Plum Goodness eyes profitability in FY25, plans product segment revamp for growth

April 17, 2024

Plum Goodness, a homegrown beauty and personal care (BPC) brand, is aiming for profitability in the current financial year. Founder Shankar Prasad disclosed that the strategy involves launching new products in their core segments, discontinuing less profitable product lines, and refining their marketing approach.

Prasad mentioned that the Mumbai-based brand intends to unveil fresh products within the upcoming six months, concentrating particularly on skincare (encompassing cleansers, serums, and moisturizers), hair care, and makeup segments.

The company will also revamp its men’s brand, ‘Phy,’ by dropping certain skincare items for men, which include face packs, moisturisers, as well as face washes. Plum will instead expand its bath & body product offerings, including shower gel and men’s scents. Prasad stated that these adjustments are expected to be implemented by mid-June or July of this year.

“The majority of FY23 & FY24 was devoted to attempting to strike a compromise between our desire for rapid growth and the amount of investment we wish to make. We now have a comprehensive understanding of the calibration, and we anticipate breaking even during the current fiscal year,” according to Prasad.

Continue Exploring: Personal care brand Joy targets INR 750 crore revenue in FY2025; expands distribution and enters new international markets

As a cost-saving measure, the brand plans to restrict its investments to ‘Baby Plum’, the segment launched last year, which focuses on baby care. Marketing expenses constituted more than 42% of the brand’s total expenditures in FY23.

During FY23, although there was a rise in total revenue, Pureplay Skin Sciences Ltd, Plum’s parent company, witnessed a 66% increase in net losses, reaching INR 52.9 crore compared to the previous year.

Prasad emphasized the importance of refining their marketing strategy by allocating more resources to core categories, optimizing engagement with their existing consumer base, discontinuing less profitable channels or segments, and maximizing the utilization of their fixed assets as key areas for achieving profitability.

Prasad added that Plum concluded FY24 with a revenue run rate of INR 350 crore and is targeting to surpass the quarterly revenue run rate threshold of INR 100 crore in the current financial year. This objective translates to an annual revenue target of INR 400 crore.

Plum presently serves customers in more than 300 cities and towns across India, with the majority of its revenue originating from regions beyond metropolitan areas. The brand boasts 36 exclusive outlets, approximately 1,500 assisted outlets staffed with trained beauty advisors, and over 10,000 unassisted outlets, including pharmacies and supermarkets.

Around 65 to 70% of the company’s revenue is generated through online channels, with prominent marketplaces such as Amazon, Flipkart, and Nykaa being the primary contributors.

Serving a consumer base of approximately 8 to 10 million, Plum specializes in offering vegan, toxin-free products within the direct-to-consumer market, positioning itself in competition with brands such as Mamaearth, Sugar Cosmetics, and MyGlamm.

Additionally, Prasad observed a trend of premiumization within the beauty industry, where consumers are gaining greater access to products spanning various price ranges.

Continue Exploring: ITC’s emphasis on premium products propels personal care business, doubles sales contribution to 38%

There have been numerous price corrections at the lower end of the market caused by inflation throughout the past three or four years. According to him, the difference between mass and premium brands has shrunk and is no longer as significant.

In its most recent funding round, the company secured $35 million, spearheaded by A91 Partners, alongside continuing support from existing investors Unilever Ventures and Faering Capital.

According to a collaborative report by Redseer Strategy Consultants and Peak XV, India’s beauty and personal care market is anticipated to experience the most rapid growth globally among similar nations. The market is forecasted to attain a compounded annual growth rate (CAGR) of 10% between 2022 and 2027, reaching a value of $30 billion.

PC Jeweller’s board greenlights INR 2,000 Crore fund raise through rights issue and convertible warrants

SnackTeam

April 17, 2024

PC Jeweller‘s board has approved a proposal to raise INR 2,000 crore through rights issues and preferential allotment of fully convertible warrants. Additionally, in a meeting held on Tuesday, the board approved a proposal to increase the authorized share capital and make alterations to the capital clause of the memorandum of association, according to a regulatory filing.

The company announced that, out of the total of INR 2,000 crore, its board has sanctioned the raising of INR 1,500 crore through a rights issue of equity shares priced at INR 10 each for eligible equity shareholders.

The filing stated that the record date for this will be announced later. It also mentioned that the issue size, capped at INR 1,500 crore, is contingent upon obtaining regulatory and other necessary approvals.

Continue Exploring: Titan’s CaratLane jewellery line to make US debut in FY25

Furthermore, the company announced that the board has authorized the raising of up to INR 500 crore through a preferential allotment of fully convertible warrants.

“The funds from the preferential issue will be allocated towards settling the company’s financial obligations, pending approval from the consortium of lenders,” stated the company.

Since June 2021, the company’s accounts have been categorized as non-performing assets (NPAs) by its lenders, including the State Bank of India. Legal actions for the recovery of outstanding dues have been initiated by the lenders.

As of December 2023, the company operated 55 owned stores and seven franchise stores. Three of its stores in Delhi are temporarily closed due to ongoing court proceedings.

Continue Exploring: D2C jewellery brand Kushal’s raises $34 Mn in Series B funding from Lighthouse’s fourth PE fund

India’s consumer and retail sector sees surge in M&A and private equity deals, up 30% in Q1 2024: Grant Thornton Report

SnackTeam

April 17, 2024

During the March quarter, India’s consumer and retail sector experienced a significant uptick in mergers and acquisitions as well as private equity deals. Deal value increased by nearly 30%, while volume rose by 20% compared to the previous year. According to a report by Grant Thornton Bharat, the segment witnessed 102 deals amounting to $1.74 billion in the first quarter of 2024, up from 85 deals totaling $1.28 billion in the corresponding period last year.

In the consumer sector, there were 88 private equity deals, marking the highest volume in five quarters. However, M&A activity in the consumer industry experienced a decline, with the number of deals dropping to 14 from 17 compared to the previous year. Despite this, the value surged to $925 million from $79 million in 2023.

Naveen Malpani, partner and consumer industry leader at Grant Thornton Bharat, suggested that the slowdown in M&A activity could be attributed to the upcoming elections prompting businesses to exercise caution, along with sluggish consumer spending leading to restrained revenue growth. Nevertheless, there was a significant increase in deal value, primarily fueled by Tata Consumer Goods‘ acquisitions of Capital Foods and Organic India, valued at $615 million and $229 million respectively. These two transactions collectively accounted for a 91% share in M&A values, totaling $843 million.

Continue Exploring: T ata Consumer Products seals INR 7,000 Crore dual acquisition, adding Capital Foods and Organic India to portfolio

Private equity activity reached its highest quarterly volume since Q3 2022, with 88 deals totaling $823 million. While this represented a 30% increase in volume, the deal value saw a 32% decline. This decrease in deal value can be attributed to a higher number of small-ticket transactions during the quarter under review.

In fact, approximately half of the volume of private equity deals was attributed to transactions valued at less than $7 million. Additionally, there was a significant contribution to deal activity from late-stage companies raising Series B rounds or above.

The top five deals in the sector represented 59% of the total value, amounting to $1.03 billion, yet they comprised only 5% of the total volume. Notably, four out of these five deals were in the food processing segment.

Malpani added that established players are driven by the expanding healthy food market in India, projected to hit $30 billion by 2026. They are actively pursuing acquisitions of niche brands that cater to specific dietary requirements or follow premiumization trends.

In the realm of e-commerce, the most substantial transaction was spearheaded by a consortium of investors, including Jungle Ventures, Sidbi Venture, Anicut Capital, Sharrp Ventures, and angel investors. They invested $27 million in a late-stage Series C round for The Ayurveda Experience.

Continue Exploring: D2C brand The Ayurveda Experience raises $27 Million in Series C funding led by Jungle Ventures

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

SnackTeam

April 17, 2024

KK Modi Group-backed Godfrey Phillips is reportedly in talks with Tata Trent, Reliance Retail, and Avenue Supermarts to sell the retail grocery chain 24Seven, as reported by ET, citing executives familiar with the matter.

In an exchange filing on April 12, Godfrey Phillips India announced its intention to divest from the 24Seven convenience chain due to its lack of profitability, following a thorough review of the company’s retail business division.

As per one of the cited sources, the negotiations will revolve around valuation.

“The (Modi) group leadership has engaged in discussions with other groups that exhibit clear synergies at present. These discussions are currently at various stages,” stated the executive.

Continue Exploring: Godfrey Phillips India to shut down 24Seven retail chain citing financial struggles

24Seven has a presence in approximately 145 stores across the Delhi-National Capital Region (NCR), Punjab, and Hyderabad.

Established in 2005, the chain provides a variety of goods such as groceries, staples, snacks, beverages, personal care items, the Modi group’s exclusive beauty brand Colorbar, and even ready-to-eat food counters in certain larger format stores.

According to the executive mentioned earlier, grocery retail presents considerable potential for growth, and the 24Seven format can be expanded due to its combination of hyper-convenience grocery, staples, general merchandise, and even small in-store cafes, despite its current accumulated losses.

Trent Ltd, the retail subsidiary of the Tata Group, manages the grocery chain Star Bazaar. However, grocery constitutes a minor segment of the conglomerate’s diverse retail operations, with 24Seven potentially providing only marginal additional value, as per another executive’s perspective. Trent’s other retail brands, Westside and Zudio, have experienced swifter growth and expansion compared to Star Bazaar.

Reliance Retail Ventures, serving as the master franchise partner for the Texas-based chain, oversees approximately 50 stores under the 7-Eleven brand, having begun operations in 2021.

Continue Exploring: Reliance Retail’s 7-Eleven continues Indian expansion with Panvel store

“Should an acquisition occur, Reliance might consider merging its existing convenience store chain with 24Seven, given the similarity between both formats,” stated another executive.

Avenue Supermarts, the operator of DMart stores, offers a range of general merchandise and apparel, yet its primary focus lies in groceries, with plans for aggressive expansion in this segment. The chain witnessed a 7% growth in revenue per store and a 13% year-on-year increase in store additions for the quarter ending in March, marking a 20% rise compared to the corresponding quarter from the previous year.

Samir Modi, the managing director of Modi Enterprises, did not respond to inquiries. Representatives from Tata Trent and Avenue Supermarts declined to provide comments.

In an email statement, a spokesperson from Reliance Retail stated, “As per our policy, we refrain from commenting on media speculations and rumors.”

In the fiscal year 2023, Godfrey Phillips’ retail business division recorded revenue from operations amounting to INR 396 crore, which accounted for 9.3% of the tobacco maker’s total revenue. Nonetheless, the retail business division reported a negative net worth due to accumulated losses as of March 31, 2023.

Godfrey Philips announced last week that, “following careful review of stakeholder feedback, the division’s performance since its establishment, current market conditions in the retail sector, and the company’s long-term business strategy, the board has resolved to exit its retail business division.”

Continue Exploring: Tech-enabled grocery retail chain SuperK raises INR 31 Crore in Series A round led by Catalyst Trusteeship

Clear Premium Water hits milestone, now serving 1600 HoReCa clients nationwide

SnackTeam

April 17, 2024

Clear Premium Water, the primary offering from Energy Beverages Pvt. Ltd. (EBPL), has achieved a noteworthy milestone in its endeavor to supply safe and pure drinking water to millions. With an unwavering dedication to excellence and a strong emphasis on social and environmental responsibility, Clear Premium Water has effectively expanded its clientele to encompass 1600 HoReCa (Hotels, Restaurants, and Catering) establishments by March 2024. This marks a substantial increase from the 90 HORECA clients it served in 2020. Presently, the HoReCa sector accounts for 50% of the brand’s total sales.

Since its establishment in 2005, Clear Premium Water has been leading the charge in reshaping industry benchmarks, all while staying committed to societal and environmental welfare. Introduced in 2010, Clear Premium Water has gained recognition for its superior quality and innovative packaging design. Sporting vertical labeling within a distinct square bottle, it provides co-branding opportunities, setting it apart in the market.

Continue Exploring: JM Financial Private Equity invests INR 45 Crore in ‘Clear Premium Water’ to accelerate growth and market expansion

Nayan Shah, the Founder & CEO of Clear Premium Water, stated, “At Clear, we are dedicated to embracing all facets of the market, reinforcing our leadership in the HoReCa sector while extending our impact. This underscores our expanding footprint and our unwavering commitment to providing outstanding quality and service.”

Drawing on over 18 years of industry experience, Clear Premium Water boasts a production capacity of over 50 lakh bottles per day. This enables its widespread availability across more than 80,000 retail outlets and distribution through a network of over 1,000 nationwide distributors. Such extensive coverage ensures that Clear Premium Water fulfills its pledge to provide safe and clean drinking water accessible to people throughout the country.

While Clear Premium Water expands its footprint and influence, it stays steadfast in upholding its fundamental principles of quality, sustainability, and social responsibility. By initiatives such as connecting with 1600 HoReCa clients, Clear Premium Water solidifies its status as a frontrunner in the bottled water sector, establishing benchmarks for excellence and ingenuity.

Continue Exploring: Clear Premium Water expands portfolio with acquisition of Kelzai Volcanic Water

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

SnackTeam

April 17, 2024

Sagar Daryani, Shah Miftaur Rahman, Binod Homagai & Murali Krishnan, Co-Founders, Wow! Momo

Wow! Momo, a renowned quick-service restaurant chain based in Kolkata, has secured INR 70 crore ($8.3 million) in funding from the indigenous investment firm Z3Partners.

Murali Krishnan, Co-Founder of Wow! Momo, stated that the latest fundraise is an extension of the mega round raised by the startup earlier this year, which saw participation from Malaysian sovereign wealth fund Khazanah Nasional Berhad and OAKS Asset Management.

Continue Exploring: Wow! Momo Foods secures INR 350 Crore funding led by Malaysia’s Khazanah Nasional Berhad, eyes aggressive expansion

Khazanah injected INR 350 Cr into Wow! Momo, while OAKS Capital contributed INR 60 Cr in the same funding round. With this latest infusion, the QSR chain’s funding round amounts to a total of INR 480 Cr (approximately $57 Mn).

The startup’s valuation remains unchanged since its last fundraising announcement in January of this year. Utilizing the newly acquired funds, the Kolkata-based startup aims to expand its QSR brand’s presence, enhance distribution channels, and bolster research and development (R&D) efforts for its FMCG division.

In addition to Wow! Momo, the startup operates two other brands: Wow! China and Wow! Chicken.

Wow! Momo stated that out of the total INR 480 Cr raised, INR 270 Cr constituted primary infusion, with the remaining INR 210 Cr utilized for secondary purchases from its early-stage investors.

Krishnan also mentioned that the startup has amassed approximately INR 625 Cr to INR 640 Cr in funds since its establishment.

Continue Exploring: Wow! Momo’s rapid expansion continues with a buzzing new outlet at GMR Hyderabad International Airport

Wow! Momo Co-Founder and CEO Sagar Daryani expressed, “This marks just the beginning for us. We’ve maintained consistency, resilience, and a sharp focus on sustainable growth. The trust demonstrated by this round of investors strengthens our resolve and inspires us to drive meaningful change. We believe Z3Partners brings a robust strategic perspective, enhancing our strategic direction moving forward.”

Meanwhile, Rishi Maheshwari, Managing Partner at Z3Partners, commented, “This investment perfectly aligns with our thesis of supporting scalable businesses operating in sizable markets, utilizing technology to enhance efficiency throughout the value chain. We are delighted to collaborate with Wow! Momo as it expands its presence across India, aiming to establish itself as the premier indigenous QSR brand.”

Wow! Momo was founded in 2008 by Sagar Daryani, Binod Kumar Homagai, and Shah Miftaur Rahman. Murali Krishnan was elevated as a Co-Founder in 2022. With over 600 outlets across 38 cities, the QSR chain aims to expand its presence to over 1,500 stores within the next three years.

Although the startup has not yet filed its financial statements for the fiscal year 2022-23 (FY23), it experienced a significant increase in operating revenue, more than doubling year-on-year (YoY) to INR 219.8 Cr in FY22. Furthermore, the net loss decreased by 10% to INR 53.4 Cr in FY22 from INR 59.4 Cr in FY21.

Continue Exploring: Wow! Momo reports massive 2x revenue surge in FY2021-22, reaches INR 219.8 Crores

Tata Group’s Trent continues expansion with multibrand store launch in Hyderabad

SnackTeam

April 16, 2024

Trent Ltd., the retail arm of Tata Group, has introduced three distinct store formats within a single establishment in Hyderabad. This innovative venture is situated at GS Center Mall, Punjagutta Circle, as disclosed by an industry official on social media.

The recently launched stores comprise Zudio, a fast-fashion retailer offering great value, Westside, a fashion and lifestyle brand, and Star Bazaar, a hypermarket and supermarket chain.

“We are delighted to introduce an unparalleled world-class experience for our valued customers through the new stores situated at GS Center, Punjagutta Circle, in the heart of Hyderabad,” shared Sanit Basu, Deputy Manager of Productivity and Operations Support at Star Bazaar, in a LinkedIn post.

Continue Exploring: Tata Group’s Zudio makes big move with first flagship store launch in Noida

The latest establishment marks the 232nd Westside outlet, the 545th Zudio store, and the 5th Star Bazaar location nationwide.

Since its inception in 1998, Tata Trent has been managing apparel brands like Utsa and Samoh, alongside the beauty, accessories, and decor brand Misbu. Additionally, the company has formed two joint ventures with Spain’s Inditex SA to operate the Zara and Massimo Dutti labels in India.

Boosted by robust sales momentum and enhanced margins, the company recorded a twofold increase in consolidated net profit to INR 370.64 crore for the third quarter ended December 2023.

Continue Exploring: Westside strengthens South India presence with three new store openings

Haldiram’s Nagpur delights Bengaluru with latest restaurant in Malleshwaram

SnackTeam

April 16, 2024

Haldiram’s Nagpur, a renowned name in the Indian culinary realm, has unveiled its latest restaurant and sweets emporium in Malleshwaram, Bengaluru. Situated within the elegant Gokul Complex in this city’s esteemed locale, the freshly inaugurated eatery assures a delightful experience for travelers, commuters, and aficionados of fine cuisine.

Following a grand inauguration on April 12th, Haldiram’s latest establishment in Bengaluru signifies a significant stride for the brand as it extends its presence in one of India’s dynamic cities. Offering an array of delectable treats ranging from Haldiram’s Aloo Bhujia and Moong Dal to traditional Indian delights like Gulab Jamun, Rasmalai, Kaju Katli, Raj Kachori, Sampurna Deluxe Thali, Pav Bhaji, Jain Delights, and more, the new outlet ensures a delightful dining experience.

Moreover, in celebration of its launch, Haldiram’s presents a special breakfast promotion, granting a 50% discount on South Indian dishes from 8:00 AM to 11:00 AM until April 30, 2024, exclusively at the Malleshwaram venue.

Continue Exploring: Haldiram’s Nagpur launches luxury chocolate brand ‘Cocobay’ catering to Indian taste buds

“We are delighted to announce that Haldiram’s has opened its 14th outlet in Bengaluru, located in the vibrant neighbourhood of Malleshwaram,” said Neeraj Agrawal, Director of Haldiram’s Foods International Pvt Ltd. “This recent expansion underscores our unwavering commitment to serving delectable sweets and authentic Indian cuisine. We eagerly await the opportunity to welcome our guests and provide them with an outstanding dining experience, distinguished by unrivalled food standards & exceptional service.”

Renowned for its dedication to excellence and flavor, Haldiram’s has long been synonymous with quality, presenting a remarkable assortment of snacks and mouthwatering dishes. With a steadfast commitment to upholding tradition while embracing innovation to cater to evolving consumer tastes, Haldiram’s continuously endeavors to please its patrons with top-notch quality, flavor, and distinction. This ethos finds resonance in its latest culinary venture in Malleshwaram, set to emerge as a premier spot for connoisseurs in pursuit of genuine tastes and extraordinary dining encounters.

Continue Exploring: Haldiram’s continues expansion in Hyderabad with inauguration of 10th QSR in Begumpet

Meesho to upsize next funding round to $500-$650 Million

News

SnackTeam

April 16, 2024

Vidit Aatrey and Sanjeev Barnwal, Co-Founders, Meesho

Meesho, the ecommerce platform, is reportedly considering increasing the size of its upcoming funding round to $500-$650 million from $300 million earlier, given the strong interest from investors.

Out of the total amount, roughly $300 million will be designated as primary capital to settle taxes incurred during the transfer of the company’s domicile from Delaware to India, as reported by Moneycontrol. The remaining funds will constitute the secondary component.

The report quoted a source stating that discussions are ongoing, and the final round size will depend on how much each investor dilutes. However, it appears likely that the total round size will be around $500 million.

Continue Exploring: Meesho in advanced talks to raise $300 Million from Tiger Global, SoftBank, and other investors

The report mentioned that Meesho had also commenced discussions with Accel over the past few months regarding the funding round. However, negotiations between the investor and the company did not come to fruition.

It’s noteworthy that Accel was an early supporter of Flipkart, which happens to be Meesho’s main competitor.

Previous reports suggested that the ecommerce startup was in discussions to raise $300 million from Tiger Global, Peak XV Partners, SoftBank, and other investors.

Tiger Global and Peak XV are anticipated to spearhead the current round, with participation expected from SoftBank, WestBridge Capital, and Singapore-based Mars Growth Capital.

Additionally, it’s reported that Venture Highway and Meta (formerly Facebook) are among the initial investors planning to decrease their stake in Meesho as part of this round.

Nonetheless, the funding round is expected to value Meesho at $3.9 billion, reflecting a 20% decrease from its prior valuation of $4.9 billion. This adjustment comes after Fidelity’s revaluation of Meesho to $3.5 billion.

Meesho refrained from providing comments regarding inquiries on the progress of the funding round and the decline in valuation. No response was received from them up to the time of publishing this story.

It’s worth noting that in January, Fidelity adjusted the valuation of Meesho on its books, valuing the ecommerce startup at $3.5 billion. This marked a decline of 29% from Fidelity’s peak valuation of $4.9 billion for Meesho.

Established in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho, once lauded as the epitome of social ecommerce, underwent a strategic shift in 2022, transitioning into a marketplace model.

In a recent report, brokerage Bernstein highlighted that Meesho is capturing market share and emerging as the fastest-growing ecommerce platform in India, benefiting from the robust growth observed in Tier-II and III cities within the sector.

Continue Exploring: Meesho fastest growing e-commerce player; GMV tops $5 Billion: Alliance Bernstein Report

With a budget of INR 200 crore (about $25 million), Meesho recently revealed its largest employee stock ownership plan (ESOP) buyback programme. With this programme, the company is making a major step forward, benefiting almost 1,700 current and former employees.

Continue Exploring: Meesho announces its largest ever ESOP buyback, allocating INR 200 Cr for employees

Navata Supply Chain Solutions secures pre-series A funding from Equanimity Ventures

SnackTeam

April 16, 2024

Hima and Vineel Parvataneni, Co-Founders, Navata Supply Chain Solutions

Hyderabad-based Navata Supply Chain Solutions has announced the successful closure of pre-series A funding led by Equanimity Ventures. This funding will fuel Navata SCS’s mission to revolutionize India’s supply chain industry.

Established in 2020 by siblings Hima and Vineel Parvataneni, the company emerged with a mission to address the pressing challenges within the supply chain industry. Given the fragmented nature of the ecosystem, supply chain costs loom large, accounting for 14% of GDP. Additionally, there is a notable lack of transparency concerning both goods and associated expenses.

This urgent challenge fueled the inception of Navata SCS. Adopting a comprehensive, customer-focused strategy, the company enhances the entirety of the supply chain, encompassing transportation, warehousing, and last-mile delivery. Leveraging technology and data-driven approaches, their goal is to revolutionize B2B logistics, offering live tracking and visibility at each stage.

Hima Parvataneni, CEO of Navata Supply Chain Solutions, said, “By aiding customers in navigating the challenges of coordinating multiple vendors, Navata SCS provides a comprehensive, single-point solution for all their supply chain requirements. Our integrated strategy is focused on minimizing overall supply chain expenses and optimizing operations. With Equanimity Ventures as our partner, we aspire to expand our last-mile and warehousing solutions, enabling more customers to efficiently reach their clientele across every corner of the country.”

Continue Exploring: JustDeliveries raises $1 Million to provide cold chain solutions for frozen food brands and restaurants

Navata has already transformed the supply chains of over 100 companies operating across various sectors including FMCG, Agro, Apparel, Electronics, and Pharma, leading to significant cost savings. NavataSCS stands out as an expert in rural delivery solutions. Leveraging their strategic hub network and collaborating with vetted local ecosystem partners, they excel in providing the shortest lead times and cost-effective rural delivery services. By harnessing AI/ML algorithms for route optimization and utilizing a combination of delivery methods, NavataSCS has effectively addressed the complex challenges associated with last-mile delivery in both urban and rural settings.

Vineel Parvataneni, the Chief Operating Officer at Navata Supply Chain Solutions, remarked, “Throughout the last four years, we’ve diligently honed and perfected our operational frameworks to guarantee smooth deliveries, particularly in rural regions. Teaming up with Equanimity Ventures, our objective is to extend our network to every corner of the nation, with the goal of empowering over 100,000 MSME logistics vendors. This expansion will facilitate us in offering comprehensive supply chain solutions on a national scale.”

Rajesh Sehgal, Managing Partner at Equanimity Ventures, highlighted, “Navata is addressing the industry’s most pressing challenge: last-mile delivery. With their extensive rural network and proficiency in modern trade, they are poised to become the preferred partner for numerous brands. Hima and Vineel demonstrate a fervent commitment to enhancing supply chain efficiencies, and we are thrilled to join forces with Navata as they embark on their journey of growth.”

Continue Exploring: Cold chain company Indicold secures Pre-Series A funding from Fundalogical Ventures

Looking ahead, the partnership with Equanimity Ventures propels Navata into its next phase of growth. This entails expanding its network to reach every corner of the country and establishing a robust base of over 100,000 vetted and reliable vendors, even at the grassroots level. Navata aims to further enhance its proprietary software, NSCS one, by consolidating supply chain data under a unified platform and leveraging AI insights to optimize operations. With a commitment to extending its mission to more customers, NavataSCS endeavors to transform their supply chains into a competitive advantage rather than a mere cost center, thus driving top-line growth.

1...537538539...1,404 Page 538 of 1,404

NewsHub