Celebrity Chef Akshat Parihar joins Starshine Brands as brand ambassador

April 9, 2024

Starshine Brands, a premier hospitality company committed to offering Indians the best in European, Indian, and Mediterranean cuisine, is excited to welcome Celebrity Chef Akshat Parihar as its brand ambassador. Renowned worldwide for his culinary skill and creativity, Chef Akshat brings extensive experience and innovation to the Starshine team.

Originally from Rajasthan, Chef Akshat Parihar has made a name for himself in the culinary world through his exceptional skills and deep passion for food. With an impressive portfolio that covers over 18 cuisines, Chef Akshat is renowned for skillfully combining international flavors with his own distinctive twist. His innovative dishes, such as the introduction of Exquisite Savoury Mousse Cocktails, have received widespread acclaim, earning him the title of “Molecular Gastronomic.”

Shweta Gupta, Executive Director of Starshine Brands, said, “Chef Akshat Parihar’s collaborative spirit and dedication to pushing the boundaries of culinary artistry have fostered partnerships with esteemed brands globally, solidifying his reputation as a culinary innovator. His zeal for crafting unforgettable dining experiences aligns perfectly with Starshine’s vision of enriching urban landscapes by providing a diverse range of cuisines and a splendid ambiance all under one roof.”

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“I am delighted to collaborate with Starshine Brands as their brand ambassador. Together, we aspire to reshape the culinary scene in India and offer food aficionados unmatched dining experiences. I am eager to contribute to Starshine’s mission of bringing gastronomic joy throughout the country,” expressed Chef Akshat Parihar.

Within the framework of Starshine Brands, celebrated for its commitment to offering Indians the finest European, Indian, and Mediterranean cuisine, there exists a collection of culinary gems. Among these distinguished brands are Chhupa Rustam and Ivoryy, each providing a unique dining experience that captivates the senses and honors gastronomic diversity. Chhupa Rustam charms guests with its blend of traditional and contemporary flavors, while Ivoryy radiates elegance and sophistication, showcasing a thoughtfully curated array of culinary delights. With a dedication to excellence and a zeal for innovation, these brands encapsulate Starshine’s mission to redefine India’s culinary landscape, one memorable dining experience at a time.

As Starshine Brands pursues its expansion endeavors, Chef Akshat Parihar’s culinary expertise and Sandeep Gupta’s vision will be instrumental in bolstering the company’s footprint in the hospitality sector.

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Reliance Retail launches 13th Pret A Manger store in India

SnackTeam

April 9, 2024

Reliance Retail has launched the 13th outlet of the UK-based fresh food and organic coffee chain, Pret A Manger, in India, as stated in a social media post by a company official. Situated at Delphi, Downtown Powai, Mumbai, this new store marks the eighth Pret A Manger location in the city.

Chandramohan Ramadasan, the business head of Pret A Manger at Reliance Brands Ltd., wroten in a LinkedIn post, “Pret’s latest store is now open for business in the vibrant heart of Powai. I’m thrilled to bring our dedication to freshly made food and organic coffee to this amazing neighborhood.”

This comes just a week after Reliance unveiled the 12th Pret A Manger store at the renowned Horniman Circle in Fort, Mumbai.

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

In India, Pret A Manger stores presently provide an assortment of sandwiches, baguettes, salads, and soups, alongside an array of organic coffee, tea, shakes, and smoothie choices.

Pret A Manger has ventured into the Indian market through a partnership with Reliance Brands, the retail arm of Reliance Industries.

In April, Reliance inaugurated its first Pret A Manger cafe at Maker Maxity in Mumbai. Spanning 2,567 sq. ft., the outlet captures the essence of the brand’s iconic London stores. Subsequently, Pret A Manger launched its second Mumbai outlet at Phoenix Palladium Mall later in the same month.

Currently, the cafe chain operates stores in various cities such as Mumbai, Gurgaon, and Delhi.

Reliance Brands, a division of Reliance Retail Ventures Ltd., was founded in 2007 with the goal of introducing and expanding worldwide brands in the luxury to premium categories of the fashion and leisure industries.

The company has established long-term exclusive partnerships across various sectors with both global and Indian brands, including Ritu Kumar, Bottega Veneta, Tiffany & Co., Armani, Balenciaga, among others.

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VilCart surpasses INR 100 Crore revenue milestone in March, eyes further growth

SnackTeam

April 9, 2024

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.

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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.

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

SnackTeam

April 9, 2024

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.

Continue Exploring: Baron Capital elevates Swiggy’s valuation to $12.1 Billion, marking 13% increase from previous fundraise

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.

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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’.

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

Fashion retailer Ted Baker to shut down 15 UK stores, leading to nearly 250 job cuts

SnackTeam

April 9, 2024

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.

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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.

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

SnackTeam

April 9, 2024

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.

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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.

Continue Exploring: Curefoods secures additional INR 200 Crore investment from Binny Bansal’s Three State Ventures, round size hits INR 500 Crore

Portugal’s Ministry of Health to roll out Nutri-Score labeling system for food products

SnackTeam

April 9, 2024

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.

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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.

Continue Exploring: UK govt unveils plans for enhanced food labeling transparency to promote high-quality British produce

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.

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Ghost Kitchens acquires Gujarat-based cloud kitchen The Shy Tiger in all-cash deal

SnackTeam

April 9, 2024

Karan Tanna, Founder, Ghost Kitchens India

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.

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“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.

Continue Exploring: Ghost Kitchens India secures $5 Million in series A funding to expand operations and launch retail stores

“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.

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

SnackTeam

April 9, 2024

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

12 Flags Group, the consumer fund led by Rakesh Kapoor, former global chief of Reckitt Benckiser, has announced its first investment in the specialty coffee chain, Blue Tokai Coffee Roasters, as reported by ET.

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.

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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.

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“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.

Continue Exploring: Blue Tokai Coffee Roasters marks milestone with inauguration of 100th cafe in Kolkata

Punjab Grill partners with Venus Industries for exclusive fine dining tableware

SnackTeam

April 9, 2024

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.

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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.

Continue Exploring: Punjab Grill makes the Gault & Millau list for third year in a row!

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