Rural economy-focused tech startup, VilCart, announced on Monday that it achieved a revenue of INR 102 crore in March 2024. The company highlighted that its path to reaching this milestone of INR 100 crore in revenue was marked by significant partnerships with farmers, farmer producer organizations, leading suppliers, manufacturers, and brands, according to a statement released by the company.
“Every day, VilCart is experiencing growth, and with this rapid expansion, we are advancing towards new milestones,” stated Prasanna Kumar C (CPK), CEO of VilCart Rural. “We witnessed a remarkable 350 per cent increase in our workforce from 2023 to 2024,” he added.
He elaborated, “Our vision is to evolve Gramin Kirana stores into Gramin Supermarkets, providing them access to a comprehensive range of products available in the city.”
Earlier this year, the Bengaluru-headquartered startup secured INR 144 crore in Series A funding, with Asia Impact SA leading the investment round.
Since its inception in 2018, VilCart has expanded its reach to encompass 85,000 Kirana stores across 30,000 villages, spanning 56 districts in South India.
Invesco, a US-based investor, has raised the valuation of Swiggy, a food and grocery delivery company, to $12.7 billion, according to filings submitted to the US Securities and Exchange Commission. This represents an 18% increase from Swiggy’s previous valuation when it last secured funding in 2022.
In January 2022, Invesco led a $700 million funding round that valued Swiggy at $10.7 billion. This increase in Swiggy’s valuation by its investors contrasts with the recent fair value markdowns of stakes in several other Indian internet companies, including Ola Cabs, Byju’s, and Meesho, by investors like Vanguard, BlackRock, and Fidelity.
Last month, Snackfax reported that Baron Capital had increased the company’s valuation to $12.1 billion. As of January 31 this year, Invesco, which is expecting Swiggy to soon file draft papers for its $1 billion initial public offering (IPO), has also valued Swiggy at this amount. This marks the fourth consecutive valuation increase by Invesco for Swiggy.
Crossover funds, which invest in both publicly traded and privately held companies, regularly reassess the valuation of their portfolio companies. The fair value is determined based on various factors, including the stock market performance of similar companies.
Swiggy declined to comment on the development.
From October 31 to January 31, the share price of Zomato, Swiggy’s primary competitor in the food delivery, quick commerce, and dining-out sectors, rose by 33%.
Presently, Zomato’s shares are soaring to an all-time peak, edging close to the INR 200 threshold, with its market capitalization surpassing $20 billion.
According to stock market analysts, the increase in Zomato’s market valuation is mostly due to the growth of its rapid commerce venture, Blinkit, which competes with Swiggy’s Instamart, as well as Zepto & BigBasket.
Swiggy experienced a remarkable 45% year-on-year surge in operating revenue for the fiscal year that ended in March 2023, reaching INR 8,265 crore. Despite this, its net loss widened by 15% to INR 4,179 crore during the same period.
According to a January report by Bernstein, Zomato commanded a 54% market share in terms of gross merchandise value (GMV) in the food-delivery segment, with Swiggy trailing at 46%.
According to Reuters, referencing an internal company document, Swiggy reported a loss of approximately INR 1,730 crore for the nine-month period ending in December 2023. Throughout this timeframe, the company generated revenues of approximately INR 8,490 crore.
In the same period, Zomato’s consolidated operating revenue amounted to INR 8,552 crore.
On April 8, Snackfax reported that Swiggy, in preparation for its IPO, has transitioned into a public limited company. Furthermore, on February 27, Swiggy altered its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd with the aim of enhancing the association and recognition of the company’s corporate identity with its core brand, ‘Swiggy’.
Ted Baker will be closing approximately 15 stores across the UK, including shops in London Bridge and Milton Keynes, leading to nearly 250 job losses, as stated by the joint administrators of the collapsed British fashion retailer.
Ted Baker, a well-known brand in the UK, entered administration last month, following its sale to the U.S.-based Authentic Brands Group over a year ago.
Authentic Brands is seeking a new operating partner to manage the retail and e-commerce business in the UK and throughout Europe.
The UK-based company No Ordinary Designer Label (NODL), which operates under the Ted Baker name, appointed Teneo Financial Advisory as its administrator on March 22.
British fashion retailers are grappling with challenging market conditions. Superdry, a peer of Ted Baker, stated earlier this year that it anticipates no improvement in market conditions in the foreseeable future.
The administrators said they would be closing 11 Ted Baker stores by April 19, resulting in the loss of approximately 120 roles.
Approximately 25 positions at the head office have also been eliminated.
Additionally, the administrators noted that before their intervention, landlords had already served notices on four additional stores slated to close in the upcoming weeks, leading to an additional 100 job losses.
“The stores slated for closure are currently operating at a loss. After a review by the Joint Administrators, they are considered to have no potential for returning to profitability, even with significant rent reductions,” stated the administrators.
“These store closures, although unfortunate for our dedicated team members, will enhance the business’s performance,” commented Joint Administrator Benji Dymant.
Bollywood actress Rakul Preet Singh is set to launch her first dine-in restaurant, “Arambam – Starts with Millet,” on April 16th in Madhapur, Hyderabad.
The restaurant signifies her collaboration with Curefoods, a leading F&B and cloud kitchen operator in India.
“Arambam – Begins with Millet” presents a novel dining experience focused on the nutritional advantages of millet, featuring a menu that showcases this nutritious grain.
“I’m excited to launch my first restaurant in Hyderabad with the goal of encouraging healthy, delectable dining for all. Food, in my opinion, nourishes the soul in addition to the body. Our goal as Arambam is to achieve this as a team, one healthy millet bowl at a time,” said Rakul Preet Singh.
Rakul Preet Singh, renowned for her commitment to fitness, will act as the restaurant’s brand ambassador, underscoring a shared dedication to encouraging healthy eating and overall well-being.
“Arambam is more than just a restaurant; it represents our dedication to promoting a healthy lifestyle and making responsible food choices. We are excited about this partnership and eagerly anticipate expanding into other markets in the near future,” said Ankit Nagori, Founder of Curefoods.
Ankit Nagori founded Curefoods in 2020, and it has since grown to become one of India’s top platforms for food and beverage firms. Famous brands including EatFit, Cakezone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle are just a few of the ones in its portfolio.
With a presence in over 300 cloud kitchens and physical outlets, Curefoods offers a wide variety of cuisines, reaching 25 cities across India.
Portugal’s Ministry of Health plans to implement the Nutri-Score traffic-light labeling system for food items sold within the country.
The new policy aims to introduce a single, simplified label for food products, with the goal of promoting healthy eating, as stated in the policy document.
Until now, there hasn’t been a single nutritional label for food products, as manufacturers have utilized various labels, “which can create difficulty or confusion for consumers when making their choices.”
Explaining the reason for adopting the Nutri-Score, the ministry referenced its adoption in “numerous European Union countries” as well as by several food businesses in Portugal.
The Swiss manufacturing giant Nestlé implemented the labeling system for its products in Portugal in 2020.
“The ministry stated that this positions it as the most suitable simplified nutritional labeling system to be adopted in Portugal.”
Food manufacturers’ adoption of the labeling system will be optional.
Between now and July, the ministry will collaborate with the Director-General for Health, Rita Sá Machado, and interested businesses to determine the best way to implement the Nutri-Score.
This process will include developing a “procedural support system” to assist companies in complying with the new labeling, creating a “communication campaign” to encourage business adoption of the Nutri-Score, and educating consumers on how to interpret the label.
The ministry will also work on developing a system “to monitor and evaluate” its implementation in Portugal.
The Nutri-Score system was initially introduced in France in 2017 and is currently utilized by retailers in Belgium and Germany, as well as by manufacturers Danone and General Mills. It was also introduced in the Netherlands earlier this year.
The label assesses the nutritional value of foods using an alphabetical traffic light system, rating products on a scale from A to E.
While it has been successfully implemented in several countries, it has not been well-received everywhere.
In 2022, Italy’s Competition Authority (AGCM) prohibited the system, citing concerns that the label could be misleading.
Companies in Italy can no longer use it unless detailed information on the method behind the Nutri-Score calculation is also included on the label.
That same year, a committee was established to examine modifying the Nutri-Score’s algorithm to enhance the system’s calculation of the nutritional quality of foods.
The EU has also been striving to implement a unified labeling system across the bloc for several years but has yet to reach an agreement among Member States.
Belgium intends to revisit the topic through a symposium later this month as part of its EU Council presidency, which continues until the end of June.
Ghost Kitchens, a foodtech platform, has acquired Gujarat-based cloud kitchen company The Shy Tiger in an all-cash deal, as announced by Karan Tanna, CEO and founder of Ghost Kitchens.
Ghost Kitchens has acquired a portfolio of five brands, which includes KBOB’s, The Black Chimney, Punjab Di Gaddi, Pizza Never Lies, and Where’s My Burger.
Declining to disclose the value of the deal, Tanna stated, “The acquisition strengthens Ghost Kitchens’ presence in the Gujarat market and offers a platform for future expansion and growth. We also viewed this as a chance to amplify its brands and broaden our reach in the Gujarat market.”
Moving forward, Ghost Kitchens intends to merge its existing brands within The Shy Tiger’s infrastructure.
“For the time being, we will only expand two of The Shy Tiger’s brands: KBOB’s & The Black Chimney, which account for roughly 85% of the company’s revenue.” Tanna stated that the other three brands would continue to operate as is.
In 2022, Ghost Kitchens acquired a technology company named WTF. This acquisition enabled the cloud kitchen company to develop its proprietary technology, enhancing its ability to manage the business comprehensively. This move aims to improve organic revenue generation, enhance customer experience, and increase profitability.
Furthermore, in February 2023, Ghost Kitchens acquired Speak Burgers, a brand by celebrity Chef Vicky Ratnani, with plans to expand the partnership to 25 offline retail stores within the next 18-24 months.
With a focus on expanding its company-owned and operated presence, launching celebrity brands, and entering retail stores, Ghost Kitchens targets an annualized revenue of around INR 200 crore in the next 2 years.
Currently, Starboy Pizzas is the top-performing cloud kitchen brand within Ghost Kitchens, accounting for 40% of the company’s revenue.
“In the coming 3-4 months, we will launch two celebrity brands, one with a well-known singer & rapper and the other with a South Indian actor. In addition, by August, we intend to open stores for our brands, Starboy Pizzas & Speak Burgers by Chef Vicky Ratnani, in Mumbai,” he said.
By the end of this fiscal year, Ghost Kitchens plans to open three outlets for each brand, and by the end of the following fiscal year, it aims to launch an additional 10 outlets for each brand.
“These outlets will be company-owned and operated, with a CAPEX of INR 60 lakh required to open each one,” he mentioned.
Ghost Kitchens concluded the fiscal year 23-24 with a revenue of INR 35 crore. For the current fiscal year, the target is set at INR 50 crore.
“Currently, our EBITDA stands at a negative 8 percent. Nonetheless, we are determined to achieve profitability by FY 26,” he said.
In February, Ghost Kitchens secured $5 million in a Series A funding round, comprising a mix of equity and debt. The round was spearheaded by GVFL Ltd, with the involvement of NB Ventures, LetsVenture, and Lead Angels. The round also included existing investors Yuj Ventures, Dholakia Ventures, & actor Rana Daggubati.
“We aim to raise the next round of $10 million in the second quarter of 2025 to expand both our offline and online brand presence,” he stated.
Established in 2019, Ghost Kitchens manages over 15 company-owned and operated cloud kitchens in Mumbai and Ahmedabad, alongside operating 1,200 internet restaurants across 40 cities in India.
Kapoor confirmed the development but declined to comment on further details of the investment at this stage.
The investment by 12 Flags in Blue Tokai Coffee Roasters comes at a time when cafe chains in India are growing faster than quick service restaurants (QSR), driven by younger consumers, aspirational demand, and menu innovation. Alongside emerging specialty coffee chains like Blue Tokai, Third Wave, and Slay, there are established brands such as Tata Starbucks, Costa Coffee, and Barista. Additionally, newer global entrants to the Indian market like British chain Pret a Manger and Canada’s Tim Hortons are also fueling the demand for cafes.
Blue Tokai Coffee Roasters operates with three main verticals: physical cafes, ecommerce, and business-to-business (B2B). The coffee chain runs nearly one hundred cafes. Among the other investors in the coffee chain are A91 Partners and actor Deepika Padukone’s Ka Enterprises.
According to a report by market intelligence and advisory firm Mordor Intelligence, the Indian cafes and bars market is currently valued at $17.54 billion and is projected to reach $26.17 billion by 2029.
Kapoor launched the India-focused fund last year with an initial corpus of $100 million, targeting investments in consumer-focused businesses in their early to mid-growth stages. The fund’s primary focus areas include consumer health and wellness, pet care, coffee, food, nutrition, and quick-service restaurants.
“The consumer fund will focus on emerging Indian businesses that we believe hold the potential for considerable growth and outstanding returns. Some of these companies have the potential to evolve into platforms for future growth through category expansion and M&As,” Kapoor, who led the UK-based Reckitt Benckiser Group Plc (RB) for eight years before stepping down in September 2019, said at the time.
At that time, Kapoor mentioned that the fund would offer long-duration capital to companies, invest in structurally attractive categories, and allocate additional capital to consolidate ownership.
Punjab Grill, the renowned Indian fine dining chain, has chosen Venus Industries as its exclusive provider of high-quality stainless steel tableware and kitchenware.
Through this long-term partnership, Punjab Grill’s tables nationwide will be adorned with Venus’ exquisite Pristine Gold Collection.
Punjab Grill boasts more than 30 outlets across India as well as in various international locations.
“We are thrilled to partner with Punjab Grill, a brand that represents authentic Indian flavors coupled with global culinary excellence. Our Pristine Gold Collection has been meticulously crafted to resonate with the sophisticated palates and refined tastes of Punjab Grill’s discerning clientele,” stated Vicky Khurana, Managing Director of Venus Industries.
The sophisticated and luxurious design of this collection perfectly complements the lavish atmosphere synonymous with Punjab Grill’s upscale dining experience.
Within the Pristine Gold Collection, the cutlery sets showcase intricate patterns inspired by the iconic shapes found in Mughal-era monuments and Rajasthani havelis.
Dishes like the Finger Bowl with Underliner and Turkish Pot highlight elegant motifs, skillfully crafted by artisans using traditional techniques.
Items such as the Harpan Ring, Handi pots, and Serving Dish capture the essence of Indian culinary traditions. Rounding out the collection are the Bahi/Matra Tray and Serving Tray, blending functional elegance to elevate the dining experience.
With a legacy spanning over 60 years, Venus Industries has emerged as the preferred hospitality partner for renowned hotel chains like Taj, Oberoi, ITC, Hyatt, and Marriott, both within India and globally.
Venus’ commitment to eco-friendly manufacturing practices, innovative product designs tailored to diverse culinary traditions and global cultures, and streamlined delivery systems facilitated by an extensive distribution network across India have garnered praise from industry experts.
Through this exclusive collaboration, Venus Industries aims to reinforce its position as a market leader while enabling Punjab Grill to offer authentic and memorable fine dining experiences to customers who value the rich heritage and hospitality of Indian cuisine.
According to a statement by the Food Safety and Standards Authority of India (FSSAI), it has launched an extensive awareness and sensitization programme targeting major markets in the national capital, in collaboration with the Food Safety Department, Delhi.
Starting with the renowned Khan Market and INA Market in Delhi, the awareness campaign will specifically emphasize the identification and reduction of pesticide residue and contaminants in food items.
Market associations and traders were actively involved and informed about the adverse impacts of pesticide residue, particularly in fruits and vegetables, and the significance of conducting tests for them.
Furthermore, participants were introduced to FSSAI’s initiative, the ‘Food Safety on Wheel’ mobile lab, furnished with a range of rapid testing kits capable of identifying around 50 pesticide residues in different food categories, including fruits, vegetables, milk, and cereals.
The test results can be obtained within a few hours, enabling prompt measures to be taken to guarantee food safety.
“The traders were urged to make use of this facility for accelerated testing and to guarantee the safety and quality of products available in the market. Additionally, they were also informed about various aspects related to food safety, such as the importance of acquiring FSSAI licenses or registrations and the strict adherence to food safety standards,” stated the regulatory authority.
Traders were advised to procure raw materials solely from vendors licensed or registered by FSSAI to ensure traceability and adherence to regulations.
Additionally, the importance of testing raw materials to ensure the safety and quality of food products was underscored during the program.
“The attendees learned about the use of banned chemicals in artificial ripening & wax coating of vegetables and fruits, as well as the importance of organic farming. They were also informed about the availability of food testing laboratories in Delhi and the surrounding areas,” added the statement.
ITC Hotels aims to grow its portfolio from the existing 130 hotels to 200 within the next five years by launching new properties across its brands, seizing the opportunity presented by the surge in both business and leisure travel in India. Chief Executive Anil Chadha stated that the company is on a “high-growth path,” anticipating an expansion to over 18,000 rooms in five years, up from the current 12,000.
ITC Ltd’s hotel division is set to make its international debut with the 352-room ITC Ratnadipa in Colombo later this month. According to Chadha, the property will offer the “most spacious rooms in the city.”
Over the last two years, ITC Hotels has introduced 25 hotels across India.
“Having strengthened our foothold in the luxury segment across major cities, we are now swiftly expanding into tier two and tier three markets,” stated Chadha.
“The trend of experiential travel is growing. Each of our properties—the upper-upscale brand Welcomhotel, the premium brand Storii, and the luxury brand Mementos—offers unique, immersive guest experiences that are exclusive to the area. We have 40 forthcoming properties in our pipeline under different brands, including ITC Hotels, Mementos, Welcomhotels, Storii, Fortune, and Welcomheritage,” he elaborated.
Chadha mentioned that ITC will soon launch Club ITC Master Key, an all-inclusive integrated offering for guests.
“From the time of arrival until the time of departure, every aspect of a guest’s stay is designed to provide immersive experiences. These could include riding a Segway, trying different foods, hiking through the solitude and quiet of the woods, or seeking other interesting experiences in other places,” he explained.
“The offering is aimed at leisure destinations and focuses on creating spaces and experiences that allow clients to make lasting memories. All guests will be able to take advantage of these deals, while members of our loyalty programme will be able to enjoy them at even lower prices,” he added.
ITC’s ‘ultra-luxury’ hotel in Sri Lanka will offer rooms, suites, and serviced apartments, along with over 1,390 square meters of banquet space. The hotel will boast a dozen dining options, including Peshawri, Yi Jing, and Avartana, all of which have been featured on Asia’s 50 Best list. Additionally, the hotel will feature the chain’s renowned Kaya Kalp – The Royal Spa.
ITC’s planned openings for this fiscal year include Welcomhotels in Belagavi, Jabalpur, and Gangtok, a Mementos hotel in Jaipur, and Storii hotels in Kolkata, Sirmour, and Prayagraj.
ITC operates four hotel brands: Fortune, Welcomhotel, and ITC Hotels (luxury), WelcomHeritage, and upper upmarket Welcomhotel. Fortune is in the mid-market to affluent range. Mementos in the luxury market and Storii in the premium market are the most recent additions to the group’s portfolio.
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