QUE, the eyewear brand, has enlisted cricketer Shikhar Dhawan to serve as both an investor and brand ambassador.
Co-Founded by Shashank Saurabh, Abhishek Deep, and Kumar Vagish, QUE is preparing for its launch with the goal of dominating the market with its range of products.
In a statement, the startup emphasized that Dhawan’s partnership with the brand will be instrumental in facilitating a robust launch, boosting marketing endeavors, and improving product offerings.
Dhawan expressed, “With a keen eye for both style and practicality, I’m confident that QUE’s inventive eyewear will strike a chord with discerning consumers who seek high-quality products that align with their lifestyles. I’m eager to endorse QUE and play a part in its prosperity.”
He also emphasized that this collaboration aims to establish groundbreaking norms within the Indian eyewear sector, prioritizing the utmost protection of eyes.
With the goal of democratizing both style and quality, QUE seeks to offer its premium sunglasses to a wide premium audience throughout India and beyond.
Saurabh said, “We’re excited about this strategic investment along with the partnership with Shikhar Dhawan, as it reinforces our mission to redefine the sunglasses industry, projected to reach $8.6 billion by 2028.”
He believes that the startup has the confidence to establish itself as a popular brand.
The Indian cricketer began his investment venture in 2022 by launching a global investment fund aimed at supporting sportstech startups. The fund initially had $75 million in capital, with an additional $25 million available through a greenshoe option.
Furthermore, Dhawan has served as both an angel investor and a brand ambassador for numerous companies. Just last year, he provided undisclosed financial support to the direct-to-consumer food brand TagZ and also signed on as their brand ambassador.
Most recently, Dhawan became an investor and brand ambassador for Shviz, a direct-to-consumer brand specializing in sexual wellness and grooming products.
Tim Hortons, the renowned international coffeehouse and restaurant chain, has inaugurated its premier outlet in Hyderabad, as announced in a social media post by a company representative. Situated at Inorbit Mall, Madhapur, this marks the 30th Tim Hortons establishment in the nation.
“Exciting news! Tim Hortons India is now welcoming guests at Inorbit Mall, Hyderabad. This marks our debut in Hyderabad and our 30th store launched with success across India,” shared Davesh Mehra, Head of Projects – North at Tim Hortons India, in a LinkedIn update.
Additionally, the mall is home to over 20 café and restaurant chains, including popular names like Starbucks, Chili’s, Keventers, California Burrito, and Pizza Express.
Mehra further emphasized, “Come experience our aesthetically pleasing store where you can indulge in your beloved French vanilla, iced cappuccino, donuts, and an array of other delicious treats. This milestone signifies a substantial advancement for our organization, marking the beginning of an exhilarating new chapter in our journey.”
In August 2022, Tim Hortons marked its entry into India by launching two outlets in the National Capital Region (NCR). The brand initiated its Indian venture through an exclusive master franchise agreement with AG Café, a joint venture entity co-owned by the retail conglomerate Apparel Group and Gateway Partners, an emerging markets alternative investment manager.
The coffee shop is currently open in multiple locations, including Bengaluru, New Delhi, Chandigarh, Pune, Gurugram, Noida, Ludhiana, Shanghai, and Mumbai.
Tim Hortons, a multinational coffeehouse and restaurant chain headquartered in Toronto, was established in 1964 by Canadian hockey players Tim Horton and Jim Charade. Tim Hortons operates globally under Restaurant Brands International Inc., boasting more than 5,100 restaurants spread across 15 countries.
Arvind Ltd, a clothing retailer, saw a 2.1% increase in profit during the fourth quarter, buoyed by consistent demand for its textiles.
The corporation, renowned for retailing international labels such as Tommy Hilfiger, Arrow, and Calvin Klein, reported a surge in consolidated net profit to 990.3 million rupees ($11.9 million), up from 970 million rupees in the preceding year.
Indian retailers are combatting sluggish demand and cautious consumer spending by swiftly rolling out discounted products to entice shoppers.
Nevertheless, they persist in experiencing decelerated volume growth amidst escalating competition.
Arvind recorded a 10.3% surge in revenue from operations, with its core textile segment, comprising almost 72% of total sales, experiencing a 5% growth.
The company reported a rebound in denim sales for the quarter, alongside growth in garment and woven product sales.
Arvind’s advanced materials segment, responsible for producing fabrics and protective gear for construction, saw a growth of approximately 21%.
In its investor presentation, the company stated that with inventory correction completed and new customer onboarding alongside fresh order bookings, the demand outlook appears positive for the financial year 2025.
The retailer announced its intention to increase its capital expenditure to 4-4.50 billion rupees for upcoming projects.
Moreover, it greenlit a dividend of 4.75 rupees per share, inclusive of a one-time special dividend.
Rival Shoppers Stop reported a 53% surge in fourth-quarter profit, buoyed by robust demand in its beauty segment and luxury product offerings.
Trent, owned by Tata Group, experienced a five-fold increase in quarterly profit, attributed to the expansion of its lower-priced Zudio brand stores.
Laneige, a skincare label dedicated to moisture research, has named social media sensation Sara Tendulkar as its brand ambassador for India. Sara’s genuine influence on social platforms resonates with Laneige’s aim to champion natural and sustainable beauty across the nation.
Sara Tendulkar epitomizes Laneige’s principles of embracing individuality and inner beauty, echoing the brand’s conviction that each person deserves to radiate with their own distinct glow. In conjunction with Sara’s ambassadorship, Laneige unveiled its Bouncy and Firm Sleeping Mask, underscoring its dedication to pioneering skincare solutions.
Paul Lee, MD and Country Head of Amorepacific India, expressed Laneige’s delight in welcoming Sara Tendulkar. He said, “Laneige proudly announces Sara Tendulkar as its Brand Ambassador, embracing her vibrant energy. Sara represents the modern, optimistic youth who believe that beauty goes beyond mere appearances. Laneige hopes to reach a larger audience now that Sara has joined the team.”
Mini Sood Banerjee, Assistant Director and Head of Marketing and Training at Amorepacific India, expressed, “As Laneige’s journey progresses, we are excited to embrace Sara Tendulkar into our family as the epitome of timeless grace and modern elegance. Her lively spirit and natural charm seamlessly align with Laneige’s dedication to empowering individuals to embrace their distinct beauty. Together, we embark on a fresh chapter, celebrating authenticity and the transformative potential of skincare.”
Sally Lee, Brand General Manager of Laneige India, expressed, “We are thrilled to introduce Sara Tendulkar as Laneige’s new Brand Ambassador. Sara’s radiant charm and enduring elegance deeply align with our brand’s ethos. Sara’s enhanced involvement in the Laneige journey signifies a significant milestone, forging stronger bonds with an evolving generation of consumers.”
Laneige, celebrated for its mastery in moisture research, provides intelligent skincare solutions catering to diverse skin types. Tailored to combat stress and environmental influences, Laneige products strive to unlock the skin’s innate moisture prowess. The collaboration between Laneige and Sara Tendulkar is primed to revolutionize the skincare landscape in India, offering consumers access to cutting-edge, premium skincare products tailored precisely to their requirements.
Commodity prices may see an uptick post-elections, according to Britannia‘s Executive Vice-Chairman and Managing Director, Varun Berry. He noted that this increase could particularly affect wheat and sugar, key raw materials for the company. Nevertheless, Britannia aims to achieve double-digit volume growth, even if it results in a slight margin erosion.
“In terms of the commodity landscape, the wheat crop appears to be in good shape, with government reserves relatively low and anticipated government purchasing,” Berry informed analysts. “Looking ahead beyond the elections, I anticipate a slight inflationary trend. Following the elections and the monsoon season, our focus will be on achieving double-digit volume growth.”
The company led by Nusli Wadia has initiated a route-to-market project aimed at expanding into adjacent businesses while strengthening its core biscuits portfolio. In this new initiative, the company will prioritize aligning its services with high-potential retail outlets, deploying multiple salesmen, implementing AI-enabled predictive ordering, and enhancing salesforce automation. The pilot phase is scheduled for the second half of the current fiscal year and is expected to conclude within a year.
The manufacturer of Good Day biscuits expressed its readiness to accept a short-term margin reduction due to the various projects and endeavors aimed at ensuring the company’s future readiness.
“We view this year as a period focused on top-line growth. If it entails a temporary margin decrease due to our various ongoing projects and initiatives, we’re willing to accept that. However, the impact won’t be significantly different from our current position. The ultimate goal is to ensure that we are well-prepared for the future,” Berry elaborated.
During the quarter ended in March, the largest biscuit manufacturer in the country recorded a 1.1% rise in sales alongside a 3.7% decline in net profit.
“Britannia and the FMCG sector are now past the worst, with a gradual recovery expected, fueled by a robust monsoon this year,” stated Abneesh Roy, Executive Director at Nuvama Institutional Equities. “Local players are poised to lose market share as the base effect normalizes and adjacent markets scale up.”
Over the past few years, indigenous brands have been gaining market share from major consumer goods companies, particularly in segments like soaps, detergents, hair oil, tea, and biscuits. For instance, the rusk market boasts approximately 2,500 local competitors, while more than 3,000 smaller or regional players control nearly 40% of the snacking segment. However, disruptions caused by the pandemic, coupled with inflation in essential raw materials, compelled many to either close down or scale back operations. Yet, in recent quarters, declining commodity prices have enabled smaller regional brands to expand operations and reduce prices.
Britannia noted a surge in regional players attracted by the lucrative profit margins within the category, leading many to expand into states beyond their traditional markets. Consequently, local competitors faced heightened challenges in competing with national players, particularly in the general trade sector where larger players wield significant distribution influence.
“In organized trade, you can invest heavily and secure placements, but traditional trade presents its own challenges. Overextending in this regard can lead to product returns and other setbacks. Lately, as businesses expanded into new markets, they encountered mounting pressures. However, we’ve observed these market shares stabilizing recently,” noted Berry, emphasizing the importance of maintaining profits at a sustainable level. “Excessive expansion can open the door for new competitors to encroach on your territory.”
Superplum, an agritech startup that offers premium fresh fruits, has secured $15 million from investors to fuel its business expansion. The company announced the successful completion of its Series A funding round, raising a total of $15 million.
Erik Ragatz, the incoming chairman of the company and former Partner turned Senior Advisor at the renowned global private equity firm Hellman & Friedman, took the lead in steering the funding round.
He becomes part of a strong lineup of investors that includes Mark Siegel, Dan Rose, Steve Jurvetson, Rick Kimball, Binny Bansal, and Kabir Misra.
Established in 2019 by Shobhit Gupta, Superplum will utilize the raised capital to develop infrastructure and revolutionize the supply chains for produce in India.
Superplum has established a direct-from-farm supply chain for produce, employing proprietary technology and cold-chain infrastructure to significantly enhance the process of cultivation and distribution to the market.
It offers a variety of fruits including mangoes, litchis, apples, grapes, cherries, and plums, with additional products continually being added to its expanding inventory.
Additionally, it offers traceability features, enabling consumers to access pesticide test reports for each batch and track the fruit’s journey from the farm to the table.
Utilizing its vertically integrated cold chain technology, the company extends shelf lives and enhances fruit quality, thereby increasing produce availability nationwide, minimizing food waste, and ultimately boosting farmer incomes.
The company collaborates with farmers across 22 states in India and operates modern sourcing and supply chains for 25 types of fruits throughout the year.
Erik Ragatz, the new Chairman of Superplum, remarked, “Superplum is a highly disruptive force in India’s current produce markets and holds the potential to establish an immensely valuable enterprise.”
Shobhit Gupta, Co-Founder and CEO of the company, commented, “The rapidly expanding Indian consumer market is becoming increasingly demanding. Despite significant advancements in various sectors, fresh produce in India still lags behind in terms of technology and investment.”
Superplum’s products are conveniently accessible through online platforms like Amazon Fresh, Zepto, Swiggy, and Blinkit. Moreover, their premium fruits can be found at well-known retailers including Spar, Metro, Lulu, Modern Bazaar, More, and Trent, in addition to numerous neighborhood stores across NCR and Bengaluru.
They will soon be sold in Mumbai as well.
The company has recently expanded its marketing efforts to promote its branded traceable products on a global scale.
Superplum, boasting a top-tier supply chain, anticipates significant opportunities for premium Indian Mangoes, Lychees, and a variety of other tropical fruits.
Go Fashion (India) Ltd, the parent company of the well-known women’s wear brand ‘Go Colors‘, is planning to add 120-150 new stores in FY25, as stated by a senior official. According to the company’s CEO, Gautam Saraogi, 94 stores were added in the last financial year, bringing the total count to 714.
Go Fashion was also exploring ‘omnichannel strategies,’ utilizing technology to provide both physical and online shopping experiences, thus expanding its consumer reach across various cities.
Meanwhile, the city-based company reported a profit after tax of INR 13.1 crore for the January-March 2024 quarter, down from INR 14.8 crore registered in the same period of the previous year. For the year ending March 31, 2024, the PAT remained unchanged at INR 82.8 crore compared to INR 82.8 crore recorded during the same period of the prior year.
“In FY24, our company experienced a 15 percent year-on-year revenue growth, reaching INR 763 crore. EBITDA amounted to INR 242 crore, marking a 14 percent year-on-year increase. Our profit after tax (PAT) for FY24 remained unchanged from the previous year, standing at INR 83 crore,” stated Saraogi.
“We have added 84 stores to our portfolio, bringing the total to 714. While these new additions are slightly lower than our initial plans, they reflect our strategic decision to close stores that were unable to recover following the COVID-19 pandemic. Moving forward, our goal is to open 120-150 net new stores in fiscal year 25,” he said in a company statement.
Regarding the retail industry, he noted a temporary downturn in demand attributed to increased inflation and shifting consumer spending habits. As prices escalate, consumers are exercising caution in their purchases, prioritizing essential items over discretionary spending. Consequently, numerous retailers have observed a decrease in foot traffic.
“While the industry faces near-term challenges, the foundational elements remain robust for the long haul,” he remarked.
Just two years ago, the idea of quick commerce or instant deliveries was often dismissed with laughter. Some even argued that consumers had no need for products to arrive in 10-15 minutes.
Today, quick commerce is rapidly gaining traction among many millennial and Gen Z households. Companies have extended their services beyond groceries, now delivering items ranging from fans and T-shirts to jewellery and iPhones.
In a recent report, Goldman Sachs highlighted that Blinkit‘s implied valuation, estimated at $13 billion, has surpassed that of parent company Zomato‘s core food delivery business, underscoring the swift expansion of this sector. While primarily concentrated in metro areas, quick commerce is gaining traction in cities like Vizag, Nagpur, Kochi, Jaipur, and Lucknow, according to executives at Swiggy Instamart and BigBasket.
Seshu Kumar Tirumala, chief buying & merchandising officer at BigBasket, stated that half of the new consumers that the company has acquired in the last year are all pure play rapid commerce clients. These customers frequently make spontaneous purchases and end up making 4–15 transactions each month from the platform.
Swiggy, poised for an IPO, has witnessed Instamart’s growth in non-metro areas like Jaipur and Kochi more than double over the past year. “With a diverse range of products, we’re experiencing strong traction in both metros and non-metros,” stated Phani Kishan, CEO of Swiggy Instamart.
Analysts suggest that a portion of grocery spending in the top 7-8 cities might be shifting from local kirana stores to quick commerce platforms.
“Incremental purchases alone cannot justify the growth of quick commerce. Some parts of offline purchases and scheduled online deliveries have shifted to the segment. The platforms are also attracting sales from impulse purchases that would otherwise go to kirana stores,” explained Satish Meena, an advisor at market research firm Datum Intelligence.
As platforms such as Zepto, Swiggy Instamart, and Blinkit diversify into categories like beauty and personal care (BPC), toys, electronics, and stationery items, a portion of e-commerce sales is inevitably affected. Currently, non-grocery items constitute approximately 15%-20% of quick commerce purchases.
“If consumers can obtain a toy or a BPC item instantly through a quick commerce platform, they won’t wait for Amazon or Flipkart to deliver it,” explained Meena. “That’s why players like Flipkart are now venturing into the quick commerce model.”
“Consumers are ordering everything, from FASTags to air purifiers,” said Kishan.
As of FY24, Goldman Sachs approximates the gross order value (GOV) of the online grocery market to be around $11 billion. Within this, quick commerce already constitutes 50%, or $5 billion. Q-commerce platforms have also managed to offer products at a discount of about 10%-15% compared to local kirana stores, granting them a competitive advantage. “Given the scale of platforms such as Blinkit, they are able to secure pricing and sourcing advantages from manufacturers,” noted analysts at the firm.
“We aim to be an appealing choice even when compared to the top discount grocers in the offline market. If we can offer consumers better prices and 10-minute deliveries, why wouldn’t they choose Zepto?” remarked co-founder and CEO Aadit Palicha previously.
Quick commerce has the potential to represent 5%-6% of a household’s grocery expenditure in terms of wallet share.
Shashank Singh and Bhuvnesh Gupta, Co-Founders, Poshn
Poshn, a pioneering food-tech startup dedicated to streamlining the fragmented food supply chain, has secured $4 million in equity and $2 million in debt during a pre-series A funding round. Led by Prime Venture Partners and Zephyr Peacock India, this investment will empower Poshn to establish the most extensive distribution network within the food ecosystem.
With this latest funding round, the company founded by Shashank Singh and Bhuvnesh Gupta has raised approximately $8 million in equity since its inception in 2020.
Poshn operates as a comprehensive food-tech supply chain company, adopting an integrated strategy to enhance effectiveness and efficiency across the entire food value chain. This approach encompasses various phases, including food processing units, wholesale buyers, institutions, general trade, and retailers.
The startup plans to utilize the fresh funds to further develop its innovative stack of solutions, addressing the existing gaps in the system. Additionally, it intends to expand its business to global markets, engaging in import/export activities focused on profitable categories in Southeast Asian and Middle Eastern countries.
Regarding the latest funding round, Shashank Singh, Co-Founder of Poshn, remarked, “Poshn has solidified its presence in the wholesale segment over the past three years. With the support of our investing partners and the injection of fresh equity, we are strategically advancing both forward and backward in the chain. Our aim is to penetrate foreign/export markets aggressively within the next 12 months, all while maintaining profitable growth.”
Over the last three years, Poshn has achieved remarkable growth, maintaining profitability along the way. The company’s revenue has surged six-fold from FY22 to FY24. Poshn stands out as one of the few startups that have achieved EBITDA profitability while sustaining a strong growth trajectory. Since its inception, the startup has established a presence in more than 16 states across India. In 2022, it secured $4 million in equity during a seed round led by Prime Venture Partner and Zephyr Peacock. Furthermore, Poshn has formed partnerships with Banks & NBFCs to fulfill its debt requirements, with notable collaborators including ICICI Bank, Alteria Capital, UCIC, Northern Arc, Blacksoil, and Capsave.
Prime Venture Partners commented, “Poshn has emerged as a trailblazer in prioritizing the supply aspect, effectively addressing the B2B food value chain. With a consistent focus on the bottom line, the company has achieved impressive returns on capital employed (ROCE). Poshn aims to deepen its presence in the supply chain and explore full-stack vertical integrations to enhance its offerings further. We anticipate Poshn to become a benchmark company in its category in the forthcoming years, and we are thrilled to have been their partners from the outset.”
Throughout its journey, Poshn has developed solutions aimed at enhancing efficiency in the supply chain, encompassing user onboarding, document collection and verification, and ledger matching. In the upcoming phase, the company will pursue integration both forward and backward in the food value chain to unlock additional efficiencies. This includes capacity planning, utilization optimization, and establishing direct connections with retailers.
Bhuvnesh Gupta, Co-Founder, remarked, “Poshn prides itself on maintaining the highest levels of operational and capital efficiency, not only within the food tech domain but also across various B2B segments. With the infusion of fresh capital and trust, we are poised to explore new horizons while upholding our commitment to efficiency.”
The food supply chain market is valued at over USD 800 billion and is highly fragmented on the supply side. This fragmentation leads to inefficiencies caused by numerous intermediaries or middlemen, inadequate capacity planning, unpredictable demand, and a lack of technological integration. Poshn is committed to bridging these gaps through innovative technology solutions.
“Poshn uses technology to streamline & organise India’s fragmented food value chain. Poshn’s platform is popular among both buyers and sellers because it provides easy access to high-quality products at cheap costs. “We are delighted to collaborate with Shashank & Bhuvnesh,” said Mukul Gulati, Managing Partner of Zephyr Peacock India.
In a bid to boost nightlife and bolster the state’s excise revenue, the Uttar Pradesh government has established a five-member committee tasked with determining whether to extend curfew hours for bars in Noida and Ghaziabad.
During a meeting with the excise department on Friday, the Noida restaurant owners’ association requested permission for bars to operate until 4am, as they are currently permitted to stay open only until 1am.
Subodh Kumar, the district excise officer in Noida, stated that the committee tasked with reviewing bar timings was formed by excise commissioner Adarsh Singh. Its members include Jogendra Singh, the joint director of statistics, and Alok Kumar, the deputy excise commissioner, among others.
“The NCR comprises the cities of Noida & Ghaziabad, and the per capita income as well as economic activity of the population are similar to those of other NCR cities. In this case, it is critical for the excise department to consider new revenue streams.” The commissioner’s letter directed the committee to provide a report within 15 days.
During the meeting, restobar owners conveyed to the excise department officials that it was imperative for bar timings in Noida to synchronize with those in cities such as Delhi and Gurgaon.
Varun Khera, president of the Noida chapter of the National Restaurant Association of India, said, “We proposed that bars in Noida should have the option to remain open until 3-4am at the very least, akin to the practice in Delhi and Gurgaon, where the nightlife has significantly evolved.”
In May 2022, the Delhi government extended bar hours by two hours until 3am, subject to the payment of a license fee. Meanwhile, in Gurgaon, bars have the option to operate round the clock upon obtaining the necessary license.
Khera suggested that extending operating hours would cater to individuals looking to relax after completing a night shift. “Noida boasts numerous 24×7 offices. Currently, stringent regulations on late-night gatherings compel residents to journey to Gurgaon or Delhi. By adjusting these hours, not only will it allow people to dine at bars, but it will also substantially boost government revenue,” he emphasized.
Committee members emphasized the importance of ensuring that the adjusted timings do not adversely affect law and order.
“We are currently examining the proposal to extend bar hours by a few hours. However, any extension will be thoroughly evaluated to prevent any potential law enforcement challenges,” Kumar stated, noting that similar measures were also under consideration for Ghaziabad.
As a strategy to increase revenue, the excise department is also considering issuing licenses for food and beverage establishments within IT parks.
“Once the Noida airport becomes operational by the end of this year, we anticipate a more dynamic nightlife in the NCR city. With this in view, we are preparing to grant licenses for food and beverage services in IT parks that operate around the clock,” Kumar elaborated.
The restaurant association has also urged for a unified portal to streamline the licensing process. Currently, obtaining NOCs entails coordination with multiple departments including the Noida Authority, police, fire, and food safety departments.
“The implementation of a unified portal will streamline the process of engaging with different departments,” stated the excise official.
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