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IPO-bound Unicommerce launches AI chatbot to aid e-commerce sellers

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Unicommerce
Unicommerce

Unicommerce, a Software-as-a-Service (SaaS) startup, has launched UniGPT, a GenAI platform designed to address the needs of e-commerce sellers. This platform will assist businesses by providing answers to their questions about e-commerce selling.

This launch signifies the entry of the Snapdeal-owned company into the AI domain, aiming to guide sellers on utilizing technology for seamless ecommerce operations.

At present, Unicommerce stated in a release that there are no fees associated with accessing this service.

The new initiative aims to assist both existing and prospective Unicommerce users in swiftly addressing inquiries about the optimal use of technology and how the company’s solutions can facilitate this.

Continue Exploring: Snapdeal-backed Unicommerce files DRHP for IPO, existing investors set to sell up to 2.98 Cr shares

Furthermore, UniGPT will provide insights into industry trends, enabling sellers to set internal business objectives effectively.

The product will generate responses from a content library that includes technology support pages, annual industry reports offering guidance for e-commerce sellers, and streamlined workflows that detail the usability of its products.

Kapil Makhija, MD and CEO of Unicommerce, stated, “Our aim is to empower businesses with enhanced technological insights for better decision-making. This platform will expedite query resolutions for our existing sellers, reflecting our ongoing dedication to providing comprehensive technology-driven support to businesses.”

Continue Exploring: Over 73% of Indian B2B sellers utilize AI to beat sales goals, study finds

Unicommerce is among the companies that have recently filed their draft red herring prospectus with the market regulator SEBI. The startup plans to sell up to 2.98 crore shares during its initial public offering (IPO).

According to the company, as of the quarter ending September 2023, it catered to more than 3,500 customers, oversaw 8,000+ warehouses, and processed orders from over 1,900 stores through its platform.

For the first half of FY24, it recorded a profit of INR 6.3 crore, almost matching the profit earned in the entire FY23.

Continue Exploring: IPO-bound Unicommerce reports INR 6.3 Cr PAT in H1 FY24, matching full FY23 earnings

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ICICI Securities raises Zomato’s price target to INR 300, citing strong growth and profitability metrics

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Zomato
Zomato

ICICI Securities, the brokerage firm, has maintained its ‘BUY’ recommendation for the foodtech giant Zomato and has adjusted its price target (PT) to INR 300.

This indicates a potential increase of over 67% from the stock’s previous close of INR 179.5 on the BSE on Wednesday. The brokerage attributed the upward adjustment in PT to the company’s “consistent growth trajectory and ongoing improvement in profitability metrics.”

“Our 3-stage DCF-based target price is now INR 300 instead of INR 182, and we are keeping our BUY recommendation on Zomato. This adjustment reflects our updated long-term explicit forecasts, supported by the improved visibility of a consistent growth trajectory and ongoing improvement in profitability metrics. Zomato continues to be our top choice in the Indian internet sector,” stated ICICI Securities in a report.

The brokerage observed that the company is trading at a premium compared to its global peers. However, they stated that the price target (PT) is “justified” due to Zomato’s notably higher revenue and compounded annual growth rates (CAGRs) in earnings before interest, taxes, depreciation, and amortisation (EBITDA).

The brokerage projected that Zomato’s food business could see a gross order volume (GOV) growth of over 20% year-over-year until FY33. “It is projected that the EBITDA margin for food delivery will level out at around 6% of GOV. We expect advertising revenues to consistently increase food delivery take rates in the medium term, leveling off at around 21%. This is expected to raise the contribution margin to 8.5%,” the brokerage commented.

The news comes as the foodtech leader continues to set new record levels on the stock market. The stock hit an all-time peak of INR 188.95 during yesterday’s intraday trading on the BSE but closed the session 1.7% down at INR 179.50.

The stock has surged by more than 200% in the last 12 months.

Continue Exploring: Zomato’s shares reach record high of INR 175.5 amidst bullish market sentiment 

This surge has mainly been driven by the favorable financial results the company has reported in the last three quarters. Zomato recorded a consolidated profit after tax (PAT) of INR 138 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24), compared to INR 36 Cr in Q2 FY24 and INR 2 Cr in Q1.

Driving the stock higher are the new initiatives and tests from the Delhi NCR-based startup, such as the establishment of a plant for processing value-added food supplies for its Hyperpure business and a daily payout feature for selected restaurants to improve their satisfaction.

Consequently, several brokerages, including Jefferies, Nuvama, and Kotak, have increased their price targets (PT) for Zomato stock in recent months. While investment banking firm JM Financial has maintained the stock’s PT at INR 200, Jefferies stated earlier this month that Zomato is one of its ‘top picks’ for the next five years, anticipating the price to rise to INR 400 during this period.

Continue Exploring: Zomato among Jefferies’ top picks for next five years, anticipates 2.5X share price increase by 2029

Nevertheless, the company has encountered some controversies lately. The foodtech giant’s proposal to launch a ‘Pure Veg Fleet’ adorned with a green uniform received backlash online. Eventually, the company decided to retract the use of the green uniform for the new fleet.

Zomato co-founder and CEO, Deepinder Goyal, expressed surprise at the backlash against the introduction of the new fleet, as it had received positive feedback in a company-conducted survey prior to its rollout.

Continue Exploring: Zomato renames ‘Pure Veg’ mode to ‘Veg Only’ amid social media backlash

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PN Gadgil Jewellers sets sights on INR 1,100 Crore IPO, submits DRHP to SEBI

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PN Gadgil Jewellers
PN Gadgil Jewellers

PN Gadgil Jewellers, the second-largest organized jewellery retailer in Maharashtra, has submitted its draft red herring prospectus to the Securities and Exchange Board of India (Sebi) to raise capital through an Initial Public Offering (IPO).

The company’s IPO includes a fresh equity issuance of INR 850 crore and an offer for sale (OFS) of INR 250 crore. Through the OFS, promoter SVG Business Trust will sell a portion of its equity.

The proceeds from the IPO are intended to be allocated for establishing 12 stores in Maharashtra, repaying debt, and fulfilling other general corporate objectives.

As of January, PN Gadgil Jewellers ranks as the second-largest among the prominent organized jewellery retailers in Maharashtra based on the number of stores.

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

The company is also the fastest-growing jewellery brand among the major organized jewellery retailers in India, as evidenced by its revenue growth from FY21 to FY23.

Between FY21 and FY23, PN Gadgil recorded an EBITDA growth of 56.5% and also achieved the highest revenue per square foot in India in FY23.

By December 2023, the company had grown to 33 locations, with a total retail space of about 95,885 square feet. The locations are spread among 18 cities in Maharashtra and Goa, as well as one in the United States.

Furthermore, Gadgil introduced its mobile application “PNG Jewellers” in March 2022. This application enables them to keep customers informed about new designs and collections while acquainting them with the product portfolio.

In FY23, the company saw a significant increase in revenue from operations, rising 76% year-on-year to INR 4,507 crore, while the profit after tax (PAT) grew by 35% to INR 94 crore. For the period ending September 2023, revenue from operations was INR 2,628 crore, with PAT at INR 4.37 crore.

The issue’s book-running lead managers are BOB Capital Markets, Nuvama Wealth Management (which formerly operated as Edelweiss Securities), and Motilal Oswal Investment Advisors.

Continue Exploring: Jewellery consumption set for 10-12% value growth in FY24, driven by soaring gold prices: ICRA

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DrinkPrime spearheads clean drinking water initiative amidst Bengaluru’s water crisis

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DrinkPrime

Every summer, groundwater levels in India decline, leading residents in multiple cities to depend on alternative water sources. A significant issue arising from this is the inconsistent water quality. Amidst this severe summer, where half of Bengaluru’s borewells have dried up and residents are apprehensive about the water quality, DrinkPrime, India’s foremost drinking water company, is pioneering the #WaterSafetyWithDrinkPrime initiative. They are going door-to-door to test and guarantee water quality, marking a groundbreaking effort in the Indian water purifier industry.

As residents increasingly rely on tankers fetching water from questionable sources, there’s growing concern about the water quality they receive. To address this, the DrinkPrime team utilizes a mobile water quality testing laboratory to visit people’s homes and provide complimentary water quality tests, ensuring the safety of their drinking water. For instance, during a water contamination crisis in July 2023, they conducted free water quality tests for all residents at the Mahaveer Ranches apartment in Bengaluru.

“We are dedicated to going an extra mile for people, especially during difficult times like the summer season. The #WaterSafetyWithDrinkPrime campaign aims to address residents’ concerns about water quality. Following a water quality test, they will receive a DrinkPrime-approved water quality report, providing peace of mind. It all starts with recognising the problem, which is what DrinkPrime’s Co-founder and CEO, Vijender Reddy Muthyala, hopes to educate people about.

Continue Exploring: DrinkPrime sets sights on 1 Lakh+ subscribers with new production facility in Hyderabad

DrinkPrime’s mobile water quality testing laboratory is currently touring various areas in Bengaluru, beginning with HSR Layout. The #WaterSafetyWithDrinkPrime initiative, launched on March 11, will continue until April 7, 2024. Conducting thorough water quality assessments, the DrinkPrime team strives to deliver comprehensive reports on seven key water quality parameters – total dissolved solids (TDS), pH, hardness, alkalinity, chlorine, chloride, and iron – to homeowners and tenants.

Discussing the initiative, Manas Ranjan Hota, Co-founder & COO of DrinkPrime, stated, “This initiative aims to make it easy for Bengaluru residents to have their water tested. All they need to do is reach out to us.”

“Water gets consumed frequently throughout the day, but people rarely pay as much attention to its quality as they do to food. “Everyone should be aware of what they’re consuming, especially those who live permanently in Bengaluru,” said Arjun Sharma, who had his water quality tested in HSR Layout.

“If Bengaluru residents come across the #WaterSafetyWithDrinkPrime initiative vehicle on the road, simply snap a photo, post it on our Instagram or Twitter, and tag us. We have an exciting surprise gift waiting for you,” mentioned Manas.

Committed to advancing water safety and tackling the challenges of water scarcity, DrinkPrime is steadfast in employing innovative solutions and technology to provide safe drinking water to communities nationwide. The 8-year-old startup was recently honored with the Inc42 Fast 42 award in the Growth category and also recorded the highest number of monthly installs in the water purifier industry in February.

Continue Exploring: DrinkPrime earns Trailblazer title at Dun & Bradstreet Startup50 awards, sets new standard for water purifier industry

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Coca-Cola’s largest bottler SLMG Group appoints Costin Mandrea as new CEO

Costin Mandrea
Costin Mandrea

SLMG Group, the leading independent bottler of Coca-Cola in India and SouthWest Asia, announced on Wednesday the appointment of Costin Mandrea as the Chief Executive Officer of its Coca-Cola operations. Mandrea brings over 25 years of experience in the beverage industry and has held key leadership positions within the Coca-Cola Bottling System across Western and Central Europe, Russia, and Japan, as stated by SLMG Group.

During his time at Coca-Cola, Mandrea has been recognized for implementing successful transformation initiatives and assuming strategic leadership roles. His contributions have significantly enhanced the company’s profitability and market presence.

Continue Exploring: SLMG Beverages launches 100% recycled PET bottles for Coca-Cola in India

SLMG Group, a company with a turnover of INR 7,000 crore, has been affiliated with Coca-Cola for over three decades.

The company holds a bottling franchise for Coca-Cola in Uttar Pradesh and Uttarakhand, producing and distributing a range of products including carbonated soft drinks, juices, and packaged drinking water.

Continue Exploring: Coca-Cola bottler SLMG Beverages set to invest INR 100 Crore in sustainable solutions this year

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Winkin’ Cow and Britannia Bourbon join forces to launch Bourbon shakes

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Winkin' Cow

Winkin’ Cow, a beloved milkshake brand in India under the umbrella of Britannia, has announced a partnership with Britannia Bourbon. This collaboration marks a major milestone for both brands. The introduction of Bourbon thick shakes represents a unique blend within Britannia, combining the classic taste of Britannia Bourbon with the creamy indulgence of Winkin’ Cow. This offers consumers a captivating experience that goes beyond conventional offerings.

Recognized for its commitment to innovation and quality, Winkin’ Cow has continuously set new standards since its establishment in 2018. With impressive growth, reaching a revenue of INR 100 crore in FY22, the brand has earned widespread consumer praise for its creamy texture and wide range of flavors. With the launch of Bourbon Shake, Winkin’ Cow is now venturing into a journey of flavor discovery, combining the iconic taste of Britannia Bourbon with its milkshake expertise.

Amit Doshi, Chief Marketing Officer at Britannia Industries Limited, commented, “As we celebrate 70 years of Britannia Bourbon, our collaboration with Winkin’ Cow marks an exciting new phase in Britannia’s journey. This partnership blends two cherished icons, giving birth to the Winkin’ Cow Bourbon Shake—a flavor fusion that sets a new standard for indulgence. Through this joint venture, we strive to not only pay tribute to the heritage of India’s original Britannia Bourbon biscuit but also to innovate and offer unique experiences to our consumers. The Winkin’ Cow Bourbon Shake is a testament to our dedication to quality and taste in every drink, showcasing our inventiveness and skillful craftsmanship.”

Continue Exploring: Britannia eyes diversification into chocolates, salty snacks, and fresh dairy through joint ventures, unveils aggressive growth strategy

Abhishek Sinha, Chief Business Officer – Dairy and CEO of Britannia Bel Foods Private Limited, remarked, “We are thrilled to unveil the latest addition to the Winkin’ Cow lineup, the Bourbon Shake, an innovation set to transform beverage consumption across the country. This new offering, born from the collaboration of two iconic brands within Britannia, resonates with our mission to provide consumers with more of what they love and strengthen our brand. The rising demand for flavored milk and dairy products in India underscores our dedication to innovation. As trailblazers in blending the authentic Britannia Bourbon flavor into shakes, this launch is especially significant for our brand as it expands our chocolate-flavored range to cater to the increasing demand from chocolate aficionados.”

The Winkin’ Cow Bourbon shake embodies the brand’s commitment to excellence, innovation, and meeting consumer preferences by expertly blending the unique taste of Britannia Bourbon with Winkin’ Cow’s mastery in milkshakes. Designed to captivate a younger audience, it reflects Britannia Winkin’ Cow’s strategic efforts to engage a wider demographic through innovative products.

Available at select stores and exclusively at Reliance outlets among large-format retailers, the Winkin’ Cow Bourbon shake aims to transform the Indian retail beverage scene, providing a delightful treat for consumers across the country.

Continue Exploring: Epigamia launches India’s first 25g protein milkshakes with zero sugar

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Woodsmen Mountain Whiskey raises $1.5 Million in Series A funding led by FinFirst Group and Anthill Ventures

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Shivam Ginglani, Founder, Ginglani Distillers
Shivam Ginglani, Founder, Ginglani Distillers

Woodsmen Mountain Whiskey, a burgeoning alcoholic beverage startup, has secured $1.5 million (approximately INR 12.5 crore) in its Series A funding round, spearheaded by FinFirst Group and Anthill Ventures.

The funding round also attracted investment from several other notable investors, such as Nikhil Vora, managing partner at Sixth Sense Ventures, Chaitanya Rathi, former COO of Sula Vineyards, Shantanu Deshpande, founder of Bombay Shaving Co, Bala Sarda, founder of Vahdam Teas, Pradeep Gidwani, former MD of Diageo, and Arjun Vaidya, cofounder of V3 Ventures.

Additionally, existing investors, including Country Delight cofounders Nitin Kaushal and Chakradhar Gade, as well as several executives from Woodsmen Mountain Whiskey, participated in the Series A funding round.

The startup plans to utilize the new funding to broaden its market presence, intensify marketing efforts, introduce new products such as a single malt range, and grow its team.

Continue Exploring: Indigenous spirits shine: India’s liquor exports soar, set to break $1 Billion barrier

In addition to the funding, Gidwani and Rathi will also serve as advisors to the startup. Woodsmen Mountain Whiskey operates under its parent company, Ginglani Distillers, founded by Shivam Ginglani. The startup asserts that its whiskey is crafted using water sourced from the Himalayan mountains and reports sales of over 2 million bottles this year.

Founder and CEO Ginglani took to social media, expressing the startup’s ambition to establish an “iconic” Indian whiskey brand.

Meanwhile, commenting on the funding round, Rathi stated, “As an experienced industry professional, I have been advising Shivam in establishing his whiskey company from the ground up. In just two years in the world’s largest whiskey market, Shivam’s distinctive Himalayan origin-driven ‘Mountain Whiskey’ positioning for Woodsmen has successfully carved out a unique niche, diverging from the traditional IMFL whisky paradigm by prioritizing quality, branding, and storytelling.”

Woodsmen Mountain Whiskey competes with industry giants such as Diageo, Pernod Ricard, and Bacardi in the rapidly growing Indian alcoholic beverages market. This burgeoning market has given rise to several startups and has also captured the interest of investors.

Indian craft beer startup Bira 91 is supported by investors including Peak XV Partners, Sofina Ventures, Japan’s Kirin Holdings, and MUFG Bank. Its operating revenue increased by 15%, reaching INR 824.3 crore in FY23 compared to INR 718.8 crore in the previous fiscal year.

Continue Exploring: Bira 91 secures $25 Million funding led by Tiger Pacific Capital for expansion amidst robust growth trajectory

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Annapurna Swadisht enters edible oil market with acquisition of Arati mustard oil brand for INR 28 Crore

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Arati
Arati

Annapurna Swadisht, a packaged food manufacturing company, has acquired the mustard oil brand Arati from R R Proteins and Agro for INR 28 crore, marking its entry into the edible oil market.

The transaction will be financed partly through internal accruals and debt, subject to approval by the creditors.

Continue Exploring: Annapurna Swadisht aims for revenue doubling, targets INR 300 Crore in FY23-24 with strategic expansion into biscuits and noodles

“We see this as a promising opportunity that fits with our company’s strategy to bolster our position as a major player in the packaged food sector, particularly in the semi-urban and rural markets of India,” stated Annapurna Swadisht’s managing director, Shreeram Bagla.

Annapurna Swadisht currently produces snacks and beverages. The brand asserts to have a presence in over 600,000 retail outlets in tier 3 and 4 markets across Bihar, West Bengal, Assam, Odisha, Jharkhand, and Uttar Pradesh.

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Swiggy’s strong financial performance sets stage for IPO: FY24’s first 9 months show robust growth

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Swiggy
Swiggy

Ten years since its inception, the foodtech and quick commerce giant Swiggy is gearing up for a public debut this year, diligently ensuring a robust financial outlook. Demonstrating consistent growth, the company appears to be maintaining a solid 25-30% year-on-year growth in the current fiscal year, FY24.

In the first nine months of FY24, IPO-bound Swiggy’s revenue from operations stood at INR 5,476 crore, as indicated in a document prepared by an investment banker on behalf of Swiggy.

Of this amount, the food delivery segment accounted for 82.65% of the total operating revenue, reaching INR 4,526 crore. The remaining revenue was generated by Swiggy Instamart, the company’s quick commerce division.

Sources suggest that the company is considering a secondary market transaction to provide exit opportunities for both its early and late-stage investors.

Continue Exploring: Swiggy may file IPO by fiscal year end, plans to raise capital with combination of offer-for-sale and new issue; Prosus contemplates stake reduction

One of the sources, requesting anonymity, mentioned, “Swiggy is expected to pursue an IPO in the latter half of this year, and the secondary transaction seems to be an effort to refine its cap table.”

Sources indicate that in the possible secondary transaction, Swiggy will be aiming for its final primary valuation.

The document cited above stated, “In August, the company secured INR 384 crore from Ramco Group at a valuation of INR 73,520 crore [$8.85 billion].” Shortly after this investment, the US-based asset manager Baron Capital Group elevated Swiggy’s valuation to $12.1 billion.”

It’s important to mention that Swiggy acquired Lynk Logistics in August 2023, and the aforementioned transaction could be related to this acquisition.

Queries sent to Swiggy did not receive a response.

The document also indicated that in the first nine months of FY24, Swiggy’s gross order value (GOV) reached INR 24,230 crore, of which the food delivery segment accounted for a significant 76.2%, amounting to INR 18,472 crore. The remaining GOV is associated with Instamart.

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

With a strong emphasis on profitability, the Bengaluru-based company has notably enhanced its EBITDA margins, which were recorded at -1.9% for the food delivery business and -109.5% for Instamart during the nine-month period. In comparison, these figures were -17.5% and -259% in FY23.

Swiggy’s efforts to streamline costs and prepare for its IPO are becoming increasingly apparent. In January, Snackfax reported that Swiggy intended to reduce its workforce by 6% to cut costs. In February, the company rebranded from Bundl to Swiggy, and more recently, it has shortlisted seven banks, including Kotak Mahindra and JP Morgan, for its financial preparations.

Continue Exploring: IPO-bound Swiggy initiates workforce reduction, plans to cut 6% of jobs to enhance profitability

“Swiggy is expected to file for its IPO by May, with plans to go public during the festive season. The company is eyeing a valuation between $12-15 billion,” said another source who also preferred to remain anonymous. This source added that Swiggy may consider offering a reduced valuation for secondary transactions.

The timing appears favorable, especially as Zomato has performed well since its listing and is on track to reach a $20 billion valuation this week. Even accounting for Zomato’s lead in revenue, a valuation of $12 billion or higher should be attainable for Swiggy after it releases its FY24 financials. However, various factors such as market conditions at the time of the IPO, the proportion of shares offered for sale versus funds raised for the company, and the strategies of competitors like Big Basket or Zepto could influence perceptions of Swiggy’s future profitability. While Zomato has achieved operational profitability, Swiggy was not yet there based on its last reported figures, and this financial deficit is likely to impact its share price unless a visible and consistent turnaround occurs.

Continue Exploring: IPO-bound Swiggy merges InsanelyGood with Instamart

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Three Indian restaurants among Asia’s 50 best culinary destinations

restaurant
(Representative Image)

Last night in Seoul, South Korea, the highly anticipated Asia’s 50 Best Restaurants were revealed. After months of anticipation, the most distinguished dining venues across the continent were announced, and among them, three Indian restaurants were honored.

Leading the pack, Masque, Mumbai’s contemporary Indian fine-dining spot, was crowned the best restaurant in India, securing the 23rd spot overall. Indian Accent, headquartered in New Delhi and boasting a branch in Mumbai established last year, closely trailed at #26, maintaining its impressive presence on the list for nearly a decade.

Meanwhile, Avartana, situated in the ITC Grand Chola in Chennai and more recently expanded to Mumbai’s ITC Maratha, claimed the 44th position.

The top three positions were clinched by Sézanne in Tokyo, claiming the first spot for the first time. Following closely were Florilège, also hailing from Tokyo, and Gaggan Anand’s namesake restaurant in Bangkok, which secured third place and earned the title of Thailand’s Best Restaurant.

Danny Yip of The Chairman was honored with the Icon Award, while Pichaya “Pam” Soontornyanakij was named Best Female Chef. Her restaurant, Potong, climbed impressively from 35th to 17th place. Haoma in Bangkok was recognized with the Sustainable Restaurant Award, and Lamdre in Beijing was presented with the One to Watch Award for its promising rise in the 50 Best rankings.

Earlier this month, five other Indian restaurants were recognized in the Top 100 when the 51-100 list was unveiled on the 13th. Americano in Mumbai secured the 61st spot, while The Bombay Canteen in Mumbai made its debut at #70. Cormorin in Gurugram followed at #79, Dum Pukht in Delhi claimed the #87 position, and Ekaa in Mumbai rounded off the list at #98.

Continue Exploring: 5 Indian restaurants shine in Asia’s 50 Best Extended List for 2024

Beyond India, more Indian restaurants left their mark on the 51-100 list. This includes Restaurant Gaa (#94), led by Indian-origin chef Garima Arora in Bangkok, Thevar, helmed by chef Mano Thevar in Singapore (#72), and the Mexican-Indian fusion eatery Mrs Maria and Mr Singh (#54), crafted by chefs Gaggan Anand, Hernán Crispín Villalva, and Roshan Kumar, also situated in Bangkok.

In total, this positions 8 restaurants based in India among the top 100, with an additional 3 destinations led or conceptualized by Indian chefs. This signifies a notable increase in the recognition of Indian cuisine on international stages and sets the stage for further achievements in the future.

Continue Exploring: From Mumbai’s irresistible chaats to Hyderabad’s iconic biryani: Indian cities shine in global culinary rankings

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