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

May 11, 2024

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

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

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

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

Continue Exploring: Ninjacart makes strategic investment in Philippines-based agritech firm Mayani

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

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

Despite contributing nearly 19% to the country’s GDP, the agriculture sector remains hampered by outdated farming methods and reduced output.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

Continue Exploring: Agritech startup DeHaat forays into consumer market with Honest Farms brand

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

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

Danone India appoints Shashi Ranjan as its managing director

SnackTeam

May 11, 2024

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

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

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

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

Continue Exploring: Danone breaks new ground with debut of Fortimel in China’s special medical foods category

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

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

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

Continue Exploring: French dairy giant Danone sells US organic dairy assets to Platinum Equity

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

SnackTeam

May 11, 2024

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SnackTeam

May 11, 2024

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

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

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

Continue Exploring: iD Fresh Food names Rajat Diwaker as India CEO, PC Musthafa assumes global leadership role

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

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

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

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

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

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

Pluckk hits INR 100 Crore ARR milestone in FY24, set to triple growth in FY25

SnackTeam

May 11, 2024

Through Pluckk, the Essar group has ventured into the food and beverage segment, rapidly establishing itself as a significant player in the category over the next five years.

Funded by Exponentia Ventures and backed by Essar Capital, Pluckk offers a wide range of fresh fruits and vegetables, both whole and packed, as well as processed foods such as juices, salads, dips, ready-to-eat foods, and meal kits.

Launched just two years ago, the brand has already doubled its revenues, selling 1.8 million packets a month to a customer base of 5 lakh, according to Chief Financial Officer Nelson D’Souza. By the end of FY24, it reached an annual recurring revenue (ARR) of INR 100 crore and is anticipated to triple in FY25.

“We’ve doubled revenue in the past year, and I believe that trajectory will persist,” D’Souza remarked. He further noted that the company was currently operationally profitable and aimed to achieve EBITDA positivity within the coming 12 months.

Continue Exploring: Bollywood actress Kareena Kapoor Khan backs D2C startup Pluckk as brand ambassador and investor

Originally launched as a digital-exclusive brand, it has formed partnerships with leading e-commerce platforms like Amazon, Zomato, Swiggy, and bigbasket. Additionally, significant investments are being directed towards its own dedicated app. Moreover, the brand maintains a modest presence in brick-and-mortar outlets, including Spencer’s and Nature’s Basket.

At present, its delivery network covers Bengaluru, Mumbai, and Delhi, with intentions to broaden its reach to five cities this year, followed by expansion to 10 cities the next year, and eventually reaching 15 cities within two years. Each of these major cities is now equipped with processing centers or fulfillment centers.

The objective is to establish a nationwide distribution network or supply chain capable of supporting its expansion across India.

Continue Exploring: Food-tech startup Pluckk acquires KOOK to tap into growing demand for DIY meal kits

The company initially secured $5 million in funding, with plans for further fundraising to support its expansion. “As we keep growing, we’ll explore additional funding opportunities,” D’Souza stated. “Expansion requires significant capital expenditure, so we’ll consider raising funds from the market when the timing is right.”

The value-added food segment, comprising juices, dips, salads, and do-it-yourself meal kits, is anticipated to experience rapid growth. This segment constitutes approximately half of the total portfolio, with the number of products increasing from 300 last year to around 500.

For instance, juices were introduced just last month and have already generated sales amounting to an annual recurring revenue (ARR) of INR 6 crore.

Continue Exploring: Pluckk launches new line of preservative-free cold-pressed juices, catering to India’s growing demand for health-conscious choices

D’Souza noted that over the past few years, the company has focused on establishing and expanding its essential infrastructure. Now, the aim is to scale up operations. “In the next five years, I believe we will emerge as a significant player in this space,” he remarked.

Voyage Foods raises $52M in funding for allergen-free foods

SnackTeam

May 10, 2024

Voyage Foods, a start-up headquartered in the San Francisco Bay Area, has successfully concluded a funding round, securing a total of $52 million. With this latest investment, the company has amassed a total funding of $94 million.

The Series A+ round was co-led by Level One Fund and Horizons Ventures, with additional participation from SOSV, Collaborative Fund, and Nimble Partners.

Employing innovative technology and utilizing upcycled, nutritious ingredients, Voyage Foods crafts beloved products and flavors devoid of the top nine allergens. Specializing in plant-based ingredients, the company pioneers sustainable, dairy-free alternatives for popular items, such as chocolate, which confront uncertain futures due to sourcing challenges.

In addition to its cocoa-based product alternatives, Voyage Foods offers nut-free spreads meticulously crafted without common nut or dairy allergens like peanut and hazelnut. These spreads, expertly formulated to replicate the taste of their traditional counterparts, owe their success to the company’s proprietary technology.

Continue Exploring: Cargill partners with Voyage Foods to introduce sustainable cocoa-free confectionery options globally

In October of last year, the start-up introduced its peanut- and hazelnut-free spreads, crafted from roasted seeds, to Walmart stores nationwide in the US.

This year in March, Voyage collaborated with Rudi’s Mountain Bakery in the US to unveil nut-free sandwiches, aptly named “sandos,” which come pre-prepared with Rudi’s grape jelly and Voyage’s peanut-free spread.

In April, Voyage Foods inked a global agreement with Cargill to furnish sustainable confectionery to commercial and B2B clients. In this arrangement, Cargill assumes the role of exclusive B2B distributor for Voyage Foods, diversifying its conventional chocolate lineup to encompass cocoa-free alternatives for the very first time.

Inge Demeyere, managing director of indulgence Europe at Cargill, expressed, “Cargill is delighted to collaborate with Voyage Foods… This partnership exemplifies one of the numerous approaches we are taking to fortify our portfolio for the future, aligning with consumer preferences and evolving market standards in sustainability and health.”

Continue Exploring: Superplum raises $15 Million in Series A funding to revolutionize India’s fresh fruit market

James Stewart, founding partner of Level One, remarked that Voyage’s technology “has established a groundbreaking benchmark for commercialization within the food-tech sector, crafting replicas of vital food products and ingredients that not only rival the cost of incumbent products but also surpass them in sustainability.”

He further stated, “As the sole entity globally with validated proficiency in producing these replicas on a large scale, Voyage’s recent collaboration with Cargill ensures accessibility of these products to leading food corporations worldwide, offering an instant remedy to volatile commodity prices and supply chain interruptions. Level One Fund takes pride in co-leading this round with Horizons Ventures, furnishing the essential capital for Voyage to escalate production and effectuate an immediate, significant global impact.”

McDonald’s UK delights fans with anime-themed Happy Meal featuring Yu-Gi-Oh! X and Hello Kitty toys!

SnackTeam

May 10, 2024

McDonald’s UK has unveiled a special anime-themed Happy Meal, showcasing Yu-Gi-Oh! X and Hello Kitty toys, available for a limited time from May 8th to June 18th, 2024.

This fresh addition aligns with the company’s initiative to broaden its selection of children’s menu items, offering patrons a diverse and exciting dining experience.

The upcoming Happy Meal will include a range of ten distinct toys featuring characters from Yu-Gi-Oh! X and Hello Kitty and Friends.

Through this special promotion, the company aims to attract a wide audience, catering to the interests of both anime enthusiasts and collectors.

Continue Exploring: McDonald’s and Krispy Kreme join forces to bring doughnuts to all US outlets

McDonald’s is offering an alternative to the toys as well. Customers have the option to choose from two educational books from the Little People Big Dreams series: “I Can Be an Awesome Performer” or “I Can Be a Curious Scientist.”

According to a spokesperson from McDonald’s, “With three major anniversaries this year (Hello Kitty and McDonald’s UK both marking their 50th, and Yu-Gi-Oh! celebrating its 25th card game anniversary), what better way to commemorate than with an exhilarating anime takeover?”

“Never before have these two anime realms converged like this, so whether you’re new to either franchise or a dedicated fan, seize the exclusive chance to indulge in this anime special with your Happy Meal.”

In March 2024, McDonald’s UK refreshed its menu with seasonal selections in preparation for Easter.

During the update, nine items were taken off the menu to accommodate the introduction of new Easter-themed treats.

Continue Exploring: McDonald’s CEO Chris Kempczinski to take on dual role as board chairman

The fast-food chain also underwent a significant transformation by revamping its beefburger recipe, marking a milestone after 50 years of serving the UK and Ireland markets.

All burger options, such as the Big Mac, the Quarter Pounder with cheese, and the Classic Cheeseburger, have been upgraded to provide a fresh taste sensation.

Papa John’s reports 34% drop in attributable net income for Q1 2024

SnackTeam

May 10, 2024

Papa John’s International, a prominent pizza chain in the US, reported an attributable net income of $14.63 million for the first quarter (Q1) of 2024, down 34% compared to $22.37 million a year previously.

For the quarter ended on March 31, 2024, the company witnessed a decline in total revenues to $513.91 million from $527.04 million in Q1 2023.

The decrease in total revenues stemmed mainly from reduced earnings in the North American commissary segment, which were impacted by declines in commodity prices.

Papa John’s operating income experienced a downturn as well, dropping by 11% to $33.71 million, in contrast to $37.79 million in Q1 2023.

Continue Exploring: Papa John’s inks deal with Bajco Group to open 50 new restaurants across the US

The company’s global system-wide restaurant sales amounted to $1.23 billion, reflecting a marginal 0.9% decrease from the previous year’s Q1.

North American comparable sales saw a 2% drop, with domestic company-owned restaurants down by 3%.

Comparable sales internationally also decreased by 3% compared to the same period in the previous year.

In Q1 2024, Papa John’s maintained its expansion momentum by inaugurating eight net new units, fueled by North American growth.

The company is poised to achieve over 20% net unit growth in North America compared to 2023 and expects to open between 100 and 140 new international restaurants.

Continue Exploring: Papa John’s UK to close 43 stores following business review

Ravi Thanawala, Papa John’s interim CEO and chief financial officer, stated, “Our teams are adopting a disciplined strategy to manage the business, enhancing restaurant-level margins, and boosting operating profits despite the challenges faced in the first quarter.”

“Moreover, we’re achieving significant advancements with our Back to Better 2.0 and International Transformation initiatives.”

“The fundamental enhancements we’re implementing in our restaurant operations, digital solutions, and marketing platforms aim to foster sustainable, profitable growth worldwide.”

Sapphire Foods’ Q4 profit plummets 98% to INR 2.39 Cr amid sluggish demand

SnackTeam

May 10, 2024

Sapphire Foods India, the company operating the Pizza Hut and KFC chains of restaurants, reported its largest profit decline since going public and missed estimates on Friday. This was attributed to inflation-weary customers cutting back on dining out and ordering in.

The consolidated net profit of the Yum Brands franchisee plummeted by 98% to INR 2.39 crore ($286,271.4) for the quarter ended March 31, marking its fourth consecutive quarterly profit decline.

According to LSEG data, analysts had anticipated a profit of INR 4.45 crore on average.

Continue Exploring: McDonald’s India operator Westlife Foodworld reports 96% profit slide in Q4 amidst weak demand

Following the results, shares of the company, which debuted on the stock market in November 2021, declined by as much as 3.3%.

During the fiscal year, India’s fast-food eateries faced challenges in attracting customers, as consumer spending dwindled amidst persistent inflation. Food prices, constituting a significant portion of the overall consumer expense, have maintained elevated levels throughout the year.

Sapphire Foods introduced new menu items at reduced rates, including value-added meals like Pizza Hut’s “Melts,” a cheesy pizza-sandwich combo priced at 259 rupees and beyond. Despite these efforts, customers remained unmoved.

Continue Exploring: Pizza Hut launches global bestseller Melts in India; marks entry into a new category in the Indian market

Costs surged by 15% due to a 9.4% increase in raw material prices, while revenue saw a 12.7% rise to reach INR 620 crore.

McDonald’s India franchisee Westlife, a rival, also experienced a significant 96% decline in fourth-quarter profits due to weak demand.

Devyani International, known for its KFC outlets in the country, and Jubilant FoodWorks, the franchisee for Domino’s in India, have not yet disclosed their financial results.

Flipkart revamps seller rate card for transparent settlements and improved clarity

SnackTeam

May 10, 2024

Flipkart, a leading player in e-commerce, has updated its pricing structure for sellers, aiming to improve their experience on the platform and provide clearer guidelines on settlements.

The updated rate card introduces streamlined fee structures, clearer settlement terms, and enhanced shipping options, all aimed at enhancing the overall seller experience.

Starting May 18, the components will be reduced to just two—fixed and commission—down from the previous four, which included fixed, commission, collection, and shipping.

Flipkart has additionally revised its shipping policy, enabling shipments under 500 gm within local and zonal regions without extra charges, while a surcharge will apply for national shipping and categories exceeding the 500 gm weight threshold.

Continue Exploring: Flipkart taps supply chain head Hemant Badri to spearhead quick commerce expansion

The company stated that the new revision aims to streamline the entire rate card, guaranteeing transparency and making it easier for sellers to comprehend.

Rakesh Krishnan, Vice President and Head of Marketplace at Flipkart, commented, “The redesign of this rate card is a key component of Flipkart’s overarching strategy to streamline operations and provide strong support to our extensive network of sellers throughout India. These adjustments will enhance the business environment and expand market reach and consumer interaction potential. With these improved benefits, we are optimistic that this initiative will unlock fresh opportunities for sellers to flourish and revolutionize their selling experience on our platform.”

The company asserted that this modification will have a positive impact on the customer experience by improving seller operations, product availability, and overall service quality.

Flipkart outlined its commitment to facilitating clear communication, dedicated support, and ongoing engagement through webinars and Flipkart account managers. This initiative aims to address any concerns from sellers and ensure a seamless adoption of the new rate policy.

Further changes involve a decrease in Fulfillment by Flipkart (FBF) rates and the introduction of express air delivery choices.

Flipkart provides two delivery options for sellers to select from: Fulfillment by Flipkart (FBF) and Non-Fulfillment by Flipkart (NFBF).

Under the FBF option, Flipkart manages all your shipping requirements in one place, covering storage, packing, shipping, and delivery. With NFBF, the seller is responsible for packaging and shipping.

Flipkart applies varying fixed fee charges based on the price range of commodities.

Continue Exploring: Flipkart expands VIP subscription to eight new cities, intensifying competition with Amazon Prime

Fee charges vary depending on the price ranges of products. For example, within the INR 300 range, FBF and NFBF fees are INR 14 and INR 16, respectively. As prices rise, the fees increase accordingly, with INR 50 for FBF and INR 55 for NFBF charged for products priced above INR 1000. Detailed fee structures are accessible on Flipkart’s website, providing clarity for sellers.

Last year, the company announced that the number of sellers on its platform surpassed 1.4 million, marking a 27% growth since 2022.

In April, the ecommerce giant owned by Walmart extended its VIP subscription program to eight additional cities, aiming to enhance its customer base. This expansion follows the program’s launch in October last year.

In March, reports indicated that Flipkart was gearing up to enter the quick commerce sector by introducing 10-15 minute delivery services in at least a dozen cities within the next six to eight weeks.

Flipkart had also been considering acquiring a controlling stake in the quick commerce unicorn Zepto. Nevertheless, the negotiations did not materialize.

Continue Exploring: Flipkart’s bid for majority stake in Zepto hits snag; quick-commerce startup shifts focus to financial investors

These developments come at a time when there is a growing demand for ecommerce services.

According to the State Of Indian Ecommerce Report Q1 2024, the Indian ecommerce sector is projected to exceed $400 billion by 2030, with an estimated Compound Annual Growth Rate (CAGR) of 19% from 2022 onward. By 2030, it is expected that India will have over 500 million online shoppers.

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