B2B e-commerce platform BEYOBO secures INR 6.7 Crore in pre-Series A2 round

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May 13, 2024

BEYOBO, a cross-border e-commerce platform specializing in consumer goods, has secured INR 6.7 crore in its pre-Series A2 funding round, which was oversubscribed by 300%. The funding was spearheaded by Indian Angel Network, with contributions from the International Startup Foundation, SAN Angels, as well as notable angel investors and high net-worth individuals (HNIs).

The company will utilize the raised capital to bring more international brands to the Indian market and upgrade its technology platform.

Founded by Anil Agrawal, BEYOBO serves as a conduit for Indian SMEs seeking to import goods from global markets, while also facilitating the expansion of foreign brands and sellers into the Indian market.

Continue Exploring: Ecommerce sees modest Q1 growth at 12-15%, industry anticipates 20% uptick by April

Anil Agrawal, CEO and Co-Founder of BEYOBO, said, “We’re not merely establishing a platform; we’re pioneering a category that will revolutionize the perception and execution of cross-border transactions worldwide, leveraging our own two-decade expertise in the field. With profitability in our sights as we prepare for a Series A round, the horizon appears remarkably promising.”

BEYOBO has set its sights on becoming a multibillion-dollar B2B digital cross-border leader within its sector. Having doubled its growth in the past year, the platform offers a diverse array of products spanning categories such as cosmetics, mobile and accessories, household goods, and more.

Expressing his perspective, Bikky Khosla, Lead at Indian Angel Network, remarked, “Our continued investment across the last three rounds, including the present one, underscores our confidence in the company’s potential and their adept execution of their vision. We firmly believe that BEYOBO is primed to leverage its early mover advantage, supported by a seasoned team, to secure a significant market share in the cross-border e-commerce landscape.”

Hiren Turakhia, Lead at Indian Angel Network, “Our experience with BEYOBO has been characterized by a profound grasp of their robust business model and an outstanding alignment between the founder and the market. Their unwavering commitment to excellence and innovation instills confidence in their capacity to spearhead the cross-border commerce domain.”

As of 2023, the B2B e-commerce market in India surged to $18.2 billion, according to data from Statista.com, a significant leap from $5.6 billion in 2021. With the sector’s robust performance, analysts foresee the market size reaching an estimated $60 billion by 2025, marking a remarkable milestone in India’s digital commerce landscape.

Continue Exploring: B2B ecommerce platform Moglix considers base relocation to India amid plans for public debut

Namaskara Meals unveils six Gurgaon outlets, plans to expand to 20 locations

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May 13, 2024

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Namaskara, the latest addition to India’s vibrant street food culture, has launched its operations in Gurgaon with six locations, aiming to redefine the everyday dining experience. Embracing the mantra “The day begins,” Namaskara seeks to transform how office workers perceive their daily meals, offering tasty, nutritious, and hygienic options at budget-friendly prices. Operating through a food truck and food container model, the brand has introduced its services across six different spots in Gurgaon, with plans to expand to 20 locations in FY 24-25.

Riya Satti, Namaskara’s Chief Operating Officer, expressed, “This concept has been in the works for years, and we’re thrilled to finally unveil it.” Situated at one of Gurgaon’s premier base kitchens, sprawling across 5000 square feet and with the capacity to cater to 15,000 meals daily, Namaskara offers an extensive array of breakfast, lunch, and dinner choices, all priced between 50 and 150 rupees. The brand is committed to delivering quality, accessibility, and affordability as its pillars of hospitality.

Continue Exploring: Zomato pilots new last-mile delivery service for office goers in corporate parks

Rohit Singh, Founder and CEO of Building Brands for Tomorrow (BBFT), highlighted the pivotal role of Namaskara’s debut in the $41 billion market. “Namaskara effectively addresses industry gaps concerning hygiene, efficiency, and organization,” he emphasized. Besides its standard menu, Namaskara extends its services to catering for corporate events, ensuring a smooth dining experience for its clientele. With the capability to serve upwards of 15,000 individuals daily, Namaskara is aptly positioned to fulfill the escalating demand for nutritious and hygienic meals within the corporate sphere.

Farmley champions healthy snacking with transition to 100% palm oil-free products

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May 13, 2024

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Farmley, known for its nutritious snacks, has announced its transition to palm oil-free products. Over the course of a year, the company has diligently replaced palm oil with healthier alternatives such as olive oil, ghee, or zero-oil across its entire product range, reaffirming its dedication to revolutionizing healthy snacking.

Palm oil, a commonly utilized vegetable oil, has raised both environmental and health-related concerns due to its high saturated fat levels. In an industry where blended palm oil is widespread, typically comprising 80-90% palm oil and only 10-20% olive oil, Farmley distinguishes itself as a trailblazing brand by attaining a 100% Palm Oil-Free status.

In its endeavor to establish a product range entirely free of palm oil, the company launched the “Palms Off Palm Oil” campaign. This initiative educates consumers about the detrimental impacts of palm oil on both health and the environment, with the aim of increasing awareness about its role in deforestation, wildlife habitat loss, and climate change.

“Our mission at Farmley is to ensure our customers’ well-being and satisfaction. Our journey to become completely palm oil-free began six months ago, prompted by feedback from some of our customers who expressed concerns about palm oil in our products during regular surveys. Customer feedback is more than just suggestions; it is a driving force behind our business decisions.

We are proud to be among the pioneers transitioning our entire product range to be palm oil-free, replacing it with zero-oil, olive oil, or ghee alternatives. This shift not only benefits the health of our consumers but also strategically positions us in an emerging F&B segment focused on food quality and health. As we continue to innovate, our commitment remains steadfast in providing snacks that are not only delicious but also mindful of our planet and its inhabitants,” expressed Akash Sharma, Co-Founder of Farmley, reflecting on the transition.

Continue Exploring: Healthy snacking brand Farmley set to expand retail presence, targets 30-40% offline sales share by 2026

A study published in the National Library of Medicine reveals that palm oil serves as a primary ingredient in almost half of the most commonly consumed food and consumer items, including numerous popular snacks. With its composition comprising 5 percent saturated fatty acid, palm oil has been linked to raising LDL or ‘bad’ cholesterol levels in the bloodstream. This increase contributes to higher levels of unhealthy fats in the body, thereby heightening the risk of cardiovascular diseases.

Farmley’s snacking range is accessible for purchase on various online commerce platforms such as Amazon, Flipkart, Blinkit, Zepto, and Instamart, in addition to retail stores.

Continue Exploring: Farmley raises $6.7 Million in a pre-Series B round led by BC Jindal Group

Sanjay Dutt’s Glenwalk Whiskey disrupts Indian market, sells out 4X initial inventory in record time, aims to sell 28 lakh bottles by next FY

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May 13, 2024

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Experiencing a meteoric rise in demand and strategically pricing itself, The Glenwalk Scotch Whisky is rewriting the rules of the Indian whisky market. Launched in June 2023 with Sanjay Dutt as its brand partner, The Glenwalk has tapped into the expertise of Cartel Bros, led by co-founders Mokksh Sani, Jitin Merani, Rohan Nihalani, Manish Sani, and their Chief Business Officer Neeraj Singh, to achieve phenomenal success. Crafted by one of the world’s leading Scotch whisky manufacturers from Scotland, it sets new standards for excellence and innovation.

The Glenwalk accomplished an impressive feat by selling out its initial inventory of 1,20,000 bottles in just four months—exceeding projections by a remarkable 4X. This outstanding accomplishment, covering Mumbai, Thane, and Pune, resulted in an 18% market share capture within its category in Maharashtra within the first three months alone, firmly establishing The Glenwalk as one of India’s fastest-growing whisky brands. With ambitious targets set, the brand aims to sell 28 lakh bottles in the upcoming financial year, reflecting its confident expansion plans.

Recognizing a gap in the market for high-quality yet budget-friendly Scotch whisky, the Cartel Bros team embarked on a daring venture. They unveiled a distinctive blend crafted from the finest Scotch malts and grains, matured for three years, and strategically priced to rival premium Indian whiskeys. This proposition of value has struck a chord with consumers, fueling remarkable sales figures and fostering brand loyalty.

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

“The rapid expansion of The Glenwalk highlights the significant opportunity for premium yet accessible Scotch whisky in the Indian market. We firmly believe that our strategic expansion initiatives will cement The Glenwalk’s status as a key player in the industry,” affirms Mokksh Sani, Founder of Living Liquidz, Mansionz, and co-founder of The Glenwalk.

The Glenwalk, with a well-defined national expansion strategy, is well-positioned to expand its presence throughout India. The brand is rapidly expanding its reach, with plans to cover all major cities in Maharashtra by the end of March 2024, up from its initial launch cities of Mumbai, Pune, and Delhi. In the coming months, prospective growth areas include Haryana, Punjab, Chandigarh, Uttar Pradesh, Karnataka, and Telangana. To accommodate various consumer preferences, the brand has also introduced festive edition packs and expanded its product line with 350ml and 1-liter bottle sizes.

“We’re delighted by the fantastic response to The Glenwalk. Consumers value our emphasis on quality and affordability. Our dedication lies in crafting a robust brand that resonates with whisky enthusiasts throughout India,” said Jitin Merani, Founder of Drinq Bar Academy and co-founder of The Glenwalk.

Continue Exploring: Alcobev startup Cartel & Bros receives investment boost from bollywood actor Sanjay Dutt

The Glenwalk’s outstanding product quality has been acknowledged with a Gold Medal victory at the esteemed Prowine 2023 Spirits Competition (blind tasting format). Its deep, lustrous hue and alluring aroma of treacle, flapjack, and sweet caramel captivate the senses, while its sumptuous mouthfeel and lingering notes of fruit and spice create a lasting impact. Remarkably, The Glenwalk distinguishes itself as the sole affordable Scotch whisky choice in the Indian market, presenting consumers with a genuinely distinctive and valuable offering.

The Glenwalk Scotch Whisky transcends being merely a drink; it represents a paradigm shift in the Indian whisky market. By delivering premium quality at an affordable price point, The Glenwalk inspires the aspirations of a new generation of whisky enthusiasts and is strategically poised for further nationwide expansion.

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

Zomato’s subsidiary ZPPL to surrender RBI license as online payment aggregator

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May 13, 2024

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Foodtech giant Zomato‘s subsidiary, Zomato Payment Private Limited (ZPPL), has opted to voluntarily surrender the certificate of authorization granted by the Reserve Bank of India (RBI) for its operation as an online payment aggregator.

The company announced this in its Q4 FY24 financial filings.

Additionally, it stated, “ZPPL has also chosen to voluntarily withdraw its application with the RBI (for which it previously received provisional authorization) to function as an issuer of pre-paid payment instruments under the Payment and Settlement Systems Act, 2007, and the Master Direction on Prepaid Payment Instruments. Nonetheless, ZPPL’s other operations will persist.”

This development comes months after the company obtained the license from the central bank to function as an online payment aggregator, effective from January 24, 2024.

Continue Exploring: Zomato’s ZPPL gets green light from RBI to operate as online payment aggregator

In 2021, Zomato announced the establishment of ZPPL, its wholly owned subsidiary, tasked with conducting business as a payment aggregator and an issuer of prepaid payment instruments.

It’s worth mentioning that Zomato introduced an in-house Unified Payments Interface (UPI) service for both peer-to-peer (P2P) and merchant transactions last year. However, there were also reports indicating that the company temporarily halted the onboarding of new users in its UPI vertical.

Continue Exploring: Zomato’s Q4 net profit surges 27% quarter-over-quarter to INR 175 Cr

Blinkit’s Q4 FY24 revenue hits INR 769 Crore; loss narrows to INR 37 Crore

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May 13, 2024

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Blinkit, Zomato’s quick commerce vertical, achieved positive adjusted EBITDA in March 2024 as it continued to scale up the average order value and volume in the fourth quarter of FY24.

In Q4 FY24, Blinkit recorded revenues of INR 769 Cr, a significant increase from INR 363 Cr in the same quarter of the previous year and INR 644 Cr in Q3 FY24.

The adjusted EBITDA loss of the quick commerce vertical showed continued improvement, decreasing from INR 203 Cr in Q4 FY23 and INR 89 Cr in Q3 FY24 to INR 37 Cr for the quarter that ended in March 2024.”

Continue Exploring: Blinkit more valuable than Zomato’s food delivery business: Goldman Sachs

In the quarter that ended March 2024, Blinkit’s gross order value (GOV) surged by 97% year-on-year (YoY) to INR 4,027 Cr.

The quick commerce platform is currently operational in 26 cities, boasting over 526 dark stores in the quarter. Expansion efforts are primarily concentrated on the top eight cities in India.

“In Q4FY24, 80% of the new stores we opened are located in these top eight cities. Our presence in these key urban centers remains notably lower than desired. For instance, our second-largest city by gross order value (GOV), Bengaluru, comprises less than 30% of Delhi-NCR’s GOV, our largest market, with a similar disparity in store count,” stated Zomato in its shareholder letter.

The company announced plans to incorporate an additional 100 stores in Q1 FY25, with a target of reaching 1,000 stores by the end of FY25.

Continue Exploring: Blinkit to outgrow Zomato within a year, says CEO Deepinder Goyal

Zomato’s Q4 net profit surges 27% quarter-over-quarter to INR 175 Cr

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May 13, 2024

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Zomato, a major player in the foodtech industry saw its consolidated profit after tax (PAT) surge by 26.8% to INR 175 Cr in the fourth quarter (Q4) of the fiscal year 2023-24 (FY24), up from INR 138 Cr in the previous quarter.

The company had reported a net loss of INR 187.6 Cr in the same quarter of the previous fiscal.

Q4 was the company’s fourth consecutive profitable quarter. Zomato reported a total profit of INR 36 crore in Q2 FY24 and INR 2 crore in Q1.

Continue Exploring: ICICI Securities raises Zomato’s price target to INR 300, citing strong growth and profitability metrics

In FY24, Zomato achieved a profit after tax (PAT) of INR 351 Cr, a significant turnaround from the INR 971 Cr loss reported in FY23.

Zomato saw a surge in operating revenue, reaching INR 3,562 Cr in Q4 FY24, up from INR 3,288 Cr in Q3 FY24. This marked a 73% increase compared to the operating revenue of INR 2,056 Cr reported in Q4 FY23.

Additionally, the company announced that its quick-commerce vertical, Blinkit, achieved positive adjusted EBITDA in March 2024.

Continue Exploring: Zomato raises platform fee to INR 5, temporarily halts intercity delivery service

Zomato’s shares hit 52-week high at INR 207.30 ahead of Q4 results

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May 13, 2024

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Foodtech giant Zomato‘s shares surged nearly 3% during intraday trading on Monday (May 13), touching a fresh 52-week high at INR 207.30 on the BSE ahead of the announcement of its Q4 results for the financial year 2023-24 (FY24).

However, the stock gave back some of the gains as the day progressed. By 14:09, the shares were trading at INR 199.55.

The company’s board is set to convene later today to assess and authorize the results for the fourth quarter and the fiscal year concluding in March 2024.

In the December quarter (Q3) of the fiscal year 2023-24 (FY24), Zomato reported a consolidated profit after tax (PAT) of INR 138 Cr. Additionally, the company witnessed a surge in operating revenue, which rose to INR 3,288 Cr in Q3 FY24 from INR 2,848 Cr in Q2 FY24.

Zomato disclosed on Saturday that the auditor of its subsidiaries, Zomato Hyperpure and Blink Commerce, had resigned. This development paved the way for the food tech platform to appoint Deloitte Haskins & Sells as its new auditor, aiming to streamline the audit process.

Continue Exploring: Zomato’s subsidiary auditor resigns, Deloitte to step in

Zomato stated, “The resignation aims to facilitate the appointment of our current statutory auditor, M/s Deloitte Haskins & Sells LLP, as the statutory auditor of Zomato Hyperpure Private Limited (ZHPL) and Blink Commerce Private Limited (BCPL) as well, thereby enhancing the efficiency of the audit process.”

Following a remarkable surge of over 100% last year, Zomato shares have already climbed by 66% year to date in 2024.

The foodtech major is also introducing several new experiments. It has commenced piloting a new feature in select areas of Bengaluru and Mumbai, providing users with priority deliveries for an additional fee.

In order to fulfil large orders for up to 50 people at once, Zomato also introduced an all-electric “large order fleet.” Deepinder Goyal, the founder and CEO of the company, asserted that new vehicles would address the majority of issues that Zomato users run with while completing bulk purchases.

Continue Exploring: Zomato launches all-electric ‘large order fleet’ for events and gatherings

Meesho appoints former Flipkart executive Surojit Chatterjee as independent director

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May 13, 2024

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Meesho, the ecommerce platform, has appointed Surojit Chatterjee as an independent director to its board.

Moneycontrol was the first to report this development.

This development comes close on the heels of reports suggesting that Meesho is looking to increase the size of its upcoming funding round to $500-$650 million from $300 million earlier. Last week, the company closed a $275 million funding round through a mix of primary and secondary share sales.

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

Meesho has refrained from commenting on questions regarding the appointment.

Chatterjee held the position of Chief Product Officer (CPO) at cryptocurrency exchange Coinbase for three years, spanning from 2020 to 2023.

Before that, he served as the Senior Vice President and Head of Product at Flipkart from 2015 to 2017.

Additionally, Chatterjee has held significant roles at Google, Oracle, and IBM Corporation. Furthermore, he is spearheading the development of his own AI generative company, Ema Unlimited, based in San Francisco.

According to his LinkedIn profile, he has made investments in companies such as Udemy, Palantir Technologies, TrueLayer, Remote, AlphaFlow, Skillshare, Roverlabs, Activity Hero, and BloomReach.

Chatterjee is one of two independent directors at Meesho, with the other being Rohit Bhagat, who presently serves as the non-executive chairman of PhonePe.

Bhagat joined Meesho as its first independent director in June 2023. Prior to this, he served as an independent director at Flipkart, Axis Bank, Freecharge, and several other entities.

Currently, Meesho’s board consists of a total of eight members. This includes the company’s cofounders Vidit Aatrey and Sanjeev Barnwal, along with primary investors Mukul Arora from Elevation Capital, Ashutosh Sharma from Prosus, Mohit Bhatnagar from Peak XV Partners, and Sarthak Misra from SoftBank, as well as six other board members.

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

It’s worth mentioning that both Chatterjee and Bhagat have prior experience working with Meesho’s competitor, Flipkart.

At present, Flipkart holds the leading position in the ecommerce marketplace, followed by Amazon and Meesho.

Established in 2015 by Aatrey and Barnwal, Meesho boasts a network of over 1.5 million sellers on its ecommerce platform from all over India, serving more than 140 million annual transacting users. To date, it has secured funding exceeding $1.08 billion.

The startup’s investors include Facebook, Prosus, Elevation Capital, DST Partners, and Facebook.

In the meantime, Meesho is actively involved in talks regarding a potential reverse flip of its US parent company, a step associated with its intentions for an IPO in India. However, the company’s plans have not been finalized yet.

Additionally, fintech firm Groww has completed the process of moving its domicile back to India as of March 2024. This makes Groww the second major startup, following PhonePe, to shift domicile to India.

Several other Indian startups, such as Zepto, RazorPay, and Pine Labs, are also considering reverse flipping.

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

Swiss luxury brand HYT sets sights on India’s thriving watch market

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May 13, 2024

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What would motivate a top-tier Swiss luxury watch label to venture into the Indian market to market merely 5–6 timepieces annually, when they could effortlessly distribute their limited batch of 150–160 meticulously crafted pieces in regions like the US, Europe, or the Middle East, where collector demand thrives?

As per Vahe Vartzbed, head of independent Swiss luxury watchmaker HYT, “We perceive the Indian market as ripe for our distinct timepieces. With a robust community of collectors, India presents an ideal landscape for our brand introduction. We’re confident that this is the right time for niche brands like ours to enter India, given the demand for uniqueness among Indian watch enthusiasts.”

As prominent Swiss luxury watch brands set their sights on India, smaller independent labels like HYT are also making strides to enter the market, aiming to leverage its potential and connect with the collector base. Internationally, independent watchmakers like F.P. Journe, Richard Mille, and Gerald Genta are experiencing high demand, reflecting a growing preference among discerning collectors, including those in India, for exclusivity and innovative movements.

Continue Exploring: Bangalore Watch Company targets annual production of 5,000 units, unveils expansion plans with exclusive outlets and funding drive

“Having the ability to choose our own path is a true privilege. “As an independent entity, we’re committed to constantly improving the artistry of our watches, incorporating more intricate decorative elements and subtle complications,” Vartzbed stated. “Moreover, our dedication to novelty propels us to explore fresh and inventive avenues for showcasing functions on our timepieces, even experimenting with novel materials to enrich their aesthetics.”

Viraal Rajan, director of Time Avenue, the exclusive partners of HYT in India, pointed out that the current challenge for independent watchmakers lies in production. Today’s consumers demand more than mere timekeeping; they seek watches that offer additional value and functionality.

“It’s all about possessing something that’s not just unique but also beautiful, meticulously crafted with passion and individuality. Mass production often falls short in fulfilling this craving for distinctiveness,” he emphasized.

The renowned company, known for its innovative fluid-based time display, will introduce watches with prices ranging from INR 45 lakh to INR 4.6 crore in India.

On a global scale, The Swatch Group, Richemont, LVMH, and Citizen reign supreme in the watch industry, holding ownership over the majority of major brands. These industry giants invest heavily in product promotions and boast extensive distribution networks. Given this landscape, how does a smaller brand like HYT, with its limited production, manage to thrive and venture into emerging markets like India?

“Our production capacity remains constrained. This year, we’re focusing on crafting just 150 pieces, prioritizing exclusivity and catering to a discerning group of collectors. We don’t feel compelled to conform to market pressures because our offerings are inherently unique. Our collectors are already familiar with traditional timepieces, but they turn to us when they desire something genuinely distinctive and innovative. We’re certainly not someone’s initial choice for a timepiece,” expressed Vartzbed.

The watch brand currently boasts 25–26 points of sale globally, spanning across Asia, the Middle East, Europe, and the Americas. Venturing into the Indian market aligns with its diversification strategy, with plans to elevate production to 200 watches by 2025. “Our focus remains on attaining a harmonious and evenly spread presence worldwide. Quality distribution stands as paramount for us, ensuring accessibility to our brand without compromising its exclusivity,” emphasized Vartzbed.

Continue Exploring: Breitling’s revenue surges over 40% in India, eyes top three position in luxury watch market

The HYT brand and product portfolio are currently managed by a team of only 12 individuals, with four skilled watchmakers tasked with assembling the watches. Collaborating with external experts, the company focuses on developing mechanical movements, while its sister company, Preciflex SA, pioneers state-of-the-art fluidic technology.

“Since establishing the company 12 years ago, we’ve engaged in collaborations with numerous movement makers. Throughout the years, we’ve continuously refined and adapted our approach, dedicating ourselves to the development of the movement that currently drives our timepieces,” stated Vartzbed. Swiss watch exports to India amounted to INR 2,008.58 crore in 2023.

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