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

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Suparna Mitra
Suparna Mitra

Swiggy, a leading player in food delivery and quick commerce, has appointed Suparna Mitra as an independent director to its board.

Mitra is the CEO of the watches and wearables division of Titan Company, a subsidiary partly owned by Tata Sons. She joins three additional independent directors on Swiggy’s board.

These include Anand Kripalu, who is the board chair and also serves as the managing director and chief executive of specialty packaging company Essel Propack; Shailesh Haribhakti, the chairman of financial services firm Shailesh Haribhakti & Associates; and Sahil Barua, the co-founder and chief executive of the listed logistics giant Delhivery.

Continue Exploring: Swiggy reports robust 40% revenue growth to INR 8,264 Cr in FY23, despite net loss crossing INR 4,000 Crore mark

“Given her remarkable career and extensive background in lifestyle and retail industries, coupled with her refreshing leadership perspectives, we’re confident that she’ll offer valuable insights and expertise to our Board as our business embarks on its next phase of growth,” remarked Swiggy cofounder and group chief executive Sriharsha Majety regarding Mitra’s appointment.

This decision comes after Tractor And Farm Equipment Ltd (TAFE) chairman Mallika Srinivasan resigned as an independent director in February of this year. Swiggy stated at the time that Srinivasan had decided to step down due to “increasing business commitments,” but provided no other explanation. Srinivasan, Barua, and Haribhakti were the first independent members to join the Swiggy board in February 2023.

Continue Exploring: Swiggy faces another high-profile departure as independent director Mallika Srinivasan steps down ahead of IPO

Until then, Swiggy’s board comprised Sriharsha Majety, the CEO and co-founder of Swiggy; Nandan Reddy, co-founder of Swiggy; Larry Illg, CEO of Prosus’ Edtech and Food divisions, the largest investor; Ashutosh Sharma, head of investment for India at Prosus Ventures; Sumer Juneja, managing director for India and EMEA at SoftBank Investment Advisors; and Anand Daniel, a partner at Accel.

The shifts within Swiggy’s board come ahead of the company’s public market debut, with draft public offering papers set to be filed in the next few months. The firm has been diligently working to bolster its metrics and curtail cash burn, particularly within its quick commerce division, Instamart.

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

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Pansari Group reports 39% volume growth and 20% value surge in FY24

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Shammi Agarwal, Director, Pansari Group
Shammi Agarwal, Director, Pansari Group

Pansari Group, a fast-moving consumer goods (FMCG) firm, has reported a 20% surge in value and a 39% increase in volume in FY24.

At present, the company’s value-added products make up 12-15% of total sales and are projected to grow by 20% over the next two years. Additionally, Pansari Group anticipates a change in regional contributions, with the North predicted to represent 60% of the business, while the West and South regions are expected to contribute 40% collectively in the upcoming fiscal year.

Continue Exploring: Rural FMCG sales outpace urban growth for first time in three years, signaling demand recovery

Shammi Agarwal, the Director of Pansari Group, commented, “Despite facing challenges in international markets due to government regulations impacting wheat flour and rice duties, we stayed committed to diversification. We seized opportunities in the B2B segment, launching HoReCa International for our esteemed customers, and expanded into private-label offerings beyond commodities.”

The brand has recently launched its ‘Mojee’ cocktail syrups, along with Pansari Chai and the TVOY Green Tea range. It plans to focus on the TVOY tea line, targeting INR 100 crore in sales and a 70% year-on-year volume growth in the next two years.

Currently, the brand collaborates with over 800 distributors and strategically separates its distribution channels for commodities and value-added products to ensure streamlined operations.

Continue Exploring: Small regional competitors erode market share of larger FMCG companies in Q4: Elara Securities Report

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Good Glamm Group joins forces with Tennis star Serena Williams to launch ‘Wyn Beauty’ in the US

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Serena Williams
Serena Williams

Serena Williams, a former tennis player and entrepreneur, has teamed up with the content-to-commerce platform The Good Glamm Group to launch her beauty brand, “Wyn Beauty by Serena Williams,” in the US market.

WYN strives for inclusivity in skin tones and will therefore provide makeup products in 91 shades across 10 unique product lines for the face, lips, and eyes categories, the brand announced in a statement.

“As I developed and continued to be active on and off the court, I needed products that I could apply at 7 am before a hectic day of meetings, spending time with my family, making time for the things I love, and still look good at the end of the day,” Williams continued. What I really wanted was makeup that moved with me. The goal of WYN BEAUTY is for individuals to enhance their natural beauty and live in it every day of their lives.

Darpan Sanghvi, the founder of Good Glamm, commented, “It’s an honor to collaborate and embark on this joint venture with Serena, working together to realize her vision for WYN BEAUTY and crafting products that genuinely offer high performance, reflecting her values.”

Last year, actor Akshay Kumar partnered with Good Glamm to introduce a men’s personal care brand. Additionally, the company enlisted Dia Mirza as an investor in BabyChakra.

Continue Exploring: Dia Mirza invests in BabyChakra to promote sustainable parenting and safe baby care products

The Good Glamm Group was established in 2021 through the merger of three brands: MyGlamm, POPxo, and BabyChakra.

Sanghvi launched the D2C brand MyGlamm in 2017, Priyanka Gill founded the digital media platform POPxo in 2013, and Naiyya Saggi established the online parenting startup BabyChakra in 2015.

Since then, The Good Glamm Group has acquired nearly a dozen brands, including ScoopWhoop, Organic Harvest, and Sirona.

According to sources, The Good Glamm Group is in the advanced stages of discussions to secure $70 million in funding for its Series E round, as it prepares for its upcoming initial public offering (IPO) next year. The round is anticipated to involve existing investors along with some new participants. This move is expected to value the group at $1.2 billion, the same valuation as its previous funding round.

Continue Exploring: Good Glamm Group sharpens focus on profitability ahead of anticipated IPO

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Mall hypermarkets scale down as quick commerce apps gain momentum, sales decline prompts closures, say operators

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Quick Commerce
Quick Commerce (Representative Image)

Hypermarkets in malls are reducing their space, with some even closing down, as sales have dropped due to the growing popularity of quick commerce apps like BlinkIt and Zepto, according to three mall operators.

One mall operator mentioned that Spar India, part of the Landmark Group, has downsized stores and shuttered some locations in Delhi-NCR and Bengaluru due to declining sales. Another operator noted a similar trend with Reliance Smart Bazaar, experiencing a roughly one-third decrease in sales. Additionally, Deerika Hypermart, with outlets across Delhi NCR, has closed three stores. Despite inquiries, Reliance, Spar, and Deerika remained unresponsive.

According to Muhammad Ali, CEO of Retail at Prestige Group, impulsive purchases at hypermarkets have declined, with people now only purchasing essential items.

He said, “By reducing space, companies save on rent while sales remain the same.”

Continue Exploring: Quick-commerce sector on track to compete with e-commerce giants, says Glade Brook Capital Founder

The Prestige Group manages Forum malls located in southern India.

According to a retail industry expert, buyers are no longer willing to tolerate the inconvenience.

The person remarked, “Who will endure traffic, parking, and queues for billing? Consumers’ shopping habits are evolving rapidly.”

Hypermarkets were originally envisioned as the main attractions in malls, drawing in crowds. However, this trend has changed. Numerous companies have opted to surrender 15-20% of the leased space in order to reduce rental expenses.

It’s reported that dining has become the new attraction factor.

“Restaurants are now the main drivers of foot traffic for malls and have taken on the role of new anchors,” stated Harsh V Bansal, co-founder of the Unity group, which oversees operations of over half a dozen malls in Delhi and Punjab. “With various delivery apps offering instant service, shoppers are hesitant to visit malls for grocery shopping.”

According to one mall operator, a hypermarket that previously recorded sales of INR 6 crore per month has now decreased to INR 3-4 crore. Another mall operator reduced the size of its hypermarket from 60,000 sq ft to 40,000 sq ft.

“Deerika hypermarket has temporarily closed three stores in Delhi, Ghaziabad, and Faridabad,” stated Abhishek Bansal, Managing Director of Pacific Malls, which manages multiple malls in the NCR region. “In general, the category now occupies less space compared to before.”

Continue Exploring: Quick-commerce giants grab 30-50% of FMCG sales, kirana stores witness slowdown

The Lulu Group from the UAE, recognized for its chain of hypermarkets, is expanding its operations by positioning its outlets as family-friendly destinations in Kerala and Uttar Pradesh. The company is contemplating the development of small-scale malls with a focus on hypermarkets in cities such as Prayagraj, Gorakhpur, Kanpur, and Varanasi.

In tier 2 cities, experts noted that hypermarkets are still regarded as destinations, but the trend has reversed in metro cities.

The same-store sales growth of the grocery leader Dmart was also affected by lower-than-anticipated festive season sales in non-FMCG (fast-moving consumer goods), alongside significant inflation within FMCG in agricultural staples.

As per the Boston Consulting Group, a deceleration in growth was evident across sectors in recent quarters, with grocery experiencing the most pronounced impact. Sales slowed to 16% in the March quarter from 23% in the corresponding period of the previous year.

Continue Exploring: Quick commerce platforms Blinkit and Zepto expand into e-commerce, targeting fashion, beauty, electronics, and more

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Small regional competitors erode market share of larger FMCG companies in Q4: Elara Securities Report

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FMCG
(Representative Image)

In Q4FY24, the demand for FMCG products continued to face challenges, impacting volume growth, as reported by Elara Securities.

Factors like reduced farm income and the emergence of small regional competitors are negatively impacting larger companies. The brokerage also noted that a delayed winter could affect seasonal categories like beverages.

“It was observed that Chyawanprash sales slowed down in Q3 due to the delayed onset of winter, and there has been no significant recovery in Q4,” stated the report.

Food categories remain stronger performers compared to home and personal care products. The revival of rural demand is essential for the FMCG sector, and companies are banking on a favorable monsoon to boost the rural economy.

Continue Exploring: Rural FMCG sales outpace urban growth for first time in three years, signaling demand recovery 

The report mentioned that regional companies, especially in sectors like biscuits and laundry, continue to pose challenges to larger competitors, benefiting from favorable commodity prices.

In Q4, essential commodities like crude oil and palm oil have seen a sequential rise. Nevertheless, the year-on-year growth has been modest, not significantly impacting margins. Companies have prioritized offering enhanced schemes to boost volume, without implementing any additional price reductions.

According to the brokerage, the FMCG coverage universe is anticipated to show a year-on-year revenue growth of 2.8 percent and volume growth of 3.6 percent in Q4FY24. This is compared to a five-year compound annual growth rate (CAGR) of 8.8 percent, slightly lower than the 9.0 percent recorded in Q3FY24.

Continue Exploring: FMCG companies and Kirana stores gear up for summer: Dairy and beverage sales spike across India

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Godawan single malt whisky grows Its market presence, enters Punjab, Chandigarh, and Madhya Pradesh

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Godawan
Godawan

Godawan, an artisanal single malt whisky that defies conventional norms while honoring tradition, has made a significant expansion by entering Punjab, Chandigarh, and Madhya Pradesh. This move strengthens its nationwide presence across seven markets in India, bringing its unique production techniques and accolades to a broader audience.

Conceived by The Good Craft Co. of Diageo India, Godawan is creating a unique single malt that pushes boundaries and breaks away from traditional whisky-making conventions.

Distilled in Alwar, an area traditionally not associated with whisky production, Godawan utilizes Rajasthan’s high temperatures, time-honored methods, and distinctive botanicals to produce a range of Indian single malts that cater to diverse tastes – from the delicate and floral to the fruity and spicy, the rich and rounded, and the full-bodied and smoky. Achieving this through a versatile and flavorful mother liquid, it is evident in each distinct expression. The brand has introduced two outstanding varieties – 01 Rich and Rounded and 02 Fruit and Spice – priced between INR 2800 and INR 6000.

Continue Exploring: Tasmac unveils new budget-friendly brandy ‘Veeran’, plans to introduce 12 more affordable liquor brands

“As India’s whisky craftsmanship garners global acclaim, maintaining innovation and consistently upholding exceptional quality standards is paramount. With Godawan, we are redefining whisky production through advanced techniques and unique ingredients, fostering a culture of exploration and innovation within the industry.

“We are excited to launch in Punjab, Chandigarh, and Madhya Pradesh, three important markets where customers continue to favour whisky. Our national expansion is well-timed, as the Indian single malt category is growing at a pace of 42 percent annually.

“Moving forward, our commitment lies in delivering superior product quality and strengthening our presence in crucial markets,” says Vikram Damodaran, Chief Innovation Officer of Diageo India.

Godawan made its global premiere at the 75th Cannes Film Festival in 2022, highlighting a major achievement in Indian craftsmanship and reinforcing the brand’s dedication to the Make in India initiative. Additionally, the brand has recently received two awards: one for Best Packaging – Graphics at the esteemed Ambrosia Awards and another Gold award for Best Use of PR for a Product Launch at AFAQS CommuniCon. These accolades further solidify its pioneering status in the Indian single malt industry.

Inspired by the methods of Rajasthani craft liqueur artisans, Godawan utilizes slow-trickle distillation from locally sourced six-row barley to achieve the best sensory qualities in the liquid. It undergoes a unique maturation process at temperatures surpassing 100°F, leading to a higher Angel’s Share (the portion of liquid lost to evaporation). This results in a whisky with a rich and intricate character. The spirit is then finished in specially treated casks infused with two Indian botanicals, Rasna and Jatamansi, chosen from over 5000 options for their ability to enhance the whisky’s flavor profile.

Godawan takes its name from the Great Indian Bustard, a majestic bird that was once abundant across India but is now classified as Critically Endangered on the IUCN Red List. With only around 150 remaining in India, these majestic birds have found their last sanctuary in Rajasthan.

With each bottle of Godawan purchased, the company contributes to the preservation of these birds’ habitats, aiding in their conservation and flourishing.

Continue Exploring: Diageo and AB InBev gear up to navigate liquor sales disruptions during general elections

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Reliance Retail’s Tira continues expansion with 11th outlet in Mumbai

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Tira
Tira

Tira, the omni-channel beauty retail platform by Reliance Retail, has launched its 11th store across the country, as announced by an industry official on social media. Situated on Peddar Road in South Mumbai, the new store is located within the Vama department store.

“Inaugurating our latest addition! The 11th Tira Store is now open at Vama, Peddar Road, South Mumbai. Tira extends its presence across South Mumbai,” shared Nirant Khedkar, Executive Director of The Othr Lab, in a LinkedIn post.

The Othr Lab is a Dubai-based retail consultancy specializing in developing, launching, and scaling emerging and niche beauty, wellness, and lifestyle brands with a focus on the Middle East and Indian Subcontinent.

Continue Exploring: Korean skincare brand Skin1004 makes exclusive debut in India via Reliance Retail’s Tira Beauty platform

The latest store features a carefully curated selection of brands spanning makeup, skincare, fragrance, and bath products. It offers innovative amenities including AI fragrance finders, smart mirrors, and personalized beauty and skincare consultations.

In February 2023, Reliance Industries Ltd.’s (RIL) retail division, Reliance Retail, introduced Tira as an online retailer. After that, in April, they opened its flagship shop at Jio World Drive in Mumbai’s Bandra Kurla Complex.

Tira’s second retail outlet within the city can be found at Infiniti Mall in Malad.

Recently, the beauty retailer broadened its presence into the Northern region by inaugurating a store at DLF Avenue Mall in Saket, New Delhi. This marked the milestone of Tira’s 10th store in India.

Continue Exploring: Reliance Retail’s Tira debuts in North India with flagship store in New Delhi’s DLF Avenue Mall

Tira currently offers over 150 Indian and international brands in its stores.

Reliance Retail Ltd. (RRL) is a subsidiary of Reliance Retail Ventures Ltd. (RRVL), which is the parent company for all RIL retail enterprises. The company maintains a huge network of over 18,771 stores and digital commerce platforms across a variety of industries, including grocery, consumer electronics, fashion & leisure, and pharmaceuticals, all within a perfectly integrated omnichannel framework.

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BlueBop Cafe unveils irresistible homemade Gelato selection to beat the summer heat!

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BlueBop Gelato
BlueBop Gelato

As summer starts to set in, The BlueBop Cafe beckons with the perfect remedy to beat the heat: their homemade gelato. Renowned for its unique ambiance and unrivaled style, this beloved hotspot is ready to whisk your taste buds away on a delectable journey with its freshly churned gelato, beloved by patrons of all ages.

BlueBop Gelato is far from just another gelato brand. Its dense, silky, and smooth texture is sure to captivate anyone’s senses with delight. By using more milk and less cream, one can indulge with a touch less guilt. But that’s not all! What sets their gelato apart is the meticulous crafting process that employs only the finest and most authentic ingredients. Without any artificial flavors, it truly stands as a unique and exceptional treat. The divine gelato collection at The BlueBop Cafe is genuinely a tantalizing delight for anyone’s taste buds.

Continue Exploring: The Pantry launches ‘Wellness Menu’ in collaboration with celebrity nutritionist Neha Sahaya

From classic favorites like Blueberry Cheesecake to innovative selections such as Almond Maple and Nutella Sea Salt, this menu truly offers something for everyone. For those with a discerning palate, the French Vanilla Gelato presents a sophisticated flavor profile that will undoubtedly leave one craving more. The Belgian Chocolate Gelato boasts a rich and creamy blend of 65% dark chocolate, while the Lotus Biscoff Gelato delivers a delightful crunch for Lotus Biscoff enthusiasts.

For those with dietary restrictions, there’s no need to worry! The BlueBop Cafe provides guilt-free options with their Vegan and Sugar-Free Chocolate Gelato, which is just as delectable as the rest. Rest assured, their gelato is churned fresh, ensuring the utmost in flavor and quality. They have also introduced a tantalizing seasonal Mango Gelato flavor.

Eesha Sukhi, the Director of The BlueBop Cafe, expresses her excitement, stating, “We are thrilled to receive such a positive response to our homemade Gelato at The BlueBop Cafe. This truly reflects our commitment to excellence and ensuring our customers experience the very best.”

Continue Exploring: Nestlé India collaborates with SOCIAL and BOSS Burger to debut MAGGI’s plant-based menu across major cities

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Apparel exports set for 8-9% growth in FY2025: ICRA

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Apparel
Apparel

Apparel exports are anticipated to experience a modest recovery with a projected growth of around 8-9 percent in revenues, according to ICRA. This revival is expected to be driven by increased demand for stock replenishment in the US and EU markets.

Retail apparel brands in the US and EU collectively represent nearly 55% of global apparel trade. They are anticipated to reduce their high inventory levels and place orders for the summer 2024 season in the first half of fiscal year 2025.

“Following a slight revenue dip in FY2024, ICRA anticipates apparel-exporting companies to show a rebound in FY2025 due to replenishment of stock in the US and EU regions,” stated Priyesh Ruparelia, Vice President and Co-Group Head of Corporate Sector Ratings at ICRA.

Continue Exploring: India’s apparel exports on the rise: CMAI forecasts 10-15% YoY growth in UAE market

A challenging operating environment has delayed significant capital expenditure investments for many participants. Nevertheless, with the anticipation of demand resurgence in FY2025 and the strategic initiatives of industry players to leverage the China Plus One movement, ICRA anticipates an uptick in capital expenditure spending in FY2025.

The Red Sea conflict has not resulted in any immediate cost impacts on apparel exports, aside from shipment delays of 15 days from the original schedule.

Additionally, the report indicated that the PM Mega Integrated Textile Region and Apparel (MITRA) scheme will enhance India’s position in the global apparel trade by offering economies of scale and bolstering the country’s presence in the MMF supply chain.

Furthermore, the operating margins of apparel exporters are expected to decline to 9.8-10% in FY2024 from 11.3% in FY2023, attributed to a comparatively weaker operating performance in the first nine months of FY2024 and a reduction in volumes resulting in decreased operational efficiencies.

Continue Exploring: Working on sustainability practices to enhance competitiveness of apparel exporters: AEPC

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DMart’s parent company Avenue Supermarts expects 19.8% revenue growth in Q4 FY24

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DMart
DMart

Avenue Supermarts Ltd. expects a 19.8% increase in revenue for the fourth quarter of fiscal 2024.

According to its quarterly business update released on Wednesday, the standalone revenue for the operator of the DMart retail chain is projected to rise to INR 12,393.5 crore during the January-March period, up from the same period last year.

Sequentially, the revenue is anticipated to decrease by 6.4% from INR 13,247.3 crore. However, the third-quarter performance was boosted by the festive season.

In Q4 FY24, DMart opened 24 new stores, bringing its total number of stores to 365.

Continue Exploring: DMart’s Q3 standalone revenue surges by 17.18%, reaching INR 13,247.33 Crore

Brokerages are optimistic about DMart. In March, CLSA upgraded the company’s stock twice within a week, maintaining its ‘buy’ recommendation. Meanwhile, ICICI Securities raised the stock to ‘Add’, anticipating that DMart would outperform Nestle India Ltd. in the medium term. This positive outlook is driven by several factors, including DMart’s attractive valuation, limited downside and business risk, accelerated pace of store openings, and consistent revenue growth.

Following the upgrades, the shares of Avenue Supermarts have rebounded.

DMart shares, which reached a 52-week low of INR 3,352 each on May 18 of the previous year, closed at INR 4,460.9 on the NSE in the latest session.

In the past year, the stock of the company founded by Radhakishan Damani has risen by 22.17%, while the benchmark Nifty50 has increased by 27.78%. Nonetheless, the stock has retreated from its peak of INR 5,900, reached on October 18, 2021.

Continue Exploring: Indian retail giants scale back store expansion amidst slowing consumption trends

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