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

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.

Continue Exploring: Cloud kitchen startup Kitchens@ secures $65 Million in Series C funding led by Finnest

“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.

Continue Exploring: Bollywood star Deepika Padukone invests in specialty coffee brand Blue Tokai

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.

Continue Exploring: Punjab Grill continues expansion, unveils first outlet in Hyderabad

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!

FSSAI launches awareness drive in Delhi-NCR markets to combat pesticide residues and ensure food safety

SnackTeam

April 9, 2024

The FSSAI (Food Safety and Standards Authority of India) said on Monday that it has initiated an awareness programme in Delhi-NCR’s popular markets, including Khan Market, to educate consumers about food safety and the detrimental consequences of pesticide residues.

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.

Continue Exploring: FSSAI directs e-commerce companies to stop labeling dairy and cereal-based beverages as ‘health’ or ‘energy’ drinks

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.

Continue Exploring: FSSAI to introduce stricter regulations for nutraceuticals and health supplements amid rising concerns over non-compliant products

ITC Hotels charts course for expansion, targets 70 new properties within next five years

SnackTeam

April 9, 2024

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.

Continue Exploring: Fortune Hotels plans expansion with 10 new properties and agreements in FY24, prioritizing tier-2 cities and leisure markets

“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.

Continue Exploring: ITC sets sights on major hotel expansion with 50% room inventory boost by 2027

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

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SnackTeam

April 9, 2024

To cater to the growing number of commuters in the inter-city travel sector, e-commerce giant Flipkart has introduced bus services on its platform.

Through collaborations with various state transport corporations and private aggregators, Flipkart will offer customers access to 10 lakh bus connections, spanning more than 25,000 routes across India.

This enhances the current flight and hotel booking services already available on Flipkart Travel.

The platform offers bus bookings without any convenience fee, along with incentives such as discounts up to INR 50 through supercoins redemption and access to a 24/7 voice helpline.

Continue Exploring: Flipkart revamps increment policy: Pay hikes to roll out in two tranches

“The inclusion of bus services in Flipkart’s diverse range of offerings represents a major milestone in our quest to become the go-to destination for all consumer needs, including travel. With Flipkart’s robust presence in tier-II and III markets, this initiative allows us to offer customers a convenient and trustworthy solution for their inter-city travel requirements,” stated Ajay Veer Yadav, Senior Vice President at Flipkart.

“We remain dedicated to providing our customers with value-added services, making their travel experiences easier going forward,” Yadav added.

It’s worth noting that Flipkart faces intense competition from redBus, which has a customer base of approximately 20 million users.

The increase in travel demand has also resulted in a rise in bus travel throughout India.

Last month, a report from redBus indicated that India’s bus industry anticipates a 200% rise in seat bookings due to the construction of additional expressways.

This comes shortly after Flipkart-owned online travel aggregator Cleartrip launched a new product dubbed Out of Office (OOO), signalling its entry into the business travel sector.

OOO is a corporate travel booking tool tailored for small, medium, and large businesses. Cleartrip competes with platforms such as Ixigo, EaseMyTrip, MakeMyTrip, and Ibibo.

It’s worth noting that Flipkart ventured into the travel sector with the introduction of its hotel booking service, Flipkart Hotels, in 2022.

Just a month ago, Flipkart’s marketplace division also received funding of INR 924 crore ($111 million) in two installments from its affiliated entities based in Singapore.

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

According to a recent report, Flipkart is expected to enter the quick commerce sector to compete with platforms like Zepto, Zomato’s Blinkit, and Swiggy’s Instamart.

The marketplace division’s operating revenue surged by 42% year-on-year (YoY) to INR 14,845.8 crore, while the loss decreased by 9% YoY to INR 4,026.5 crore in FY23.

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

Bollywood actor Neha Dhupia acquires equity in D2C dinnerware brand BlackCarrot

SnackTeam

April 9, 2024

Yadupati and Vishal Gupta, Co-Founders of BlackCarrot with actor Neha Dhupia

Bollywood actress Neha Dhupia has acquired an equity share in the direct-to-consumer dinnerware brand BlackCarrot.

As part of the agreement, Dhupia has been appointed as a brand ambassador for the startup, BlackCarrot announced. The startup, however, did not disclose the amount of equity she acquired.

Yadupati Gupta, the Co-Founder of BlackCarrot, stated that the actor obtained the equity as part of the brand partnership agreement with the startup.

Founded by the father-son duo of Yadupati and Vishal Gupta, the D2C dinnerware brand offers products including stoneware, glassware, and stainless-steel cutlery. The brand boasts over 71 SKUs at present and has not yet secured funding from external investors.

Continue Exploring: A-Listers Spice Up Their Portfolios with Bold Bets on India’s Booming F&B Startups

Dhupia commented on her investment, stating, “BlackCarrot is an innovative startup with a distinctive product line and dedicated founders. Their dinnerware combines health and eco-friendliness with a touch of style and elegance.”

In a joint statement, Co-Founders Yadupati and Vishal expressed, “At BlackCarrot, we believe that we should also be conscious of our eating habits. After all, what’s the use of consuming organic and pesticide-free food if our dinnerware undermines our efforts to stay healthy? This principle drives our comprehensive range of dinnerware designed for health-conscious consumers.”

The startup asserts that its unique selling proposition (USP) is rooted in its health-conscious products. It emphasizes that its cutlery is crafted from FDA-approved 304-grade stainless steel, and its drinking glasses are guaranteed to be lead-free.

The bootstrap startup competes with established brands like Nestasia and Pepperfry, as well as legacy names such as Borosil and IKEA.

Dhupia’s investment comes at a time when Bollywood actors are increasingly investing in Indian startups. Earlier this year, actor Ranveer Singh injected undisclosed funding into the audio tech giant boAt. In December of the previous year, Singh also became a co-owner of the direct-to-consumer sexual health and wellness brand, Bold Care.

In 2023, actor Suniel Shetty invested in various Indian firms, including WAAYU, Klasroom, Pro Panja League, & REGRIP. Meanwhile, Shilpa Shetty Kundra funded two startups last year: WickedGud and KisanKonnect. Sanjay Dutt has promoted the alcobev business Cartel & Bros as well as the sneaker marketplace DawnTown in 2023.

Continue Exploring: WickedGud secures significant funding as Shilpa Shetty invests INR 2.25 Crore, reinforcing brand presence

Shoppers Stop’s Intune brand launches first store in Nagpur

SnackTeam

April 8, 2024

Shoppers Stop‘s budget-friendly fashion brand, Intune, has opened its first store in Nagpur, Maharashtra, as announced in a social media post.

Ssumit Jhaam, Regional Director of Ciril, a Mumbai-based commercial real estate brokerage company, said, “Happy to announce the grand launch of Intune’s 1st store in Nagpur.”

Last year, Shoppers Stop introduced its affordable fashion format in Hyderabad. Since then, the brand has expanded with new outlets in Mumbai, Hyderabad, Vijayawada, Ahmedabad, Bengaluru, Thiruvananthapuram, Vadodara, and most recently in Nagpur, bringing the total number of operational stores to over 20.

According to reports, Intune launched one store in the third quarter of the fiscal year (FY) 2023-24 and approximately seven more in the final quarter of FY 2023-24.

Continue Exploring: Shoppers Stop’s Intune expands with two new stores in Gujarat and Thiruvananthapuram

Shoppers Stop began its journey in 1991 with its first store in Andheri, Mumbai, initially focusing on men’s wear. Since its inception, it has grown into a retail giant, with more than 105 department stores, over 88 beauty outlets, and seven home-stop stores spanning 56 cities.

Spanning a total area of 4.1 million square feet (sq. ft.), Shoppers Stop serves a vast customer base, accommodating more than 49 million walk-ins each year. The company employs over 18,600 individuals, referred to as customer care associates by the retailer. Beyond its impressive scale, Shoppers Stop offers a wide variety of products from over 800 brands, including a mix of national, regional, owned, and international labels.

The company’s revenue from operations increased by 8.83% to INR 1,237.52 crore in the third quarter of the fiscal year (FY) 2023-24. In the same quarter, it opened 13 new stores, comprising four department stores, four beauty outlets, four Intune locations, and one airport store.

On Monday, Shoppers Stop’s share price closed at INR 757.60, a decrease of 0.18%.

Continue Exploring: Shoppers Stop betting big on beauty segment, targets to open 100 stores

India’s coffee exports soar by 13.35% in Q1 2024, Robusta demand leads the way

SnackTeam

April 8, 2024

Coffee exports from India saw a notable uptick, rising by 13.35 percent to reach 125,631 tonnes during the January-March period of this year, as per official data. This surge was fueled by heightened demand for Robusta coffee. In comparison, the country had exported 110,830 tonnes of coffee during the same period in 2023.

India, the third-largest producer and exporter of coffee in Asia, cultivates both Arabica and Robusta varieties of the bean.

The Arabica coffee bean contains less caffeine compared to Robusta. Arabica offers a sweeter and smoother taste profile, whereas Robusta tends to be more bitter and harsh on the palate.

As per the latest data from the Coffee Board of India, exports of Robusta coffee beans surged by 18 percent to 69,637 tonnes in the first quarter of the 2024 calendar year, up from 59,050 tonnes in the corresponding period of the previous year.

Continue Exploring: Subko Coffee secures INR 80 Crore in a funding round led by NKSquared

Nevertheless, the shipment of Arabica coffee beans decreased to 13,419 tonnes from 15,468 tonnes during the same period.

During the January-March period of this year, exports of instant coffee increased to 16,218 tonnes from 15,238 tonnes in the previous year, while the re-export of coffee also saw a rise to 26,239 tonnes from 20,952 tonnes during the same period.

In January-March 2024, the total value of coffee exports reached INR 3,644 crore, surpassing the INR 2,604.44 crore recorded in the same period of the previous year. The unit value realization stood at INR 2,90,057 per tonne.

Italy, Russia, the United Arab Emirates, Germany, and Turkey stand out as the primary coffee export destinations for India.

According to its post-blossom estimate, the board anticipates India’s total coffee production to reach 374,200 tonnes for the 2023-24 marketing year (October-September), exceeding the actual output of 352,000 tonnes in the preceding year.

Throughout the entire year of 2023, India’s coffee exports experienced a decrease of 5.4 percent, amounting to 3.77 lakh tonnes.

Continue Exploring: abCoffee secures $3.4M in Series A funding led by Nexus Venture Partners, targets 150 stores by end of 2024

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

SnackTeam

April 8, 2024

Swiggy, the food delivery platform, has transitioned into a publicly traded company ahead of its highly anticipated initial public offering (IPO).

In a regulatory submission, the soon-to-go-public decacorn announced that its planned transition from a private limited to a public limited company would allow it to secure funding from the general public, including via an IPO.

As per the special resolution adopted by the company, it has been suggested that the company’s name be changed from “Swiggy Private Limited” to “Swiggy Limited” by removing the word “Private” from its name.

Entrackr was the first to report the development.

This change comes over a month after Swiggy updated its registered name from Bundl Technologies Private Limited to Swiggy Private Limited. Explaining the reason for the name change, Swiggy mentioned that it would enhance the alignment and recognition of the company’s corporate name with its main brand, ‘Swiggy’.

Continue Exploring: Swiggy prepares for IPO with name change to Swiggy Private Limited

In November of last year, Snackfax reported that Swiggy was gearing up for a stock exchange listing in mid-2024, marking one of the largest IPOs by an internet company, expected to raise approximately $1 billion (INR 8,300 Cr).

Continue Exploring: SoftBank to reduce stake in Swiggy as food delivery platform gears up for $1 Billion IPO

As part of its IPO plans, Swiggy has also appointed FMCG veteran Anand Kripalu as an independent director and chairperson of its board of directors. Additionally, the startup recently appointed Suparna Mitra from Titan as an independent director on its board.

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

In FY23, Swiggy reported a net loss of INR 4,179.3 Cr, marking a 15% increase from INR 3,628.9 Cr in the preceding fiscal year.

The competitor to Zomato saw its operating revenue surge by over 40% year-on-year to INR 8,264.4 Cr in FY23, boosted by the expansion of its quick commerce segment, Instamart.

Reports indicate that Swiggy is on track to report close to INR 10,000 Crores in revenue for FY24. According to sources, it achieved INR 4,735 Crores in revenue solely from food delivery and Instamart in the first half of FY24, as of September 2023.

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