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

March 27, 2024

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

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

SnackTeam

March 27, 2024

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.

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

SnackTeam

March 27, 2024

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

Three Indian restaurants among Asia’s 50 best culinary destinations

SnackTeam

March 27, 2024

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.

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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

EPIC Group enters Indian market, partners with Colliers India for first manufacturing unit in Bhubaneswar

SnackTeam

March 27, 2024

Colliers, a global diversified professional services and investment management company in India, has secured a design-build and turnkey contract worth INR 220 crore from EPIC Designers. This marks EPIC Designers’ first manufacturing unit establishment in the country.

EPIC Designers, a sustainable fashion company headquartered in Hong Kong, has recently purchased 40 acres of land in the IDCO Industrial Estate located in Bhubaneswar, Odisha. This acquisition is intended to bolster the company’s future business goals and cater to global brands operating in India.

“The plant, managed by Trimetro Garments India, a subsidiary of EPIC Group, complies with international standards that are in line with the company’s cutting-edge facilities across the globe. The first phase, which is 338,000 square feet in size, is expected to be finished by May 2025, and there is room for growth to reach 381,236 square feet,” said Colliers India’s Managing Director of Project Management, Indranil Basu.

Dedicated to sourcing sustainable materials, reducing waste, and limiting its carbon footprint, this garment factory will pioneer eco-friendly practices in India’s apparel industry. The company plans to hire more than 6,000 employees to operate the facility.

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As the pioneer in sustainable fashion, expanding into India fits in well with the workforce’s expertise in textile production. Odisha is the ideal destination for this substantial investment because of its business-friendly climate and advantageous location. As we expand our activities in the next years, we look forward to working with the administration of Chief Minister Naveen Patnaik and utilising the state’s skilled labour pool. As we grow globally, this new factory demonstrates our commitment to people and the environment,” said Epic Group Executive Chairman Ranjan Mahtani.

The company currently operates three manufacturing units located in Bangladesh, Jordan, and Ethiopia, catering to clients like Walmart and Uniqlo.

India has made notable advancements in the manufacturing sector and is acknowledged as a key manufacturing hub. The nation is now emphasizing export-led growth to enhance its economy and is on track to become the world’s third-largest economy in the near future. Experts suggest that India has the potential to establish itself as a major global manufacturing player and is expected to realize this ambition by 2030.

Continue Exploring: Ace Turtle and Shoppers Stop collaborate to introduce Dockers, redefining men’s fashion in India

Spice maker McCormick outperforms Q1 sales and earnings projections amid high demand for premium spices; shares rally

SnackTeam

March 27, 2024

McCormick beat market forecasts for first-quarter sales and earnings on Tuesday. The strong consumer demand for its premium spices and seasonings, despite persistent inflation, boosted its shares by almost 9%.

Demand for McCormick’s hot sauces and other condiments stayed consistent as the company ramped up promotions and implemented strategies to reduce price differences between its branded products and private label items, thereby slowing the rate of volume decline.

The company’s volumes for the quarter decreased by 1%, following a 3% decline in the previous quarter, while its prices increased by 3%, compared to a 5% rise in the previous quarter.

Continue Exploring: MDH Spices to invest INR 150 Crore in new Ujjain facility, eyes INR 2,000 Crore expansion nationwide

McCormick anticipates that volume trends will continue to improve as the year advances, with CEO Brendan Foley noting during a post-earnings conference call that this will drive volume growth in the second half of the year.

In contrast to Kraft Heinz and International Flavours & Fragrances, which had seen volume decreases as a result of aggressive price increases in prior quarters, the manufacturer of Cholula hot sauce reported higher sales in the first quarter.

The company reported net sales of $1.60 billion, surpassing analysts’ average estimate of $1.56 billion, as per LSEG data.

The company’s cost-cutting measures and pricing tactics helped the gross profit margin for the quarter rise by 140 basis points to 37.4% from the same period the previous year.

McCormick, a supplier to major retailers such as Walmart, reported adjusted earnings per share of 63 cents for the quarter ended Feb. 29, surpassing analysts’ average estimate of 58 cents per share.

The Hunt Valley, Maryland-based company, which also reaffirmed its annual forecast, was poised for its strongest session in a year.

Continue Exploring: KPG Spices enlists Kareena Kapoor Khan as brand ambassador

Instacart and AWG strengthen partnership to offer same-day delivery to thousands of independent grocery stores

SnackTeam

March 27, 2024

In an effort to enhance the online visibility of independent grocery stores, Instacart, the North American delivery service, has expanded its partnership with Associated Wholesale Grocers (AWG).

This partnership will offer e-commerce solutions and same-day delivery to AWG’s 3,500 member stores spanning 32 states across the US.

Over 800 AWG members have already benefited from Instacart’s services. With this expansion, an additional 2,300 retailers can now easily join Instacart’s platform.

Instacart and AWG will work together to assist grocers in setting up online shopping and delivery services. This will enable customers to browse and order groceries for same-day delivery or schedule up to two weeks ahead.

In addition to delivery services, Instacart provides AWG members with in-store technology, including Caper Carts.

Continue Exploring: Instacart bucks stock decline trend with strong Q4 earnings and $500 Million share repurchase

These AI-driven smart carts utilize computer vision to automatically recognize groceries as customers place them inside.

This removes the need for conventional checkout lines, enabling shoppers to bag items and make payments from anywhere within the store.

Moreover, customers can connect their loyalty programs to the carts for personalized promotions and discounts.

Representatives from both Instacart and AWG view this partnership as a beneficial opportunity for independent grocers.

Nick Nickitas, General Manager of Local Independent Grocery at Instacart, mentioned that the partnership enables these stores to compete effectively in the digital era.

“Through this collaboration, AWG’s retailers gain access to efficient and cost-effective solutions, allowing them to conveniently deliver their stores to their consumers’ doorsteps,” he stated.

Shelly Moore, AWG’s Chief Information Officer, highlighted the benefits that Instacart offers to AWG members.

“That’s why we’re working together to simplify access to the services and technology that our retail partners require to expand through a reliable e-commerce solution,” she explained.

“By collaborating with Instacart, we’re making it easier for our member retailers to embrace the convenience of e-commerce and, in turn, boost business growth,” she stated.

The companies announced that this extended partnership provides independent grocers with the necessary tools to thrive in the changing grocery market, delivering customers the convenience of online shopping and same-day delivery.

Continue Exploring: Grocery delivery service Instacart aims to secure $616M in public offering

UK grocery price inflation falls to 4.5%, lowest since February 2022

SnackTeam

March 27, 2024

grocery shopping — (Representative Image)

This month, UK grocery price inflation dropped to its lowest rate since February 2022. However, industry data reveals that almost a quarter of British households still report financial difficulties.

According to market researcher Kantar, annual grocery price inflation stood at 4.5% in the four weeks leading up to March 17, compared to 5.3% in the preceding four-week period. Kantar noted that prices are experiencing the most significant increases in sectors like sugar confectionery, chocolate confectionery, and vitamins & supplements, while witnessing the steepest declines in butter, milk, and toilet tissues.

“Since reaching a staggering peak of 17% in March 2023, grocery inflation has notably decreased,” stated Fraser McKevitt, Head of Retail and Consumer Insight at Kantar. “Nevertheless, despite this ongoing deceleration, a significant number of British households continue to face financial challenges. Our data shows that 23% of households describe themselves as financially strained, which is consistent with the figure reported in November of last year.”

Continue Exploring: UK grocery costs remain 30% higher than two years ago despite ongoing inflation easing

Kantar reported that year-on-year take-home grocery sales increased by 4.6% over the four-week period. The research firm highlighted that an early Easter contributed to an £88 million ($111 million) rise in sales of seasonal treats in the first quarter of 2024 compared to the same period in the previous year.

According to Kantar, online supermarket Ocado was the UK’s fastest-growing grocer in the 12 weeks leading up to March 17, with a year-on-year sales increase of 9.5%. This growth was attributed to a continuous voucher campaign that aided in attracting customers.

Tesco, the industry leader, and second-ranked Sainsbury’s experienced sales growth of 5.8% and 6.7% respectively, both gaining market share. Meanwhile, Asda, ranked third, showed slower growth with sales up by 0.2%, whereas Morrisons recorded a 3.6% increase in sales. The German-owned discount retailers, Aldi and Lidl, witnessed sales growth of 3.1% and 8.8% respectively.

However, while Lidl’s market share grew, Aldi’s declined slightly.

Continue Exploring: Aldi to expand discount grocery chain across US as high food prices squeeze American budgets

Moira Beauty expands presence in Indian retail market through strategic collaboration with Nykaa

SnackTeam

March 27, 2024

Moira Beauty, renowned for its fusion of Eastern beauty practices and Western cosmetic know-how, is making significant progress in the Indian retail market. Born from the dynamic beauty culture of the city, Moira Beauty has quickly established itself as a leader in the makeup and skincare sectors.

Ekta Cosmetics has solidified a collaboration with Nykaa, propelling Moira into prominence within India’s retail scene. This strategic decision reflects the widespread acclaim Moira has earned among Indian consumers. Nykaa, esteemed as a premier omnichannel destination for beauty and lifestyle products, attracts a discerning clientele, positioning it as the perfect avenue for Moira’s introduction.

Continue Exploring: Beauty brand Florence by Mills makes Indian debut with exclusive launch on Nykaa

The alliance between Ekta Cosmetics and Nykaa marks a significant milestone in Moira Beauty’s expansion in India. This collaboration not only broadens Moira’s market presence but also reinforces its standing in India’s competitive retail sector. Leveraging Nykaa’s extensive reach and esteemed reputation for quality, Moira is well-positioned to captivate beauty enthusiasts across the nation. For Moira Beauty, this collaboration with Nykaa represents a strategic step forward that aligns with its mission to provide cutting-edge beauty products to the Indian market. As Moira embarks on this exciting journey with Nykaa, it looks forward to sustained success and growth in India’s vibrant retail landscape.

“We are very excited about the collaboration as it will enable more consumers to become part of the Moira family,” said Ravi Mittal, MD of Ekta Cosmetics Ltd. Many people have already embraced and valued our superior goods and services, and Nykaa will improve the overall experience. We can’t wait to get bigger in the Indian market.”

Continue Exploring: Nykaa continues strong growth trajectory: Q3 net profit doubles YoY to INR 17.4 Cr

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

SnackTeam

March 27, 2024

More than 73% of business-to-business (B2B) sellers in India who exceed their targets are using artificial intelligence (AI), according to a new report released on Wednesday.

According to a report by the professional networking platform LinkedIn, B2B sellers in the country are increasingly turning to AI to research prospects, pinpoint targets, and identify warm leads with buyers in their selling processes.

Identifying hidden allies, investing in connections, and giving priority to high-potential accounts are the top three characteristics of “deep sellers”.

Approximately 78% of sellers and 82% of buyers anticipate an increase in consumer budgets over the next 12 months, indicating a positive outlook for the B2B sales landscape this year.

Continue Exploring: Amazon rolls out enhanced generative AI for effortless product listing creation

The research revealed that 32% of B2B sellers in India are “deep sellers,” who are 1.8 times more likely to surpass their quotas. Additionally, those who utilize social networks to identify key buyers are 2.3 times more likely to exceed their targets.

Deep sellers carry out extensive research, engage with purpose, and place a high value on creating long-lasting relationships. They function as adept navigators in the sales arena. This is the reason why businesses are aggressively looking for deep salespeople who are skilled at using AI and SIG technologies “said LinkedIn India’s Head of Sales Solutions, Abhai Singh.

Approximately 93% of B2B sellers in India believe that meeting in person before finalizing a deal is crucial.

“Meanwhile, 52% of buyers in India indicate that they continue to purchase from the same salesperson even after switching companies. This underscores the significance of relationships in achieving sales success and enduring value,” the report highlighted.

Continue Exploring: From smart kiosks to AI-powered chefs: How artificial intelligence stirred up the food business and restaurants in 2023

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