Gordon Ramsay, Fox to launch food brand & entertainment platform ‘Bite’

May 11, 2024

Gordon Ramsay

Gordon Ramsay and Fox Entertainment have collaborated to introduce Bite, a dynamic brand blending food and entertainment, showcasing culinary delights, lifestyle content, and an array of products.

Established through the partnership between Fox Entertainment and Studio Ramsay Global, a Gordon Ramsay production endeavor, Bite emerges as a platform delivering tantalizing culinary content. It also provides advertisers and brand partners with an extensive opportunity to connect with Ramsay and Fox’s expansive audience, boasting over 100 million fervent food enthusiasts.

“Bite is a dynamic amalgamation of my almost two decades-long partnership with Fox, combining all the adventures, thrills, rivalry, and individuality we’ve developed together under this unique, original culinary and lifestyle endeavour,” Ramsay said. “With a captivating array of series, captivating food stories, and endless online content that viewers everywhere will eat up, this fresh venture will cater to every flavour of food fan!”

Continue Exploring: Gordon Ramsay launches his first steak restaurant in Louisiana

Additionally, Bite unveils its inaugural consumer products collaboration with premier cookware brand HexClad. In a pioneering move marked by a strategic partnership and investment, HexClad assumes the role of an official sponsor across various Fox and Studio Ramsay Global-owned food content globally.

The brand’s digital and social content hub, Bite Digital Network, is home to several original series. These include Ramsay’s new digital culinary competition series, Idiot Sandwich, which is inspired by the chef’s viral meme; Next Level Kitchen, which is a digital companion series to Next Level Chef; and the new Bite Digital Originals banner, which showcases a roster of next-generation culinary creators and personalities, including Next Level Chef stars Tineke “Tini” Younger (Season 2) and the recently announced Season 3 champion Gabi Chappel.

Fox Entertainment CEO Rob Wade said “To food enthusiasts worldwide, the Bite kitchen is open. With Gordon and his team at Studio Ramsay Global assembling all the necessary components, there’s simply nobody better to serve up this vibrant, authentic feast of food-themed entertainment and experiences.” We are confident that viewers will love exploring and relishing every Bite as the most exciting, all-inclusive one-stop culinary destination in the world.

In the upcoming months, Bite is poised to broaden its influence across publishing, consumer goods, live events, immersive experiences, as well as apps and online platforms, as per Ramsay and Fox.

Continue Exploring: Celebrity chef Gordon Ramsay to unveil a new burger spot in Vegas next year

D2C sneaker brand Comet in advanced talks with Elevation Capital and Nexus Venture Partners for Series A funding

SnackTeam

May 11, 2024

Utkarsh Gupta and Dishant Daryani, Co-Founders, Comet

Comet, a Bengaluru-based direct-to-consumer (D2C) sneaker brand, is currently in advanced discussions with Elevation Capital and Nexus Venture Partners to raise Series A funding, according to insiders familiar with the matter.

One of the insiders stated, “he upcoming funding round will be spearheaded by Elevation Capital, with continued participation from Nexus Venture Partners, an existing investor.”

The terms of the deal have been finalized, and the funding round will be closed soon, added the sources. However, the exact amount of capital the startup will be raising in this round couldn’t be ascertained.

According to the sources, the D2C startup plans to utilize the new funds for expanding its team and product portfolio, as well as increasing its inventory, among other purposes. Comet currently maintains a workforce of 10-20 employees.

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

The startup is also strategizing to initiate the opening of offline retail stores by early next year.

Established in 2022 by former Hotstar executive Utkarsh Gupta and ex-Urban Company executive Dishant Daryani, Comet was officially launched in 2023.

At present, the startup offers sneakers catering to both genders within the price bracket of INR 4,000 to INR 4,500. Additionally, it retails slides and shoe laces. Its primary sales channel is currently its own website.

Earlier, Comet had secured seed funding from Nexus Venture Partners.

Additionally, the startup collaborated with multidisciplinary artist Shantanu Hazarika earlier this year to release limited edition sneakers.

Apart from Comet, the Indian homegrown sneaker market boasts several startups such as 7-10, Neemans, and Rare Rabbit. However, Comet competes directly with brands like Puma, considering its price range.

Continue Exploring: Streetwear brand VegNonVeg targets INR 175 Crore revenue by FY25, plans expansion and product innovation

Meanwhile, Elevation Capital’s portfolio also includes well-known D2C brands like The Souled Store, Sugar Cosmetics, and Bliss Club.

It’s worth noting that the past few years have witnessed the rise of numerous D2C brands across various sectors in the country. Moreover, these brands are garnering significant interest from investors.

Central to all these developments is the swiftly expanding D2C market. As per a report, D2C stands out as one of the fastest-growing subsectors within the ecommerce domain. Projections indicate that the country’s D2C market is set to achieve a remarkable CAGR of 19%, surpassing $400 billion by 2030.

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From sparkling wines to spa treatments: Indian hotels roll out deluxe offers for business travelers

SnackTeam

May 11, 2024

The Courtyard by Marriott Aravali Resort is embracing #BusinessNotasUsual, rolling out exclusive offers tailored for its esteemed corporate clients. Meanwhile, the Four Seasons Mumbai is vying to become the ultimate choice for business travelers. They’re unveiling a meticulously curated business traveler package that promises to exceed expectations. This deluxe offer includes complimentary sparkling wines upon arrival and indulgent half-hour spa treatments, ensuring a stay that goes above and beyond.

Travel and hospitality companies have noted distinct changes in the preferences of India’s modern business travelers, extending far beyond basic hotel stays. There’s a noticeable surge in the desire for tailored amenities and services, a trend that companies are actively addressing.

Satyajeet Krishnan, the Area Director of Operations and General Manager at Taj Mahal Hotel, New Delhi, noted a substantial increase in business travel, both individual and group, compared to the previous year. The hotel has tailored offers for lawyers and diplomats in transition, alongside a focus on food and beverage, including express lunches and group dining specials.

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

Nitesh Gandhi, the General Manager of Four Seasons in Mumbai, highlighted a growing demand from corporate clients seeking to host evening events for their partners. In response, the hotel has introduced Cocktail Hours at Modernist for select companies. Gandhi emphasized their commitment to meeting the needs of busy executives with a tailored ‘Business Travelers Package,’ designed for a seamless and efficient stay. This package includes amenities such as airport transfers, laundry service, spa treatments, and more, aiming to enhance productivity during meetings and promote relaxation afterward. Additionally, the hotel is collaborating with large corporations to customize offerings to suit the specific requirements of their top-level executives who choose Four Seasons for their stays.

At Courtyard by Marriott Aravali Resort, guests have the opportunity to double their Marriott Bonvoy Points, unlock complimentary room nights, and secure upgrades at a ratio of 1:10.

Harsh Mahajan, the Director of Sales and Marketing at the property, added that guests can also enjoy a 10% discount on banquet bottle rates and complimentary usage of the conference venue. He extended an invitation to guests to make the most of the ongoing campaign, #BusinessNotAsUsual, tailored to elevate their experience.

In addition to F&B activities like culinary, mixology, and wine masterclasses, The Ritz-Carlton, Bengaluru, is extending invitations to its corporate guests to partake in experiences such as the Mashaal lighting ceremony ritual and the Yakshagana traditional dance. General Manager George Kuruvilla Bennet mentioned, “Guests can also enjoy a sensory art walk featuring 1,200 art installations, offering a distinctive and culturally enriching experience.” Furthermore, customized offers have been tailored for business travelers, catering to their specific needs. These offerings include laundry services, complimentary drinks at the rooftop bar – BANG – and hotel credits that can be utilized for various services.

Indiver Rastogi, President and Group Head of Global Business Travel at Thomas Cook (India) and SOTC, emphasized the specific demands of business travelers, which include location preferences and amenities such as gym, spa, wellness facilities, concierge services, access to the club and business lounge, among others. He noted, “The hotel expenditures for our corporate segment have seen a significant surge, exceeding 25% compared to pre-pandemic times.” Although the average stay remains between 2 to 3 nights, there’s been an uptick in bookings for longer-term accommodations spanning a week, fortnight, and beyond.

Rajeev Kale, Country Head for Holidays, MICE, and Visa at Thomas Cook (India), highlighted that food plays a crucial role in the decision-making process for Indian corporates. He noted that mega groups often request hotels to either employ in-house Indian chefs or permit chefs specially flown from India to operate in their kitchens.

Continue Exploring: Fortune Hotels charts course for rapid expansion, targets new hotel every month in FY25

Spices Board issues comprehensive guidelines to curb ethylene oxide contamination in Indian spice exports

SnackTeam

May 11, 2024

The Spices Board has issued detailed guidelines for exporters to mitigate the risk of ethylene oxide (EtO) contamination in products exported from India. This move comes in response to quality concerns raised by certain countries regarding these goods. As per the guidelines, exporters must refrain from employing EtO as a sterilizing/fumigating agent or for any other purpose in spices. Additionally, they are required to ensure that EtO is not utilized by transporters, storage facilities, warehouses, or suppliers of packaging materials at any stage of the process.

Exporters are mandated to implement sufficient measures to guarantee the absence of ethylene oxide (EtO) and its by-products in spices and spice products across the entire supply chain.

They will additionally recognize this chemical as a hazard and integrate crucial control points to deter ethylene oxide (EtO) in their Hazard Analysis Critical Control Points and Food Safety Plan within their Food Safety Management System.

Exporters are required to conduct EtO contamination tests on raw materials, processing aids, packing materials, and final goods. The nine-page instructions stated that exporters must conduct a root cause analysis, put in place the necessary preventative control measures to stop future recurrence, and keep such records in the case that EtO is detected at any point in the supply chain.

They are advised to employ alternative sterilization methods such as steam sterilization, irradiation, and other techniques sanctioned by the food regulator FSSAI.

Continue Exploring: FSSAI to initiate quality checks on domestic food items including spices and dairy products

These guidelines were issued following the ban imposed by Hong Kong and Singapore on the sale of popular brands MDH and Everest due to the discovery of the carcinogenic chemical ethylene oxide in their products. Consequently, a mandatory recall from shelves was initiated.

It further stated that the establishment shall not accept spices, herbs, and their source plants known to harbor microbial contaminants that cannot be reduced to acceptable levels through regular processing procedures, sorting, or preparation.

It said that raw materials will be thoroughly examined, cleaned if necessary, and sorted before processing. “Special measures will be taken to turn down herbs exhibiting signs of pest damage as well as mould growth, so as to eradicate the potential hazard of mycotoxins such as aflatoxins,” it noted.

It urged the implementation of effective measures to prevent cross-contamination of spices and herbs through direct or indirect contact with potentially contaminated materials at every stage of processing.

Raw materials posing potential hazards should be processed in dedicated rooms or areas physically distinct from those where end-products are prepared or stored.

During the packaging phase, the guidelines recommend the use of non-porous bags/containers to safeguard spices and herbs from contamination, moisture, and infestation by insects and rodents.

“It is advised to utilize new bags or containers for food contact packaging that are in satisfactory condition. Spices and herbs, such as dried chili peppers, should not be sprayed with water to prevent breakage during packing, as this could lead to the growth of molds and microbial pathogens,” it further stated.

Additionally, for transportation, it emphasized that before bulk transport, products must be dried to a safe moisture level to inhibit the growth of mold and pathogens. Furthermore, vehicles designated for transportation should be clean, dry, odor-free, and devoid of infestation, ensuring prevention of cross-contamination from previously transported products.

It also recommended that during transportation, measures should be taken to prevent exposure to water/moisture and to ensure that pests or debris do not contaminate the commodity.

Continue Exploring: US FDA probes contamination allegations in Indian spices MDH and Everest

Spices rapidly absorb moisture if the bags become wet, leading to a significant rise in moisture content.

For products requiring extended transportation durations, temperature and humidity levels should be monitored using calibrated instruments, as necessary.

During 2023-24, India’s spice exports amounted to USD 4.25 billion, representing a 12 percent share of global spice exports.

With USD 1.3 billion in exports, chilli powder was the most popular spice from India. Cumin came in second with USD 550 million, turmeric with USD 220 million, cardamom with USD 130 million, mixed spices with USD 110 million, & spice oils and oleoresins with USD 1 billion.

Other significant exports included asafoetida, saffron, anise, nutmeg, mace, clove, and cinnamon.

In 2023, the global spice trade amounted to USD 35 billion. China emerged as the leading exporter, with exports reaching USD 8 billion during the same period.

According to data from the economic think tank GTRI, the leading exports include chili powder (USD 2.4 billion), ginger, turmeric (USD 2.2 billion), fresh and dried garlic (USD 1.6 billion), coriander, and cumin seeds (USD 800 million).

D2C fashion brand Powerlook aims for INR 300 Crore GMV this fiscal year

SnackTeam

May 11, 2024

Amar Pawar & Raghav Pawar, Co-Founders, Powerlook

The fashion brand Powerlook is aiming to achieve a gross merchandise value (GMV) of INR 300 crore in the current financial year, marking a growth of over two times compared to the previous year, as stated by a senior official of the company. Powerlook, known for its presence on major ecommerce platforms such as Myntra and Flipkart, reported a GMV of INR 130 crore in the preceding financial year.

GMV denotes the aggregate worth of products or merchandise sold within a specific timeframe via a platform facilitating customer-to-customer transactions.

Additionally, the brand maintains a strong presence in the offline market, generating significant operating revenue.

According to Raghav Pawar, Co-Founder of Powerlook, the brand’s primary focus lies in ensuring customer satisfaction and timely delivery of products.

Continue Exploring: Powerlook Apparels expands offline presence: Unveils two new stores in Mumbai, eyes 50 nationwide by 2027

He further emphasized, “Through our dedication to providing top-notch products and tailored shopping experiences, we consistently strive to surpass the expectations of our customers.”

Pawar stated that the men’s fashion brand sustained a growth rate of 35-40 percent quarter-on-quarter throughout the previous year. It experienced a 30 percent increase in both sales and revenue on a quarterly basis.

Pawar attributed Powerlook’s growth to targeted marketing campaigns, strategic partnerships with well-known influencers, and an adaptable pricing strategy along with a strong customer retention policy.

The brand has utilized social media platforms like Instagram and Facebook to interact with its audience and establish a formidable online presence.

Continue Exploring: Menswear brand Powerlook continues expansion with opening of flagship store in Pune

Konkan cashew growers struggle as imports from Africa depress prices

SnackTeam

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.”

Continue Exploring: Dry fruit consumption in India soars by 25% in 2023, fueled by health-conscious trend post-pandemic

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.

Continue Exploring: MDH and Everest spice controversy threatens over half of India’s spice exports, urgent action needed: Report

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.

Continue Exploring: US FDA probes contamination allegations in Indian spices MDH and Everest

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

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NewsHub

Gordon Ramsay, Fox to launch food brand & entertainment platform ‘Bite’

D2C sneaker brand Comet in advanced talks with Elevation Capital and Nexus Venture Partners for Series A funding

From sparkling wines to spa treatments: Indian hotels roll out deluxe offers for business travelers

Spices Board issues comprehensive guidelines to curb ethylene oxide contamination in Indian spice exports

D2C fashion brand Powerlook aims for INR 300 Crore GMV this fiscal year

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