Flipkart’s UPI hits new high: Records 5 Million transactions in March

April 19, 2024

Walmart-backed e-commerce major Flipkart recorded 5 million UPI transactions worth INR 197.24 crore in March, marking its first month of full-fledged UPI launch.

Demonstrating its growing influence in the fintech sector, Flipkart surpassed Jio Payments Bank apps, Navi, and numerous banking apps in UPI transactions during its inaugural month, according to data from the National Payments Corporation of India (NPCI).

Flipkart remarked in a statement, “We’re pleased with the positive feedback from our customers. UPI has significantly enhanced accessibility and convenience for both commercial and non-commercial transactions. Our aim at Flipkart is to extend this same level of convenience across our platform.”

It’s worth noting that the total volume of UPI transactions in March reached approximately 13 billion, amounting to around INR 20 lakh crore.

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While Flipkart registered 5 million UPI transactions in its first month, MobiKwik’s total transactions stood at around 8.3 million in March. Conversely, Groww logged 6.7 million UPI transactions last month, and Jupiter recorded 5.6 million.

Meanwhile, Google Pay, PhonePe, Paytm, and CRED maintain their dominance in the UPI landscape.

In March, Google Pay handled 5 billion transactions totaling around INR 7 lakh crore, PhonePe recorded 6.5 billion transactions valued at INR 10 lakh crore, and Paytm witnessed 1.2 billion transactions amounting to INR 1.3 lakh crore. Conversely, Amazon Pay processed 65.3 billion UPI transactions last month.

It’s important to highlight that Flipkart introduced its UPI service in January of this year, albeit to a restricted group of users.

According to a source familiar with the situation, Flipkart’s UPI service was launched for approximately 10,000 users in the initial phase during that month. The company had plans to expand its availability nationwide in the coming weeks.

Additionally, Flipkart partnered with Axis Bank for its UPI offerings. The @fkaxis UPI handle is poised to facilitate a range of transactions, spanning online and offline activities like e-commerce transactions, recharges, and bill payments.

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According to an industry executive cited by Moneycontrol, Flipkart’s long-term UPI usage is expected to surpass that of Amazon Pay UPI.

The executive said, “Amazon focuses on premium customers in areas with high credit card penetration. Flipkart, on the other hand, is favored in tier 2 cities, towns, and villages, which may result in significantly higher UPI usage.”

In a statement last month, Dheeraj Aneja, Senior Vice President of the Fintech and Payments Group at Flipkart, expressed that the introduction of Flipkart UPI seamlessly combines the convenience and cost-effectiveness of UPI with the trusted efficiency that customers anticipate from the company.

“At Flipkart, we are dedicated to providing customers with the best possible online shopping experience by providing a variety of safe and practical payment options in addition to a vast array of benefits and incentives like Supercoins, brand vouchers, & others,” the spokesperson stated.

Hygiene and wellness brand Pee Safe surpasses INR 100 Crore revenue mark with over 50% sales growth in FY23-24

SnackTeam

April 19, 2024

Srijana Bagaria & Vikas Bagaria, Co-Founders, Pee Safe

Hygiene and wellness brand Pee Safe has reported a sales growth of over 50% during FY23-24, propelling them past the INR 100 crore revenue mark.

Following a personal experience, Vikas Bagaria & Srijana Bagaria (a husband-wife duo) founded Pee Safe a decade ago with only one product—a toilet seat sanitizer. Over the last six years, the company has expanded its product line to include personal hygiene categories that meet the needs of girls from puberty to menopause. The portfolio includes intimate hygiene items like reusable pads, tampons, menstruation cups, and more.

“We grew by more than 50% last fiscal year, thanks to greater retail penetration and rising demand for quick-commerce. While most individuals in urban India recognise the need of hygiene for overall health, the majority still need encouragement and education to adopt a hygiene-conscious lifestyle. Bagaria stated that more work is needed to make hygiene a vital component of everyone’s lifestyle.

Continue Exploring: Hygiene brand Pee Safe raises $3 Million in ongoing Series B round

With less than 30% penetration of feminine hygiene products in India, numerous companies have ventured into the sector. Despite their considerable presence, they face significant hurdles in expanding market reach, attributed to insufficient awareness about feminine hygiene and the limited purchasing ability of many Indian women. Socio-economic factors like poverty, cultural norms, and educational disparities also influence product usage rates. Despite robust brand recognition and diverse product offerings, these established players cannot single-handedly overcome the underlying socio-economic obstacles hindering market expansion.

Bagaria emphasized the necessity for a shift in mindset to ensure the sustainability of hygiene practices. He stressed the importance of promoting hygiene not only in workplaces and public areas but also within households.

The company’s offline sales heavily depend on pharmacy and chemist channels, accounting for 70% of its sales. It maintains a robust presence in approximately 15,000 pharmacies, encompassing both organized and unorganized establishments like Apollo Pharmacy, Guardian Pharmacy, Tata 1mg, and Wellness Forever.

“These channels are essential to our company since we provide products that ensure safer periods, avoid infections from the toilet, and improve general health and wellness. Our affiliation with pharmacies and chemist stores not only boosts sales but also builds customer trust and brand recognition,” he added.

The company has stated that it currently has no intentions of establishing its own manufacturing facilities in the near future. Currently, approximately 8% of its products are outsourced for manufacturing, and the company is actively striving to localize its supply chain to the fullest extent possible.

The expansion plan entails strategically positioning the brand in urban and rural areas, as well as forging partnerships or distribution agreements to access a broader audience. Last year, the company secured $3 million in a Series B funding round led by Natco Pharma Limited and Rainmatter Health, with contributions from Nithin Kamath and Nikhil Kamath, the founders of Zerodha. Additionally, Alkemi Growth Capital, an existing investor, participated in the funding round.

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Fashion brand Snitch goes big, unveils largest store yet in Gujarat

SnackTeam

April 19, 2024

Snitch, a Bengaluru-based men’s fashion and apparel brand, has opened its largest store in Gujarat, as announced by a top company executive in a social media post.

The latest store is located at Neptune Trion in Vadodara, marking Snitch’s fifth establishment.

Siddharth Dungarwal, founder of Snitch, expressed excitement about the brand’s growth, stating, “Another significant milestone for us at Snitch. See you soon Vadodara! This marks our 5th store and 4th within the last 45 days. Big. Bigger. Biggest! Thrilled to announce the opening of our largest store in Gujarat, right in the heart of Vadodara at Neptune Trion.”

Snackfax previously covered the brand’s expansion strategy in Gujarat, where the company revealed intentions to establish between six to eight stores in the state. Additionally, Snitch unveiled its fourth and largest store in Bengaluru in March 2024. With a focus on rapid offline growth, the company has bolstered its top management over the past few months.

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According to a LinkedIn post by the company’s head, Snitch experienced remarkable growth of over 150% in the financial year (FY) 2023-2024 compared to the preceding year. During this period, Snitch shipped over 3.5 million pieces across multiple channels and maintained profitability, achieving a net sales increase of over 2.25 times from the previous year.

Snitch, a direct-to-consumer (D2C) brand founded in 2020, gained recognition after making an appearance on Season 2 of Shark Tank India. Additionally, in December 2023, Snitch secured Rs 110 crore in a Series A fundraising round from Indian venture firm IvyCap Ventures and Singapore-based venture capital firm SWC Global.

Continue Exploring: Fashion brand Snitch achieves over 150% growth in FY23-24, marks highest GMV in March

Ninjacart makes strategic investment in Philippines-based agritech firm Mayani

SnackTeam

April 19, 2024

Ninjacart, a Walmart-backed agritech company, has made a strategic investment in Philippines-based agri-fisheries startup Mayani.

However, the financial terms of the deal were not disclosed by the company.

As per the deal, Ninjacart will not only provide capital but also offer supply chain support and advisory services to fuel Mayani’s innovation and growth trajectory, as outlined by the startup.

Additionally, Ninjacart will assist in Mayani’s expansion efforts and collaborate to establish an integrated Asian agri-food supply chain aimed at catalyzing further digital innovations to address the complexities of Asia’s food basket.

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Founded by Ochie San Juan and Jeff Barreiro, Mayani works with farmers involved in pisciculture. The startup asserts its commitment to empowering them with sustainable pathways to market, improving yield, and climate resilience through quality inputs and alternative credit. It has already impacted the lives of more than 10 million farmers.

Among its investors, the startup includes AgFunder, ADB, Plug and Play Ventures, Ocean Impact, and Atlas Ventures.

As part of the company’s objectives for global expansion, Ninja Ventures, its venture capital arm, facilitated the new investment. According to the announcement, the collaboration will concentrate on locating and filling gaps in the world’s food supply while utilising international opportunities to increase Mayani’s market share.

Kartheeswaran K K, cofounder and CEO of Ninjacart, stated, “We are steadfastly committed to transforming the global agri-commerce industry, and this investment in Mayani reflects that.” We want to have a revolutionary effect and open up new avenues for growth in the Asian agri-commerce market by combining the knowledge of two agricultural giants, the Philippines and India.

“We’re excited about this investment,” Juan continued, “because Ninjacart has a deep understanding of the Asian agri-supply chain and it offers strategic additionality beyond capital.” The core of our company is strengthened—tech-enabled output market linkage—which in turn increases our upstream interventions on funding for rural areas and climate-positive inputs.

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Mayani plans to incorporate Ninjacart’s cutting-edge technology, source traceability, and inventory management solutions to attain interoperability, hyper-efficiency, predictive modeling, and to bolster its supply chain effectiveness.

According to Ninjacart, the agreement aligns with follow-on funding from current investors, such as the Jimenez family, subsequent to Mayani’s prosperous $1.7 million seed round spearheaded by AgFunder in 2023.

Ninjacart has been actively expanding its global presence. Last year, the agritech company disclosed its venture into the Brazilian market via a collaboration with Arado, an agribusiness marketplace in Brazil.

In FY23, Ninjacart surpassed the INR 1,000 crore mark in operating revenue. The B2B agritech startup recorded sales of INR 1,153.4 crore during this period, marking a 19% increase from INR 967.3 crore in FY22.

Continue Exploring: Flipkart-backed Ninjacart hits INR 1,000 Crore operating revenue milestone, records 19% YoY growth in FY23

Ministry of Consumer Affairs asks FSSAI to act on Nestle India over alleged sugar addition to Cerelac baby food

SnackTeam

April 19, 2024

The Ministry of Consumer Affairs has sent a letter to the Food Safety and Standards Authority of India (FSSAI), urging action against Nestle India. This comes in response to a report by the Swiss investigative organization Public Eye and the International Baby Food Action Network, which alleges that Nestle India adds 2.2 grams of sugar per serving to its baby food brand Cerelac in India.

Current guidelines from the World Health Organization prohibit the inclusion of added sugars in baby food products.

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Nidhi Khare, secretary of the Ministry of Consumer Affairs, wrote to the chief executive of FSSAI, saying, “Based on this report, FSSAI is urged to take appropriate action against Nestle Company.”

Earlier, the Indian division of the Swiss multinational Nestle SA mentioned that it had reduced sugar by 30% in Cerelac over the past five years.

The company, known for its Maggi noodles, Kitkat chocolates, and Nescafe coffee, stated in a release that its products were produced in the country “fully compliant” with standards set by CODEX (a commission established by WHO and the Food and Agriculture Organization) and local specifications concerning nutrient requirements, including added sugars.

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According to the report, Cerelac in India has been discovered to contain an average of nearly 3 grams of sugar per serving. The study also noted the presence of added sugars in many other low- and middle-income countries, but not in developed markets such as the UK, Germany, Switzerland, and certain other European countries.

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

SnackTeam

April 19, 2024

The Singaporean regulatory authorities have issued a recall for Everest‘s Fish Curry Masala, a well-known product in India, citing the detection of ethylene oxide, a pesticide, in levels surpassing the permissible threshold.

In a statement released on Thursday, the Singapore Food Agency (SFA) instructed Sp Muthiah and Sons Pvt Ltd, the importer, to commence the recall process.

The SFA stated that ethylene oxide, commonly used to fumigate agricultural products to prevent microbial contamination, is not approved for use in food.

SFA has directed the recall of Everest's Masala Fish Curry from India due to exceeding levels of ethylene oxide detected in the product. The recall is ongoing.https://t.co/mEDarMptR5 pic.twitter.com/6UnFtZUGQ6
— Singapore Food Agency (SFA) (@SGFoodAgency) April 18, 2024

“According to Singapore’s Food Rules and Regulations, ethylene oxide has been permitted to be used in the sterilisation of spices,” the Singapore Food Authority (SFA) said.

Although the agency acknowledged that immediate consumption of food containing low levels of ethylene oxide does not pose an immediate threat, prolonged exposure could result in health complications.

The SFA stressed, “While there is no immediate risk to consuming the food, it’s crucial to minimize exposure to this substance as much as possible.”

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“It is strongly urged that consumers who have purchased the contaminated items not consume them. In addition, anyone who have eaten the tainted items and are concerned about their health are advised to consult a doctor,” the advice stated.

As of now, Everest, the manufacturer, has not provided any response to this development.

Roastown Global Grill to expand beyond Kerala, eyes international markets by 2030

SnackTeam

April 19, 2024

Roastown Global Grill, Kerala’s renowned concept restaurant, is set to expand its presence beyond the state and even venture into international markets.

Famed for its diverse menu featuring exotic dishes sourced from more than 23 countries worldwide, the restaurant plans to establish new branches in major South Indian metros and prominent cities in the GCC region by 2030, as per Futur Foods, the proprietors and proponents of Roastown Global Grill.

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Established in 2020, Roastown emerged as the brainchild of Joshy George, Chairman and Managing Director of AG&S Group, the umbrella organization of Futur Foods. With a fervent love for cuisine, Joshy collaborated with culinary connoisseurs to craft a unique dining experience and curate an acclaimed menu, setting new standards in the culinary landscape. Debuting its inaugural outlet in Thrissur in the same year, Roastown swiftly captivated the palates of food enthusiasts across Kerala and various cities in South India.

The team’s success prompted them to inaugurate a grand 150-seater restaurant in Edappally, Kochi, in 2023. Alongside its diverse new menu and stunning ambience, the Kochi venue also features three live kitchens, a Mixology Bar, a recently introduced Flat Wok, and an exclusive experience known as Chef’s Studio. The restaurant quickly gained a loyal following among Kochi residents and food enthusiasts from across the state, motivating Futur Foods to outline ambitious expansion plans.

Biju George, a key promoter of Roastown and Director at AG&S Group, expresses, “Our vision is to extend this distinctive concept beyond state borders while preserving the authenticity of our cuisine. Initially focusing on establishing outlets in major Indian metropolitan areas, we also aim to expand into key cities in the Middle East by 2030. Our growth strategy will involve a combination of self-owned establishments and strategic partnerships with selected franchisees. We are highly confident in replicating the success of our Kochi location on a global scale.”

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Levi’s launches diverse range of fits in India with Deepika Padukone

SnackTeam

April 19, 2024

As the summer season dawns, Levi’s has unveiled a diverse selection of new fits, presenting nearly 15 options for customers in India. From retro-inspired flares to laid-back loose styles and timeless classic straight cuts, Levi’s caters to all preferences, ensuring there’s a pair for every mood, style, and occasion. The brand’s campaign, “New Fits, Infinite Possibilities,” stars Deepika Padukone, the brand ambassador and fashion icon, showcasing the latest fits.

Levi’s has also introduced “Loose Fits,” emphasising ease of wear and carefree design with a nod to the ’90s. Both low-waist and high-waist inclinations are catered to with this collection’s Low Loose & High Loose designs. For a double dose of ’90s nostalgia, the ’94 Baggy along with ’94 Baggy Wide Leg choices both have an easy baggy silhouette.

“Straight Jeans” continue to be a classic option, featuring choices such as the vintage-inspired Wedgie Straight and the Ribcage Straight Ankle, which boast a high rise and a summer-ready ankle crop. The 80’s Mom jeans blend a high waist, relaxed silhouette, and tapered leg to create a nostalgic yet fashionable appearance.

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The brand has also debuted a selection of “Flared Jeans,” featuring options like The Ribcage Cropped Boot, Ribcage Wide Leg, and the latest addition, the Ribcage Bell. This newest style boasts a super exaggerated bell leg, perfect for achieving an elongated look.

“Levi’s has consistently been a trailblazer in the women’s denim industry, fusing fashion with quality. Our customer views fashion as a means of self-expression and an extension of who they are, and our assortment of sizes looks provides women with the options they want, for any situation. Our brand spokesperson, Deepika Padukone, truly exemplifies how one can express oneself in denim. We hope that this campaign will help women discover a new favourite pair that truly captures their style, according to Amisha Jain, MD and SVP at LS & Co. South Asia, Middle East, Africa.

The “New Fits. Infinite Possibilities” campaign encourages women to delve into the world of Levi’s, offering endless options for every style preference. The collection, starting at INR 2799, is accessible online through the website and at Levi’s stores across India.

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UK-based casual dining chain Giraffe to enter Indian market, partners with Franglobal for expansion

SnackTeam

April 19, 2024

Giraffe, a well-known UK-based casual dining chain, has announced its expansion plan to enter into the Indian market.

This strategic maneuver involves a collaboration with Franglobal, a prominent company specializing in international franchising solutions. This partnership aims to ease the entry and expansion of global brands into India and beyond, guaranteeing both success and profitability.

Giraffe has become a beloved destination for food enthusiasts across the United Kingdom, presenting a variety of burgers, salads, tantalizing curries, and desserts.

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Giraffe recognizes an exciting chance to bring its unique fusion of global flavors to discerning Indian diners. Leveraging its success in the UK, Giraffe aims to mirror its accomplishments by presenting a diverse menu specifically crafted to appeal to Indian palates.

With a blend of inventive fusion dishes and timeless classics, Giraffe’s menu is poised to captivate the diverse palates of Indian consumers.

Giraffe has cultivated an atmosphere where flavors, cultures, and people blend seamlessly in a space free from judgment, discrimination, or exclusion.

In its expansion plan, Giraffe will focus on establishing a robust presence in major Indian cities, leveraging strategic partnerships and local knowledge to guarantee smooth operations and customer satisfaction.

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ABFRL’s Style Up continues Bengaluru expansion, opens third store

SnackTeam

April 19, 2024

ABFRL‘s fashion retail brand, Style Up, has unveiled its third store in Bengaluru, as per a company announcement on social media. The latest standalone outlet is situated in Jayaprakash Nagar.

“Our third store in Bengaluru marks another milestone for us,” expressed Ekta Saran, Senior Vice President at Style Up, in a LinkedIn post. She continued, “Grateful to all our teams, colleagues, developers, and vendor partners for all the love, great work, and support as always.”

The store presents a diverse selection of retail brands from ABFRL, featuring names like Louis Philippe, Allen Solly, Peter England, and Van Heusen, designed to meet the needs of men, women, and children alike.

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Style Up, a fashion store chain with large-format outlets, was founded in 2019. Presently, the brand boasts a network of 29 stores spanning 20 cities across India.

ABFRL stands as a fashion retail enterprise under the ownership of the Indian multinational conglomerate, Aditya Birla Group.

The company possesses a portfolio of brands, including Louis Philippe, Van Heusen, Allen Solly, and Peter England. Additionally, it maintains enduring exclusive alliances with renowned international brands like Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle, Reebok, and Galeries Lafayette.

As of March 2023, ABFRL boasts a widespread network comprising 3,977 stores, spanning around 33,535 multi-brand outlets, and encompassing 6,723 points-of-sales within department stores across India.

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