D2C snacks brand Adukale secures INR 11 Crore pre-Series A funding led by Force Ventures

April 24, 2024

Adukale, a D2C snacks brand, has secured INR 11 crore (around $1.3 million) in its pre-Series A funding. Force Ventures spearheaded the investment round, with contributions from Aanya Ventures and notable angel investors including Subrata Mitra and Radhika Pandit.

The startup will utilize the capital to invest in manufacturing and research and development (R&D). Additionally, a portion of the fresh proceeds will be deployed to scale up the number of physical outlets, expand the distribution network, and facilitate greater brand visibility.

Established in 2009 by Nagaratna Ravindra, Malathi Sharma, and MS Ravindra, Adukale operates as an omnichannel snacking brand, offering a range of namkeens, blended spices, and instant food items. With a lineup surpassing 75 products, the startup runs over 20 ‘Adukale Experience Stores’ throughout Bengaluru and Mysore.

In addition to its own website, Adukale distributes its products through traditional and modern trade channels, as well as across various ecommerce and quick commerce platforms.

Continue Exploring: Wow! Momo secures INR 70 Crore funding boost from Z3Partners to fuel expansion and R&D efforts

“This investment underscores the brand’s growth potential as a top omnichannel player in its category, showcasing confidence in its future direction. The secured funding will be instrumental in expanding our brand’s channel presence, enhancing visibility, and fostering deeper engagement with our target audience,” stated Vinay Gopinath, Chief Growth Officer at Adukale.

Regarding the fundraise, Karthik Bhat, founder of Force Ventures, remarked, “Our partnership with Adukale reflects a mutual aspiration to lead the traditional snacks category by 2025 and to serve as stewards of Karnataka’s culinary legacy, showcasing it on a global platform.”

This comes at a time when the homegrown D2C snacking space is witnessing intense competition due to the emergence of a number of new startups. Companies like TagZ Foods, Beyond Snacks, and Gladful are creating a niche and catering to a wide variety of customers.

These brands target the Indian snacking market, which, according to reports, is forecasted to reach a staggering size of INR 95,521 Cr by 2032. This presents a significant opportunity for both established players and newcomers in this rapidly expanding sector.

Consequently, the sector has attracted considerable attention from investors. Numerous venture capital and private equity firms have recently supported emerging players within the ecosystem.

In December last year, Farmley secured $6.7 million in its pre-Series B funding round, led by BC Jindal Group. Before that, in November, snacks startup PatilKaki secured funds in a round led by Cap70 Angels.

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

Indus Valley to invest INR 40 Crores in R&D to drive product innovation

SnackTeam

April 23, 2024

Indus Valley, a seller of organic and natural beauty products, announced on Tuesday its plan to invest INR 40 crores in marketing and research. This strategic move aims to enhance the brand equity of its flagship product.

Through this investment, the brand aims to boost the visibility of its flagship product, ‘Organic Gel Hair Colour,’ via nationwide advertising and awareness campaigns. Additionally, the company plans to expand into South Indian markets by partnering with influencers, utilizing vernacular advertising, and introducing customized packaging.

Continue Exploring: D2C brand Nat Habit hits INR 100 Crore annual revenue milestone, eyes further growth in beauty and wellness market

A portion of the investment will also be allocated to Research and Development (R&D) initiatives focused on personal care and beauty products, aiming to meet the specific needs of Indian consumers by harnessing scientific insights.

Shyam S. Arya, Founder & CEO of Indus Valley, stated, “We have an aggressive roadmap designed for the Indian markets, with particular emphasis on our flagship products, which have achieved immense success globally. We are deeply committed to producing skin and hair care products specifically suited for Indian conditions, enhancing the experience of our Indian clients.”

Continue Exploring: BIA Brands bolsters skincare portfolio with acquisition of Asa Beauty

Magicpin to expand workforce with 250 new hires over next 6 months

SnackTeam

April 23, 2024

Magicpin, a hyper-local e-commerce company, plans to hire over 150 professionals for its sales and acquisition team, as well as 100 people for the ‘ONDC-magicpin Street Bites’ project.

The initiative, co-financed by ONDC, seeks to deploy ‘ONDC-magicpin Street Bites’ teams to support street food vendors, utilizing a third-party payroll system for facilitation.

“magicpin plans to hire over 150 professionals into its workforce as part of a strategic expansion for its sales & acquisition team, reiterating its commitment to fostering innovation & broadening its merchant network,” the business stated.

The new hires will increase the total workforce to over 550, not including the collaborative team of 100 individuals who will be recruited for the ONDC project.

Continue Exploring: Magicpin ventures into logistics aggregation with launch of ‘Velocity’ platform

The company emphasized that the upcoming hires will play a pivotal role in propelling growth and revenue across vital sectors such as fashion, fine dining, beauty, QSR, and budget eateries. Through this hiring drive, magicpin aims to bolster its footprint in various localities, fortify partnerships with businesses, and augment direct revenue channels within the offline sector.

“We are developing a robust locality framework to systematically bring the entire country online. Our goal is to boost the online visibility of diverse businesses in the top 60 localities nationwide, beginning with local establishments like small mom-and-pop stores in sectors such as food, fashion apparel, furniture shops, opticians, and even toy stores,” stated Anshoo Sharma, CEO and Co-founder.

The company aims to achieve break-even by the year 2024.

Furthermore, magicpin will lead the ‘ONDC-magicpin Street Bites’ initiative in collaboration with ONDC (Open Network for Digital Commerce), involving the recruitment of over 100 dedicated staff over the next six months.

“A vendor will be selected based on their responsiveness and ability to adhere to safety protocols and technology. The project’s objective is to enlist 500 FSSAI-accredited street vendors in Delhi and Lucknow within the next 3-6 months,” the statement outlined.

Continue Exploring: ONDC surpasses 7.1 Million orders milestone in February since inception last year

D2C brand Nat Habit hits INR 100 Crore annual revenue milestone, eyes further growth in beauty and wellness market

SnackTeam

April 23, 2024

Nat Habit, a D2C beauty and wellness brand, has surpassed the INR 100 crore milestone in terms of its annualized revenues for the fiscal year 2023-2024.

After securing $10.2 million in December, the brand has been enhancing its online marketplace presence and concentrating on expanding its product portfolio.

Continue Exploring: D2C beauty brand Nat Habit bags $10.2 Million in Series B funding, eyes 4x growth

“We concentrated on expanding our product portfolio and working to strengthen brand penetration, which drove this growth. We have found that our all-natural goods are well received by our customers. Our footprint across all online channels, including marketplaces, has also been growing,” said Swagatika Das, Nat Habit’s Co-Founder.

The brand is also striving to achieve EBITDA profitability within the next 17-18 months.

“We are committed to redefining the category by harnessing the true potential of natural ingredients. Unlike relying on contract manufacturers, we have established our own manufacturing setup. Our vision is to be the forefront of the category with our ‘Fresh Ayurveda’ proposition,” she elaborated.

Approximately 55% of the brand’s revenue originates from its proprietary D2C site, while the remaining portion is generated from e-commerce marketplaces.

The brand is currently in the final stages of solidifying its offline strategy.

“We’ve been proceeding methodically, starting with our own D2C site. After extending the shelf life of our products from 3-4 months to 5-6 months, we expanded to selling on marketplaces. Now, we’re advancing further by stocking our products in marketplace warehouses for quicker replenishment cycles of 5-7 days. Similarly, for our offline strategy, we’ll collaborate with partners who grasp our value proposition and can facilitate swift replenishment,” she clarified.

The startup is broadening its footprint in both hair care and bolstering its skin care lineup. The majority of its business stems from top-tier cities and metropolitan areas.

“Currently, approximately 30% of our business is derived from smaller cities and tier-2 markets,” Das elaborated. “We anticipate rapid growth in this segment as we intensify our efforts to enhance brand awareness.”

Continue Exploring: D2C skincare brand Foxtale secures $14 Million in funding led by Panthera Growth Partners

Tata Consumer Products Q4 net profit dips 19% to INR 217 Crore despite revenue growth

SnackTeam

April 23, 2024

Tata Consumer Products Ltd, the parent company of Tetley tea and Ching’s Secret noodles brands, recorded a net profit of INR 217 crore for the fiscal fourth quarter, marking a 19 percent decrease from the year-ago period.

The company’s revenue increased by 8.5 percent to INR 3,927 crore in the three months ended March 31, as stated in an exchange filing on April 23.

While revenue aligned closely with expectations, profit fell short of estimates. An average of six brokerages polled anticipated a year-on-year revenue growth of 4.8 percent to INR 3,989 crore. The bottom line was projected to increase by 13.4 percent to INR 329 crore.

The EBITDA margin stood at 16 percent, marking a 190 basis points increase.

Continue Exploring: Tata Consumer Products eyes further acquisitions after Capital Foods and Organic India deals

“Our sales and distribution network in India has been strengthened, and as of March 24, we had 4 million outlets worldwide. In every town with a population of one million or more, we divided the routes, and the assortment and growth significantly improved. We are expanding into more rural areas and tightening our focus on Rurban areas. Alternative channels, such as contemporary trade and e-commerce, have seen tremendous growth and are still very powerful growth drivers,” remarked Tata Consumer Products’ CEO and managing director, Sunil D’Souza.

The India Packaged Beverages division achieved a 2 percent increase in revenue. Maintaining its market leadership in tea within the E-commerce channel, the company sustained its position. Additionally, coffee demonstrated robust performance, achieving a remarkable 45 percent revenue growth for the quarter.

During the quarter, Nourishco (RTD business) experienced a revenue surge of 13 percent, contributing to a robust FY24 growth of 33 percent. The company bolstered its sales and distribution infrastructure, extending its total reach to 4 million outlets as of March 2024. Moreover, the company expanded its reach by adding over 1300 distributors in FY24, predominantly targeting Rurban markets.

Tata Consumer Products Limited concluded the day at INR 1173.25 on BSE, marking a 0.07 percent increase from the previous day’s closing price.

Continue Exploring: Tata Consumer Products’ Q3 net profit slides 17% to INR 301.5 Crore, revenue up 9%

P.F. Chang’s continues Indian expansion with second restaurant opening in Gurugram’s CyberHub!

SnackTeam

April 23, 2024

P.F. Chang’s, the American casual dining restaurant chain, has opened its second location in Gurugram, marking its second venture in the country just three months after its debut.

Situated within Gurugram’s bustling DLF CyberHub, the new 140-seat restaurant adds to the vibrant array of dining and retail options in the area.

Rafik Farouk, Senior Director of Global Business Development at P.F. Chang’s China Bistro, shared on LinkedIn, “Exciting developments are underway at P.F. Chang’s! Let’s extend our congratulations to the team and our partners on the launch of their second restaurant in India, situated at DLF CyberHub.”

In India, P.F. Chang’s operates under a franchise agreement with Gourmet Investments Pvt. Ltd., a restaurant brand associated with the Bharti Group. The first Indian outlet opened its doors in January 2024 at One Lodha Place, Lower Parel, Mumbai.

Farouk added, “This latest achievement signifies P.F. Chang’s ongoing expansion efforts in India, as we introduce our globally renowned brand, authentic recipes, hospitality, and culinary principles to new regions within the country. We eagerly anticipate substantial growth in various other Indian cities in the future.”

Continue Exploring: Haldiram’s Nagpur delights Bengaluru with latest restaurant in Malleshwaram

Gourmet Investments has carefully selected a range of international brands, including PizzaExpress, Chili’s, and Ministry of Crab, and currently manages 35 restaurants across India in key cities such as Mumbai, Pune, Delhi-NCR, Bengaluru, Hyderabad, and Chennai.

According to Forbes India, P.F. Chang’s is currently planning to expand into the major metropolitan cities within the next 18 to 24 months, strategizing for its growth.

Founded in 1993 and based in Arizona, P.F. Chang’s has gained acclaim for its mastery of Asian cuisine. Today, the restaurant chain boasts a global footprint, with operations spanning across more than 20 countries and a network of 300 restaurants worldwide, according to the company’s official website.

Continue Exploring: Actress Rakul Preet Singh teams up with Curefoods to debut ‘Arambam’ restaurant in Hyderabad

United Colors of Benetton unveils its largest store in Andhra Pradesh

SnackTeam

April 23, 2024

United Colors of Benetton, the Italian fashion brand, has inaugurated its largest store in the state of Andhra Pradesh, as announced by an industry official on social media. Located at PVP Mall in Vijayawada, the store boasts a sprawling retail space of 3,000 square feet.

In a LinkedIn post, Rohit Jhamnani, the managing director of K J Fashions & Designers, expressed his excitement, stating, “Excited to share the news of the grand opening of the largest Benetton store in Andhra Pradesh, situated at PVP Mall, Vijayawada.”

K J Fashions & Designers holds the master franchise and distribution rights for Benetton in Andhra Pradesh, Telangana, and Kerala.

Continue Exploring: Tata Group eyes expansion with potential stake purchase in Fabindia’s apparel business

Apart from showcasing the brand’s renowned vibrant clothing, footwear, and accessories for men, women, kids, and newborns, the store also highlights Benetton’s latest Spring-Summer 2024 collection.

Founded in 1965 by Luciano Benetton, the Benetton Group inaugurated its first store in Veneto, Italy’s Northern region. Four years later, in 1969, the company expanded beyond Italy, unveiling its first international store in Paris. Presently, according to Pentagram.com, it manufactures over 150 million garments annually for distribution across more than 6,000 Benetton outlets spanning 120 countries.

Benetton entered the Indian market in 1991 and currently runs more than 400 stores spread across over 100 cities nationwide.

In 2022, the retailer stepped into the metaverse by introducing PlayChange, a platform accessible via the online game creation system Roblox.

Continue Exploring: Apparel exports set for 8-9% growth in FY2025: ICRA

The New Shop expands reach with flagship store opening in Jabalpur, Madhya Pradesh

SnackTeam

April 23, 2024

The New Shop, a Delhi-based convenience retailer, has opened a flagship store in Jabalpur, Madhya Pradesh, as stated in a social media post by a top company executive.

“Our flagship store goes beyond being merely a retail outlet; it serves as a convenience hub, providing a comprehensive array of products and services designed to cater to the varied requirements of the local community. Whether it’s fresh produce or daily necessities, we’ve curated everything you need under one roof!” remarked Aastha Almast, Co-Founder.

Continue Exploring: Retail sector sees 8% growth in March 2024

“We extend a warm invitation to all residents of Jabalpur to join us in commemorating this significant milestone and to witness the convenience revolution firsthand. Let’s collaborate to make shopping smarter, simpler, and more delightful for everyone!” she elaborated.

Established in March 2019, The New Shop operates as a franchise convenience retailer, strategically located in densely populated neighborhoods, airports, gas stations, railway stations, and educational institutions, as outlined in the brand’s LinkedIn profile. With a comprehensive omni-channel presence, The New Shop provides a wide array of products including snacks, beverages, personal care items, home essentials, pet care products, confectionery, tobacco, hygiene necessities, ready-to-eat meals, over-the-counter drugs, and grocery staples, as detailed on the brand’s website.

Continue Exploring: Godfrey Phillips explores sale of 24Seven grocery chain to major retail players

India seeks details from Singapore, Hong Kong food regulators following MDH and Everest spice bans

SnackTeam

April 23, 2024

MDH and Everest Spices (Representative Image)

India, widely acknowledged as the world’s leading producer, consumer, and exporter of spices, is actively seeking information from food safety authorities in Singapore and Hong Kong. These authorities have imposed bans on specific spices from Indian brands MDH and Everest, citing quality apprehensions. Additionally, the commerce ministry has instructed Indian embassies in both Singapore and Hong Kong to furnish comprehensive reports regarding this issue.

The ministry has also requested information from the Indian companies MDH and Everest, whose products have been banned due to alleged excess levels of the pesticide ‘ethylene oxide‘ surpassing permissible limits.

“A request for information has been sent to the companies. “We will identify the root cause of the rejection and begin corrective measures in collaboration with the affected exporters,” said a commerce ministry official.

The official mentioned that technical specifications, analytical reports, and information about the exporters whose shipments have faced rejection have been requested from the Embassies in Singapore and Hong Kong.

Continue Exploring: FSSAI launches quality checks on MDH and Everest spice mixes following reports of high ethylene oxide levels

The official also mentioned that information has been requested from the Singapore Food Agency, the Centre for Food Safety, and the Food and Environmental Hygiene Department in Hong Kong.

The ministry official noted that an industry consultation has also been arranged to address the issue of compulsory testing for ethylene oxide in spice shipments bound for Singapore and Hong Kong.

Meanwhile, the Spices Board of India is investigating the prohibition enforced by Hong Kong and Singapore on the sale of four spice-mix products from Indian brands MDH and Everest.

The food safety regulator in Hong Kong has advised consumers against purchasing these products and urged traders not to sell them, while the Singapore Food Agency has mandated a recall of the products.

Continue Exploring: Singapore recalls Everest’s Fish Curry Masala due to high pesticide levels

During the fiscal year 2022-23, the nation exported spices valued at nearly INR 32,000 crore. Major exported spices include chilli, cumin, spice oil and oleoresins, turmeric, curry powder, and cardamom.

Reliance Retail’s Smart & Smart Bazaar embrace premiumization with diverse product portfolio expansion

SnackTeam

April 23, 2024

In a strategic move signaling a shift towards catering to a more diverse clientele, Reliance Retail’s value-format grocery chains, Smart and Smart Bazaar, announced the diversification of its product portfolio to include premium offerings.

According to its latest quarterly report, the grocery retail chains unveiled a variety of upscale products, such as international delicacies, luxury body mists, and high-end serums.

Dinesh Taluja, CFO of Reliance Retail, said, “We’re observing a growing trend towards premiumization across various consumption categories. This is reflected in rising average bill values, primarily fueled by the demand for premium products, leading to improved margins. Moreover, there’s a notable increase in the share of non-grocery items, further enhancing the margins for our business.”

Reliance Retail, India’s largest retailer, reported another quarter of consistent performance in its grocery segment, spearheaded by Smart and Smart Bazaar.

Continue Exploring: Reliance Retail’s Q4FY24 net profit surges 11.7% to INR 2,698 Crore

The recent achievement of Smart & Smart Bazaar’s flagship event, the ‘Full Paisa Vasool Sale,’ saw a notable 21% year-on-year increase in sales, with significant contributions from household and personal care, confectionery, and snacks categories. Likewise, the retailer emphasized the impactful role of Smart & Smart Bazaar’s extensive regional presence in propelling growth, tapping into diverse regional nuances to fuel promising avenues for expansion.

“We are establishing the most extensive regional network of stores in the country,” Taluja remarked. “Therefore, offering both regional and national assortments creates a compelling value proposition for our customers.”

Remarkably, sales in specific markets leading up to Holi surpassed those during the traditionally festive season of Diwali.

“Now, as you’re aware, Diwali is the country’s prime consumption period. However, for the first time, we observed exceptionally strong sales during the pre-Holi period in certain markets. This is likely attributed to the regional insights we possess regarding assortment, as well as our regional communication efforts,” he explained.

Continue Exploring: Reliance Retail’s JioMart sees 94% YoY surge in seller base in Q4 FY24

During the quarter, Reliance Retail’s Grocery New Commerce business segment saw significant growth, propelled by the successful inclusion of new kirana partners through initiatives such as the “Metro Kirana Utsav.” Furthermore, the HoReCa segment witnessed growth as Smart & Smart Bazaar strengthened partnerships with institutional customers, thereby broadening its revenue channels.

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