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

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Priyanka Salot and Harshil Salot, Co-Founders, The Sleep Company
Priyanka Salot and Harshil Salot, Co-Founders, The Sleep Company

The Sleep Company, a startup specializing in sleep solutions, has initiated the second phase of its employee stock ownership plan (ESOP) buyback program for its staff members.

The company announced that the ongoing buyback, valued at INR 2.4 Cr, will benefit 105 employees, with 50% of them being female staff members.

Last year, Mumbai-based The Sleep Company launched the initial phase of its ESOP program valued at INR 83.47 Lakh, benefiting approximately 62 employees.

The new buyback will offer benefits to employees ranging from junior executives to senior leadership across all departments and teams.

Continue Exploring: D2C menswear brand XYXX launches first-ever ESOP buyback program for employees

“We genuinely think that each worker should be compensated for their contributions to the expansion and prosperity of the business. As a result, under the present model, every employee will get the same amount of ESOP. Priyanka Salot, co-founder of The Sleep firm, said, “With the second round of this programme, we are pleased to be the sole business offering two rounds of ESOPs within the first four years of operation.”

Established in 2019 by Priyanka Salot and Harshil Salot, The Sleep Company is a comfort-tech startup that provides smart mattresses, chairs, comforters, recliner beds, and pillows, all powered by its patented SmartGRID technology. The company aims to enhance consumers’ sleeping and sitting experiences.

Initially starting with a strictly direct-to-consumer (D2C) and online-only approach, The Sleep Company has now shifted to an omnichannel model and operates over 75 brick-and-mortar stores in cities including Bengaluru, Hyderabad, Chennai, Mumbai, Pune, Delhi, and Ahmedabad, among others.

To strengthen its foothold in tier I and II markets, the company aims to expand to more than 150 stores by the end of 2024. As part of its growth strategy, The Sleep Company also plans to onboard over 500 employees by the end of the year.

Within the next two years, the company aims to expand internationally and achieve a valuation of INR 1K Cr.

The Sleep Company experienced a 2.6X increase in its revenue over the past 12 months, generating sales of INR 130 Cr in 2023.

In 2022, The Sleep Company secured INR 177 Cr in its Series B funding round, led by Premji Invest. The equity round also included contributions from Alteria Capital and existing investor Fireside Venture.

In 2023, the company additionally secured INR 184 Cr in its Series C funding round, with Premji Invest and Fireside Venture taking the lead.

Continue Exploring: The Sleep Company raises $22.1M in Series C funding for rapid expansion & innovation

The Sleep Company competes with brands such as Wakefit, Sunday Mattresses, Sleepsia, Sleepyhead, and SleepyCat, among others.

According to a report, as of 2022, India’s sleep solutions and mattress market was estimated to be worth approximately $2.5 billion (around INR 20,000 Cr).

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Food and Beverage industry shifts away from plastic packaging: Tetra Pak study reveals growing commitment to sustainability

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Plastic food
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In the current landscape, Food and Beverage (F&B) enterprises are strategically moving away from plastic as their preferred packaging material. Recent studies have revealed that three of the top five commitments made by industry leaders to tackle sustainability concerns involve minimizing plastic usage. Tetra Pak‘s research explored the attitudes of F&B manufacturers towards sustainability, both presently and projected over the next five years.

Half of the surveyed businesses identified consumer demand as the primary driver for adopting new sustainable solutions in the manufacturing and processing sectors. This aligns with findings from a separate Tetra Pak consumer study on packaging. The study revealed that nearly three-quarters of respondents (74%) would be more inclined to purchase if a brand discussed environmental issues. Additionally, 42% believe that an “environmentally friendly package” justifies a higher price. These insights offer a compelling argument for the industry to embrace a business model that minimizes environmental impact.

Seventy-seven percent of businesses indicated a readiness to make cost-related sacrifices to implement sustainable manufacturing and processing solutions, even amid ongoing macro-economic challenges in the industry. This perspective aligns with the outcomes of COP28, where numerous private sector stakeholders pledged to sustainability goals and initiatives. This includes Tetra Pak’s proactive approach to transforming food systems.

Continue Exploring: Amcor and Mondelēz International collaborate to introduce recycled plastic packaging for Cadbury Chocolate products

The business community’s attention to environmental impact appears to be reaching a critical juncture, with an anticipated 10% surge in urgency to adopt practices that decarbonize the world’s food systems over the next five years, increasing from 49% to 59%. When queried about the ways packaging and processing suppliers can contribute, 65% of companies emphasized the significance of new product developments, underscoring the pivotal role of innovation in our global efforts to combat climate change.

Gilles Tisserand, Vice President of Climate & Biodiversity at Tetra Pak, remarked, “The food and beverage industry stands at a pivotal juncture, reassessing its business practices to confront the climate crisis and adapt to the resultant challenges in operations and solutions. Companies are seeking support from suppliers to excel in an ever-competitive market, and we are dedicated to doing our part. We will continue to drive innovation by advancing research, fostering collaborative ecosystems, and enhancing our product offerings.”

Additionally, Gilles Tisserand stated, “Our innovation strategy is guided by principles of renewability and recyclability, prioritizing the decarbonization and circularity of materials to meet the demand for sustainable food packaging. Consumer preferences, such as the recognition of cartons as the most ‘environmentally friendly’ beverage packaging and plastic as the least, validate our approach. The fact that we saw a 46% increase in sales of packages made with plant-based polymers in 2023 compared to 2021 further demonstrates the industry’s commitment to change.”

Continue Exploring: Kellanova steps up sustainability efforts with major reduction in plastic packaging

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Flipkart Internet receives INR 1,421 Cr in funding from Singapore-based parent

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Flipkart
Flipkart

Flipkart Internet, the e-commerce subsidiary of the Walmart-backed company, has received INR 1,421 Cr (approximately $170 Mn) through an internal fund transfer from its Singapore-based parent.

According to RoC filings, the transfer occurred in two installments: one on March 23 and another on April 6.

This marks the second significant capital injection from the Singapore-based entity into Flipkart Internet. Just last month, Flipkart Internet received approximately INR 924 Cr ($111 Mn). In 2024 so far, Flipkart Internet has garnered around $282 million from its affiliated Singapore entities.

Continue Exploring: Flipkart Internet receives INR 924 Crore cash infusion from Singapore entities

Earlier reports indicated that Flipkart was exploring a new funding round of $1 billion, with Walmart pledging $600 million. This anticipated injection is expected to value Flipkart at approximately 5-10% higher than its previous valuation of $33 billion.

With this funding, Flipkart India has now received a total of $281 million in investments. The leading e-commerce platform has recently been focusing on expanding its range of offerings.

The recent development closely follows Flipkart’s plans to enter the quick-commerce sector. In the initial stages of the launch, the company was reportedly aiming to roll out its services in at least a dozen cities.

Continue Exploring: Flipkart challenges Zepto and Blinkit with quick commerce expansion

Media reports indicate that Flipkart is also opening dark stores in a number of cities, including Hyderabad, Bengaluru, and Delhi-NCR.

Recently, the company has broadened its travel services by introducing a bus booking feature on its app. To facilitate this, Flipkart has partnered with several state transport corporations and private aggregators. With this new offering, Flipkart will offer customers access to 10 lakh bus connections, spanning over 25,000 routes across India.

Continue Exploring: Flipkart expands portfolio with nationwide bus booking services, introduces 25,000 routes across India

However, despite these developments, the e-commerce giant experienced a decrease in its valuation by $5 billion (INR 41,432 Cr) as of January 2024 compared to January 2022, according to equity transactions by its US parent company, Walmart.

The company attributed this decline to the demerger of the fintech firm PhonePe into a standalone entity.

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Simpl eyes 100 Million checkouts on Zepto by 2026 with new integration strategy

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Simpl Zepto

Simpl, a Bengaluru-based one-tap checkout network, aims to boost its checkouts on the quick-commerce platform Zepto to 100 million by 2026.

Simpl aims to achieve this goal by integrating its industry-first instant checkout on Zepto Pass, thereby enhancing the experience for millions of customers across the country.

Zepto Pass, launched on February 29th, is a loyalty program developed by Zepto in collaboration with Simpl.

“The partnership between Zepto and Simpl is inherently synergistic, simplifying consumers’ lives with a unique blend of online grocery khata, one-tap checkout, and 10-minute deliveries,” stated Aadit Palicha, co-founder and CEO of Zepto.

Continue Exploring: Zomato strengthens user experience by integrating Simpl’s 1-Tap Checkout across platforms

The initiative is designed to replicate the seamless experience of shopping at an offline kirana store for consumers, allowing them to access their necessities and settle all their bills at once.

Nitya Sharma, founder and CEO of Simpl, commented on the partnership’s expansion, stating, “Being a longstanding partner of Zepto, we’ve served as a preferred checkout solution for millions of their customers. We’re thrilled to augment the khata experience on their newly introduced Zepto Pass. The fusion of quick commerce’s rapid deliveries with online khata will elevate convenience for customers and draw more into the quick commerce ecosystem.”

Since its partnership with Zepto in January 2022, Simpl has recorded over 13 million checkouts up to now.

Continue Exploring: Swiggy partners with Simpl to elevate checkout experience with 1-Tap ordering

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CYK Hospitalities facilitates Sassy Desserts’ first store opening in Panipat

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Sassy Desserts
Sassy Desserts

CYK Hospitalities Pvt. Ltd, a prominent F&B consultancy in India, has recently played a pivotal role in establishing Sassy Desserts in the heart of Panipat. Sassy Desserts emerges as a fresh and captivating sweet destination, enticing locals with its creative menu and steadfast commitment to culinary excellence. It offers a delightful blend of flavors and innovative offerings.

CYK Hospitalities has been instrumental in the development of Sassy Desserts, offering a comprehensive range of services such as graphic design, branding, business planning, operational planning, menu development, chef recruitment, and the creation of standard operating procedures (SOPs).

CYK has been the catalyst for the successful launch of Sassy Desserts. Pulkit Arora and Simranjeet Singh, serving as Directors of CYK Hospitalities, along with their skilled team, have spearheaded this endeavor, ensuring that every facet of the Sassy Desserts brand reflects an unwavering dedication to excellence.

Continue Exploring: CYK Hospitalities spearheads the expansion of My Bar Headquarters into Agra

Pulkit Arora, Director of CYK Hospitalities, commented, “We have worked closely with the Sassy team to ensure that their brand embodies passion and commitment in every aspect, from graphic design and packaging to brand identity and store operations.”

Sassy Desserts offers a diverse menu designed to appeal to a broad spectrum of tastes and preferences. It features internationally inspired treats such as churros and bubble pop stick waffles, adding an international touch to Panipat’s dessert scene. However, Sassy Desserts is not limited to just churros and waffles. The menu offers a delightful variety of options, including waffles, crepes, mini pancakes, and ice cream sundaes, catering to a range of palates.

Sharing his enthusiasm upon the successful completion of the project, Simranjeet Singh, Director of CYK Hospitalities, commented, “Our partnership with Sassy Desserts has been extremely fulfilling. From crafting innovative dessert selections to ensuring smooth operations through detailed planning, our collaboration has established a new benchmark in dessert experiences. At Sassy Desserts, each item on the menu embodies a harmonious blend of creativity and practicality, captivating customers with delightful flavors and unforgettable experiences.”

Led by Vedant Hasija, Director of Sassy Desserts, the establishment strives to infuse a touch of sweetness and creativity into the community. “We aimed to introduce something truly unique to Panipat, catering to a variety of tastes. Whether you’re craving a refreshing cold coffee or a creamy shake, we have something to meet every desire. With CYK’s expertise and our mutual dedication to innovation, we’ve successfully introduced exciting new flavors and concepts that have captured the imagination of our customers,” expressed Hasija.

Continue Exploring: CYK Hospitalities spearheads launch of Nagari restaurant, elevating Agra’s culinary scene

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Cargill partners with Voyage Foods to introduce sustainable cocoa-free confectionery options globally

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Cargill

As global demand for sustainable confectionery products grows, Cargill recently announced a new commercial agreement with Voyage Foods to scale up & deliver tasty, nutritious, and, most importantly, sustainable alternatives to cocoa-based products, as well as nut spreads without traditional ingredients – peanuts and hazelnuts.

Cargill is set to become the sole global B2B distributor for Voyage Foods, broadening its conventional chocolate range to introduce more sustainable alternatives for cocoa-based products to its clientele for the first time. These cocoa-free confectionery options will be integrated into recipe formulations for sectors like bakery, ice cream, and confectionery. This expansion will enhance and diversify Cargill’s existing chocolate portfolio, offering a wider array of solutions that are vegan-friendly, label-conscious, and formulated without the use of nuts or dairy allergens.

“Cargill is delighted to collaborate with Voyage Foods, investing in the future of increasingly sustainable food solutions. We aim to be the primary source of inspiration and growth for our customers, establishing new benchmarks for innovation and partnership. To achieve this, we are proactively identifying upcoming trends, concentrating on dynamic, high-value categories like ice cream, sweet bakery, and chocolate confectionery,” says Inge Demeyere, Managing Director of Bakery, Ice Cream, and Chocolate Confectionery for Europe at Cargill.

Continue Exploring: Cargill Meats set to diversify product offerings in Thailand with high-protein snacks

Inge Demeyere further remarks, “Complementing Cargill’s conventional chocolate offerings, alternatives to cocoa-based products are a valuable addition. This collaboration exemplifies our commitment to future-proofing our portfolio, aligning with consumer preferences, and adhering to market regulations by offering increasingly sustainable options.”

Voyage Foods employs its unique technology to mimic the chocolate flavor in products and applications that consumers are familiar with and adore.

“Using culinary innovation to address concerns about the health of people and the environment has always been a goal for Voyage Foods. Getting our potent ingredients into the hands of food product manufacturers and brands worldwide is the greatest way to accomplish this. Collaborating with Cargill, a preeminent leader in the food industry for more than a century, is the optimal approach towards expanding these solutions worldwide. That way, food manufacturers can expand their product line to include spreads and cocoa-free chocolates that are created without using any nuts or dairy. Chief Executive Officer and Founder of Voyage Foods, Adam Maxwell, states, “Together, we are growing our positive impact on nature and people.”

Continue Exploring: Nestle collaborates with suppliers to foster cocoa farming sustainability

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The Beer Café continues Mumbai expansion with two new chic outlets

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The Beer Café
The Beer Café

The Beer Café has launched two new outlets in Mumbai: one at Phoenix Market City, Kurla, and the other at Growel’s 101 Mall, Kandivali. Embracing a distinctive concept, these cafes seamlessly merge the enduring charm of beer with the inviting ambiance of a café, offering a delightful fusion of craft beers, scenic surroundings, and an eclectic global cuisine. With these additions, the brand’s presence in Mumbai now extends to a total of seven outlets.

Rahul Singh, Founder and CEO, said, “Guest satisfaction stands as the cornerstone of our brand’s ethos. We are committed to ensuring that every guest departs with an unforgettable experience filled with delight. This dedication has been integral to our operations for over a decade, where we have consistently delivered on our promise to offer refreshing, chilled beer suitable for every budget and occasion.”

Continue Exploring: Sinq Beverages targets Uttar Pradesh market with the launch of Bad Monkey Beer

Rugged elements like concrete, metallic accents, & industrial materials are used in the decor, which has an overall rustic tone. The area exudes an industrial charm, enhanced by the industrial fixtures and distressed wood that provide a cosy yet homely feel. Pops of vivid colours give a little personality while the neutral tones create a calming atmosphere.

Sleek leather sofas provide a comfortable lounging space, while exposed ceilings and a wooden ceiling add to the industrial style. The living room becomes alive with the addition of hanging vines and plants that provide a breath of fresh air against the stark backdrop.

The brand is planning further expansion with the goal of bringing its signature style to new locations.

Continue Exploring: From April 2024, beer shops in Uttar Pradesh can apply for licenses for dedicated drinking zones

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Malabar Gold & Diamonds surpasses INR 50,000 Crore turnover in FY24; plans expansion with 100 new stores

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Malabar Gold & Diamonds
Malabar Gold & Diamonds

Malabar Gold & Diamonds, a prominent jewellery conglomerate, has surpassed an annual retail global turnover of INR 51,218 crore in the last financial year, as announced in a recent media release.

Additionally, the company plans to launch 100 new stores in the coming year and intends to expand its current workforce of 21,000 by adding 7,000 new employees, underscoring its dedication to inclusive growth.

With a strategic expansion plan targeting both domestic and international markets, the brand seeks to strengthen its position as a global leader. In addition to its existing operations in India, Malabar Gold & Diamonds plans to venture into new states including Jharkhand, Goa, Assam, Tripura, and Jammu & Kashmir.

Continue Exploring: Malabar Gold, Titan, and 4 other Indian brands secure spots in global top 100 luxury goods makers list

At present, the company runs 345 stores spanning 13 countries. Moreover, it intends to broaden its presence by inaugurating new stores in New Zealand, Egypt, Bangladesh, and several locations across Europe.

MP Ahammed, Chairman of Malabar Group, underscored the company’s commitment to responsible practices, saying, “Maintaining our status as a Responsible Jeweler is our top priority. We are committed to responsibly sourcing our materials and making a positive impact on the communities we operate in.”

The company runs 14 supply chain management units in 8 countries and operates 15 jewellery manufacturing units in 5 countries. These are complemented by design studios that feature over 25 exclusive brand collections. Additionally, the company is in the process of setting up new jewellery manufacturing facilities in several locations throughout India.

With over 15 million customers spread across 100 countries, Malabar Gold & Diamonds stands as a beacon of excellence in the global jewellery industry, driven by the philosophy of ‘Make in India, Market to the World’.

Continue Exploring: Malabar Gold & Diamonds makes landmark entry into Australian market, opens flagship showroom in Sydney

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Amazon India partners with 15,000 local stores in Bengal for festive season supplies

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Amazon
Amazon

Approximately 15,000 local stores in Bengal have partnered with Amazon India to supply fresh flowers, rangoli, and puja essentials for various new year celebrations such as Poila Baisakh, Ugadi, Gudi Padwa, Bohag Bihu, and more.

Stores offering home furnishings, kitchenware, personal care items, computers, and peripherals have also collaborated with Amazon for this special occasion.

Continue Exploring: Amazon launches ‘Bazaar’ to target price-conscious shoppers with unbranded fashion & home products

The e-commerce company’s local partner stores are situated in Kolkata, Howrah, Durgapur, Nadia, Hooghly, and Kharagpur. Abhishek Jain, the head of local shops at Amazon India, mentioned that the orders will be delivered from these locations.

The festivals of Poila Baisakh, Ugadi, Gudi Padwa, Bohag Bihu, Maha Vishubha, and Sankranti are celebrated in various regions. Many of these new year celebrations are also observed in Bengal by the respective communities residing there.

Jain commented, “This year, nearly 4,700 sellers are providing approximately 60,000 festival-themed products across India on our platform. We anticipate an increase in the number of sellers on our platform.”

Continue Exploring: Amazon India’s largest seller Appario acquired by Clicktech as ecommerce giant reduces seller ownership

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

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FMCG shopping
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Supermarket giants such as Tesco, Australia’s Woolworths Group, and Africa’s largest grocery retailer, Shoprite, have joined forces to establish a $125 million venture capital fund aimed at speeding up retail innovation.

The retailers announced that their new fund, W23 Global, will invest in start-ups and scale-ups over the next five years. These investments aim to enhance consumer experiences by enabling faster, more personalized, and interconnected shopping both in-store and online.

Continue Exploring: Supermarket chain Aldi to open 35 new stores across the UK in 2024

This will encompass investments in start-ups using technology to transform the grocery value chain and tackle sustainability issues in the industry.

Each retailer, that include Ahold Delhaize as well as Empire Company, is an equal contributor & partner in W23 Global, and their CEOs will also serve on the investment committee, according to the release.

“We aim to give our investors unrivalled access to ground-breaking innovations in grocery and sustainability globally in a time when innovation is revolutionising retail and value chains across the economy,” said Ingrid Maes, CEO & Chief Investment Officer of W23 Global.

Continue Exploring: British supermarket Morrisons adopts discounters’ pricing to stay competitive

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