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Adani Wilmar unveils #Fortunewaliholi DVC to celebrate Holi’s vibrant colors and food delights

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Holi food

Adani Wilmar, a prominent FMCG company in India’s food sector, has initiated a campaign called ‘Holi ke rang, Fortune ke sang,’ aiming to capture the vibrant spirit and hues of the festival widely celebrated across the Hindi-speaking market.

Designed to highlight Fortune’s high-quality products, such as edible oils, besan, basmati rice, atta, pulses, sugar, and poha, the brand introduced the campaign through an engaging and lively 70-second digital film to commemorate the festival of Holi.

Conceptualised by Ogilvy India, the campaign film vividly portrays the vibrancy of the festival through bursts of colours, showcasing the robust and euphoric celebrations across the country.

The film captures the essence of the colourful celebrations from the streets to the kitchen, where traditional Holi delicacies such as ‘gujiya‘ and ‘khasta mathiri’ are prepared using Fortune products, including kachchi ghani mustard, soyabean and sunflower oils.

Continue Exploring: Adani Group mulls over divestment in Adani Wilmar, decision expected in three months

It concludes with the message, “Toh aap bhi apne dhang se Holi manaiye aur Fortune se tyohaar ki raunak badhaiye! Kyunki Fortune ke har rang mein hai kuch khaas #Fortunewaliholi.”

The campaign strikes a chord with Fortune’s fundamental brand principles, showcasing its dedication to upholding traditions and embracing India’s essence. Through its depiction of homemade meals, the campaign underscores the importance of familial love and care—a longstanding message championed by Fortune.

Commenting on the short film, Mukesh Mishra, Adani Wilmar’s Vice President, Sales and Marketing, said, “Holi holds a special place in the hearts of millions across India. It is a time when communities come together, transcending barriers, spreading boundless happiness.”

He added, “At Fortune, we cherish these values deeply, and as a brand deeply rooted in the cultural fabric of India, we are thrilled to connect with our consumers on a more emotional level, especially in the HSM (Hindi-speaking markets) belt, where Holi holds profound significance.”

Mishra concluded by noting, “We understand that festivals like Holi are not just about food; they are about creating memories, sharing joy, and strengthening bonds. That is why our Holi initiative goes beyond providing cooking essentials. It is about becoming a companion in moments of celebration and joy, enriching the festivities with the essence of home.”

Continue Exploring: Adani Wilmar’s Q3 profit slides 18% YoY to INR 201 Crore; revenue witnesses a 17% decline

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Bira 91 and New Belgium Brewing join forces to introduce ‘Chutney Sour’ beer, blending Indian street food flavors with Colorado craft brewing expertise

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Bira 91 X New Belgium Brewing

Bira 91, India’s leading craft beer company and one of the fastest-growing beer brands globally, has partnered with New Belgium Brewing, one of the largest craft brewers in the United States, to introduce “Chutney Sour.” This collaborative beer combines the vibrant flavors of Indian street food with the renowned craft brewing heritage of Colorado.

Brewed using Tamarind, a tangy fruit commonly found in Indian chutneys and curries, this beer is crafted based on the timeless Dubbel, a Belgian-style ale honed to perfection by the New Belgium Brewery.

The beer made its debut simultaneously at the companies’ own taprooms – Bengaluru & Delhi-NCR in India for Bira 91 and Fort Collins, Colorado for New Belgium Brewery. This launch was strategically planned to coincide with the Indian Spring festival of Holi, a jubilant occasion celebrated for its vibrant colors, diverse flavors, and symbolism of renewal.

Continue Exploring: Bira 91 takes beer innovation to new heights with latest taproom launch in Delhi

Holi has transcended its traditional boundaries and now enjoys widespread recognition, with numerous cities globally hosting a plethora of festivities. These include music festivals, outdoor block parties, color runs, and culinary events, all celebrating the spirit of the festival.

Ankur Jain, Founder and CEO, Bira 91, said “We couldn’t be more excited to collaborate with New Belgium Brewing. Colorado is at the center of beer innovation in the world, and New Belgium is the most well-respected beer company in the United States. Our Limited Release beers are brewed with a two-word MO for our brewers – Go Crazy! Right from the word Go, our respective brewers started jamming and vibing, and came up with this crazy, but in hindsight, such an obvious idea – making a Belgian Sour Ale with Tamarind –a “Chutney Sour”. The result is a brilliant surprise, and I am sure consumers who get their hands on this Limited Release will love it!”

Continue Exploring: Bira 91 wins big: Secures seven awards at European Beer Challenge 2024

“India is known for its exciting culinary flavors, and we’re excited to partner with Bira 91 on a beer that brings these flavors to life for our Fort Collins craft enthusiasts,”“Collaborations like this allow us to play with new and unexpected flavor combinations and invest in our best-in-class beer innovation,” said New Belgium CEO Shaun Belongie.

The beers will undergo a single brewing cycle and will be available exclusively in the taprooms until supplies are depleted.

Continue Exploring: Bira 91 and NAO Spirits introduce the ‘Greater IPA’, a unique blend of beer and gin flavors

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The Divine Foods diversifies portfolio, enters baby food market with Navalac

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Navalac
Navalac

The Divine Foods, a fast-growing direct-to-consumer (D2C) food startup founded by Kiru Maikkapillai in 2019, has expanded into the baby food segment with Navalac. This nutritious blend, crafted from nine varieties of millets, is priced at approximately INR 300, catering to the needs of new mothers by offering both affordability and convenience.

The Indian direct-to-consumer (D2C) market is experiencing exponential growth, with industry projections indicating a market size of $100 billion by 2025. Within this expansion, the baby food and infant formula sector is forecasted to reach $6.2 billion in the same timeframe. ‘The Divine Foods’ has already achieved remarkable success in Indian markets with their product Paruthi Paal, boasting over 150,000 regular consumers.

An Instagram post featuring Navalac recently went viral, garnering tremendous response from new moms. Within the first three days, the post accumulated an impressive 2.5 million views. Navalac stands out for its key features, including no additives, quick preparation (roasted and ready to eat in just 3 minutes), delicious taste, and easy digestibility. Embracing the belief that “Children are a form of god,” Navalac celebrates the divine and sacred energy of children through its pure goodness.

Continue Exploring: A-Listers Spice Up Their Portfolios with Bold Bets on India’s Booming F&B Startups

“Nava” signifies “new,” and Navalac revitalizes toddlers with fresh energy. Interestingly, the term “Nava” holds significance across India and extends from Spain to the Arab world, carrying diverse meanings such as beauty, piousness, attractiveness, and melodiousness.

“Nava” also signifies “Nine” (Nayan), and Navalac draws inspiration from Nayanthara, a supermom who juggles an active career with raising two children. Welcoming twin baby boys in 2022, Nayanthara has transitioned from being a superstar to embodying the roles of a supermom and a successful entrepreneur. Her remarkable journey from “girl next door” to superstar and now “supermom” serves as a profound source of inspiration.

Driven by their desire to make a social impact and to render traditional Indian superfoods more affordable for the middle class, Superstar Nayanthara and her husband, renowned Tamil Director Vignesh, invested in “The Divine Foods” last year.

Continue Exploring: Actor Nayanthara and director Vignesh Shivan invest in superfoods brand, The Divine Foods

The Divine Foods, based in Salem, Tamil Nadu, specializes in crafting traditional items from superfoods like turmeric, moringa, millet, and more. Identified by “Your Story” as one of the “first 100 D2C Challenger” brands with the capacity to transform India’s direct-to-consumer (D2C) landscape, The Divine Foods ships its top-selling superfood products encompassing Turmeric (Curcuma longa), Moringa (Moringa oleifera), Millets, Honey, and Skin Care categories nationwide.

The Divine Foods is also expanding its reach by marketing indigenous Indian products to global markets. Leveraging platforms like Amazon, its products have successfully penetrated developed markets such as the USA, UK, Australia, Singapore, and UAE/Dubai, among others. It stands as India’s fastest-growing direct-to-consumer (D2C) food technology brand, boasting a customer base of more than 150,000.

Continue Exploring: Yoga Bar diversifies into baby care market with new brand, Yoga Baby

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Godrej Appliances expands retail access through ONDC partnership

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Godrej Appliances
Godrej Appliances

Godrej Appliances, a prominent division of Godrej and Boyce, operating under the renowned Godrej Group, has joined forces with the Open Network for Digital Commerce (ONDC). This strategic alliance aims to amplify consumer reach to its diverse range of household appliances. By teaming up, the brand anticipates strengthening its footprint throughout India, thereby providing customers with enhanced convenience in acquiring appliances.

Teaming up with Mystore, Godrej Appliances has optimized its integration into the ONDC Network, showcasing an extensive selection of more than 100 SKUs of cutting-edge home appliances. This curated collection includes refrigerators, air conditioners, washing machines, microwave ovens, dishwashers, air coolers, and deep freezers.

Utilizing the vast outreach of the ONDC Network, the brand aims to serve numerous pin codes across more than 20 states in India in the upcoming months. Products available on the ONDC Network are competitively priced, offering customers cost-effective options compared to other platforms. Additionally, the brand plans to introduce consumer finance offers to facilitate easy purchases and explore marketing avenues within the ONDC Network for further outreach.

Continue Exploring: ONDC surpasses 7.1 Million orders milestone in February since inception last year

Kamal Nandi, Business Head, and Executive VP, at Godrej Appliances said, “We are excited to be a part of the government-backed ONDC, with our partner Mystore to facilitate this endeavor. Godrej’s commitment to engage customers and build loyalty aligns seamlessly with ONDC’s mission to create a digitally inclusive and vibrant marketplace. As we onboard the Network, it enables us to connect with a wide audience and offer them a large variety of Godrej’s advanced home appliances. By 2026, we estimate our ONDC Network contribution to reach 20 percent of our e-commerce business with our entire range of home appliances.”

Continue Exploring: Govt-backed ONDC sees rapid adoption, CEO T. Koshy expects tenfold merchant growth in coming year

T Koshy, MD and CEO, ONDC said, “The addition of a trusted brand like Godrej to ONDC Network validates our growing reach and influence. As more prominent brands across sectors join us, it further strengthens the Network’s ability to drive inclusion and innovation. We are thrilled that Godrej recognizes the value of integrating with ONDC Network to enrich consumer choices across India’s towns and cities.”

Shireesh Joshi, CBO at ONDC added, “For all the brands that onboard onto the Network, it will certainly unlock new opportunities and customer segments for them. It allows beloved brands to extend their equity by being more accessible and affordable. Through a deeper market access enabled by the Network, Godrej can now showcase and deliver its quality products to consumers everywhere. We are happy and looking forward to the positive impact and progress Godrej will drive through the Open Network.”

Kriti Aggarwal, Co-Founder at Mystore said, “We are happy to play a pivotal role in enabling Godrej Appliances to begin their ONDC Network journey. This collaboration furthers our cause of making it seamless for Enterprise brands to bring their complete dealer network to the ONDC Network and boost brand visibility and reach through digital channels.”

Continue Exploring: In a first, fair price shops join ONDC platform for digital transformation

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TATA Starbucks launches global favourite refreshers in India

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Starbucks Refreshers

TATA Starbucks has announced the introduction of two beloved global selections to the Indian market: the Starbucks Refreshers Strawberry Açaí Lemonade Refresher and Mango Dragon Fruit Lemonade Refresher.

These chilled beverages pledge to redefine the summer indulgence for Indian consumers, enticing taste buds with a fusion of strawberry, açaí, mango, and passionfruit flavors.

Starbucks Refreshers demonstrate innovation by integrating green coffee extracts sourced from unroasted arabica coffee beans.

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

Sushant Dash, CEO, TATA Starbucks, said, “The introduction of Starbucks Refreshers in India, a global favorite, signifies our testament to connect with the younger generation of today, who are demanding more diverse choices and options. The innovation behind the beverages lies in the use of green coffee extract adding to the consumer’s need for seeking refreshing moments and offers a new lifestyle beverage for the Indian consumers at the onset of summer.”

The Strawberry Acai Lemonade Refresher combines strawberries and acai berry extracts to produce a delightful and invigorating beverage, enhanced by delicate acai nuances.

In contrast, the Mango Dragonfruit Lemonade Refresher offers a refreshing take on classic mango beverages by blending mango and dragon fruit extracts with zesty lemonade, delivering a tropical explosion of flavor.

The Starbucks Refreshers will be available year-round, starting this summer, and can be enjoyed at all stores throughout India, priced from INR 275 onwards.

Continue Exploring: Starbucks sparks Valentine’s fervor with two irresistible limited-edition beverages

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Patanjali Ayurved issues apology to SC over misleading advertisements; promises compliance as shares fluctuate

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Patanjali Ayurved
Patanjali Ayurved

Patanjali Ayurved has issued an apology to the Supreme Court for airing “misleading” advertisements. This comes after the court summoned Patanjali’s co-founder Baba Ramdev and managing director Acharya Balkrishna to personally appear before it. The summons was issued regarding their failure to respond to a contempt notice concerning the misleading advertisements about medicinal cures.

Aacharya Balkrishna said that such misleading advertisements would not be repeated in the future.

Continue Exploring: Patanjali Ayurved vows adherence to advertising laws, promises Supreme Court no violations

On March 19, Patanjali Foods’ shares experienced a decline of over 5% following the Supreme Court’s notice. Despite this, the shares were up by 0.7% at INR 1,368.80 apiece on the BSE Sensex, which surged by 550 points in early Thursday trading.

“How can you be in teeth of our orders?… We had our hands tied earlier but not now (with initiation of contempt proceedings). As an officer of the court, you (Rohatgi) should know your position,” a bench comprising justices Hima Kohli and Ahsanuddin Amanullah on March 19 told senior counsel Mukul Rohatgi, who appeared for Patanjali Ayurved, the parent company of Patanjali Foods.

The judges also noted that Ramdev and Balkrishna were prima facie in violation of Sections 3 and 4 of the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954.

Rohatgi strongly opposed the directions, asking “how does Ramdev come into the picture?… violation of the law is not a contempt of court and what was being relied on in open court has to be recorded in the order.”

On February 27, the Supreme Court expressed dissatisfaction with Patanjali Ayurved’s continued dissemination of false and deceptive advertisements regarding medicinal cures, despite prior assurances not to engage in such practices. Notices were issued to the company and Balkrishna, prompting them to justify why contempt proceedings should not be pursued against them.

Continue Exploring: SC slams Patanjali Ayurved for misleading ads, bans promotion of medical claims; contempt notice issued

The highest court further cautioned the company against making any statements disparaging any system of medicine through print or electronic media. Additionally, it prohibited Patanjali Ayurved from advertising or marketing products purported to treat conditions outlined in the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954.

The judges also criticized the AYUSH ministry for its failure to take necessary action against Patanjali Ayurved under the drugs and magic remedies law concerning such advertisements.

The directives were given in response to a petition filed by the Indian Medical Association (IMA), which demanded action against Baba Ramdev for his criticism of allopathic medicines. The court also instructed the government to take firm action against such advertisements due to their role in perpetuating misinformation about allopathy and modern medicine without pause or restraint.

In November 2023, the Supreme Court had asked Patanjali Ayurved to stop misleading claims and advertisements against the modern system of medicine and cautioned it that “the court will take any such infraction very seriously, and consider imposing costs to the extent of INR 1 crore on every product regarding which a false claim is made that it can cure a particular disease”.

Continue Exploring: SC warns Patanjali over ‘false’ advertising claims

Nevertheless, the following day, Baba Ramdev and Balkrishna purportedly conducted a press conference, reiterating misleading assertions that Patanjali possessed permanent remedies for conditions such as diabetes, hypertension, asthma, arthritis, and glaucoma, among others.

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Kisna Diamond and Gold Jewellery expands retail footprint with inauguration of new store in Noida

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Kisna Diamond and Gold Jewellery
Kisna Diamond and Gold Jewellery

Kisna Diamond and Gold Jewellery, a prominent player in India’s jewellery sector, has achieved another milestone with the inauguration of its 4th Exclusive Franchise Showroom in Delhi, NCR. This significant step underscores Kisna’s commitment to offering exquisite diamond and gold jewellery to customers in Delhi. The opening ceremony was graced by Ghanshyam Dholakia, Founder and M.D. of Hari Krishna Group, alongside Parag Shah, Director of Kisna Diamond and Gold Jewellery.

The new franchise showroom, situated in Noida, showcases Kisna’s renowned collection of finely crafted diamond and gold jewellery pieces. Ranging from timeless classics to modern designs, the store provides a diverse range of options to cater to various tastes.

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

Expanding beyond its retail presence, Kisna has launched various CSR programs aimed at creating a positive societal impact. These initiatives involve providing sewing machines to underprivileged individuals, equipping them with skills for sustainable livelihoods. Moreover, the company has extended support by offering meals to the less fortunate and planting saplings for every purchase made by customers at its franchise showrooms in Dwarka, Preet Vihar, and Ghaziabad.

Ghanshyam Dholakia, Founder and M.D, Hari Krishna Group stated, “We are thrilled to open our 4th Exclusive Brand Showroom in Delhi, NCR, further strengthening our presence in the region. Noida’s dynamic market and cosmopolitan culture present an exciting opportunity for us to connect with discerning customers and offer them unparalleled craftsmanship and quality. With a vision of ‘Har Ghar Kisna’, we aim to be the fastest growing diamond jewellery brand in India and make every woman’s dream of owning diamond jewellery come true.”

Parag Shah, Director, Kisna Diamond and Gold Jewellery said, ‘’Kisna’s commitment to excellence extends beyond its product offerings, with a focus on delivering exceptional customer experiences. The newly inaugurated outlet in Noida is poised to provide a personalized shopping experience, guided by expert staff dedicated to assisting customers in finding the perfect piece for every occasion. This expansion reinforces our strategic vision of expanding our footprint and offering unparalleled luxury experiences across India.”

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

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McDonald’s CEO Chris Kempczinski to take on dual role as board chairman

McDonald's CEO Chris Kempczinski
McDonald's CEO Chris Kempczinski

McDonald’s has announced that later this spring, its CEO will assume the position of chairman of the company’s board.

Chris Kempczinksi, appointed as McDonald’s president and CEO in late 2019, is set to take over the role of McDonald’s Chairman following the retirement of Enrique Hernandez Jr., who has served on the Chicago company’s board for 28 years. The transition is slated to occur during the company’s annual meeting, anticipated to take place in May.

Throughout history, McDonald’s CEOs have commonly assumed the role of chairman as well. For instance, Jim Skinner served as McDonald’s vice chairman and CEO from 2004 to 2012.

However, the company’s subsequent CEOs diverged from this tradition. Don Thompson held the positions of president and CEO from 2012 to 2015, followed by Steve Easterbrook, who served as president and CEO from 2015 to 2019. Kempczinski assumed the roles of president and CEO after Easterbrook’s dismissal due to his involvement in a consensual, non-physical relationship with an employee.

Continue Exploring: McDonald’s Q4 results show 3.4% sales growth amidst challenges, West Asia boycotts impact performance

Kempczinski became part of McDonald’s in 2015, taking on the role of executive vice president of strategy, business development, and innovation. Before this, he accumulated over 25 years of experience in senior positions at Procter & Gamble, PepsiCo, and Kraft.

“Having served alongside Chris, who is now in his fifth year as CEO, I know he is uniquely placed to unify the two roles of CEO and chairman to ensure McDonald’s advances in lockstep with today’s ever-changing business and social landscape,” Hernandez said in a statement.

McDonald’s additionally revealed the nomination of Mike Hsu, currently serving as the chairman and CEO of Kimberly-Clark Corp., to join the board as an independent director.

Kempczinski highlighted Hsu’s extensive experience in the consumer products industry and global outlook, which he believes will greatly benefit McDonald’s as it enters a phase of unparalleled expansion. In December, the company unveiled its ambition to launch close to 10,000 new McDonald’s restaurants across the globe within the next four years.

McDonald’s also emphasized that Hsu’s appointment would contribute to maintaining the corporate objective of ensuring that 50% or more of its board members represent diverse backgrounds.

Continue Exploring: McDonald’s faces regulatory heat: Maharashtra FDA revokes license amid cheese substitution allegations

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Swiggy denies any involvement in viral ad taking jibe at Zomato amidst delivery segregation controversy

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Swiggy
Swiggy

Swiggy, a foodtech major, issued a clarification on Thursday after a purported advertisement taking a jibe at its rival Zomato went viral on social media platforms.

Taking to X, Swiggy said, “If it isn’t already obvious, this is not an ad by Swiggy. It was neither created by us nor anybody affiliated with Swiggy.”

“Kindly refrain from circulating or attributing it to Swiggy,” said the company.

The advertisement, posted by X user Nilesh Trivedi, has the logo and name of Swiggy on top saying, “Eviction-safe food delivery. In Indian neighbourhoods, your dietary preferences are best kept private. Our delivery fleet doesn’t leak your private habits to the world. You also save some money as we don’t have to pay for the life insurance of our delivery staff against possible mob lynchings.”

In a subsequent post, the user said, “This image is not an authentic ad by Swiggy. It is sarcasm/satire/parody. I thought I had dropped sufficient clues.”

Zomato sparked controversy by introducing a specialized fleet exclusively for vegetarian cuisine. This initiative involves delivering food from restaurants serving solely vegetarian dishes, with delivery personnel adorned in green attire.

Continue Exploring: Zomato launches dedicated services for vegetarian customers with exclusive ‘Pure Veg Fleet’ and ‘Pure Veg Mode’

Facing criticism over the decision, Zomato CEO Deepinder Goyal later stated that the company has opted to eliminate the on-ground segregation of its rider fleet using the color green.

“While we are going to continue to have a fleet for vegetarians, we have decided to remove the on-ground segregation of this fleet on the ground using the colour green. All our riders — both our regular fleet, and our fleet for vegetarians — will wear the colour red,” Goyal posted on X.

Continue Exploring: Zomato faces social media backlash over ‘Pure Veg Fleet’ launch; CEO open to rollback amid controversy

He said that feedback received after Tuesday’s announcement indicated some of Zomato’s “customers could get into trouble with their landlords”.

Social media users criticized Zomato’s move, arguing that the decision to differentiate fleet partners would perpetuate caste segregation. Some also raised concerns about the possibility of Zomato’s regular fleet facing restrictions from some societies and resident welfare associations.

Continue Exploring: Zomato reverts to red uniforms for all riders amidst social media backlash over ‘Pure Veg Mode’

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

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CaratLane
CaratLane

Titan, a renowned retailer of jewellery and watches, is gearing up to introduce its CaratLane jewellery line in the US during the fiscal year 2025. This strategic move comes on the heels of the successful international launch of the Tanishq brand in 2020.

According to a report from Mint, the company is targeting the rising demand from the Indian diaspora abroad, with plans for Tanishq to potentially establish 40 stores overseas by the end of the fiscal year 2025.

“We have a target for it (international business) for the near term, but I am not yet ready to share it in public. But by March 2025, we hope to have 40 Tanishq stores outside India. Considering that we had zero stores outside India till September of 2020, we are climbing, it’s a scorching pace of growth (in international markets),” C K Venkataraman, managing director of Titan, told Mint.

Continue Exploring: Tanishq marks milestone with 15th international store launch in Chicago

In October 2020, Tanishq opened its first international store at Meena Bazaar in Dubai, where it achieved remarkable success, as highlighted in the FY21 annual report of the company.

Currently, Tanishq has branches in North America, the GCC, and Singapore. Titan’s Q3 FY2023-24 report states that in the quarter ending December 2023, the brand broadened its global presence by opening two new stores in the US, in Houston and Dallas, and another in Singapore.

Furthermore, Titan launched its lightweight jewellery brand, Mia, in Dubai, thereby increasing its total count of international jewellery outlets to 14.

During the same quarter, Tanishq inaugurated 18 new stores, while Mia unveiled 16 new stores across India. This expansion brings the tally to 453 Tanishq stores, 161 Mia outlets, and 8 Zoya stores within the domestic market.

Continue Exploring: Malabar Gold, Titan, and 4 other Indian brands secure spots in global top 100 luxury goods makers list

“Currently, our focus is GCC and North America, at least for FY25. We will look at the other countries after that, but within these, the ambition is very large, the expansion is quite aggressive,” added Venkataraman.

Established in 2008 by Mithun Sacheti and Srinivasa Gopalan, CaratLane is an omnichannel brand specializing in the production and retail of jewellery in India. It contends with traditional brick-and-mortar giants like Kalyan Jewellers and Malabar Gold, alongside emerging brands such as BlueStone and GIVA.

CaratLane’s revenue reached INR 2,177 Cr in the fiscal year 2022-23 (FY23), marking an increase from INR 1,267 Cr in FY22 and INR 723 Cr in FY21. However, its net profit experienced an 8% year-on-year (YoY) decline to INR 82 Cr during the same period.

Continue Exploring: CaratLane’s operating revenue soars by 73%, crossing INR 2,000 Cr milestone in FY23

Meanwhile, CaratLane has transformed into a wholly-owned subsidiary of the watchmaking company. On February 27, Titan announced the acquisition of the remaining 0.36% stake in CaratLane for INR 60.08 Cr.

Continue Exploring: Titan completes acquisition of remaining 0.36% stake in CaratLane for INR 60 Cr

Prior to this development, Titan owned a 99.64% stake in CaratLane. Last year, the company acquired a 27.18% shareholding in the startup for INR 4,621 Cr at a valuation of nearly INR 17,000 Cr. The proposal received approval from the Competition Commission of India (CCI) in November of the same year.

The new agreement has also been sealed at the same valuation, maintaining CaratLane’s earlier worth at INR 16,666 Cr (approximately $2 Bn).

Continue Exploring: Titan gets green light from CCI to acquire additional 27.18% stake in jewellery startup CaratLane

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