Blue Tokai Coffee in advanced talks for new raise at over $180 Million valuation

April 13, 2024

Blue Tokai Co-Founders: Shivam Shahi, Namrata Asthana, Matt Chitharanjan

Blue Tokai, the specialty coffee chain, is reportedly in advanced talks to close a new fundraise at a valuation between USD 180 – 200 million, ET reported, citing sources familiar with the matter.

Although the size of the fundraising has not been disclosed, the upcoming round is expected to more than double the company’s valuation. In January of last year, Blue Tokai secured USD 30 million in a Series B round, reportedly valuing the company at around INR 650 crore.

Queries directed at Blue Tokai went unanswered.

According to a report by The Arc, the company is in the process of raising approximately USD 40 million.

Earlier this week, 12 Flags Group, the consumer fund established by Rakesh Kapoor, former global chief of Reckitt Benckiser, announced its investment in Blue Tokai Coffee Roasters through a LinkedIn post. However, the company refrained from disclosing the size of the investment.

Continue Exploring: Rakesh Kapoor’s 12 Flags Group invests in Blue Tokai Coffee Roasters as Indian cafe market surges

Besides 12 Flags Group, the upcoming fundraise for Blue Tokai may also involve participation from its current investors. Whether a new investor will join the fray remains to be seen.

The company’s investor roster includes A91 Partners, Anicut Capital, 8i Ventures, DSP Blackrock, Negen Capital, Mauryan Capital, and White Whale Ventures. Additionally, Bollywood actor Deepika Padukone invested an undisclosed amount in the startup last year.

Continue Exploring: Bollywood star Deepika Padukone invests in specialty coffee brand Blue Tokai

Blue Tokai recorded a revenue of INR 129 crore in FY23, while reporting a loss of INR 42 crore during the same period. The coffee chain operates more than 100 outlets across Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, Chandigarh, Mohali, and Pune.

Investors have been showing keen interest in the coffee market. Recently, Subko, a specialty coffee roaster and craft bakehouse, secured USD 10 million in funding from Zerodha co-founder Nikhil Kamath, Blume Founders Fund, The Gauri Khan Family Trust, and actor John Abraham.

Continue Exploring: Subko Coffee secures INR 80 Crore in a funding round led by NKSquared

abCoffee, a food service company, successfully raised USD 3.4 million in a Series A round, with Nexus Venture Partners and Tanglin Venture Partners taking the lead.

Last year, Bengaluru-based Third Wave Coffee, another significant player in the specialty coffee industry, secured USD 35 million in funding. The investment came from private equity firm Creaegis and existing investors, including WestBridge Capital and Udaan co-founder Sujeet Kumar. This round of funding reportedly valued the firm at approximately USD 150 million.

Continue Exploring: A-Listers Spice Up Their Portfolios with Bold Bets on India’s Booming F&B Startups

Reliance Retail’s youth-centric fashion brand, Yousta, unveils its first high-street store in Mumbai

SnackTeam

April 12, 2024

Reliance Retail‘s youth-centric fashion brand, Yousta, has opened its first high street outlet in Mumbai, according to a recent update shared by a company representative on social media.

The store is located at Satyam Pride in New Panvel.

It provides trendy high-fashion items at budget-friendly rates tailored for younger consumers. Every product falls below the INR 999 mark, with most items priced under INR 499.

Continue Exploring: Yousta unveils second Pune outlet with Bollywood star Shraddha Kapoor adding glamour to the grand opening

“We are thrilled to announce the grand opening of our first high street YOUSTA store in Mumbai, which is situated in Satyam Pride, New Panvel. Discover our Exciting Thursday Collection, which features weekly new arrivals. Come check out our new store’, Reliance Retail’s Property Acquisition Manager, Amit Kumar Rout, wrote on LinkedIn.

Yousta recently unveiled its second store in Pune, situated at Phoenix Marketcity, Viman Nagar.

In August 2023, Reliance Retail introduced its youth-centric fashion label, Yousta, inaugurating its first store at Sarath City Mall in Hyderabad. Presently, the brand boasts over 19 outlets spanning 15 states nationwide.

Continue Exploring: Reliance Retail’s Lee Cooper enters women’s footwear segment

Coca-Cola launches new lightweight PET bottles across U.S. and Canada

SnackTeam

April 12, 2024

The Coca-Cola Company is introducing newly designed, lighter PET bottles across its range of sparkling beverages in the U.S. and Canada, demonstrating a broader dedication to fostering a circular economy for its packaging.

For the first time in a decade, the 12-, 16.9-, and 20-ounce bottles of Coca-Cola, Sprite, and Fanta, alongside Minute Maid Refreshments and Minute Maid Aguas Frescas, showcase fresh designs that demand reduced raw materials for manufacturing.

Alejandro Santamaria, Senior Director for Global Packaging Development and Innovation, stated, “We’ve been continuously refining the weight of our bottles, gradually decreasing from 27 to 21 grams over the past decade. However, our previous designs had reached their minimum weight. Our recent advancements in modeling technology have enabled us to further reduce the weight of our bottles to 18.5 grams, marking a significant stride in minimizing material usage while maintaining the durability, functionality, and, crucially, the quality and taste integrity of our beverages.”

Continue Exploring: Coca-Cola trials labelless Sprite bottles in UK as a step towards eco-friendly packaging

PET bottles are crafted by injecting heated liquid resin into tube-shaped “preforms,” which are subsequently expanded into bottle molds to achieve their desired final shape.

Santamaria elaborates, emphasizing the importance of identifying the optimal preform design and bottle shape features to enable lightweighting without sacrificing quality. He highlights that these designs are applicable to both virgin and 100% recycled plastic bottles (excluding cap and label). He underscores the significance of this process, particularly for sparkling beverages, where maintaining precise carbonation levels upon opening is crucial to preserving taste.

The new bottles, slated for gradual introduction across the United States and Canada in 2024, promise significant sustainability benefits for The Coca-Cola Company and its bottling partners. This transition is forecasted to slash the use of new plastic by roughly 800 million bottles in 2025 compared to 2024. Additionally, the shift in packaging is estimated to curtail carbon emissions in 2025 by an amount equivalent to removing over 17,000 cars from the road for one year compared to 2024.

This initiative aligns with the company’s World Without Waste objectives, aiming to ensure that all packaging is recyclable by 2025, incorporate 50% recycled content by 2030, achieve a one-to-one collection ratio of bottles or cans for each one produced by 2030, and diminish the use of virgin plastic sourced from nonrenewable origins. These collective efforts foster a circular economy for packaging materials, thereby curtailing waste and emissions.

Continue Exploring: Coca-Cola bottler SLMG Beverages set to invest INR 100 Crore in sustainable solutions this year

Currently, testing is in progress to explore the feasibility of implementing the new lightweight designs for larger multi-serve 2-liter and 24-oz. PET bottles. Moreover, a considerable portion of the Coca-Cola North America’s range of still beverages, encompassing sports drinks, enhanced waters, and teas, will shift from hot fill to aseptic processing. This transition involves filling beverages into pre-sterilized containers, resulting in reduced plastic usage and energy consumption.

Santamaria concluded, “We deliberately began with our top-selling SKUs, and we are leaving no stone unturned in our efforts to minimize the amount of PET material used per package.”

Sleepyhead enters offline retail market with debut store in Karnataka

SnackTeam

April 12, 2024

Sleepyhead, the direct-to-consumer (D2C) brand specializing in sleep solutions, has launched its first brick-and-mortar retail store in India. Situated in Banaswadi, Karnataka, this marks Sleepyhead’s entry into offline retail.

The new store offers a variety of sleep products, such as mattresses, pillows, bedding accessories, alongside a selection of sofas, recliners, and storage solutions tailored for living spaces.

“Our expansion into the offline realm with our inaugural store signifies a significant milestone in Sleepyhead’s brand evolution. While e-commerce has played a vital role in connecting with our predominantly youthful consumer base nationwide, our physical presence provides a distinctive avenue for direct engagement with our brand,” stated Sridhar Balakrishnan, CEO of Duroflex Group.

Continue Exploring: The Sleep Company launches second tranche of INR 2.4 Cr ESOP buyback program

He further added, “By merging the convenience of online shopping with the hands-on experience of in-store exploration, our goal is to offer customers a fully immersive shopping journey, ensuring they discover the ideal sleep solution customized to their requirements.”

The store showcases interactive displays and offers personalized assistance from sleep experts, complemented by promotional activities and events.

Established in 2017, Sleepyhead, headquartered in Bengaluru, operates as a subsidiary of the mattress brand Duroflex.

Continue Exploring: IKEA eyes major investment boost in India as it explores next phase of funding and expansion plans

Reliance Retail’s upscale fashion chain Azorte expands Bengaluru footprint with new store launch

SnackTeam

April 12, 2024

Reliance Retail‘s upscale fashion and lifestyle chain, Azorte, has unveiled its second outlet in Bengaluru, as announced in a social media post by a company representative. The new store occupies a spacious 19,000 square feet at Phoenix Mall of Asia, Hebbal.

“On the auspicious occasion of the Ugadi festival, Azorte, India’s premier fashion neostore, returns to Bengaluru with its second store at Phoenix Mall of Asia,” stated Rakesh Jallipally, Azorte’s business head, in a LinkedIn post on Thursday.

The technologically advanced store caters to the fashion and lifestyle needs of women, men, and children. It includes intelligent fitting rooms, self-service checkout kiosks, interactive displays, and mobile scan-and-pay capabilities.

Continue Exploring: Reliance Retail’s Tira brand steps into beauty accessories market with ‘Tira Tools’

Azorte was launched in September 2022 by Reliance Retail, with its first physical store in Bengaluru. The brand currently operates 13 retail outlets across the country, such as Mumbai, Hyderabad, Gurugram, Delhi, Ahmedabad, Bengaluru, & Pune.

The retail behemoth is also pursuing an aggressive expansion strategy for Azorte, with ambitions to open as many as 250 stores within the next two to three years.

Reliance Retail, the retail company of Reliance Industries Ltd., oversees a varied portfolio of fashion and leisure brands, including Reliance Trends, Avantra by Trends, Azorte & Centro. Furthermore, the company has a strong portfolio of over 50 respected worldwide brands, including Armani, Burberry, Diesel, Marks & Spencer, and Superdry, among others.

Continue Exploring: Reliance Retail unveils 12th Pret A Manger outlet in Mumbai’s historic Horniman Circle

British retail giant Tesco eyes profit surge as consumer confidence rebounds

SnackTeam

April 12, 2024

Tesco, the largest retailer in Britain, projected a continued increase in profits, attributing it to early indications of enhanced consumer sentiment. This forecast comes after securing customers from competitors, which contributed to an 11% surge in the previous year.

CEO Ken Murphy expressed optimism for 2024, citing factors such as easing food inflation, reduced energy costs, and stable employment levels as reasons for his positive outlook.

On Wednesday, he informed reporters, “while acknowledging considerable uncertainty, I observe a gradual enhancement in customer sentiment, and I’m confident about the robust state of our business.”

His remarks echoed recent survey findings indicating a mitigation of Britain’s two-year cost of living crisis. The data suggests a growing confidence among UK consumers regarding their financial prospects, with fewer individuals facing difficulties in paying their bills compared to the previous year.

Continue Exploring: Supermarket giants Tesco, Woolworths, and Shoprite launch $125 Million venture fund for retail innovation

The supermarket chain, commanding a 27.3% share of Britain’s grocery market, saw a 40 basis points increase over the previous year. It anticipates its retail adjusted operating profit, a crucial profitability metric, to reach “at least” £2.8 billion ($3.55 billion) for the fiscal year 2024/25.

In the fiscal year ending on February 24, 2024, it generated £2.76 billion, slightly surpassing the guidance of £2.75 billion and marking an increase from £2.49 billion in the preceding year.

Sales rose 7.4% to £61.5 billion after gasoline, VAT, sales tax, and other excise taxes were subtracted. UK like-for-like sales increased by 7.7%. An increase in volumes, or the number of products sold, which was especially noticeable in the second half of the period, supported this expansion.

Tesco’s shares rose by 3.8%, extending year-on-year gains to 12%.

“Customers are progressively choosing to shop at Tesco, as demonstrated by our growing market share, driven by their positive response to the enhancements we’ve implemented in both the value as well as the quality of our products,” Murphy said.

He emphasized the acquisition of customers from high-end retailers, noting that sales of the Tesco Finest brand surged by 15.7% during the year, surpassing £2 billion.

He mentioned that UK consumers continued to prioritize saving money by opting for home-cooked meals and entertaining at home instead of dining out.

Continue Exploring: Tesco responds to UK cost-of-living crisis: Shifts focus to affordable store-brand products amidst grocery inflation surge

Tesco was additionally reaping the rewards of its strategy to align prices with those of the discount chain Aldi on essential items, alongside the widespread appeal of its Clubcard loyalty program, offering discounted prices to its members.

Over the past two years, these initiatives have been funded by reducing costs within the business by £1.2 billion. An additional £500 million in savings is targeted for 2024/25.

Tesco increased its dividend by 11% and announced plans to repurchase an additional £1 billion worth of shares within the next year.

A top 40 investor in Tesco commented, “Maintaining robust investments in the business while distributing the remaining cash to shareholders appears to be a very prudent approach.”

MS Dhoni teams up with Explosive Whey to revolutionize fitness supplementation

SnackTeam

April 12, 2024

Explosive Whey, a meticulously curated brand tailored to cater to the dynamic requirements of fitness enthusiasts, athletes, and health-conscious individuals, has unveiled its official debut. Backed and supported by the renowned figure Mahendra Singh Dhoni, this brand endeavors to redefine the market with its top-tier offerings.

Established by Indian Cricketer Kedar Jadhav, along with Mandar Bhandari and Rishikesh Hande, Explosive Whey encapsulates the spirit of velocity and power. Embodied by a lion in its emblem, echoing the motto “Rule with Strength.”

Explosive Whey has garnered the prestigious certification from Informed Sports, assuring stringent testing for banned substances. This accreditation is highly regarded by professional athletes and endorsed by the World Anti-Doping Agency (WADA).

Continue Exploring: Majority of protein powders in India fall short on label accuracy and safety standards, reveals study

Kedar Jadhav emphasizes, “Explosive Whey transcends mere supplementation; it embodies our unwavering commitment to aiding athletes in attaining their fitness objectives. Our collaboration with Mahi Bhai, who embodies not only a shareholder and mentor but also an avid consumer, further strengthens our brand endorsement.”

Along with other premium-quality sports supplements, Explosive Whey sells a variety of goods, including the Elite Series Whey Protein and the Athlete Series Whey Protein. Adding his enthusiasm to the brand, MS Dhoni stated, “As an athlete committed to achieving peak performance & fitness, I’m delighted to be part of the Explosive Whey community.”

Mandar Bhandari, the Founder and CEO, provided insights into the genesis of the brand, explaining, “The concept of Explosive Whey stemmed from the lack of high-quality supplements catering to athletes in India. Having experienced the challenges as an athlete firsthand, I understood the impact of inadequate nutrition on performance and recovery.”

Vikas Hasija, overseeing partnerships and investments for MSD, expressed his fervent endorsement of the brand, saying, “Explosive Whey is a product personally endorsed by MSD sir, making our investment in it both natural and strategic. With its Informed Sports certification, Explosive Whey is committed to providing athletes with premium resources for protein, hydration, and more, enabling them to reach peak performance.”

Shankar Basu, Former Strength and Conditioning Coach of the Indian National Cricket Team, endorsed the effectiveness of Explosive Whey, affirming, “I have integrated Explosive Whey into my personal routine and that of my clients for over a year and a half. The outcomes have been remarkable – consistent absence of bloating coupled with evident muscle mass gains.”

Continue Exploring: FSSAI to introduce stricter regulations for nutraceuticals and health supplements amid rising concerns over non-compliant products

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

SnackTeam

April 12, 2024

On Friday, tobacco manufacturer Godfrey Phillips India Ltd announced its decision to discontinue its retail business division, 24Seven, due to a negative net worth as of March 31, 2023, following incurred losses.

Godfrey Phillips informed the exchanges that, after carefully evaluating the performance of their retail business division, operating as “24Seven,” and taking into account stakeholder feedback, the division’s performance since its inception, current market conditions in the retail sector, and the company’s long-term business strategy, the Board of Directors has decided to discontinue the operations of the Retail Business Division.

It further added that the exit would be subject to the completion of the necessary formalities.

Additionally, as per the company’s filing, the revenue generated from operations for the retail business in FY23 amounted to INR 396 crore, constituting approximately 9.3 percent of the total revenue from operations for both the Company and the retail division.

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

As of December 2023, the retail chain 24Seven, owned by the KK Modi Group firm, was managing 150 stores.

At 24Seven stores, customers can find groceries for daily needs, ready-to-eat meals, beverages, cosmetics, personal hygiene products, music and movies, as well as magazines.

Moreover, it provides various services including bill payments, mobile phone recharges, movie ticket purchases, instant photo printing, as well as domestic and international courier services.

Godfrey Phillips India serves as the flagship business of Modi Enterprises, specializing in the production of renowned cigarette brands such as Tipper, Cavanders, Red & White, Four Square, and North Pole. Additionally, the company manufactures and markets the Marlboro brand under license from Philip Morris.

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

FMCG and dairy giants prepare for summer surge: PepsiCo and Coca-Cola ramp up production as heatwave looms, Dabur and Havmor expand capacity

SnackTeam

April 12, 2024

PepsiCo and Coca-Cola — (Representative Image)

As temperatures steadily climb and the onset of a heatwave looms, FMCG and dairy companies specializing in cola-based fizzy drinks, juices, mineral water, ice creams, and milk-based beverages are bracing for a surge in sales. They have significantly increased production and bolstered their inventories to cater to the expected uptick in consumer demand. Executives from beverage & ice cream companies mentioned that they are launching new products to keep up with changing consumer tastes. For the upcoming season, they are also heavily investing on distribution channel expansion and promotions.

PepsiCo, a leading player in the beverage industry, expressed that the summer months inherently present the most opportune season for its product category. The company remains “optimistic” that its array of brands will continue to captivate consumers throughout this period.

The corporation, which boasts a portfolio including brands like Pepsi, 7up, Mirinda, Mountain Dew, Slice, Gatorade, and Tropicana, has initiated campaigns featuring prominent personalities such as Ranbir Kapoor, Rashmika Mandanna, Hrithik Roshan, Mahesh Babu, Kiara Advani, and Nayanthara to attract consumers.

“We’re thrilled about our high-energy 2024 summer campaigns, launched throughout March and April. Our initial assessment indicates that consumers are responding extremely positively to all our initiatives,” shared a spokesperson from PepsiCo India.

Continue Exploring: From scoops to sundaes: Ice cream sales set to soar 15-20% this summer

Dabur India, a leading FMCG company, anticipates that a more robust and extended summer season will benefit its summer-focused products, especially its range of beverages and glucose offerings.

“We’ve commenced stocking inventory for this purpose, both at the retail and stockist levels,” stated Anshul Gupta, Head of Sales at Dabur India Ltd.

In anticipation of summer demand, Dabur has increased capacity at its beverage plant located in Pantnagar, Uttarakhand.

“Additionally, we’ve set up a new facility in Indore for beverages & another one in Jammu for aerated fruit beverages to meet the growing demand during the summer,” he stated.

Coca-Cola India stated that it remains keenly attentive to market dynamics and evolving consumer preferences, and is accordingly increasing its production capacity.

“Ahead of the summer season, we’re implementing a segmented approach and strategically enhancing distribution to maintain strong connections with our consumers and fully embrace this seasonal period,” remarked a spokesperson from Coca-Cola India.

The India Meteorological Department (IMD) forecasts extended periods of heat waves this summer, particularly from April through June.

Havmor Ice Cream, now under the ownership of South Korean confectionery company LOTTE Wellfood Co, has noted forecasts indicating that this year is expected to be one of the warmest, similar to the previous year. The company anticipates the continued momentum in the category.

Komal Anand, Managing Director of Havmor Ice Cream, said, “We have increased production capacity at our current factories to meet the rising demand and will be prepared to fulfil additional demand with the launch of our new factory in Pune, planned for July-August 2024.”

The company intends to unveil 12 new flavors throughout the season.

Continue Exploring: Havmor Ice Cream unveils exciting new flavors ahead of summer, including Korean-inspired treats

Furthermore, Anand stated, “Given the prevailing K-wave trend among consumers, we are also broadening the LOTTE range by introducing new Korean-inspired products in the forthcoming months.”

Meanwhile, a prominent milk supplier in Delhi-NCR is set to unveil 30 new products this summer, primarily focusing on the ice cream and yogurt segments, in anticipation of a 25-30 percent surge in consumer demand.

“Given the India Meteorological Department’s forecast of above-normal temperatures and a hot summer this year, we anticipate a significant increase in demand for these categories,” remarked Manish Bandlish, Managing Director of Mother Dairy Fruits and Vegetables Pvt Ltd, last month.

Meanwhile, Baskin Robbins India stated that amid increasing demand for premium and distinctive ice cream products and rising temperatures nationwide, the company is aptly positioned to fulfill consumer expectations throughout the season.

“Our strategic innovations, along with the addition of the new plant, have allowed us to elevate our position in customer preferences. This strategy will enable us to introduce not only new seasonal flavors but also unveil several exciting new formats that are perfect for snacking,” stated Mohit Khattar, CEO of Graviss Foods, the master franchise holder for Baskin Robbins in South Asia.

Continue Exploring: Baskin Robbins expands beyond ice cream: Introduces all-day snacking options and new flavors for summer

German home appliances maker BSH Hausgeräte GmbH sees India as second-largest emerging market, anticipates double-digit growth

SnackTeam

April 12, 2024

India ranks as the second-largest emerging market for BSH Hausgeräte GmbH, the German home appliances manufacturer, according to Rudolf Klotscher, the company’s global chief of sales and services. Klotscher emphasized India’s importance as a “huge focus” country, alongside Turkey.

The Euro 14.8-billion company, renowned for its Bosch and Siemens brands of refrigerators, dishwashers, and kitchen appliances, has experienced double-digit growth in India across various categories, including built-in appliances and dishwashers, amidst the country’s 7-8% market expansion. While Rudolf Klotscher didn’t disclose specific revenue figures or the company’s overall revenue growth in India, he underscored the notable performance in these segments.

Klotscher, speaking on the sidelines of BSH’s annual global press event conducted virtually on Thursday, highlighted the immense future potential in India, citing its vast population of 1.4 billion as a significant market opportunity.

“In 2024, we anticipate a double-digit growth compared to 2023 for India. While the Indian market is expanding at around 7-8%, BSH aims to achieve double-digit growth figures in the coming years,” he remarked.

Continue Exploring: India’s food processing sector set to reach $535 Billion by 2025-26

BSH reported a 2.2% decrease in turnover for its emerging markets region in 2023, which encompasses India. However, excluding the company’s exit from the Russian market, there would have been a slight turnover increase in emerging markets, largely propelled by Turkey.

Klotscher noted a significant surge in demand for luxury appliances in India, particularly dishwashers and built-in cooking ranges. With only 0.3% of Indian households owning dishwashers, the category witnessed an impressive 18% growth in 2023. Additionally, premium built-in cooking appliances experienced an 11% year-on-year growth, while the small appliances sector also saw a notable 12% year-on-year increase in 2023.

BSH manufactures cooling appliances and washing machines at its facility near Chennai, while also operating a development center in Bangalore. Notably, this center has specifically engineered cookers tailored for the Indian market.

“We have colleagues dedicated to crafting appliances customized for the Indian market. Additionally, we maintain numerous sales offices to engage and inspire our consumers in India. These efforts underscore the significance of the Indian market for us,” remarked Klotscher.

Continue Exploring: Marriott International sees India as a ‘shining star’ for growth with plans to expand to 250 hotels in next five years

The global management of BSH predicted in 2022 that by 2025, the company’s operations in India would generate half a billion euros in sales.

During the press conference, Matthias Metz, the global chief executive, emphasized BSH’s commitment to sustained growth across all regions. He stated that the company is actively broadening its footprint in local markets and striving to introduce market-specific product innovations to ensure ongoing success.

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