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

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.

IndiaMART announces top management shuffle: Jitin Diwan named CFO, Prateek Chandra as Chief Strategy Officer

SnackTeam

April 8, 2024

IndiaMART InterMESH, a prominent B2B marketplace, has announced significant shifts in its top management. Effective from June 15, Jitin Diwan will assume the position of Chief Financial Officer (CFO), while Prateek Chandra will embark on a new journey within the company as Chief Strategy Officer.

Diwan will succeed Chandra, who previously held the position of CFO within the company.

“Following the nomination and remuneration committee’s recommendations, the board of directors has approved Prateek Chandra’s transition to a new role within the company as Chief Strategy Officer, effective from June 15, 2024. He will step down from his current positions as Chief Financial Officer and key managerial personnel by the end of June 14, 2024,” stated IndiaMART in a recent filing with the stock exchange.

“The board of directors has approved Jitin Diwan’s appointment as the senior management personnel designated as Chief Financial Officer, effective from May 15, 2024. He will officially assume the role of Chief Financial Officer and key managerial personnel of the company from June 15, 2024,” the company announced.

Continue Exploring: IndiaMART reports 27% YoY decline in Q3 net profit to INR 82 Crore, despite 21% rise in operational revenue

This follows shortly after IndiaMART’s board approved a scheme of amalgamation involving its three wholly-owned subsidiaries: Busy Infotech Private Limited (transferor company 1), Hello Trade Online Private Limited (transferor company 2), and Tolexo Online Private Limited (transferee company).

The company stated that the restructuring aims to streamline the group’s structure and optimize operations and costs across its wholly-owned subsidiary companies.

Meanwhile, IndiaMART has renewed the appointment of Dinesh Chandra Agarwal as MD and CEO for a five-year term, starting from January 8, 2025.

IndiaMART’s shares declined significantly last week, dropping by 3.8%. However, on Monday, the stock rebounded, trading 0.51% higher at INR 2,556.95 on the BSE as of 2:50 PM.

During the third quarter of fiscal year 2024, IndiaMART recorded a 27.4% decrease in consolidated net profit, amounting to INR 82 Cr.

Continue Exploring: Udaan undergoes executive leadership restructuring as Group CFO Aditya Pande resigns

Nykaa shares rally 6% as company anticipates ‘high-twenties’ revenue growth in Q4

SnackTeam

April 8, 2024

Shares of FSN E-commerce, the parent company of the major beauty and fashion ecommerce platform Nykaa, surged more than 6% in Monday’s trading session, buoyed by the company’s optimistic growth projections for Q4.

Nykaa’s shares were priced at INR 179.65 each at 12:40 PM on Monday, up from its previous closing price of INR 168.50.

Last week, the company announced its expectation of achieving a “high twenties” year-on-year revenue growth for the January-March quarter. Additionally, Nykaa recorded an “early thirties” growth in gross merchandise value (GMV).

“We anticipate a high twenties year-on-year growth in NSV and revenue for the quarter. As a result, our full-year revenue growth for 2024 is projected to be in the mid-twenties year-on-year,” stated the company.

Continue Exploring: Fashion, grocery, and general merchandise to dominate two-thirds of Indian e-commerce market by 2027: Nykaa CEO Falguni Nayar

During the quarter, Nykaa reported strong momentum across crucial aspects such as customer acquisition, platform conversion, and user growth. This has led to a significant increase in order volume, highlighting strong customer demand.

The company attributed the overall growth in beauty and personal care (BPC) to robust sales in key categories like makeup and skincare, as well as the highly successful ‘Pink Love Sale’ held during the quarter.

“Our GMV for the BPC vertical in the quarter is projected to increase by approximately thirty percent, and the NSV growth is anticipated to be in the mid-twenties year-on-year. We believe this outpaces industry growth,” stated Nykaa.

“Nykaa Fashion continues to grow at a robust rate over the last two quarters in the fashion business, despite the industry’s mild expansion. With year-over-year NSV growth expected to be in the mid-20s, the fashion vertical’s GMV is expected to rise in the high 20s for the quarter,” according to the company’s detailed projections.

The ecommerce startup reported that its consolidated net profit surged to INR 17.4 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24), more than doubling from INR 8.5 Cr in the same quarter of the previous year. This growth was driven by a significant expansion in its fashion business and improved margins.

Continue Exploring: Nykaa’s Q3 results ignite bullish sentiment, shares jump 6%

Nykaa’s operating revenue rose by more than 22%, reaching INR 1,788.8 Cr compared to INR 1,462.8 Cr in the same quarter of the previous year.

The BPC category remained the largest contributor to Nykaa’s total sales, accounting for 84% of the total operating revenue.

Meanwhile, the fashion segment generated an operating revenue of INR 152.6 Cr during the quarter, marking a 20% growth from INR 127.5 Cr in the corresponding period last year.

Continue Exploring: Nykaa’s fashion vertical takes the lead with anticipated 40% YoY GMV growth in Q3 FY24

Tod’s expands presence in India with new boutique at Mumbai’s Jio World Plaza

SnackTeam

April 8, 2024

Tod’s, the Milano-based luxury goods and jewellery brand, has opened a new boutique in Mumbai’s Jio World Plaza, as announced by its franchise partner in India, Reliance Brands Ltd., on social media.

Reliance Brands Ltd. shared on LinkedIn, “Tod’s unveiled its newest boutique at Mumbai’s Jio World Plaza, showcasing the brand’s iconic pieces and latest collection. Guests and friends of the house congregated to commemorate this momentous occasion, indulging in the opulent ambiance and splendid collections showcased.”

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

According to details provided on Tod’s website, the brand maintains a global presence and runs approximately five stores across India, situated in cities such as Delhi, Mumbai, and Kolkata.

Media reports from 2022 indicate that Reliance Brands Ltd. entered into a multi-year franchise agreement to distribute Tod’s products in India. Under this extensive agreement, the company positioned itself as the authorized retailer of the brand, covering all categories such as footwear, handbags, and accessories within the Indian market.

Reliance Brands Ltd. (RBL), a subsidiary of Reliance Retail Ventures Ltd., commenced its operations in 2007. The current array of brand partnerships within its portfolio includes Armani Exchange, Balenciaga, Bally, Bottega Veneta, Brooks Brothers, Burberry, Canali, Coach, Diesel, Dune, EA7, Emporio Armani, G-Star Raw, Gas and more. Presently, RBL operates over 2,212 outlets, consisting of 919 standalone stores and 1,293 shop-in-shops across India.

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

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