. IKEA is thrilled to mark its initial presence in Delhi NCR in partnership with Rhenus.”
Situated in Gurugram, the facility spans 150,000 square feet and boasts excellent connectivity for inbound movements via rail, road, and air. According to the company, it will fulfill hundreds of orders daily and also create numerous job opportunities, fostering a diverse and inclusive workspace while implementing industry-leading sustainable practices.
Rhenus India Regional CEO, Vivek Arya, remarked, “As our partnership with IKEA extends beyond Europe to a global level, it underscores our mutual dedication to excellence, innovation, and sustainability. This new warehousing endeavor in India signifies more than just operational growth; it represents a bold stride toward fostering a more inclusive and diverse global footprint.”
In August 2018, IKEA inaugurated its maiden retail outlet in India located in Hyderabad. Presently, it operates three large-format stores in Hyderabad, Navi Mumbai, and Bengaluru, along with two city stores in Mumbai. The company intends to venture into the Delhi-NCR region with two expansive shopping centers featuring integrated IKEA outlets in Gurugram and Noida. The Gurugram project is anticipated to debut by the coming year.
Simranjeet Singh & Pulkit Arora, Directors at CYK Hospitalities
CYK Hospitalities, an end-to-end F&B consultancy firm, has announced notable strides in reinforcing its leasing portfolio for Quick Service Restaurant (QSR) brands in the past three months. With the rapid urbanization in India, the QSR sector has experienced a remarkable surge, witnessing the rise of several local and international players expanding nationwide. Anticipating these trends, CYK Hospitalities has positioned itself as a pivotal facilitator in the growth and expansion of QSR brands, strategically placing them amidst the right audience in prime locations.
Expressing his perspective on the industry’s expansion, Simranjeet Singh, Director of CYK Hospitalities, remarked, “India’s swift urbanization has led to remarkable growth in the QSR sector in recent years. This surge is propelled by the emergence of local brands alongside the influx of international chains. Nonetheless, to ensure the success of these brands, securing an ideal location with the right target demographic is paramount. This is where our leasing expertise becomes indispensable.”
With expertise in location mapping, legal documentation, and lease finalization, CYK Hospitalities has been pivotal in facilitating the expansion of QSR chains into multiple locations, spanning Delhi, Bengaluru, Gurugram, and Agra. Leveraging its proficiency, the firm has aided over 30 brands within three months to inaugurate outlets in a range of formats, including metro stations, highways, malls, and beyond.
In recent collaborations, CYK Hospitalities partnered with renowned entities in the F&B sector, including The Waffle Company, Burger King, Rage Coffee, Samosa Singh, Mad Over Donuts, Ab Coffee, Bistro 57, K se Kulcha, G.O.A.T (Gelato Brand), Dohful Cookies, and Schmitten Chocolates.
Expanding its portfolio, CYK broadened its scope to include beauty brands, with Lovechild by Masaba being a notable standout success.
Pulkit Arora, Director at CYK Hospitalities, comments, “The QSR industry in India has undergone significant evolution, with a notable 17% growth reflecting shifting food trends and urban expansion. Globally, strategic leasing stands as a linchpin for QSR triumph, providing coveted locations that drive both profitability and customer interaction. At CYK Hospitalities, our dedication lies in empowering clients with bespoke leasing solutions that unlock premium locations and enhance profitability. Our unwavering commitment to excellence ensures our position at the forefront of shaping the future landscape of the F&B industry.”
Sharing her experience collaborating with CYK Hospitalities, Nidhi Singh, Co-founder of Samosa Singh, remarked, “CYK Hospitalities’ leasing expertise has been crucial in pinpointing optimal locations for our brand in Bengaluru. Their insightful guidance and meticulous research are truly commendable. We look forward to a mutually beneficial and enduring partnership with them!”
In addition to leasing, CYK Hospitalities provides a comprehensive array of services encompassing concept development, market research, competitor analysis, menu design, chef recruitment, standard operating procedures, recipe creation, food costing, ambiance and setup consultation, logo and packaging design, as well as branding services.
In separate regulatory filings, the two corporations stated that no consideration was exchanged between them. Upon establishment, Devyani & PVR INOX will invest in the proposed company’s share capital at a 51:49 ratio.
The two companies clarified that the ongoing food court operations within shopping malls, managed either by Devyani or PVR INOX, will not be included in the business of the proposed company until the expiration, termination, or renewal of their respective contracts.
They also mentioned that the shareholders’ agreement includes customary covenants concerning reserved matters and transfer restrictions. Additionally, PVR INOX and Devyani will appoint directors to the proposed company in accordance with the shareholders’ agreement.
PVR INOX is recognized as India’s largest film exhibition company, operating 1,748 screens across 361 properties in 112 cities, covering both India and Sri Lanka.
The company is involved in operating and overseeing multiplex/cinema theaters, managing food courts, producing cinematograph films, and marketing and distributing films, all aimed at providing entertainment to the general public.
Devyani stands as one of the rapidly expanding QSR chain operators in the nation, serving as the largest franchisee for Yum Brands (including KFC and Pizza Hut) in India. Additionally, Devyani holds the exclusive franchise rights for the Costa Coffee brand and its stores across India.
Furthermore, it appeals to South Indian vegetarian food enthusiasts through Vaango, a brand that debuted over a decade ago and has become a prominent player in the Food Retail Business (FRB) category, particularly with its food courts.
With a robust presence in Indian airports, it offers a diverse range of food and beverage options. As of March 31, 2024, Devyani manages over 1,750 stores spanning various brands in more than 250 cities across India, Thailand, Nigeria, and Nepal.
India’s leading egg-focused retail brand, Eggoz Nutrition, has introduced an innovative offering: Egg Bhurji Momoz. This launch not only signifies Eggoz’s venture into the frozen snacks domain but also underscores its commitment to delivering farm-fresh, chemical-free eggs. With a delightful fusion of flavors, these Momoz cater to diverse consumer tastes, adding a unique twist to the snacking experience.
Egg Bhurji Momoz makes a pioneering move by introducing egg bhurji stuffing within momos, setting a fresh standard for wholesome snacking alternatives. Inspired by the beloved Anda Bhurji, a nationwide favorite, these momos are brimming with succulent and flavorful Anda Bhurji, offering a delectable and nourishing snack option. With a preparation time of just five minutes, they are effortlessly convenient. Moreover, each pack comes with a zesty dip, elevating the taste and enjoyment of the snacking session.
Abhishek Negi, Co-Founder and CEO of Eggoz Nutrition, expressed, “At Eggoz, our aim has consistently been to champion nutritious eating without sacrificing flavor. With the debut of Egg Bhurji Momoz, we persist in our journey of innovation, responding to the changing tastes of our consumers. We take pride in presenting a snack that not only tantalizes the palate but also delivers a nourishing punch, in line with our dedication to quality and wellness. We have exciting plans to unveil more wholesome egg-based snacking options throughout this year.”
Eggoz Nutrition guarantees the integrity and safety of its products by sourcing eggs from hens fed with herbal feed, subjecting them to 11 stringent safety inspections. This unwavering dedication to quality has been instrumental in Eggoz’s remarkable market achievements. Recently, the brand achieved a milestone, surpassing INR 100 crore in net annual recurring revenue (ARR) sales within just three years of its inception. Its robust market foothold in Delhi-NCR and Bangalore solidifies its position as the go-to choice for premium-quality fresh eggs across India.
Egg Bhurji Momoz can be purchased on the Eggoz website as well as through well-known online retailers including Zepto, Blinkit, Swiggy, and Instamart.
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