Wardwizard Foods and Beverages Limited is set to make its mark in the US market, following the acquisition of USFDA registration. This notable accomplishment represents a pivotal step in the company’s global growth strategy and reaffirms its dedication to providing top-quality food products worldwide. Wardwizard Foods and Beverages Limited’s product range will now include a diverse selection of RTE (Ready-To-Eat) meals, frozen items, spices, sauces, condiments, and beverages.
With effect from the first quarter of the next financial year 24–25, Wardwizard Foods and Beverages Limited will start exporting to the US. The first phase will concentrate on major cities where customers can enjoy the rich and genuine flavours of Indian cuisine, such as Chicago, New Jersey, and Texas. From easy RTE (Ready-To-Eat) meals to delicious frozen goods, savoury sauces, fragrant spices, adaptable condiments, and cool drinks, the company’s wide selection is carefully crafted to satisfy every palate.
Sheetal Bhalerao, Chairperson and Managing Director of Wardwizard Foods and Beverages Limited, shared her immense excitement about this important milestone, stating, “We are truly thrilled to begin this exciting journey of exporting our products to the USA, a market known for its discerning palate and high standards. This achievement highlights our unwavering commitment to bringing the authentic flavors of India to consumers globally. Securing USFDA registration serves as a proud testament to our dedication to product quality and regulatory compliance. This certification not only reaffirms the exceptional quality of our products but also emphasizes our rigorous adherence to strict food safety standards, inspiring unwavering confidence among consumers and stakeholders alike.”
As a key component of the company’s carefully designed market expansion strategy, Wardwizard Foods and Beverages Limited has formed strategic partnerships to guarantee smooth delivery of its products to American consumers. The company’s introduction to the US market presents a substantial growth opportunity and demonstrates its commitment to satisfying the changing demands of discerning consumers globally.
Wardwizard Foods and Beverages Limited offers a range of RTE and Frozen products that are free from preservatives, MSG, and artificial food colors, ensuring a wholesome and authentic culinary experience for consumers. With a focus on retail distribution and private labeling, the company is committed to delivering unparalleled quality and taste to the US market and beyond.
DS Group is set to make a mark in the dairy industry with its brands, Ksheer and Ovino. The company announced that Atom Network will handle the creative responsibilities for these brands, emphasizing innovative ideas and experiences to enhance their market presence, as per a company press release.
It further stated that Atom Network secured the business following a rigorous competitive pitching process.
Rajeev Jain,Senior Vice President of Corporate Marketing at DS Group, welcomed the new agency, stating, “Atom Network effectively addressed our objectives with their strategic and creative approach, combining industry insights with local cultural relevance, which is crucial for our markets. We are eager to start collaborating.”
Abhik Santara, CEO of Atom Network, expressed enthusiasm about the appointment, stating, “We are pleased to collaborate with the DS Group. It presents a fantastic opportunity for us to deliver innovative work for Ksheer and Ovino. We aim to leverage our expertise in FMCG branding to build enduring brand equity for both brands.”
The Amazon-backed startup stated that it had initiated the ESOP program in 2020 for eligible employees, who can now sell their stocks at a premium of 6 times with no strike price.
Notably, senior managers, department heads, and executive leadership are included in the pool of qualified employees. The average age of the buyback-eligible employees is thirty-six.
XYXX’s founder and CEO, Yogesh Kabra, expressed, “The announcement of our first ESOP buyback is a moment of pride for the leadership team, particularly for me. It reinforces my confidence in the collective success of Team XYXX and their indispensable role in our journey of growth. As a modern consumer brand startup, we stand alongside top fintech, ed-tech, and e-commerce brands in offering wealth creation opportunities for our workforce.”
Established in 2017 by Kabra, XYXX is a D2C menswear brand offering a range of products including underwear, loungewear, and athleisure.
The startup reported a growth rate of 100% CAGR and recorded a revenue of INR 57 Cr in FY22. It anticipates leveraging the expanding Indian innerwear market to drive its future growth. In this sector, it competes with D2C startups like DaMensch and Almo.
The startup has not disclosed the size of its first ESOP buyback plan. According to its LinkedIn profile, the company has a team of 259 employees.
With this move, XYXX joins the growing number of startups launching ESOP buyback plans this year. Today, the audio series platform PocketFM also announced its first ESOP buyback worth $8.3 Mn. Notable companies like CRED, MyGate, Meesho, and others have also unveiled similar plans this year.
According to a survey, approximately 80% of over 400 Indian startup founders surveyed believe that potential employees may be reluctant to join startups following a series of mass layoffs. The report also revealed that 55% of startups are relying on ESOPs to attract the Indian workforce back to the startup ecosystem.
According to market research data, ecommerce sales experienced a modest growth of 12-15% in the initial quarter of this year, marking a decline from the 20% growth rate recorded in the corresponding period of the previous year. Industry executives and analysts observe that the softening demand is evident in reduced sales volumes, despite the contribution of higher-cost items towards the overall value generation.
Nonetheless, a senior ecommerce executive mentioned that the month-on-month sales trajectory is showing signs of improvement over the same period. Optimistic observers anticipate more favorable results in the upcoming financial year, as the onset of summer is expected to stimulate demand in specific categories.
“Typically, January to March constitutes a sluggish phase for ecommerce enterprises, and while January was challenging, we’ve witnessed a resurgence in growth over the past three weeks,” remarked Satish Meena, advisor at Datum Intelligence. He anticipates a potential return to a growth rate of around 20% by April.
The beginning of the calendar year is also the time when the fashion and peripheral segments typically clear out their older inventory.
It’s worth noting that no significant smartphone devices, which are a cornerstone of online retail, have been launched so far this year.
A senior executive from one of the top three ecommerce logistics firms mentioned that growth this year has been subdued, but there are expectations for an uptick starting from April. “The rate of growth will depend on the sheer number of shipments,” they said.
Online retailers experienced a weak end to the previous year following a period of robust growth during the festive season sales, spanning from late September until Diwali.
Meena from Datum highlighted stagnant growth in smartphone sales across both online and offline channels, noting a slight decline in shipments but sustained high average selling prices (ASP).
Meena remarked, “The ‘fear of missing out’ phenomenon previously associated with online exclusives in smartphone sales has diminished. Additionally, offline stores have improved their financing options, and discounts are no longer as steep, resulting in offline channels capturing a larger market share, accounting for 52% of sales in the calendar year 2023.”
Market research data from Counterpoint Research indicates that smartphone sales in India remained stagnant in 2023, with overall sales plateauing at 152 million units.
Meanwhile, in apparel sales, end-of-season clearance events indicated signs of improvement.
Earlier reports indicate that brands across various sectors are experiencing growing interest in premium products, whereas mass-market products, despite their lower prices, are not seeing comparable growth.
According to individuals familiar with sales data, the surge in inflation has contributed significantly to the decline in online retail performance. A parallel trend has been observed in the fast-moving goods category on quick commerce platforms.
Flipkart, Amazon India, Meesho, Tata Neu, and Reliance’s JioMart are some of the top e-commerce platforms, with Flipkart and Amazon India dominating the majority of the market share.
It’s interesting to note that, in an otherwise sluggish e-commerce sector, cosmetics firms that were founded online are expanding rapidly. Their growth has exceeded 25%, primarily due to the impact of winter sales and promotional activities.
According to Kaushik Mukherjee, co-founder and chief operating officer of Sugar Cosmetics, the segment experienced robust sales in January and February, partially boosted by Valentine’s Day gifting.
“With the cold weather fading, we also see a shift from products like moisturisers, and sunscreen and facewash coming back strong (sic),” he added. “There definitely is a little bit of weakening in sales post Valentine’s Day.”
In January, Nykaa announced that its beauty and personal care business grew faster than the industry growth rate.
Brands and sellers in various categories including wearables, hearables, beauty, fitness, and home furnishings reported a mixed pattern in their online sales during the first quarter. This variance depended on factors such as price points and sub-categories.
They project a year-on-year sales growth of approximately 15-18% in home furnishing and 10-15% in audio wearables. The health and fitness category, encompassing supplements and gym equipment, is expected to conclude the quarter with a 15-20% increase.
Audio product manufacturers like Noise and Boult have reported growth of over 15% compared to business-as-usual days before the festive season.
“Our sales have increased by more than 15%, but less than 20%, depending on pricing and product type, compared to the period before the festive sales started,” said Tarun Gupta, co-founder of Boult.
Gaurav Khatri, co-founder and CEO of Noise, mentioned a decline in sales following the festive period. During this time, the company utilized other sales channels such as offline stores and quick commerce to maintain growth.He added, “We are shifting our attention from simply boosting unit sales to strategies like promoting premium goods and cultivating customer loyalty during this period.”
Pallav Bihani, founder of supplements and equipment manufacturer Boldfit, mentioned that the segment has experienced a rise in sales driven by a post-festive focus on health and fitness. He stated, “We typically don’t see a significant boost from festive sales since that’s not when customers are primarily thinking about fitness. We anticipate another surge from April to June, as a younger, health-conscious demographic takes their summer breaks.”
With the Lok Sabha elections just weeks ahead, political merchandise is experiencing a significant surge for the first time in India, the world’s largest democracy.
E-commerce platforms like Amazon, Flipkart, and Meesho are capitalizing on the election excitement by offering ‘election-themed clothing’ such as t-shirts, caps, and sweatshirts with slogans like ‘NaMo Hat Trick’, in reference to Prime Minister Narendra Modi, and ‘Rahul is Hope’, alluding to Congress leader Rahul Gandhi.
“Numerous sellers have joined various e-commerce platforms with election-related merchandise. We are continuously receiving requests from sellers as the election momentum grows,” stated an executive from a major e-commerce platform who preferred to remain anonymous.
Amazon, in particular, is offering merchandise under a ‘Wear Your Opinion’ series on their online platform.
Independent retailers and brand licensing companies are focusing on younger and newer voters, amplifying the voting enthusiasm to offer a diverse range of political merchandise. This includes stylish, premium apparel as well as affordable keychains, car and house flags, lamps, and clocks.
Black White Orange, a brand licensing company, is set to unveil premium apparel featuring messages such as “How to be an Inkfluencer” or “I want you to vote for India” under its brand A47.
Bhavik Vora, CEO and founder of BWO, remarked, “The 2024 polls mark the first significant rise of the election merchandise sector in India, an industry of immense scale in the US.” He emphasized the pivotal role of Gen Z and social media influencers in popularizing the message that voting is both trendy and cool.
In the US, “election clothing” merchandise adorned with slogans like “Vote Biden 2024” and “Trump Facts: 2024” has inundated online platforms in anticipation of the upcoming presidential elections in November. Meanwhile, the ruling Bharatiya Janata Party (BJP), vying for a third consecutive term, has commenced retailing caps, t-shirts, and mugs via its NaMo app. The app features an array of products including t-shirts, badges, caps, stationery, and mugs embellished with PM Modi’s name. Beyond the major parties led by the BJP, followed by the Congress and the Aam Aadmi Party to a lesser extent, several others have also entered the market.
Representatives from Amazon and Meesho opted not to provide a comment.
A different executive from a major ecommerce platform mentioned, “We’re also seeing sellers offering merchandise representing regional parties like Trinamool Congress and Samajwadi Party. Much of the interest in these products is emerging from smaller Indian cities, as they are low-cost items but carry strong patriotic sentiments.”
Snitch, the Bengaluru-based fashion brand, saw a remarkable growth of over 150% in the financial year (FY) 2023-2024 compared to the previous year, as stated by its top executive in a social media post.
In a LinkedIn post, Siddharth Dungarwal, the founder of Snitch, expressed, “FY2023-24 was a stunning and adrenaline-filled year for us at Snitch. We experienced over 150% growth compared to last year, embarked on our offline journey, and currently operate four stores with remarkable trading density. Additionally, we have plans for at least 18-20 more stores in the pipeline for this financial year.”
In FY23-24, Snitch dispatched over 3.5 million items through multiple channels and maintained profitability, with net sales increasing by more than 2.25 times compared to the previous year, as indicated in the LinkedIn post.
“We ended March 2024 with our highest-ever Gross Merchandise Value (GMV) of INR 45 crore and an Annual Recurring Revenue (ARR) of over INR 540 crore, all achieved without external funding until December 2023,” stated Dungarwal.
Snitch plans to broaden its product range to include accessories, fragrances, and innerwear, aiming to provide comprehensive wardrobe solutions for men, as stated by its founder.
The company is targeting swift offline expansion. In recent months, it has bolstered its top management by appointing Varun Muralidharan, former retail manager at Bestseller India, to oversee retail operations and projects, and Mayur Ashtekar from Rare Rabbit as the head of business development and offline expansion.
The company has sustained a 30%-35% quarter-on-quarter (Q-o-Q) revenue growth over the past two years. With the ongoing expansion of its physical retail presence, the company anticipates a 35-40% Q-o-Q growth in sales and revenue.
Founded in 2020 as a D2C brand, Snitch gained prominence by featuring on Shark Tank India Season 2 and becoming the sole brand to clinch a deal with all the Sharks. In December 2023, Snitch also secured INR 110 crore in a Series A funding round led by Singapore-based venture capital firm SWC Global and Indian venture firm IvyCap Ventures.
Popeyes, the US-based fried chicken restaurant chain, has opened its first outlet in Kerala, as announced by a company representative on social media. The new establishment is situated at Hilite Mall in Calicut.
“Popeyes Louisiana Kitchen ventures into Kerala with the opening of its doors at Hilite Group Mall, Calicut,” stated Janardhan Rao, Head of Strategy and Business Development for South India at Jubilant Foodworks Ltd (JFL) in a LinkedIn post.
Presently, the company operates more than 45 stores nationwide.
Jubilant Foodworks holds the master franchise rights for Popeyes Louisiana Kitchen Inc. in India and Bangladesh, allowing them to open and manage Popeyes-branded restaurants. Established in 1972 in Louisiana, Popeyes is renowned for its fried chicken and chicken sandwiches.
JFL launched Popeyes in the country with its first store in Bengaluru in January 2022. Since then, the company has expanded Popeyes restaurants to various cities, including Bengaluru, Chennai, Hyderabad, Coimbatore, New Delhi, Gurgaon, and Mangalore, among others.
JFL anticipates that Popeyes will achieve over INR 1,000 crore in sales within the next 3-4 years.
In addition to Popeyes, JFL serves as the India franchisee for other US-based fast food brands, including Domino’s Pizza and Dunkin’.
Mother’s Recipe, the renowned Indian food brand, has unveiled its new Summerwala Sharbat for the upcoming summer season. True to its commitment to evoking nostalgia among consumers, the Summerwala Sharbat range will bring back fond memories of enjoying refreshing Sharbats to stay cool during the hot summer months.
In Indian households, preparing sharbat is a cherished family tradition. Grandmothers often pass down their special recipes and techniques for making this refreshing drink. As summer approaches, sharbat becomes the preferred beverage, particularly when hosting guests.
More than just a delicious drink, sharbat holds cultural significance in India. Offering sharbat to guests is a gesture of hospitality and warmth, making them feel welcome and valued. It plays a significant role in Indian traditions, fostering closeness among families and communities.
With this cultural essence in mind, Mother’s Recipe introduces its Summerwala Sharbat range, available in five delightful flavors designed to evoke nostalgic memories.
Mother’s Recipe Summerwala Sharbat has introduced a captivating new range of refreshing flavors: Mango Panna, Rose Sharbat, Jeera Masala, Khus Syrup, and Lemon Ginger. As temperatures soar, it’s crucial to keep our bodies cool and hydrated. Ingredients like Khus, Lemon, Rose, and others in the sharbat are known to provide additional health benefits, such as aiding digestion and offering a cooling effect.
The sharbat can be served chilled, topped with mint leaves or lemon slices. It can also be made into a refined mocktail or a delectable falooda, adding a touch of sophistication to your summer drinks.
The Mother’s Recipe Sharbat range is offered in a 750ml PET bottle priced at INR 190. These bottles are not only reusable but also unbreakable and convenient to store in refrigerator compartments. The product will be accessible on all major e-commerce platforms, including Big Basket, as well as in various retail outlets. This product launch marks a significant step toward expanding their diverse portfolio.
Reliance Retail‘s 7-Eleven convenience store has opened a new outlet in Kalamboli, Panvel, Maharashtra, as announced by a company official on social media.
“We are thrilled to announce the first 7-Eleven store’s grand opening in Kalamboli, Pune, which will include a brand-new BWS section! Come celebrate quality and convenience in one place with us,” Reliance Retail’s Property Acquisition Manager Amit Kumar Rout said.
Snackfax previously reported that the company had reached the milestone of opening 50 stores in India.
7-Eleven is renowned for its convenient one-stop-shop experience, offering busy customers a variety of ready-to-eat food, beverages, and daily essentials.
Originally established as an icehouse storefront in Dallas, Texas in 1927, the brand is currently owned by the Japanese company Seven-Eleven Japan Co., Ltd. According to its official website, it now operates over 84,000 convenience stores in 20 countries.
In India, Reliance Retail manages 7-Eleven, which launched its first store in Mumbai in 2021. Initially, 7-Eleven had collaborated with Kishore Biyani’s Future Group to penetrate the Indian market; however, the partnership was terminated in 2021.
Brij Hotels aims to have 50 operational boutique hotels in the next five years before considering international expansion, according to its co-founder Udit Kumar.
The Delhi-based company, which recently raised $4 million (approximately INR 33 crore) in Series A funding, currently manages eight properties and plans to expand by adding three to four more properties in 2024-25.
Kumar mentioned that the company intends to pursue another round of funding within the next year.
Since travellers value experience above all else, they favour well planned stays. We offer a distinctive experience that strengthens our relationship with each guest at each hotel,” he said.
The company’s Series A investment was led by the Manipal Education & Medical Group Family Office, with contributions from investors such as Abhay Jain, Abhiroop Jayanthi (Managing Director of Bain Capital), Rajendra Rao, and Prashant Deshpande.
“We lease all of our hotels for 20 to 30 years at a time, and we invest a lot of money to make sure they live up to our standards. Therefore, during the next 10 to 12 months, we will look for another round of capital to support the expansion we have planned,” Kumar stated.
According to a report from HVS Anarock, the global boutique hotel sector has grown by over 50% in the last three years.
Anant Kumar, co-founder of Brij Hotels, stated, “While traditional luxury hotels are going to continue to perform well, luxury travellers desiring unique experiences will gravitate towards boutique hotels.” “We expect further increases in occupancy as travel becomes a year-round phenomenon. Currently, we maintain an occupancy rate of 50–55%.”
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