Agritech startup DeHaat forays into consumer market with Honest Farms brand

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April 12, 2024

Shashank Kumar, Amrendra Singh, Shyam Sundar, and Adarsh Srivastav - Co-Founders, DeHaat

Agritech startup DeHaat, backed by investors such as Peak XV Partners and Sofina Ventures, has entered the consumer market by introducing its own brand alongside its existing business-to-business supply chain and market linkage services.

This comes months after the startup completed an all-cash deal in November last year to acquire the fruit export business of Ahmedabad-based listed fruit export firm Freshtrop Fruits.

Continue Exploring: DeHaat diversifies agritech portfolio with strategic acquisition of Freshtrop Fruits’ export business

DeHaat has introduced its Honest Farms brand across various retail channels such as modern trade, quick commerce, and ecommerce platforms. The brand encompasses 200 different stock keeping units (SKUs) spanning categories like pulses, rice, and spices.

Since the brand is still relatively new, Honest Farms is now operating in stealth mode. As such, we are not actively pursuing TV advertisements or significant marketing expenses. “We are more concerned with attracting the first 100,000 customers purely on the basis of our product than we are with marketing,” DeHaat founder and CEO Shashank Kumar said.

Emails sent to DeHaat yielded no response.

Established in 2012 by Shashank Kumar, Amrendra Singh, Shyam Sundar, and Adarsh Srivastav, DeHaat, headquartered in Patna and Gurugram, provides comprehensive agricultural solutions to farmers. These solutions encompass the distribution of premium agricultural inputs, personalized farm advisory services, access to financial facilities, and connections to markets for selling their produce.

Since its establishment, the startup asserts that it has catered to more than 2 million farmers across 11 states in India via its digital network comprising over 11,000 ‘DeHaat Centers’.

Continue Exploring: Former Swiggy executive Kedar Gokhale launches agritech venture ‘Orbit Farming’ targeting mid-sized Indian farmers

The startup maintains a network of over 1,500 stock-keeping units, delivering over 15,000 orders per day to customers in more than 15 countries.

In FY22, DeHaat recorded a staggering 253% year-over-year increase in its loss, reaching INR 1,563.9 Cr. Additionally, in 2022, the startup successfully secured $60 million in Series E funding, bringing the total amount raised in the round to $106 million.

Papa John’s inks deal with Bajco Group to open 50 new restaurants across the US

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SnackTeam

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April 10, 2024

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Papa John’s International is set to expand its footprint by opening 50 more US restaurants by 2028 through a new agreement with franchisee Nadeem Bajwa and his company, the Bajco Group.

The move underscores a broader strategy aimed at bolstering the brand’s presence in key markets and is in line with the Bajco Group’s objective to own 500 Papa John’s outlets, with the group currently operating more than 200.

Bajwa expressed, “Inking this deal, my excitement mirrors that of 20 years ago when I inaugurated my initial restaurant.”

“At Papa John’s, it’s not solely about business. My team members are my family, and that’s an entirely distinct dynamic.”

Continue Exploring: Papa John’s UK to close 43 stores following business review

“I take pride in the fact that through our collaboration with Papa John’s, I’ve been able to pursue my own aspirations and witness my team members evolve from starting their first jobs to becoming leaders themselves.”

The latest agreement will facilitate the brand’s expansion into the Midwest, Arizona, Pennsylvania, and Florida.

Earlier this year, Papa John’s launched its Back to Growth (B2G) Program as part of its Back to Better 2.0 strategy, aimed at fostering growth in North America.

The program is centered around improving restaurant-level margins, providing a 600-basis point annual cost saving in restaurant profit and loss statements within the initial five years of new restaurant operations.

The initiative will notably enhance cash-on-cash returns for franchisees, increase scale for Papa John’s in strategic markets, and attract franchisees oriented towards growth.

Joe Sieve, Papa John’s Chief Restaurant Officer, remarked, “Nadeem’s journey exemplifies Papa John’s commitment to assisting franchisees in fostering mutual success.”

“Commencing his Papa John’s journey as a delivery driver, he now stands as one of the most influential advocates for the opportunities that Papa John’s offers to its team members and franchisees.”

“Nadeem’s belief in the brand and his industry expertise underscore why he is convinced that there has never been a more opportune moment to expand with Papa John’s.”

In March 2023, Papa John’s introduced its newest menu offering, the Crispy Cuppy ‘Roni, in the United States.

Continue Exploring: Snacking continues to rise: Mondelēz International’s latest report reveals global surge in consumer snacking behaviors

Casio unveils first exclusive G-SHOCK store in New Delhi

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SnackTeam

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April 10, 2024

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Casio Computer Co. Ltd, the parent company of Casio India, opened its first exclusive G-SHOCK store in New Delhi, marking the sixth addition to its exclusive store network across the country. With this latest addition, Casio & G-SHOCK now boast a total of 61 Exclusive stores across India, reaffirming the brand’s dedication to providing unmatched experiences for its customers nationwide.

Located in the vibrant Pacific Mall Subhash Nagar neighborhood, the newly established G-SHOCK Exclusive Store is poised to become a beacon of horological excellence in the capital city’s core. This exclusive G-SHOCK store guarantees an immersive encounter, committed to spotlighting the extensive product range.

Continue Exploring: Swiss luxury watch brand Breitling unveils first exclusive boutique in Chennai, eyes expansion across India

With an impressive array of G-SHOCK’s renowned men’s and women’s collections, this store serves as a sanctuary for enthusiasts of its robust elegance and meticulous craftsmanship. At the heart of the store’s offerings lie G-SHOCK’s masterpiece series, featuring the esteemed 5600 and 2100 series, alongside a carefully curated assortment of the newest releases and sought-after limited-edition watches. From durable functionality to avant-garde design, every G-SHOCK timepiece encapsulates the brand’s principles of innovation, resilience, and sophistication.

Hideki Imai, Managing Director of Casio India, expressed his excitement about the launch, stating, “We are delighted to introduce our inaugural Exclusive G-SHOCK Store in New Delhi, a city renowned for its authentic style, creative flair, and rich culture. With the unveiling of this store, we eagerly anticipate offering our latest releases and a meticulously curated selection of G-SHOCK watches to the Delhi community. With unparalleled craftsmanship and distinctive designs, G-SHOCK timepieces provide an enticing option that resonates with the dynamic preferences of today’s audience. We eagerly await welcoming our customers to our new establishment at Pacific Mall, Subhash Nagar.”

Jewellery brand Tribe Amrapali to expand retail footprint with 20th store opening in Pune

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April 10, 2024

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Tribe Amrapali, a dynamic extension of the prestigious House of Amrapali, is revolutionizing the Indian retail scene with its contemporary and budget-friendly jewellery designs. Embracing an adventurous design philosophy, the brand specializes in crafting exquisite pieces in silver, gold-plated silver, and fashion jewellery. Taking a significant leap forward, Tribe Amrapali is poised to open its 20th store in the early months of this year, marking a milestone in its journey.

Ever since its launch with an E-Store in March 2013, Tribe Amrapali has stood out as a symbol of traditional folklore infused with youthful energy. Grounded in deep cultural roots, the brand intertwines local myths into its collections, crafting a vibrant tapestry of identity and self-expression.

Tribe Amrapali’s recent expansions into prime locations such as Mumbai Airport, Hyderabad International Airport, and Ambience Mall Vasant Kunj highlight its rapid growth. The opening of their 18th store at Pacific Mall in Delhi is a testament to their increasing influence in the retail sector. Now, with their 20th store poised to launch in Pune, they are further cementing their position in the market.

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

Akanksha Arora, CEO of Tribe Amrapali, explains, “Historically, we’ve maintained a balanced 50:50 ratio between online and in-store sales, targeting the modern woman across various age groups. Our collections are diverse, mirroring our price range of INR 500 to INR 1,75,000. With the expansion of our store network, we aim to reach a broader audience of jewellery enthusiasts in India, offering them the opportunity to interact with our products firsthand. Additionally, with seven of our stores situated in airports across India, we aspire to extend our reach to more cities and countries worldwide.”

The strategic move by Tribe Amrapali to expand into airport locations resonates with its aim of reaching a wider audience, both at home and abroad. Presently, seven out of their twenty stores are located in airports across India, leveraging the rising traffic in these key hubs. Recent data highlights a significant surge in domestic footfall, with numbers more than doubling from 2014 to 2024.

Metropolitan centers such as Hyderabad, Bengaluru, Ahmedabad, and Delhi have experienced remarkable growth in airport foot traffic over the last decade, offering abundant opportunities for retail expansion. Tribe Amrapali’s establishment in these pivotal airports allows them to engage with travelers from varied backgrounds, facilitating global connectivity and interaction.

As consumer tastes evolve, Tribe Amrapali intends to add new metals and increase the variety of stones it offers. The brand hopes to establish a stronger presence in India’s major cities and make itself easily accessible to jewellery fans all over the country by overcoming geographical divides and providing a wide choice of products.

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

Radisson Blu Kaushambi delights palates with the launch of Skygrill Restaurant, featuring Lebanese and Mediterranean cuisine

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SnackTeam

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April 10, 2024

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Radisson Blu in Kaushambi has launched its latest dining experience, Skygrill Restaurant, offering a diverse selection of Lebanese and Mediterranean cuisine.

Navneet Jain, CEO of Radisson Blu, Kaushambi, expressed, “Skygrill epitomizes our dedication to providing extraordinary dining experiences that surpass expectations. With its breathtaking vistas, meticulously curated menu, and lively atmosphere, we anticipate Skygrill swiftly establishing itself as a cherished culinary hotspot in Delhi-NCR.”

Talented chefs have meticulously curated the menu, highlighting the essence of Lebanese and Mediterranean culinary heritage.

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

At Skygrill, every plate offers a flavorful excursion, featuring a variety of kebabs and expertly grilled specialties, ensuring a culinary journey like no other.

Chef Dheeraj Mathur, Cluster Executive Chef at Radisson Blu, Kaushambi, expressed, “Skygrill restaurant encapsulates the essence of Lebanese and Mediterranean cuisine, seamlessly blending traditional flavors with a modern twist. We are excited to unveil this culinary sanctuary where each dish is meticulously crafted with passion and precision, ensuring an unforgettable dining journey.”

Radisson Blu Kaushambi offers a perfect option for corporate travelers. Located a mere eight-minute drive from the Noida corporate hub, this upscale accommodation offers attentive services such as on-demand medical assistance, airport transfers, and extensive banquet facilities. Alongside these amenities, guests can enjoy contemporary conveniences like complimentary Wi-Fi and round-the-clock room service.

Continue Exploring: Actress Sunny Leone ventures into gastronomy with ‘Chica Loca’ debut

Swiggy woos high net-worth individuals with 20% discount in pre-IPO offering

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SnackTeam

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April 10, 2024

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Swiggy, the leading foodtech company, is gearing up for its IPO, with plans for its stock market launch set for after the upcoming general election. The company recently went public and has now chosen bankers to handle the IPO syndicate.

While Snackfax reported the company’s transition to a public entity and its financial performance for three quarters of FY24, wealth managers representing Swiggy are offering a pre-IPO deal to high net-worth individuals (HNIs), proposing to sell shares at a 20% discount based on its current valuation, as reported by Entrackr, citing three informed sources.

Continue Exploring: Swiggy transitions to publicly traded company ahead of $1 Billion IPO

“The company is offering shares at INR 350 each, with a valuation of INR 80,000 crore ($9.6 billion), which represents approximately a 20% discount,” said one of the sources requesting anonymity.

According to sources, Swiggy’s current valuation is approximately INR 1,00,000 crore (over $12 billion). “The minimum investment in the round is INR 25 lakh,” stated the aforementioned source.

It’s noteworthy that the US-based investor Invesco recently increased Swiggy’s valuation to $12.7 billion, signaling a positive outlook for the food tech company. This marks the second valuation increase by Invesco and the third overall for the Bengaluru-based foodtech decacorn.

Continue Exploring: Invesco marks IPO-bound Swiggy’s valuation at $12.7 Billion, up 18% from last fundraise

Queries directed to Swiggy did not receive an immediate response.

During the first three quarters of the financial year FY24, Swiggy recorded INR 5,476 crore in revenue from operations and a loss of INR 1,600 crore. In the fiscal year ending March 2023, its revenue and losses were INR 8,265 crore and INR 4,179 crore, respectively.

Meanwhile, Zomato, Swiggy’s competitor, reported revenue from operations of INR 8,552 crore in the first three quarters of FY24. Since its public debut in 2021, the company also recorded a profit of INR 178 crore during the same period. Currently, Zomato has a market cap of approximately $20.7 billion.

Continue Exploring: Zomato reports third consecutive profitable quarter with INR 138 Cr PAT in Q3 FY24

Nevertheless, Swiggy is moving forward with its IPO plans, as market sentiments seem to be turning more positive after a year characterized by a ‘funding winter’. This optimism is reflected in the recent valuation increases of several startups, including Meesho, PineLabs, FirstCry, and Ola Electric, all of which are preparing to go public either this year or early next year.

While Zomato’s impressive financial turnaround might offer some optimism to Swiggy’s investment bankers, they are likely aware that Zomato’s resurgence is largely driven by the strong performance of Blinkit, its quick delivery platform. In contrast, Swiggy’s Instamart has not performed as well in the market.

Further casting doubt on the potential for immediate profits from the IPO is the issue of cumulative losses, unlike Zomato’s situation. It appears quite likely that a successful IPO for Swiggy will be followed by at least a year or more of losses, or at best, subdued growth if it opts to minimize losses.

The current $12 billion valuation in private markets seems overly optimistic. Perhaps a more accurate reflection of the company’s value will emerge in FY26 rather than FY25, if at all.

Continue Exploring: IPO-bound Swiggy appoints Titan’s Suparna Mitra as independent director

E-commerce giant Flipkart expands grocery operations with new center in Visakhapatnam

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April 10, 2024

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Flipkart, India’s indigenous e-commerce platform, has broadened its presence by inaugurating a grocery fulfillment center in Visakhapatnam, Andhra Pradesh. This facility will provide next-day grocery delivery services to the local residents.

Drawing on its deep understanding of local consumer preferences, Flipkart will present a selected assortment of renowned regional brands like Freedom and Heritage. Additionally, the platform will offer a diverse selection of over 6,000 items spanning categories such as dairy, eggs, chocolates, essential staples, cleaning supplies, and more.

Visakhapatnam has emerged as one of India’s rapidly growing e-commerce hubs and a significant market for online groceries. Over time, the city has attracted a diverse range of consumers who prioritize convenience and value in their grocery shopping. With Flipkart’s extensive range of value-oriented products, the platform has experienced robust growth in grocery demand and daily orders from local customers. This growth has prompted the launch of its second grocery fulfillment center in the state, following the one in Vijayawada.

The new fulfillment center spans an area of 77,000 square feet and is equipped to handle 8,000 orders per day in Visakhapatnam, as well as in Anakapalle, Kakinada, Rajahmundry, Srikakulam, and Vizianagaram. This facility is expected to create nearly 1,000 direct and indirect job opportunities, while also enhancing the livelihood prospects for numerous small businesses, MSMEs, and local farmers in the region.

Continue Exploring: Flipkart expands grocery operations with fourth fulfillment center in West Bengal

Regarding the launch, Srideep Kesavan, CEO of Heritage Foods, commented, “At Heritage Foods, we highly appreciate our strong partnership with Flipkart. With its extensive distribution network, Flipkart plays a crucial role in our expansion across the country. We are committed to offering our customers a diverse range of products and packaging options for all occasions, consistently delivering the superior quality that we are renowned for.”

Rajneesh Kumar, Chief Corporate Affairs Officer at Flipkart Group, stated, “As a homegrown company with a consumer-centric approach, we are delighted to inaugurate our second grocery fulfillment center in Andhra Pradesh. The state has been a key focus area for us, witnessing significant demand for online groceries among local shoppers.

Recognizing the growth potential in Andhra Pradesh, the new fulfillment center will enable consumers to conveniently receive fresh groceries at their doorstep the following day. This investment underscores our commitment to expanding our presence across India, bridging the digital divide, and enhancing the online shopping experience for consumers.

Furthermore, this initiative supports local businesses, MSMEs, and farming communities, while also creating employment opportunities locally.”

Hari Kumar G, Vice President and Head of Grocery at Flipkart, commented on the launch, “Andhra Pradesh is a rapidly expanding market for us, with consumers increasingly turning to online shopping for their daily grocery requirements. Our new fulfillment center in Visakhapatnam is poised to meet this rising demand by providing a wide range of high-quality groceries at competitive prices, delivered the next day. With this initiative, we strive to enhance consumer satisfaction and contribute to the overall growth of the region.”

Customers in Visakhapatnam and surrounding areas will now have access to next-day grocery deliveries at low pricing, who were previously dependent on the Vijayawada fulfilment centre. Flipkart remains committed to promoting socioeconomic development in the communities it serves by enabling local MSMEs, sellers, and farmers. Furthermore, the platform assists a variety of local firms involved in food processing, shipping, packaging, and related fields. Flipkart Grocery uses new technology to boost user engagement with features such as voice-enabled purchasing, credit alternatives, and open-box delivery, resulting in a more enjoyable shopping experience.

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

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

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April 10, 2024

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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).

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

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April 10, 2024

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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

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

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April 10, 2024

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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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