Konkan cashew growers struggle as imports from Africa depress prices

May 11, 2024

Konkan, renowned for its exquisite mangoes, is equally celebrated for its sprawling cashew orchards. However, the influx of subpar cashew imports from Tanzania, Mozambique, and Ghana has resulted in a decline in cashew prices within the region.

Cashew growers anticipated favorable prices for their produce due to a decrease in production. However, despite this decline, cashew prices remained unchanged, largely due to imports from Africa.

One producer mentioned that traders tend to buy them at a lower price and sell them at a higher price. “We find ourselves in a dilemma, caught between imported cashews on one side and local sellers on the other.”

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As per the National Council of Applied Economic Research, Maharashtra accounts for one-third of the country’s total cashew production, with 60% of it originating from Ratnagiri and Sindhudurg districts. However, this year, only 30% of cashews were produced in Konkan since the cashew season commenced in January, as the weather was less cold in November and December. Rishikesh Paranjape, managing director at Paranjape Agro Products India Pvt., noted that this climatic variation significantly impacted cashew production.

A merchant pointed out that African nations produce half of the world’s cashews, with Vietnam leading in production. Although Konkan cashews boast excellent quality, they fall short of competing with the global market due to a lack of visibility, he noted.

Paranjape stated that African cashews are currently priced at INR 90 per kg, whereas those produced in India cost INR 110 per kg. This price differential has impacted cashew growers in Konkan.

The merchant mentioned that Vietnam exported cashews valued at 2.7 billion dollars, while India exported 339 million dollars’ worth. With significant drops in cashew prices, producers in Konkan are advocating for a guaranteed price.

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Kalyan Jewellers’ Q4 consolidated PAT surges 97% to INR 137 Cr

SnackTeam

May 11, 2024

Kalyan Jewellers has reported a 97% growth in consolidated profit after tax (PAT) to INR 137.49 crore during the March quarter. The retailer’s PAT stood at INR 69.79 crore in the year-ago period, as per Kalyan Jewellers’ regulatory filing.

The company experienced a 34% growth in consolidated revenue from operations during the quarter under review, reaching INR 4,534.93 crore compared to INR 3,381.80 crore in the corresponding quarter of the previous year.

The company’s board of directors has proposed a final dividend of INR 1.2 per equity share for the fiscal year that ended on March 31, 2024, pending approval from shareholders.

Continue Exploring: Kalyan Jewellers expands presence in Delhi with two new outlets unveiled by Nora Fatehi

This translates to a payout exceeding INR 120 crore, constituting more than 20% of the net profit generated during FY24.

“Despite continued volatility in gold prices, we completed an excellent fiscal year and launched the new one with zeal. We’re seeing strong customer demand, particularly for weddings this quarter and Akshaya Tritiya,” said Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers India.

On Friday, the company’s shares closed at 410.85, marking a 3.37% increase on the BSE.

Continue Exploring: Warburg Pincus offloads 8.4% stake in Kalyan Jewellers for INR 2,937 Crore

ASTA engages with Spices Board of India over ETO concerns: Asserts vital role in maintaining spice safety and US FDA compliance

SnackTeam

May 11, 2024

The American Spice Trade Association (ASTA) has reached out to the Spices Board of India to clarify that ethylene oxide (ETO) is sanctioned for spice treatment in the US within specified tolerance boundaries. Responding to recent concerns regarding ETO usage, the industry organization emphasized that restricting “this vital treatment approach” might lead to inadvertent repercussions regarding the adherence of Indian spices to US food safety standards.

This development comes at a time when certain spice products have been subject to recalls by food safety regulators in Hong Kong and Singapore. In response, the Spices Board of India has issued guidelines advising exporters against utilizing ETO as a sterilizing agent in spice consignments, proposing alternatives. Moreover, the board has outlined the Maximum Residue Limits (MRL) for ETO permissible in major markets, including the EU, the UK, and the US, within these guidelines. ASTA, representing over 200 companies involved in spice manufacturing and marketing in the US, has drawn attention to these developments.

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The industry body highlighted that the US annually imports over 100,000 metric tons of spices from India, totaling a value exceeding $360 million. It emphasized the necessity for all imported spices to undergo a validated sterilization process, such as ETO (ethylene oxide), before entering the US market. According to the ASTA letter, current US regulations allow the use of ETO treatment on imported spices and spice products as long as residue levels adhere to specified tolerances. Additionally, the letter underscored that without ETO treatment, imported products face elevated risks of harboring pathogens and failing to comply with FDA food safety regulations.

Highlighting that ETO is an approved antimicrobial fumigant in the US, ASTA also emphasized that its tolerance limit, or Maximum Residue Levels, is set at 7 parts per million (ppm) for herbs and spices. “Both the US Food and Drug Administration (FDA) and the US Environmental Protection Agency (EPA) have confirmed the safety of consuming spices treated with ETO,” it added. According to ASTA, the US spice industry heavily relies on ETO sterilization as a primary method to adhere to FDA regulations. ETO has remained one of the pivotal methods employed by US spice importers to meet these standards.

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It further stated that spices lacking a ‘validated kill step’ before import to the US will be classified as ‘Not Ready-To-Eat’ and must bear labeling indicating ‘Not Processed to Control Microbial Hazards.’

ASTA emphasized that “banning this essential treatment method could lead to significant unintended consequences regarding the adherence of Indian spices to US food safety regulations.”

Meesho secures $275 Million in first tranche of larger funding round

SnackTeam

May 11, 2024

Vidit Aatrey and Sanjeev Barnwal, Co-Founders, Meesho

Meesho, the ecommerce platform, has successfully closed a $275 million funding round through a mix of primary and secondary share sales.

According to a report by ET, a regulatory filing with the US Securities and Exchange Commission (SEC) revealed a share transfer within Meesho’s US parent company, albeit without additional specifics.

This constitutes the first tranche of a larger financing round of $600 million that the Bengaluru-based company aims to conclude, as per the report.

A source familiar with the matter informed ET that the specifics regarding the broader round’s valuation are still under negotiation. While it could reach up to $3.9 billion, the final figure will be determined once the round is completed.

The report, citing sources, stated that Meesho has concluded the initial phase of the funding round, with both existing and new investors participating. Allocation for the remaining portion of the funding round is still being finalized by Meesho.

This development comes after reports surfaced a month ago suggesting that Meesho was seeking to expand the size of its upcoming funding round to $500-$650 million from the previously set $300 million.

Continue Exploring: Meesho to upsize next funding round to $500-$650 Million

In March, reports surfaced indicating Meesho’s plans to raise $300 million (approximately INR 2,499 crore) in a new funding round. This investment entailed participation from a consortium of investors, including Tiger Global and SoftBank.

Nonetheless, sources familiar with the matter have indicated that the overall round has expanded in size, with the inclusion of a primary component.

According to ET, Meesho has amassed a total of $1.36 billion in funding since 2015, which includes funds from secondary sources.

Continue Exploring: Meesho in advanced talks to raise $300 Million from Tiger Global, SoftBank, and other investors

Established in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho asserts its presence with a network of over 1.5 million sellers spanning India on its ecommerce platform. The startup also boasts of engaging with over 140 million annual transacting users.

DST Partners, along with Elevation Capital, Facebook, and Prosus, is among Meesho’s investors.

In the meantime, Meesho is actively involved in talks regarding the reverse flip of its US parent company, a step tied to its intentions for an IPO in India. However, the company’s plans remain unsettled for now.

Additionally, fintech firm Groww has disclosed that it finalized the relocation of its domicile back to India as of March 2024. This move positions Groww as the second significant startup, following PhonePe, to transition its domicile to India.

Numerous other Indian startups, such as Zepto, RazorPay, and Pine Labs, are also exploring the option of reverse flipping.

Continue Exploring: Meesho announces its largest ever ESOP buyback, allocating INR 200 Cr for employees

Adani Wilmar launches 100% first-pressed mustard oil ‘Fortune Pehli Dhaar’

SnackTeam

May 11, 2024

Adani Wilmar (AWL), a prominent player in the food and FMCG industry and a key contender in India’s edible oil market, has unveiled its latest offering: Fortune Pehli Dhaar First-Pressed Mustard Oil. This introduction marks a significant step in enhancing the mustard oil segment, presenting a premium product tailored for discerning consumers who value exquisite flavor, purity, and heritage.

The debut of the brand’s first-pressed mustard oil brings consumers back to its original roots. Crafted from the finest mustard seeds sourced from Rajasthan, and using the traditional wooden kolhu technique, this oil captures the essence of authenticity. Through a gentle pressing process, it preserves the oil’s natural richness, resulting in a flavor profile that is unmatched. With its robust mustard aroma, deep hue, and elevated taste, it enhances every culinary creation to new heights.

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Fortune Pehli Dhaar First-Pressed Oil reflects the essence of Fortune’s brand values, rooted in tradition and the spirit of India. Crafted using time-honored techniques, this product embodies purity and authenticity, enriching the culinary journey for consumers.

Vineeth Viswambharan, Associate Vice President of Marketing & Sales at Adani Wilmar, expressed excitement about the newest addition to the portfolio, Fortune Pehli Dhaar First-Pressed Mustard Oil. He stated, “We are delighted to present a product that revolutionizes the mustard oil experience for Indian consumers. In a time dominated by fast-paced mass production, our product stands out by embracing a slow and traditional process, ensuring its exceptional taste and rich aroma are preserved.”

Fortune Pehli Dhaar is tailored to meet the refined tastes of our esteemed customers, delivering an unmatched journey back to genuine flavors. A robust marketing strategy has been devised for Fortune Pehli Dhaar First-Pressed Mustard Oil, utilizing both print and digital platforms. The product will be conveniently offered in 1L PET bottles and pouches, accessible through diverse sales channels including general trade, modern format stores, and e-commerce, spanning across Delhi NCR, Kolkata, Lucknow, Mumbai, and Bengaluru.

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Uttar Pradesh govt aims to integrate AI in farming, bolster agritech startups for economic growth

SnackTeam

May 11, 2024

The Uttar Pradesh government has reportedly teamed up with key players in the local agriculture sector to enhance agritech startups and incorporate artificial intelligence (AI) into farming methods.

As an integral part of this initiative, the state government also intends to organize a global farming summit, named ‘Krishi Bharat’, scheduled for November this year, in collaboration with the Confederation of Indian Industry (CII), according to Business Standard.

The event aims to unite local agritech startups and international venture capitalists with the goal of stimulating investments in the domestic agriculture value chain, as stated by Tarun Sawhney, chairman of CII Krishi Bharat 2024, to the publication.

Madhav Singhania, Chairman of CII’s northern region and CEO of JK Cements, expressed the industry’s eagerness to address policy issues in collaboration with the government and enhance the technological aspect of agriculture.

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According to the report, the summit will attract delegates from countries including the US, Germany, Brazil, Italy, Poland, France, Spain, Indonesia, and Kenya. The state intends to organize the event following the model of its flagship ‘UP Global Investors Summit’. For context, the February 2023 edition of the event garnered investment proposals worth INR 40 Lakh Cr.

Although it holds the title of the country’s top agricultural producer, the state falls short in crop yield and efficient food processing, resulting in diminished farm incomes. In response, the state government appears to be considering the adoption of technology and smart farming methods to boost yield and uplift small-scale farmers.

Despite contributing nearly 19% to the country’s GDP, the agriculture sector remains hampered by outdated farming methods and reduced output. Nevertheless, agritech startups are aiming to revolutionize this scenario by harnessing the power of technology.

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Several startups, including DeHaat, Gramophone, Ninjacart, and Waycool, have emerged in the country in recent years to address the challenges faced by the agricultural sector. According to data, these startups collectively raised more than $2.4 billion in funding from 2014 to February 2024.

According to an EY report, India’s agritech startups anticipate a total market opportunity of $24 billion by 2025.

Danone India appoints Shashi Ranjan as its managing director

SnackTeam

May 11, 2024

Danone, a leading company in the food and beverage industry, has announced the appointment of Shashi Ranjan as the managing director for Danone India, effective 10th May 2024.

Drawing from his robust experience in the consumer goods sector and a demonstrated history of effective leadership, Ranjan brings invaluable expertise to propel Danone’s growth and innovation within the vibrant Indian market.

In his new role, Ranjan will lead Danone’s strategic initiatives in India, focusing on expanding the company’s presence, strengthening partnerships, and fostering sustainable growth. Leveraging his deep understanding of consumer preferences and market dynamics, he is committed to steering Danone India towards its global vision of delivering health through food to Indian consumers.

With over two decades of experience in corporate leadership, strategic management, and organizational transformation, Ranjan possesses a wealth of expertise. His strong leadership abilities, strategic insight, and dedication to driving positive change render him an ideal candidate to lead Danone’s operations in India.

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Regarding the appointment, Christian Stammkoetter, President of AMEA at Danone, expressed enthusiasm, saying, “We are excited to have Shashi Ranjan lead our operations in India. His extensive experience and successful track record in the consumer goods sector make him the ideal choice to drive Danone’s growth and innovation strategy in this pivotal market. We believe that under his guidance, Danone India will thrive and bring positive change to the lives of countless consumers nationwide.”

Prior to his tenure at Danone India, Ranjan held the position of President & Country Head at Sebamed in India, where he spearheaded the brand’s growth and market expansion efforts. His professional journey includes pivotal roles at Johnson & Johnson, McKinsey & Company, and IBM Consulting, where he played integral roles in developing market entry strategies and facilitating business transformations. Additionally, he contributed to the Indian Government in various capacities, serving in general administration and strategic roles across different regions of the country.

Ranjan’s leadership philosophy encourages innovation and ongoing enhancement, fostering an environment where each day offers a chance to learn and motivate. His appointment signifies a promising new phase in Danone India’s quest for growth and innovation.

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Cartel Bros targets INR 240 Cr revenue in FY25, eyes nationwide expansion for The Glenwalk Whisky brand

SnackTeam

May 11, 2024

Jitin Merani, Co-Founder of The Glenwalk and director at Cartel Bros

Cartel Bros, the renowned producer of the exquisite whisky brand The Glenwalk, has set its sights on reaching a revenue target of INR 200-240 crore. Jitin Merani, Co-Founder of The Glenwalk and director at Cartel Bros, revealed that the company is strategizing to expand its presence across 12-15 states in India by the end of the fiscal year 2024-25.

Having set its sights on nationwide expansion, the company has ramped up its production to over two lakh cases, equivalent to approximately 24-30 lakh bottles, for this fiscal year. Furthermore, it targets sales of 28 lakh bottles by the subsequent fiscal year.

Launched in June 2023 in collaboration with brand partner actor Sanjay Dutt, the brand is experiencing month-on-month sales growth of 15-20% in the blended Scotch category. This surge is attributed to its competitive pricing and alignment with global quality standards, as stated by the company.

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Providing additional insights into the previous fiscal year’s performance, Merani disclosed that the brand generated revenue of INR 9.3 crore by selling 7,280 cases, equating to approximately 85,000 bottles, from June to March. During the last fiscal year, the company was operational for four and a half months. However, for the remainder of the year, it faced stock shortages due to overwhelming demand for its whisky, surpassing expectations in just three cities of Maharashtra.

Outlining the retail strategies tailored for the Maharashtra market, Neeraj Singh, Chief Business Officer, explained that the company initially focused on retail shops and restaurants, establishing a presence in 300 restaurants across three cities. Looking ahead, the company plans to expand its presence into social clubs and recreational gymkhanas.

Recognizing a gap in the market for reasonably priced yet high-quality Scotch whisky, following its success in the Maharashtra market, the company aims to expand its presence this year to include other states such as Punjab, Haryana, Uttar Pradesh, Uttarakhand, Himachal Pradesh, Orissa, Telangana, Karnataka, Goa, and North East India.

Singh added, “Market strategies in the Northern region will be tailored to accommodate varying consumer drinking habits and excise policies.”

Continue Exploring: Sanjay Dutt’s Glenwalk scotch whisky wins silver medal at London Spirits Competition 2024

Cartel Bros has additionally entered into agreements with Le Marche Duty-Free, a part of the Adani group, to establish a presence in six international airports, enhancing its relevance in the market.

Speaking on the investment plans, Merani stated, “We have allocated approximately INR 18-20 crore to the company in the previous fiscal year. In the current financial year, we are planning to invest INR 30 crore to further expand our portfolio and fulfill our working capital needs.”

Presently, the company is registered both in the UK and India under the name Glenwalk. Its whisky is crafted and bottled in Scotland.

iD Fresh Food diversifies into packaged spices segment, targets INR 100 Crore business in 3-4 years

SnackTeam

May 11, 2024

iD Fresh Food, renowned for its offerings like idli and dosa batter, is now venturing into the packaged spices segment. Leveraging its strong distribution system, the company aims to introduce fresh products into the spices market. With a vision set on growth, iD Fresh Food targets to establish a spices business worth INR 100 crore within the next 3-4 years.

PC Musthafa, the Global CEO and Co-Founder of iD Fresh Food, stated, “Throughout the years, we’ve cultivated our own direct retail distribution network to ensure the delivery of fresh products and to foster a trusted brand. We aim to capitalize on these strengths to introduce more products and expand our business even further. Consistent with this strategy, we’ve been diligently working for nearly a year to enter the spices segment.”

“We perceive an opportunity to revolutionize the spices market. Homemade spice products are usually prepared for a month’s use and aren’t stored for extended periods to maintain quality. Adhering to this philosophy, our goal is to provide consumers with fresh spice products, avoiding the use of preservatives or chemicals to prolong shelf life. We’re strategizing our supply chain for a rapid replenishment cycle, ensuring that products reach stores the day after manufacturing and are sold within two weeks. Thus, our plan entails supplying these spice products on a daily basis,” he elaborated.

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The company stated that it will adhere to integrated pest management guidelines for sourcing and manufacturing, employing processes like steam sterilization to guarantee chemical-free products.

Musthafa mentioned that in the initial phase, the company’s primary focus will be on introducing fresh spice powders by June. Subsequent phases will involve venturing into wet masalas, curry pastes, and ready-to-cook gravies. “Initially, our launch will target the top metros. We anticipate that the spices segment will present us with a minimum INR 100-crore opportunity within the next four years,” he further explained.

Continue Exploring: DS Group’s Catch Spices hits INR 1,000 Crore in sales, plans expansion into ready-to-cook and digital-first products

Regarding overall revenue growth, he mentioned that the company aims to surpass the INR 700-crore milestone in FY25, targeting a growth rate of 25-30 percent. Additionally, he highlighted that the company has witnessed almost a hundredfold increase in the quick commerce channel over the past two years.

The company has garnered support from investors including Premji Invest, Helios Venture Partners, and NewQuest Capital, among others.

Continue Exploring: iD Fresh Food batter sales surge to INR 479 Crores in FY23, marking remarkable growth

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NewsHub

Konkan cashew growers struggle as imports from Africa depress prices

Relaxo Footwears Q4 net profit drops by 3% to INR 61 Crore

Kalyan Jewellers’ Q4 consolidated PAT surges 97% to INR 137 Cr

ASTA engages with Spices Board of India over ETO concerns: Asserts vital role in maintaining spice safety and US FDA compliance

Meesho secures $275 Million in first tranche of larger funding round

Adani Wilmar launches 100% first-pressed mustard oil ‘Fortune Pehli Dhaar’

Uttar Pradesh govt aims to integrate AI in farming, bolster agritech startups for economic growth

Danone India appoints Shashi Ranjan as its managing director

Cartel Bros targets INR 240 Cr revenue in FY25, eyes nationwide expansion for The Glenwalk Whisky brand

iD Fresh Food diversifies into packaged spices segment, targets INR 100 Crore business in 3-4 years