Tech-enabled grocery retail chain SuperK raises INR 31 Crore in Series A round led by Catalyst Trusteeship

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March 26, 2024

Anil Thontepu and Neeraj Menta, Co-Founders of SuperK

SuperK, the tech-enabled grocery retail chain, has raised approximately INR 31 crore ($3.7 million) in its Series A round led by Catalyst Trusteeship Limited. This is the Hyderabad-based company’s first fundraising effort for 2024.

According to regulatory filings obtained from the Registrar of Companies, the board of SuperK has approved a special resolution to issue 4,521 Series A CCPS (Compulsorily Convertible Preference Shares) at an issue price of INR 68,569 each, aiming to raise INR 31 crore.

Catalyst Trusteeship led the round by contributing INR 21.65 crore, while the remaining amount was collectively invested by VSS Investment Fund, Veltis Capital, Stargazer Fund, CoralBay Ventures, Silver Needle VenturesHOF Profectus, IA Growth Opportunities, and Abhishek Goyal.

Through these investments, the company aims to bolster its financial position and meet its development and expansion goals.

Continue Exploring: No rush to expand categories, grocery remains primary focus: BigBasket CEO Hari Menon

After receiving the new funds, Catalyst Trusteeship now owns 10.1% of the company, while Silver Needle Ventures and Veltis Capital will have ownership stakes of 1.26% and 1.06%, respectively.

As per TheKredible, a startup data intelligence platform, the company has been valued at approximately INR 198 crore or $24 million (post-money).

To date, the company has secured approximately $15 million in funding, including a noteworthy $5.5 million round led by Binny Bansal-backed 021 Capital in March 2022.

Established in 2019 by Anil Thontepu and Neeraj Menta, SuperK runs a grocery retail chain utilizing an asset-light franchise model. The company asserts a presence of over 100 stores spanning Kadapa and Anantapur.

SuperK reported strong financial performance in the last fiscal year, with its revenue surging 3X to INR 59 crore in FY23 from INR 19.2 crore in FY22. Meanwhile, the firm reported losses of INR 23.5 crore in the same period.

Continue Exploring: BigBasket’s B2B arm, Supermarket Grocery Supplies, reports 21% increase in losses for FY23

Proxy Foods secures $2.3 Million investment to advance AI recipe formulation platform

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March 26, 2024

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Proxy Foods, a company specializing in artificial intelligence (AI) technology for the food and beverage sector, has secured $2.3 million in funding for its AI-driven recipe formulation solution.

Based in Washington, U.S., the startup aims to assist food and beverage manufacturers in addressing intricate flavor and nutrition challenges using its AI platform. Manufacturers can create new products or enhance existing recipe formulations with this solution.

Proxy’s platform utilizes AI and precision analytics to meet the growing demand for sustainable food solutions and the rising consumer awareness about nutrition and animal welfare.

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The platform targets R&D teams, food scientists, product developers, and chefs from large F&B manufacturers, alternative protein companies, and emerging pet food startups. It aims to simplify complex R&D processes by integrating ingredient data with advanced machine learning algorithms.

Entrepreneur Ted Leonsis spearheaded the seed funding round, joined by prominent investors within the food industry such as Richard Ware. Ware, who recently concluded a distinguished 35-year tenure at Mars, will assume the role of board advisor for Proxy Foods.

Panos Kostopulos, the founder and CEO of Proxy Foods, stated, “At Proxy Foods, we are advancing product innovation by integrating state-of-the-art technologies with the expertise of food science and culinary arts.”

He further remarked, “We’ve assembled a brilliant team with outstanding skills and ethos, all driven to make a big global impact and realise our shared vision. Our dedication is to lead the way towards a world where each recipe contributes to the overall well-being of all life and future generations.”

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

Kostopulos, a chemical engineer and food biotechnologist, boasts a decade of experience in biotech, food R&D, and product development. His expertise spans fermentation, plant-based and cell-based foods, bioengineering, and traditional agriculture. Additionally, he is the co-founder of two nonprofit organizations dedicated to promoting cellular agriculture and advancing food technology.

In addition to its headquarters in Washington, Proxy maintains an office in Athens, Greece, and has a global team covering major U.S. markets, the UK, and continental Europe.

Shoppers Stop’s Intune expands with two new stores in Gujarat and Thiruvananthapuram

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March 26, 2024

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Shoppers Stop's Intune

Shoppers Stop‘s value fashion brand, Intune, has opened two new outlets, one in Gujarat and the other in Thiruvananthapuram, as announced by a company official on social media.

The 17th store is situated in Pattom, Thiruvananthapuram, Kerala, and the 18th store is located at Eva The Mall in Vadodara, Gujarat.

“As we start wrapping up an unforgettable year of firsts for all of us at team Intune, we take immense pride in adding two more cities to our fast-growing city footprint – Baroda and Thiruvananthapuram,” Devang Parikh, business head of Intune said in a LinkedIn post.

Continue Exploring: Shoppers Stop unveils its first retail outlet in Agartala

“Not only are the stores new, the product in-store also is and we’ve launched a lot of interesting stuff for you to check out,” he added.

Intune provides clothing and accessories tailored for young families, with items starting at INR 199.

The format was introduced in June with two stores in Hyderabad and one in Mumbai as a trial. According to a previous press release, the company’s plan was to launch approximately two dozen Intune outlets by the end of the current fiscal year in March 2024.

Shoppers Stop Ltd. was founded in 1991 by property developer K Raheja Corp, opening its first store in Andheri, Mumbai. Today, the company runs over 106 department stores across more than 56 cities, along with 7 premium home concept stores, 88 specialty beauty stores including M.A.C, Estée Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced, and SSBeauty, as well as 23 airport locations and 18 Intune outlets.

Continue Exploring: Shoppers Stop betting big on beauty segment, targets to open 100 stores

Meesho in advanced talks to raise $300 Million from Tiger Global, SoftBank, and other investors

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March 26, 2024

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Vidit Aatrey and Sanjeev Barnwal, Co-Founders, Meesho

Ecommerce unicorn Meesho is reportedly preparing to secure $300 million (around INR 2,499 crore) in a fresh funding round, with investors including Tiger Global and SoftBank.

The fundraising will also involve contributions from current and other investors, including Peak XV Partners and Mars Growth Capital, as reported by Moneycontrol.

According to the report, the $300 million funding round, a rarity in the current funding landscape, not only indicates Tiger Global’s re-entry into investing in India but also represents the investor’s inaugural significant round since the departure of Scott Shleifer, head of private equity, in November last year.

Once finalized, Meesho’s funding round will be among the rare large-scale investment rounds to have taken place in the past year.

Tiger Global and Peak XV Partners are set to spearhead Meesho’s latest funding round, jointly injecting $150 million into the venture. Additionally, Peak XV, along with select limited partners (LPs), intends to contribute approximately $70 million, as outlined in the report.

Continue Exploring: Meesho fastest growing e-commerce player; GMV tops $5 Billion: Alliance Bernstein Report

While Tiger Global will be a new addition to Meesho’s list of investors, Peak XV previously invested in the e-commerce company back in 2018.

The current funding round values Meesho at $3.9 billion, a 20% reduction from its previous valuation of $4.9 billion in 2021. This decrease comes after Fidelity adjusted its valuation to $3 billion, as reported by Moneycontrol in January.

SoftBank will contribute $30 million of the remaining $150 million, with the rest coming from Singapore’s Mars Growth Capital, UK’s Think Ventures, and other investors. SoftBank, an existing investor, will augment its investment to uphold its stake in the company, whereas Mars and Think will be newcomers as funders for Meesho.

According to the report, Meesho is currently transitioning its headquarters from Delaware back to India, with a significant portion of the new capital earmarked for settling associated taxes in preparation for its anticipated IPO.

Continue Exploring: Meesho unveils Valmo platform to boost efficiency in e-commerce deliveries

The report also mentioned that Meesho’s $300 million round will primarily comprise primary capital, with a small portion allocated for secondaries to buy out early investors. According to Tracxn, a private markets data provider, some of Meesho’s early supporters include Venture Highway, Meta (formerly Facebook), and Y Combinator.

Established in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho asserts that it hosts over 1.5 million sellers on its e-commerce platform spanning across India. Additionally, the startup boasts of having over 140 million annual transacting users.

Earlier this month, the e-commerce startup introduced a INR 200 crore (approximately $25 million) employee stock ownership plan (ESOP) buyback program. The startup stated that this is the largest ESOP buyback program it has initiated and will benefit approximately 1,700 past and present employees.

Prosus, Elevation Capital, DST Partners, and Facebook are among Meesho’s investors. Its parent company, Fashnear Technologies, recorded a 48% decrease in net loss, dropping from INR 3,248 crore in the previous fiscal year to INR 1,675 crore in FY23.

Continue Exploring: Meesho announces its largest ever ESOP buyback, allocating INR 200 Cr for employees

Diageo Reserve raises the bar with 15th edition of World Class bartending competition in India

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March 26, 2024

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Diageo Reserve World Class bartending competition

Diageo Reserve is delighted to kick off the 15th edition of World Class, the largest and most prestigious bartending competition globally, igniting the passion for superior drinking experiences around the world.

The 15th edition of World Class in India heralds the quest for the next Bartender of the Year, set to proudly represent India at the global finale in China later this year. This season witnesses an unprecedented surge in participation, with over 370 bartenders from across India vying for the title, marking it as the highest number of entries to date.

Annually, the World Class India competition draws applications from all corners of the country. Before the World Class India Finale in June, participants engage themselves in a series of regional and national challenges filled with current culinary and cultural trends.

Emphasizing aspects like reinventing classic cocktails, sustainability, and ingredient storytelling, contestants have the platform to showcase craftsmanship and innovation while tackling challenges aimed at crafting exceptional consumer experiences.

Continue Exploring: Diageo’s Captain Morgan unveils exciting line of RTD cocktail-inspired malt beverages!

The competition also offers them the opportunity to unleash their creativity with Diageo Reserve’s premium and flavorful spirits including Tanqueray, Singleton, Talisker, Johnnie Walker, Don Julio, and Ketel One.

Commenting on the commencement of World Class 2024, Prathmesh Mishra, Chief Commercial Officer at DIAGEO India, expressed, “World Class is more than a mere competition; it’s an ecosystem that uplifts the art of bartending, providing enthusiasts with the opportunity to savor the finest spirits. By furnishing a stage for bartenders to exhibit their ingenuity and expertise, World Class not only nurtures individual talent but also enhances the collective skill set of the community. This collaborative atmosphere ignites innovation and excellence, thereby enriching the entire industry and delivering unforgettable experiences to consumers.”

World Class serves as a guiding light for cocktail culture, igniting the fervor of artisans dedicated to advancing the art of mixology. With a rich legacy spanning over twelve years across 60 countries, World Class has educated and motivated over 400,000 bartenders, collaborating with the premium spirits of the Diageo Reserve collection.

What’s in store this season:

World Class Cocktail Week – (Starting April 7th): During World Class Cocktail Week, consumers will explore exceptional drink experiences at the Top 100 bars nationwide. This engaging event is designed to spotlight the craft of cocktail creation and spotlight the latest trends in the industry. With #AGlassofWorldClass as the focal point of each encounter, consumers will learn how to enhance their own drinking experiences.

World Class Cocktail Festival and India Finale: Set for June, the World Class Cocktail Festival unites the Top 15 Bartenders from across India alongside guests from globally acclaimed bars. Attendees will marvel at the expertise and creativity of bartending as competitors compete for the esteemed title of World Class India Bartender of the Year. The event offers workshops, brand-led zones, and immersive experiences to suit a range of interests.

Continue Exploring: India’s rising cocktail culture: Niche bars thrive beyond metros, offering unique concepts and flavors

GIVA celebrates milestone with the grand opening of its 100th store in India

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March 26, 2024

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GIVA, a premier direct-to-consumer (D2C) fine jewellery brand in India, marks a notable achievement as it opens its 100th store in the country. Located at the esteemed Phoenix Mall of Asia in Yelahanka, Bangalore, the new store exudes an elegant and enchanting atmosphere.

Presenting a varied collection of jewellery epitomizing sophistication and modern allure, the GIVA store assures customers an engaging and fulfilling shopping journey. The grand opening ceremony saw the esteemed presence of Bollywood actress Mouni Roy, who served as the celebrity guest of honor alongside GIVA’s Founder, Ishendra Agarwal.

Continue Exploring: Jewellery brand GIVA hits new highs as operating revenue crosses INR 100 Crores in FY23

Ishendra Agarwal, the Founder of GIVA, expressed, “From our modest start with the opening of our first flagship store in Bangalore, to our present journey spanning five years, we’ve experienced steady growth. It’s a moment of great pride for us to commemorate the opening of GIVA’s 100th store back where it all started in Bangalore. Additionally, we’re thrilled to announce the successful launch of GIVA’s first international store in Sri Lanka.”

GIVA offers a wide-ranging collection featuring bracelets, rings, necklaces, pendants, and earrings tailored for women, men, and children, catering to varied preferences and occasions. Renowned for its authenticity and minimalist yet refined designs, GIVA provides affordable jewellery that radiates sophistication and flair.

Moreover, this year marks GIVA’s venture into the Gold and Lab-Grown Diamonds (LGDs) segment, showcasing the brand’s dedication to keeping pace with changing fashion trends and satisfying customer needs with inventive and top-notch products.

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

Holi festivities drive record-breaking sales for quick-commerce giants Swiggy Instamart, Zepto, and Blinkit

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March 26, 2024

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Over the long weekend, Holi festivities boosted online spirits as quick-commerce platforms like Zomato‘s Blinkit, Zepto, and Swiggy Instamart experienced a significant increase in sales. Based on trends as of Monday evening, Swiggy Instamart and Zepto were set to announce record-breaking orders.

Sales were driven by Holi-related items like color (gulaal), sweets, pichkaris, and flowers. Executives from quick-commerce firms also noted a notable increase in demand for related categories such as white t-shirts and coconut oil.

According to insiders, Swiggy Instamart was on track to surpass 700,000 orders in a single day, marking its highest ever. Similarly, Zepto was anticipated to achieve over 600,000 orders, also setting a new record, as per a spokesperson.

On a typical business as usual (BAU) day, Bengaluru-based Swiggy receives approximately 550,000 orders, while Zepto averages around 500,000 orders. Blinkit, as the quick-commerce frontrunner in the nation’s primary markets, boasts approximately 600,000 orders per day.

Continue Exploring: Flipkart challenges Zepto and Blinkit with quick commerce expansion

Platform executives turned to X to celebrate their Holi sales.

Blinkit co-founder and CEO, Albinder Dhindsa, announced that the company reached its peak order volume per minute (OPM) on Sunday. He mentioned that the firm was “on track to surpass its previous all-time high order record (from Valentine’s Day this year),” without providing specific details.

Phani Kishan Addepalli, Swiggy co-founder and head of Instamart, mentioned that Instamart’s flower sales were five times higher than last year’s Holi, without providing specific details.

Aadit Palicha, co-founder and CEO of Zepto, shared that the platform was also being utilized to purchase items like white t-shirts for Holi.

“People are starting to realise that Zepto serves a lot more use cases than daily grocery,” Palicha said on X.

Festival days are increasingly becoming prime sales events for quick-commerce firms, breaking order records. For instance, on Valentine’s Day, February 14, both Zepto and Swiggy Instamart, as well as Zomato-owned Blinkit, recorded their highest single-day sales ever, surpassing the peaks achieved on New Year’s Eve.

On March 4, it was reported that quick-commerce firms are expanding their product offerings, with a selection comparable to that of e-commerce platforms like Flipkart and Amazon in categories such as fashion, beauty, electronics, toys, as well as home and kitchen.

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

With the increase in orders, certain areas in Delhi-NCR reportedly experienced delays and cancellations in deliveries through Swiggy. Inquiries did not receive a response from the company.

“Food delivery companies benefited from event-based surges in the past as well, but quick commerce has identified a very broad range of client needs that can be satisfied, so you see them benefit greatly during events,” an industry executive stated. Nonetheless, many trends do appear to overlap, such as the recent spike in sales of sweets on both Instamart and Swiggy food.

Industry executives mentioned that the primary food delivery services of Zomato and Swiggy were also expected to experience an increase in orders on Monday night, without providing specific details.

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

India’s ready-to-eat market set to surge by 45% over next five years, says SATS Food Solutions CEO; plans to hire 300 employees for new Bengaluru facility

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March 26, 2024

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Stanley Goh, CEO of Singaporean airport service provider SATS Food Solutions

The ready-to-eat market in India is expected to grow by approximately 45% over the next five years, according to Stanley Goh, CEO of Singaporean airport service provider SATS Food Solutions. This growth positions India as a significant investment opportunity in the segment.

“As part of the SATS solution group, we’ve consistently recognized India’s rich cultural diversity. Presently, Indian consumers display an increased openness to high culinary standards. With growing interest in segments such as ready-to-eat and ready-to-heat, alongside convenience offerings, we perceive significant growth potential. Leveraging our extensive decade-long experience in the Indian market, we aim to capitalize on these opportunities effectively,” he remarked.

The Indian subsidiary of the food and gateway services provider, SATS Food Solutions India, plans to hire approximately 300 employees for its latest facility at Bengaluru’s Kempegowda International Airport, as shared by CEO Sagar Dighe.

Continue Exploring: SATS launches cutting-edge RTE food facility in Bengaluru as ready-to-eat market booms in India

“When considering food, it’s crucial to focus on the ecosystem and the availability of raw materials. In Bengaluru, thanks to our established network with Tata SATS and our joint venture with Bengaluru Airport, we have a complete logistics chain in place,” commented Dighe.

The new facility, he mentioned, heavily utilizes automation and the Internet of Things (IoT) for efficient operations. He further noted that the facility has effectively streamlined the cooking process to ensure consistent taste across all its locations.

“Our chefs will be focused on specific tasks, such as crafting new recipes,” he said.

Continue Exploring: Samosa Singh launches diverse lineup of ‘ready-to-cook’ guilt-free Samosas with over 20 irresistible flavors

Starbucks India continues expansion, opens debut store in Gwalior

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March 26, 2024

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Starbucks, the US-based coffee chain, has opened its first store in Gwalior, as announced by a company representative on social media. Situated in DB Mall, Gwalior, Madhya Pradesh, the store started serving customers on 23rd March.

“Prepare to relish the timeless allure of Gwalior with the grand debut of Starbucks India! Come join us for an impeccable fusion of tradition and flavor, indulge in sumptuous brews and delightful treats while embracing the authentic essence of Gwalior’s heritage,” Monisha Ajmera, business development manager at Starbucks India said in a LinkedIn post.

Currently, Starbucks runs over eight stores in Madhya Pradesh, predominantly located in Bhopal and Indore.

The coffee chain recently opened a new outlet at The Lakshmi Mills in Coimbatore, marking the 400th store in India. According to the company’s official website, Starbucks plans to expand to 1,000 stores in India by 2028, targeting the opening of one new store every three days.

Continue Exploring: Starbucks hits 400th store milestone in India with grand opening in Coimbatore

In India, the Starbucks-branded coffee chain is run through a 50:50 joint venture between Starbucks Coffee Co., based in Seattle, and Tata Consumer Products Ltd.

In 2023, Starbucks expanded its presence in India by entering 15 new cities and opening 71 new stores.

The beverage company announced its plans to double its workforce, targeting an increase to approximately 8,600 partners from the existing 4,300. This expansion strategy includes entering tier 2 and 3 cities in India and introducing services such as drive-thrus, airport locations, and 24-hour store formats to meet the diverse needs of customers.

Continue Exploring: Starbucks CEO bullish on India’s coffee market, targets 1000 cafes by 2028

Govt extends ban on onion exports indefinitely

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March 26, 2024

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The government has decided to continue the export ban on onions to enhance domestic availability and stabilize its prices. Previously, this ban was set to expire on March 31 of this year.

The Directorate General of Foreign Trade (DGFT) announced in a notification dated March 22 that the export ban on onions, which was originally set to expire on March 31, 2024, has been extended until further notice.

The DGFT is a branch of the ministry responsible for handling issues related to exports and imports.

The government imposed a ban on the export of onions on December 8, 2023.

Continue Exploring: Onion export ban set to continue until March 31, no immediate changes expected

Onion output was projected to be 22.7 million tonnes for the 2023 rabi season.

The export of onions to friendly nations is allowed on a case-by-case basis, contingent upon approval from the inter-ministerial group.

The government has authorized the export of 64,400 tonnes of onions to the UAE and Bangladesh via the National Cooperative Exports Ltd (NCEL).

In order to provide relief to consumers, the Centre had previously decided in October 2023 to increase the sale of buffer onion stock at a subsidised rate of INR 25 per kg in retail markets.

The government had previously put in place a number of measures to control prices. For onion exports between October 28 and December 31, 2023, a minimum export price (MEP) of USD 800 per tonne was established.

In August, India introduced a 40% export duty on onions effective until December 31, 2023.

Onions are a politically sensitive commodity.

Continue Exploring: India’s onion export ban triggers soaring vegetable prices across Asia

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What’s in store this season: