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.
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.
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.
“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.
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.
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.
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.
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.
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.
“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.
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).
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.
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.”
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.”
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.”
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.
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