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Social media influencer ‘Food Pharmer’ hails ‘big win’ as PepsiCo commits to palm oil reduction in Lay’s chips

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Lays
Lay's chips

Revant Himatsingka, a social media influencer better known as “Food Pharmer,” hailed a “big win” for India following PepsiCo‘s decision to reduce the use of palm oil in its chips.

Palm oil is widely used in various food products such as chips, biscuits, and others, often raising concerns about its potential detrimental impact on heart health when consumed excessively.

“Big win! Lay’s India is set to reduce its reliance on palm oil! Just recently, I posted a video showcasing the stark difference in palm oil usage between Lay’s India and Lay’s USA. Following considerable public pressure, Lay’s India has pledged to begin the transition away from palm oil,” as revealed by Himatsingka in a post on social media platform X.

Nevertheless, a spokesperson from PepsiCo India revealed that trials for their products using new oil blends had commenced as early as 2023. They stated, “PepsiCo India launched trials incorporating a blend of Sunflower Oil and Palmolein Oil across select segments of our product range last year, positioning us as pioneers in this initiative within the Indian food industry.”

Himatsingka asserted that local snack manufacturers like Bingo and Haldiram would now face increased pressure to either reduce or substitute palm oil in their products.

Earlier, Snackfax reported that the American snacks and beverages company had initiated trials aimed at substituting the “less desirable oils” in Lay’s with a more health-conscious blend of sunflower oil and palm olein. Additionally, the report highlighted the company’s efforts to decrease the salt content in its products. With mounting criticism in the country regarding the utilization of oils deemed detrimental to health, the company is actively addressing these concerns.

Continue Exploring: PepsiCo India trials healthier oil blend for Lay’s chips, aims to reduce palm oil usage

Additionally, the report noted that the snacks and beverage manufacturer utilizes healthier oil alternatives such as sunflower, corn, and canola oil for Lay’s in the US, its largest market.

According to PepsiCo’s website, in the US, they use “heart-healthy” oils like sunflower, corn, and canola oil for Lay’s products.

FMCG companies in India are under increased scrutiny due to their use of unhealthy ingredients.

In April, Nestle India came under fire for the excessive levels of sugar found in certain products, including baby food Cerelac. A report by the Switzerland-based advocacy organization Public Eye alleged that Nestle had included sucrose or honey in samples of infant and baby foods.

Continue Exploring: Nestle faces regulatory heat as FSSAI launches probe into Cerelac sugar controversy

Subsequently, the company announced a 30 percent reduction in sugar levels and revealed plans to launch a new range of options with lower sugar content soon.

Indian companies are also under scrutiny. The US Food and Drug Administration launched an investigation into MDH and Everest after some of their products were recalled in international markets due to concerns regarding elevated levels of cancer-causing pesticides.

Continue Exploring: Centre directs statewide spice quality testing post MDH and Everest controversy

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SR Hospitality sets sights on Tier-I cities for ‘Te Amo’ expansion, targets 5 outlets by 2025

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SnackTeam
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Nainjyot Dham and Shelly of SR Hospitality
Nainjyot Dham and Shelly of SR Hospitality

SR Hospitality recently expanded its Te Amo operations to Gurugram, introducing a larger and more opulent outlet with an enhanced array of offerings. In contrast to the original Te Amo located at Ansal Plaza, Andrews Ganj in Delhi, known for its casual diner format, the new establishment at M3M IFC in Sector 66 Gurugram exudes an upscale ambiance. This 110-seater Bistro and Bar upholds the culinary vision and menu curated by renowned Michelin-star chef, Suvir Saran.

The food and beverage menu, along with the overall design and vibe of the restaurant, has garnered praise from the city’s well-traveled but aspirational customers within the first month, according to Dham and Shelly, the husband-wife duo with over two decades of experience in the food service scene of the national capital region.

“The establishment caters to all demographics, encompassing families, young patrons, and individuals seeking a leisurely atmosphere,” explained Dham. He emphasized that Te Amo sets itself apart with its commitment to delivering high-quality culinary experiences. Chef Saran has skillfully infused traditional Indian and pan-Asian favorites with innovative twists.

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

Highlighting some menu innovations, Dham noted that the pepper fry chicken offers a healthier option compared to butter chicken. Additionally, the Delhi 6 Cloud Chaat features a delicate yogurt foam, while the Avocado Bhel elevates the traditional Indian chaat experience. Other notable additions include Edamame Gol Gappas and more.

“Even our drinks menu showcases innovative clarified cocktails, distinguishing us from our competitors,” he remarked. He mentioned plans to revamp the menu at the Delhi outlet once the new Gurugram unit gains momentum.

Regarding future brand expansion, Dham highlighted significant potential and opportunity for the Te Amo brand in Tier 1 cities, where there’s a considerable presence of sophisticated and well-traveled diners. “Our goal is to establish 5 outlets across Tier 1 cities by 2025,” he stated.

At present, both outlets are owned by the company, and for the initial expansion into Tier 1 cities, the promoters aim to proceed independently. Nevertheless, Dham mentioned ongoing discussions with several angel investors to secure funding for future expansion endeavors. Besides Te Amo, SR Hospitality also maintains controlling interests in several restaurant brands such as Deli Belly in Jasola, Locale in Saket, and Suburbia in Gurugram.

Dham conveyed the company’s plans to explore upscale bespoke banqueting services, contingent upon securing a dependable and robust joint venture partner. With the support of acclaimed Michelin-starred chef, Chef Suvir Saran, he expressed confidence in the potential for significant success through effective branding. “We could even enlist the endorsement of a few celebrities to promote the brand,” he added, noting that they are currently in the process of finalizing a property for this venture.

Continue Exploring: Chai Sutta Bar expands into premium café market with Kaffee-La launch, eyes nationwide growth

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UNIQLO set to open Poland’s first permanent store in autumn 2024

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SnackTeam
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Uniqlo
UNIQLO

UNIQLO, the Japanese clothing retailer under Fast Retailing Group, is set to unveil its first permanent store in Poland in autumn 2024.

The UNIQLO Arkadia store, spanning 1,300 square meters, will be located on the first floor of the Westfield Arkadia shopping center in Warsaw.

It will provide a comprehensive selection of LifeWear products catering to men, women, children, and infants.

The decision to open a permanent retail outlet in Poland comes after the overwhelming response of the UNIQLO Wars Sawa Junior pop-up store, which launched in Warsaw in September 2022.

Continue Exploring: Uniqlo opens first store in Faridabad, expanding its Indian retail presence

As part of its strategy to expand its store network across Europe, UNIQLO aims to enhance accessibility to its LifeWear line for a burgeoning customer base.

In spring 2024, the retailer launched two regional flagship stores in Rome and Edinburgh, along with additional new stores in central London, Nice, and Milan.

Currently, UNIQLO manages a network of 76 stores across ten European markets.

Taku Morikawa, CEO of UNIQLO Europe, expressed enthusiasm about advancing UNIQLO’s presence in Poland, aiming to offer the brand’s versatile everyday essentials to a broader audience in Warsaw.

“Through our initial pop-up store experience at Wars Sawa Junior, we’ve witnessed customers embracing our LifeWear philosophy, which draws inspiration from Japanese values of quality, longevity, and simplicity.

Continue Exploring: Uniqlo appoints Bollywood star Katrina Kaif as first Indian brand ambassador

“It’s a tremendous honor to inaugurate our inaugural permanent store in Poland, especially in a city steeped in history and culture, embodying a forward-thinking spirit that resonates deeply with our brand values.”

In April 2024, UNIQLO announced intentions to launch stores in Houston and Dallas, Texas, as part of its expansion in North America.

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90% of Indian retail market to stay offline despite digital surge, says Accel’s Prashanth Prakash

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Prashanth Prakash
Prashanth Prakash

Online-first Direct-to-Consumer (D2C) brands have a significant opportunity to extend their presence by expanding into offline stores, as highlighted by Prashanth Prakash, founding partner at venture fund Accel.

Around 90% of the Indian retail market is projected to remain offline, even as it reaches a size of $2.2 trillion by 2030, according to a joint report on omnichannel firms by Accel, Fireside Ventures, and market research firm Redseer.

Prakash mentioned, “Currently, we have around 100 digital brands generating approximately INR 100 crore, and they stand to gain from the experiential wisdom of transitioning into offline markets… Moreover, the timeframe to achieve a INR 1,000 crore brand status, in my view, has been nearly halved from the previous estimate of 15 years.”

The joint report indicated a significant trend towards omnichannel purchases among Indian consumers. Many prominent brands such as Nykaa, Lenskart, Mamearth, and Caratlane are adopting an omnichannel approach, leveraging exclusive brand outlets to enhance brand visibility and boost sales.

Continue Exploring: D2C brands shell out 30-45% commission for quick-commerce platform listings

Nonetheless, Prakash emphasized that Direct-to-Consumer (D2C) brands ought to maintain their online-first approach. This strategy allows them to iterate swiftly around product-market fit and brand development compared to pursuing an offline route. Once these brands achieve a certain scale and brand recognition, they can consider offline expansion to enhance sales.

Prakash noted that venture firms like Accel and Fireside Ventures are placing their bets on the technology that will facilitate the transition of online-first brands into offline spaces. This technological support will enable new-age brands to expand offline with greater efficiency and assertiveness.

“This opportunity differs from that of legacy players because, unlike before, there’s no need to develop separate brands for urban and rural markets… In the US, one can focus solely on the top 10 metros and establish a $300-400 million brand, but in India, the demand for quality products extends far beyond the metros. In our view, it’s a play across 110 cities,” remarked Prakash.

Additionally, omnichannel brands are dedicating more resources to establish physical stores in non-metro areas. Prakash noted that these brands are discovering favorable conditions, including reasonable rental rates, strong demand economics, and quicker returns on retail investments, particularly in cities like Indore, Lucknow, Coimbatore, and others.

In these markets, a physical presence could significantly enhance the likelihood of “converting” customers by fostering brand awareness and trust.

“I believe there will be a notable rise in experiential purchasing in these towns compared to urban areas, where convenience is often prioritized. The investment in capital expenditure and the management complexity associated with operating numerous outlets across multiple cities are justified,” stated Prakash.

Continue Exploring: Survey finds 80% of D2C businesses yet to achieve profitability; only 12% report profits

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Global fashion giants struggle as India mandates BIS certification for footwear production

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SnackTeam
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footwear
(Representative Image)

Armani Exchange, Superdry, Calvin Klein, Tommy Hilfiger, and US Polo Assn are facing dwindling supplies of local shoes due to a government mandate requiring factories to be certified by the Bureau of Indian Standards (BIS). These factories, predominantly located in China, Vietnam, Thailand, and Malaysia, have yet to receive certification from BIS. Skechers global CFO John Vandemore highlighted the impact of India’s regulatory framework on the industry, citing limited production capacities within the country during the company’s earnings call on April 26th.

Industry executives reported that many brands have had to remove footwear from both online and offline shelves or are offering a significantly reduced range with older stock. The BIS Quality Control Order (QCO) requires mandatory certification for factories producing the final product and certain specified key components like rubber, PVC, or polyurethane soles and heels. The QCO was enforced in July of last year for leather shoes, while for sports shoes, sandals, clogs, and slippers, it was slated to be implemented starting January of this year.

In March, the deadline was extended to August; however, companies argue that these incremental extensions disrupt supply chain planning. Experts also express concerns that goods may not reach stores on time, as it typically takes 5-6 months from production to customs clearance.

Continue Exploring: Luxury footwear industry in India faces challenges amid BIS certification issues

Reliance Brands, overseeing Armani Exchange and Superdry in India, and Arvind Fashions, managing Calvin Klein, Tommy Hilfiger, and US Polo Assn, did not respond to emailed queries.

Executives believe that the regulation will compel companies to establish production facilities in India.

Anupam Bansal, Director of Retail at Liberty Shoes, stated that issues often develop during the initial period of deployment, since the supply chain is disrupted. However, he expressed optimism that these concerns will be remedied in time. “The negatives are only temporary,” he said. “On the plus side, the Indian footwear sector will see growth and development, with enhanced production in the country, ultimately decreasing supply chain costs.”

Abhishek Ganguly, CEO of Agilitas Sports, a domestic footwear manufacturer, emphasized the necessity for global brands to devise a unique supply chain strategy tailored for India’s current environment, highlighting that failure to do so could hinder their operations.

“The leading brands have in fact formulated a ‘make-in-India’ strategy, leveraging India’s growing potential to manufacture even high-end products,” he stated. “It’s primarily the brands for whom footwear represents a minor segment of their overall business that are facing challenges.”

Analysts suggest that BIS officials may face reluctance when visiting overseas factories for approvals, particularly concerning plants in China or those owned by Chinese entities. This hesitancy is attributed to the government’s aim to decrease imports from China amid ongoing border tensions.

“The loss in business persists, with ongoing declines. Footwear sales have decreased year-on-year compared to the previous fiscal, despite being one of the fastest-growing categories,” stated the CEO of a prominent fashion company. “We are unable to import from our factories in China and Vietnam due to pending certification.”

Continue Exploring: India’s footwear market set for double-digit growth, expected to reach INR 191K Crore by FY 2028: 1Lattice Report

Despite being one of Skechers’ “bigger international markets,” Vandemore noted that the current deadline extension is “not long-term, so it continues to be an issue.”

“Our goal is to continue producing more and more of items within the country. The short-term issue is simply that the market cannot handle it. To be honest, this is not a Skechers issue. We are still working with our suppliers to resolve this issue, which impacts the entire industry.”

Vandermore expressed cautious optimism about Skechers’ business prospects in India for the year. He emphasized the necessity of resolving the regulatory framework for the benefit of Skechers and the wider footwear industry community.

Woodland stated that it has reduced imports to only 10% of its usual volume, prioritizing BIS certification for factories. This cautious approach stems from concerns that stocks might be held up in ports if they fail to arrive before the deadline.

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Jewellers anticipate significant surge in gold sales this Akshaya Tritiya as prices dip; expect over 30% growth

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SnackTeam
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Gold Jewellery
(Representative Image)

This Akshaya Tritiya, jewellers are anticipating a boost in sales as gold prices have slightly decreased compared to last month. Despite a 20% decrease in sales volume in April, the value of gold consumption rose due to the upward trend in gold prices.

Jewellery retailers anticipate that Akshaya Tritiya will drive significant growth in gold sales, potentially surpassing a 30% increase over FY 23-24. They also anticipate higher foot traffic and average transaction values compared to previous years.

According to Dr. Saurabh Gadgil, Chairman and MD of PNG Jewellers, gold sales are expected to exceed last year’s figures in terms of value, driven by higher rates. Additionally, there’s an anticipated rise in sales volume. He predicts a year-on-year growth of approximately 10 to 15 percent in quantity and 35 to 40 percent in value.

Considering the current economic and market conditions, the industry anticipates a greater focus on gold as an investment asset rather than purely ornamental jewellery.

Continue Exploring: Quick-commerce platforms race to deliver gold and silver coins in 10 minutes on Akshaya Tritiya

“We believe that gold coins, jewellery, bars, and tickets will be purchased through digital gold buying platforms. Indian households have a strong cultural attachment for gold, and price appreciation has fueled demand for gold as an investment asset, leading to increased consumer interest in Gold ETFs. Given the strong cultural connection, any short-term drop in gold prices could result in record gold demand during Akshaya Tritiya’, said Sachin Jain, WGC’s regional CEO.

“Expecting robust sales during Akshaya Tritiya with a price point of INR 70,000, I don’t foresee any impact on sales volume,” remarked Vipul Shah, Chairman of GJEPC.

Geopolitical uncertainties, central banks bolstering their reserves, and enduring inflation have led to fluctuations in gold prices over the past month. Consequently, there’s a sense of uncertainty among customers regarding their spending intentions, despite the ongoing wedding and festive season.

“The recent decline in gold prices just before Akshaya Tritiya holds promise, potentially reigniting demand that was affected by the recent price surge. Though fluctuating prices may deter certain consumers, the present trajectory hints at a favorable outlook for increasing volumes. Furthermore, the enduring demand for coins and bars, as evidenced in past years, signals a steady market sentiment within this segment,” remarked M.P. Ahammed, Chairman of Malabar Group.

Expressing similar sentiments, Vishnusharan Bhatt, Managing Director of Bhima Gold Pvt. Ltd., remarked, “As gold prices have steadied in recent weeks, we’ve observed a resurgence in consumer confidence, indicating a renewed interest in engaging in gold transactions. The enduring consumer resilience towards purchasing gold during Akshaya Tritiya remains palpable.”

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

The consumer mindset is shifting. In the past, transactions were straightforward – a fixed amount for a specific quantity of gold. Nowadays, customers are open to exchanging a portion of the quantity for additional services, intricate finishes, and a wider range of products, even for traditional celebrations.

A notable trend this season is the increasing popularity of everyday jewellery known for its minimalist, lightweight, and ethically sourced attributes.

“We believe that by addressing the customer’s needs through promoting lightweight, smaller-ticket value purchases, we are staying true to our customers,” commented Ajoy Chawla, CEO of the jewellery division at Titan.

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

“In recent years, we’ve observed a growing trend among younger consumers opting for lightweight gold and diamond jewellery, even during festivals. We anticipate this trend to persist during Akshaya Tritiya,” further noted Vishnusharan Bhatt.

Offering a different viewpoint, M.P. Ahammed remarked, “We’ve noticed a shift where customers are prioritizing wedding jewellery while also allocating portions of their budgets to everyday wear pieces.”

“There’s a noticeable transition towards mindful purchasing – customers are looking for pieces that carry significance and can be cherished across generations,” commented Tarang Arora, Creative Director and CEO of Amrapali Jewels.

Echoing similar sentiments, Amit Pratihari, Vice President of De Beers Forevermark, remarked, “We’re also witnessing an increasing consumer demand for top-quality solitaire diamonds.”

In addition to launching new collections, jewellery retailers are rolling out a variety of promotions to entice customers, such as discounts on advance bookings and making charges, cashback incentives, and complimentary gifts.

Continue Exploring: Jewellery consumption set for 10-12% value growth in FY24, driven by soaring gold prices: ICRA

“To attract younger customers, we have introduced gold beans in half-gram and one-gram sizes. Additionally, we are concentrating more on bangles & necklaces,” stated Suvankar Sen, MD & CEO of Senco Gold & Diamonds.

“We have unveiled a new line of 10,000 styles of modern everyday wear jewellery which is influenced by global design. Tanishq will be holding a number of interesting and participatory styling sessions at a few of its outlets in addition to this adaptable collection, Chawla continued.

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One8 Commune Bangalore redefines mixology and gastronomy with Temptations: An exclusive cocktail room experience

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SnackTeam
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Temptations

Virat Kohli‘s one8 Commune Bangalore is thrilled to unveil its newest addition, Temptations: An Exclusive Cocktail Room Experience, located on the 7th floor of the flagship establishment in Bangalore. Temptations aims to redefine the cocktail scene in the city, offering guests a captivating voyage through the realms of mixology and gastronomy. Curated by the esteemed mixologist Varun Sudhakar, the handcrafted cocktail menu promises an unforgettable experience, complemented by a delectable Tapas menu crafted by the renowned Corporate Chef Agnibh Mudi from True Palate Hospitality Pvt. Ltd.

Capturing the very essence of one8 Commune, Temptations embodies sophistication and communal revelry at its finest. As its name suggests, this cocktail room beckons patrons with an irresistible allure, promising a journey filled with excitement and discovery. Pioneering novel techniques, it breaks barriers in mixology, setting a new benchmark in the city’s vibrant F&B scene. Exclusively available on the 7th floor, overlooking the breathtaking Cubbon Park and Chinnaswamy Stadium, the new cocktail menu tantalizes with regional and adventurous flavors. From bold cocktails to tantalizing tapas, each offering is meticulously crafted to offer a sensory experience like no other, catering to both seasoned enthusiasts and newcomers alike.

Blending an array of flavorful local and regional ingredients, the menu, expertly crafted by seasoned mixologist Varun Sudhakar, guarantees to captivate and satisfy even the most refined tastes with its remarkable flavor combinations. With innovative spins on traditional cocktails and daring new concoctions, each beverage narrates its own unique tale.

Continue Exploring: Virat Kohli’s one8 commune opens its largest venue in Bengaluru

Consider, for example, the signature cocktail “Take Notes” – a seamless fusion of fragrant cardamom, luxurious ghee, and Angostura bitters – an unprecedented harmony of flavors. Alternatively, immerse yourself in the sultry charm of “Caramel Pop,” where bourbon whiskey is infused with popcorn essence and smoked oak wood. Crafted to redefine the limits of mixology, every beverage on the Temptations menu is meant to be enjoyed and relished with each tantalizing sip.

Varun Sudhakar, celebrated mixologist (Two-Time Diageo World-Class India winner), expressed, “Our vision with Temptations goes beyond conventional mixology; it’s about creating an immersive voyage through extraordinary flavors and captivating sensations. In a city where the cocktail culture is flourishing and evolving rapidly, we were driven to leave our distinct and significant imprint. Our cocktail haven and thoughtfully curated Tapas menu embody sophistication, delivering unmatched quality and experiences. Through our offerings, we aspire to redefine the very essence of mixology in Bangalore, inviting guests to revel in craftsmanship and innovation.”

Enhancing the innovative beverage collection is a refined tapas menu meticulously designed to elevate the flavors of the cocktails and enrich the overall dining experience. Chef Agnibh’s culinary mastery is evident in each dish, featuring delectable offerings such as the exotic Prawn Balchao Tartlettes, the indulgent Ghee Roast Chicken Liver, and the vibrant Felafel Macarons, among others. With options catering to every palate, the tapas menu ensures an ideal complement to the signature cocktails.

Continue Exploring: Renowned mixologist Yangdup Lama to launch Himalayan-themed bar in Gurugram

Corporate Chef Agnibh Mudi from True Palate Hospitality Pvt. Ltd, expressed, “As a chef, my passion lies in creating dishes that not only tantalize the taste buds but also evoke a sense of joy and contentment. At one8 Commune Bangalore, our Tapas menu is crafted as a symphony of flavors, reflecting our commitment to culinary mastery. Each dish is meticulously designed to harmonize with our ‘Temptations’ cocktail menu, offering more than just a standalone culinary delight; we aim to take guests on a culinary journey, drawing from global inspirations and innovative ingredients, and celebrating the art of pairing to savor every morsel.”

Alongside its alluring cocktail and tapas offerings, Temptations introduces a lavish martini trolley experience, where guests are treated to the spectacle of expert mixologists crafting four distinct martinis: Classic, Filllthy, Gimlet, and Gibson. Showcasing premium gins such as Monkey 47, Roberto Cavalli, Tanqueray 10, and Hendrick’s, each martini is meticulously prepared right before the guests’ eyes, providing an interactive and immersive glimpse into the world of mixology. Assuring a memorable cocktail party that tantalises the senses and reimagines what it means to be pampered, Temptations promises creativity and perfection.

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Big Basket teams up with Tanishq and MMTC-PAMP for swift delivery of gold and silver coins this Akshaya Tritiya

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SnackTeam
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BigBasket
BigBasket

Big Basket, the online grocery platform, has collaborated with Tanishq and MMTC-PAMP for Akshaya Tritiya festivities.

As part of the collaboration, gold and silver coins and bars will be swiftly delivered within 10 minutes via the Big Basket Now platform in celebration of Akshaya Tritiya.

Seshu Kumar Tirumala, Chief Buying and Merchandising Officer at Big Basket, remarked, “Through our partnership with Tanishq, renowned for its quality and craftsmanship in the jewelry sector, we aim to offer our customers the opportunity to commemorate Akshaya Tritiya with the finest gold coins, symbolizing prosperity and elegance.”

Continue Exploring: Quick-commerce platforms race to deliver gold and silver coins in 10 minutes on Akshaya Tritiya

He further noted that the collaboration with MMTC-PAMP provides customers with top-tier silver coins.

Big Basket, a Tata Enterprise, provides fresh fruits, vegetables, pulses, and various other groceries. The brand operates across over 400 cities in India, catering to approximately 15 million customer orders per month.

MMTC-PAMP is a collaboration between Switzerland’s PAMP SA and MMTC Ltd, a Government of India enterprise. Established in 2008, it operates a state-of-the-art precious metals processing facility, as stated on the company’s LinkedIn page.

Continue Exploring: BigBasket aims to turn profitable in 8 months; eyeing IPO in 2025

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Quick-commerce platforms race to deliver gold and silver coins in 10 minutes on Akshaya Tritiya

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SnackTeam
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Quick Commerce
Quick Commerce (Representative Image)

As Akshaya Tritiya festivities sweep across the nation, quick commerce platforms are seizing the opportunity to offer gold and silver coins to users within “10 minutes”.

Swiggy Instamart, Tata’s bigbasket, and Zepto have collaborated with several gold-focused platforms and companies to deliver the coins directly to homes within 10 minutes, aiming to bolster sales and strengthen their revenue streams.

In a post on X, Albinder Dhindsa, Co-Founder and CEO of Blinkit, announced that the quick-commerce platform will provide gold and silver coins within 10 minutes. He further mentioned that the Zomato-owned quick-commerce platform will also deliver items such as deity photos, fresh flowers, and other puja essentials within the same timeframe.

Zepto has teamed up with Jar’s in-house jewellery brand, Nek, to sell gold coins from today. Nischay AG, co-founder of Jar, posted on X, “On this Akshaya Tritiya, get your @nekjewelry gold coins on @ZeptoNow.”.

Swiggy Instamart announced in a statement that it will swiftly deliver gold and silver coins (in various weights) “within minutes” through partnerships with Malabar Gold and Diamonds and Muthoot Exim. Additionally, the quick-commerce giant will provide associated products like silver spoons, silver glasses, flowers, and puja essentials to users on Akshaya Tritiya.

“Akshaya Tritiya is of great significance in Hindu culture because it represents prosperity and abundance. The day is also believed to be auspicious for purchasing gold and silver. Swiggy Instamart has partnered with Malabar Gold & Diamonds and Muthoot Exim to deliver certified silver and gold coins directly to customers’ doorsteps in minutes, making it easier to celebrate this auspicious occasion with the purchase of precious metals,” Swiggy stated.

Following suit, Tata-owned BigBasket has teamed up with sister company Tanishq and MMTC-PAMP to provide gold and silver coins, as well as bars, to users within 10 minutes.

In a statement, BigBasket announced that it will feature offerings such as MMTC-PAMP Lakshmi Ganesh (999.9 purity) silver coins, 22 carat gold coins, and more.

Continue Exploring: Jewellery consumption set for 10-12% value growth in FY24, driven by soaring gold prices: ICRA

Swiggy also mentioned that gold coins bought through Instamart will be offered in 24 carats with 999% purity, while silver coins will have a purity of 999%.

“The success of last year’s Dhanteras coin sales underscores the growing consumer interest in quick commerce for auspicious purchases. Collaborating with reputable brands only strengthens their trust. Our teams are prepared to meet the heightened demand, guaranteeing a smooth experience for everyone this Akshaya Tritiya,” stated Phani Kishan, CEO of Swiggy Instamart.

In reference to the new releases, Seshu Kumar Tirumala, Chief Buying and Merchandising Officer at BigBasket, remarked, “Our partnership with Tanishq guarantees that our customers can commemorate Akshaya Tritiya with top-tier gold coins, embodying prosperity and sophistication. Moreover, our collaboration with MMTC-PAMP ensures our customers receive premium silver coins, infusing purity and tradition into their festivities. All of these will be delivered within 10 minutes.”

Continue Exploring: Quick commerce platforms Blinkit and Zepto expand into e-commerce, targeting fashion, beauty, electronics, and more

With this array of offerings, quick-commerce platforms are capitalizing on the long-standing tradition of purchasing gold during the festival. For context, according to industry insiders, an estimated 15 to 20 tonnes of gold are sold around Akshaya Tritiya.

While the figure is anticipated to be lower this year due to elevated gold prices, the sector still presents an enticing opportunity for these new-age tech firms to bolster their revenues. Additionally, larger transaction sizes are expected to significantly enhance the average order values (AOVs) of quick-commerce platforms, a crucial metric.

The introduction of these new offerings will provide these platforms with an opportunity to strengthen their presence in the religious offerings market, which is primarily dominated by unorganized brick-and-mortar stores and local vendors (especially for flowers). Moreover, this market is rapidly expanding.

According to a report, the Indian religious and spiritual market was valued at approximately $59.7 billion in 2023 and is forecasted to reach $127.8 billion by 2032.

Continue Exploring: Flipkart challenges Zepto and Blinkit with quick commerce expansion

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BanyanTree Growth Capital expands footprint in F&B sector with strategic investment in Bizibean café chain

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SnackTeam
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Bizibean
Bizibean

BanyanTree Growth Capital, a well-established private equity firm with a strong track record in the Food & Beverage sector, has made a strategic investment in Bizibean, the celebrated café chain renowned for its specialty coffee and tea offerings in New Delhi and Gurugram. This partnership enhances the consumer experience under the iconic brands Nirula’s and “Angels in my Kitchen“, creating a powerhouse trio in India’s café and casual dining landscape.

Nirula’s, cherished by Delhiites, embodies a legacy of culinary excellence with its famed Hot Chocolate Fudge, Ice Creams, Big Boy Burgers, and Pizzas. Meanwhile, “Angels in my Kitchen,” supported by BanyanTree Growth Capital, delights patrons with its exquisite array of baked goods and desserts. Together, these brands create a harmonious fusion of offerings, catering to diverse tastes and preferences.

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

With the addition of Bizibean, the portfolio now extends into the realm of premium coffees and teas, enriching the café experience for customers. Emerging as a modest kiosk in Gurgaon’s South Point Mall, Bizibean has evolved into a prominent name in the coffee industry, renowned for its exceptional espresso and diverse brewing methods such as Espresso, Pourover, Aeropress, and French Press. Founded by industry veterans Aharnish Mishra, Manideep Chhokra, and Raj Singh, Bizibean has earned the prestigious Times Food Award for “Best Café- Casual Dining Gurgaon” for six consecutive years.

Sanjiv Singhal, Founder of BanyanTree Growth Capital, expressed his excitement, saying, “We are delighted to welcome Bizibean to our portfolio of premium brands. This partnership not only expands our food and beverage offerings, but it also aligns with our vision of providing exceptional dining experiences. We believe that incorporating Bizibean’s speciality coffees and teas will enhance and enrich the culinary experience at Nirula’s and Angels in my Kitchen, providing our customers with an even more diverse range of options.”

This strategic investment signifies a notable milestone, amalgamating the prowess of three influential brands. Customers can now relish a seamless fusion of coffee with their beloved Nirula’s meal or alongside a delightful indulgence from “Angels in my Kitchen”. The enhanced menu boasts an extensive selection of espresso-based beverages, including Espressos, Cortados, Cappuccinos, Lattes, Americanos, and Frappes, paired with an array of croissants, muffins, brownies, quiches, pastries, cakes, desserts, sandwiches, and wraps.

BanyanTree Growth Capital firmly believes that this partnership will revolutionize the café experience in India, providing an unparalleled variety and quality of food and beverage options all under one roof.

Continue Exploring: Blue Tokai Coffee in advanced talks for new raise at over $180 Million valuation

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