MTR Foods celebrates centenary with record-breaking 123-foot Dosa

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March 18, 2024

When seeking a nutritious and delightful breakfast option, Dosa stands out without fail. Crafted from a batter of fermented rice and urad dal, this iconic dish, known as Dosai in South Indian cuisine, is expertly cooked on a non-stick pan with just a touch of oil or ghee. Whether it’s the classic Paper Dosa or the innovative Paneer Dosa, the versatility of this dish has led to over a hundred enticing variations available today.

In a recent achievement, this dish secured a Guinness World Record when a colossal 123-foot-long Dosa was meticulously crafted in Bengaluru. This culinary feat was accomplished by a team of 75 chefs from MTR Foods in collaboration with Lormann Kitchen Equipment, marking a highlight of the company’s centenary year celebrations at the Bommansandra plant in Karnataka. Surpassing the previous record of 16.68 meters (54 ft 8.69 in), this monumental Dosa measured an impressive 37.5 meters in length.

Chef Regi Matthew, who acted as the head chef, also uploaded a video on his social media and captioned it as, “M thrilled to announce a historic milestone at MTR! Proudly celebrating the 100th year anniversary with a Guinness World Record title for the longest dosa, measuring an incredible 123.03 feet! This monumental achievement took place at the MTR Factory in Bengaluru on March 15th, 2024.”

Chef Matthew also thanked the M S Ramaiah College of Hotel Management, whose students took part in this event and wrote, “Here’s to a century of tradition, flavour, and breaking records!”

Continue Exploring: Swiggy reveals fascinating insights ahead of World Dosa Day: 29 Million dosas delivered in past year, Bangalore leads dosa consumption

Crafted with their distinctive red rice batter, this Dosa stands as a testament to innovation and perseverance, marking the longest in its lineage. Months of meticulous effort and strategic planning preceded its creation. The dedicated team behind this culinary marvel comprised seasoned food experts and culinary school personnel, who endured approximately 110 unsuccessful trials before achieving this remarkable feat. Following the record-setting moment, the colossal Dosa was generously shared among local school students, residents in the vicinity, and MTR employees. This ambitious endeavor was meticulously executed under the expert guidance of MTR’s Cuisine Center of Excellence.

Entrepreneurial drive should stem from passion, not profit: Zomato CEO Deepinder Goyal

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March 18, 2024

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Zomato CEO Deepinder Goyal on Monday advised entrepreneurs to be led by passion and drive while building the company of their dreams, and cautioned that starting a venture with the sole desire of making money won’t work and may lead to “bad governance calls”.

Speaking at the Startup Mahakumbh event, Goyal spoke candidly about how his own company prefers to be always paranoid to stay ahead. Complacency should not kick at any point of time, he asserted.

“I see a lot of founders starting a lot of companies, and I ask them why did you start this company, and the answer is ‘I want to make a lot of more money’…I don’t think that works because that leads to bad governance calls… that’s not the purpose with which you should start a company,” he said while addressing a packed hall.

Continue Exploring: Blinkit to outgrow Zomato within a year, says CEO Deepinder Goyal

He advised aspiring and new entrepreneurs, “You should be so passionate about something, you should be willing to risk your life for it, only then you are able to build a company of your dreams.”

“That’s the only piece of advice I have… do it with passion, don’t do it for money,” he said during a fireside chat with Info Edge founder Sanjeev Bikhchandani.

Bikhchandani advised entrepreneurs and startups to be frugal and hands-on, and always connected to the market and consumers.

Goyal emphasised that continuous innovation is “must” for businesses, as no business model can survive for more than a decade or two without innovation.

Further, he said that anyone looking to start a company and turn an entrepreneur with an objective of being “comfortable” and “happy” would be making a “wrong choice”.

“You have to learn to handle the stress to succeed. The only way to lose is to quit…if you can survive, you’ll win,” he advocated.

Continue Exploring: Startup Mahakumbh to showcase India’s agritech potential with exclusive pavilion and key industry insights

Baazar Style Retail initiates IPO process, files draft papers with SEBI

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March 18, 2024

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Value fashion retailer Baazar Style Retail Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO).

The proposed IPO is a combination of a fresh issue of equity shares worth INR 185 crore and an Offer for Sale (OFS) of up to 1.68 crores by promoter group entities and other selling shareholders, Draft Red Herring Prospectus (DRHP) filed with Sebi showed.

Under the OFS, Rekha Rakesh Jhunjhunwala will sell 27.23 lakh equity shares, Intensive Softshare Private Limited will offload 22.40 crore shares and Intensive Finance Private Limited will divest 14.87 lakh shares among others.

The offer includes a reservation for subscription by eligible employees.

Going by the draft papers filed on Friday, the Kolkata-based company may consider raising INR 37 crore in a pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced.

Continue Exploring: Shein considers London IPO amid US listing hurdles

Proceeds from the fresh issuance to the extent of INR 135 crore will be utilised for payment of debt and general corporate purposes.

Bazaar Style Retail is one of the leading players in the value retail market in West Bengal and Odisha.

Additionally, its other core and focus markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh and Chhattisgarh.

As of December 31, 2023, the company had 153 stores.

Baazar Style Retail clocked a profit of INR 5.10 crore in the financial year 2023 as compared to a net loss of INR 8.01 crore in the previous year.

Its revenue from operations during the fiscal year 2023 increased significantly to INR 787.90 crore from INR 551.12 crore in the previous year.

Axis Capital, Intensive Fiscal Services, and JM Financial are the book-running lead managers to the issue.

Continue Exploring: German perfume retailer Douglas set to unveil IPO plans despite market uncertainty

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

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March 18, 2024

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Zomato has secured a spot among Jefferies‘ “top picks” for the next five years, with the brokerage predicting a 2.5X increase in the foodtech startup’s share price by March 2029.

Jefferies anticipates Zomato’s stock to climb to INR 400 from its current value of approximately INR 160.

The listed Indian startup has been mentioned in the list alongside the likes of Ambuja Cement, Axis Bank, Bharti Airtel, JSW Energy, L&T, Max Healthcare, SBI, TVS Motors, Amber, and Macrotech.

“Low penetration levels in core segments offer a long runway to growth with both food delivery (19% GOV CAGR over FY24-30) and quick commerce (40% CAGR) expected to jump,” said Jefferies analysts on Zomato’s growth potential.

They anticipate a 20-fold increase in profit during the FY24-FY30 period and foresee the stock yielding over 150% returns within this timeframe.

Meanwhile, according to a research note from UBS, Zomato’s year-on-year growth is expected to remain robust, in line with the company’s guidance of over 20%.

The brokerage has upheld its ‘buy’ rating and set a price target (PT) of INR 195 on Zomato, indicating an upside of nearly 22% from the stock’s last Friday close. However, UBS reportedly expects some downside to the consensus gross merchandise value (GMV) estimates.

Continue Exploring: Zomato’s strong Q3 performance spurs brokerage firms to boost price targets; Blinkit expansion drives optimism

Zomato’s shares surged approximately 3% to INR 164.45 on the BSE during early trading on Monday (March 18). However, they later pared most of their gains and were trading 0.7% lower at INR 158.75 by 3:10 PM IST.

It’s worth mentioning that Zomato stated in a filing on Saturday that it received a penalty notice for Goods and Services Tax (GST) from Gujarat’s Deputy Commissioner of State Tax, relating to FY19.

The company has been instructed to pay a total amount of INR 8.58 Cr, including interest and penalty charges.

Continue Exploring: Zomato faces INR 8.6 Cr GST penalty notice from Gujarat State Tax Authority

In a research note last week, HSBC raised its price target (PT) on Zomato to INR 200 from INR 163. This adjustment currently suggests a potential upside of over 25%, driven by the heightened expectations for Blinkit‘s order growth rate.

Propelled by the company’s three consecutive profitable quarters, Zomato’s shares have surged over 29% year to date.

Continue Exploring: Zomato reports third consecutive profitable quarter with INR 138 Cr PAT in Q3 FY24

Jumbotail raises INR 151 Crore led by Artal Asia in Series C3 funding round to revolutionize kirana retail ecosystem

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March 18, 2024

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Jumbotail, the B2B marketplace and retail platform, has successfully raised INR 151 crore ($18.2 million) in its Series C3 equity funding round. The funding was spearheaded by Artal Asia, a venture capital firm based in Singapore. Other participants in the round include Heron Rock, Sabre Investment, Arkham Ventures, Jarvis Reserve Fund, Reaction Global, and VII Ventures.

The Bengaluru-based startup will utilize the funding to expand its suite of go-to-market products and assist new and emerging brands in reaching the masses through its nationwide network of kirana stores, as stated in a release.

Founded in 2015 by S Karthik Venkateswaran and Ashish Jhina, Jumbotail operates as a full-stack B2B marketplace, providing a range of services including tech-driven warehousing and a last-mile delivery supply chain network tailored to small and medium enterprises. Additionally, the company facilitates next-day storefront deliveries to kirana stores and offers a fintech platform for payment solutions, credit options, and financial services to kirana store owners.

Continue Exploring: Innovative strategies propel ShopKirana’s revenue, aiming for INR 1,000 Crore run rate in FY24

Jumbotail is currently developing artificial intelligence-driven technologies aimed at increasing customer wallet share within the FMCG and staples sectors, as well as optimizing kirana supply chains.

According to the company, it boasts a 60% penetration rate in kirana stores across the cities it operates in, holding the highest wallet share and monthly purchase frequency among small and medium-sized kirana stores in the industry. Jumbotail highlights that nearly all of its sales, approximately 100%, stem from unassisted digital orders placed directly by kirana stores nationwide through the Jumbotail B2B digital retailer app.

In total, Jumbotail has secured $143 million in equity funding from notable investors such as Artal, Heron Rock, Nexus Ventures, Kalaari Capital, Jumbo Fund, and Arkam Ventures. Additionally, the company has obtained approximately $14 million in venture debt from prominent venture debt firms Alteria Capital and Innoven Capital.

Continue Exploring: FMCG companies and Kirana stores gear up for summer: Dairy and beverage sales spike across India

“We are excited to see Jumbotail execute sustainable growth at scale, with a strong focus on profitability and capital efficiency. Since Artal’s first investment in Jumbotail in 2021, Jumbotail has continued to demonstrate its differentiation and market leadership in the digital enablement of the kirana ecosystem,” Benjamin Felt, Board Member of Jumbotail and Managing Director of Invus (the global advisor of Artal), said.

In FY23, Jumbotail reported a loss of INR 264 crore, nearly doubling from INR 124.7 crore in the prior year. Despite this, its revenue from operations surged to INR 819 crore, reflecting a remarkable 117% increase compared to the previous fiscal year when it amounted to INR 377 crore.

Continue Exploring: B2B fruit marketplace Vegrow raises $46M in Series C funding for nationwide expansion

Swiggy launches ‘Delivering Safely’ campaign to ensure safety of delivery partners across India

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March 18, 2024

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Swiggy has launched a nationwide road safety campaign named ‘Delivering Safely,’ reaffirming its commitment to prioritizing the safety of its delivery partners.

Being a leading entity in food, quick commerce, and diverse on-demand services, Swiggy operates with a vast network of over 300,000 delivery partners spanning across more than 600 cities nationwide.

Annually, Swiggy’s delivery partners collectively traverse an astounding distance of 3.6 billion kilometers, which is roughly equivalent to making 90,000 trips around the Earth’s equator.

Over recent years, Swiggy has been actively involved in increasing awareness among its delivery partners, streamlining the reporting process for safety incidents, thereby enabling Swiggy to swiftly take necessary actions.

Continue Exploring: Swiggy provides significant insurance benefits to delivery workers, settles claims worth INR 31 Crore

Rohit Kapoor, CEO of Food Marketplace, Swiggy, said, “Swiggy’s mission is rooted in making urban life more convenient for our customers. Improving road safety in our cities is not just a goal; it’s a necessity for enhancing the daily lives and safety of everyone. Congestion is a genuine concern, and as providers of food delivery, quick commerce, and other on-demand services, we believe we’re playing a practical role in alleviating this issue.”

Swiggy ensures comprehensive support for the safety and well-being of its delivery partners through a range of initiatives. This includes accidental medical coverage, offering INR 2 lakh for medical expenses and INR 10 lakh as death cover, with over INR 31 Crores disbursed in insurance claims during FY23.

Furthermore, Swiggy has pioneered an on-demand ambulance service, a first in the industry, with an average response time of 11 minutes, catering to the needs of its delivery partners and their families.

Continue Exploring: Swiggy facilitates INR 102 Crore worth of loans to delivery partners in one year

In case of any incident, Swiggy ensures delivery partners receive a guaranteed minimum income to assist in their recovery, matching the average earnings in their respective cities.

Road safety awareness workshops are conducted in collaboration with state traffic police departments by Swiggy to promote safe driving practices, complemented by access to advanced safety gear.

Moreover, Swiggy is in the process of developing an advanced telematics project aimed at monitoring driving behaviors. This initiative will enable the company to provide specialized training to delivery partners identified as at-risk, utilizing data analysis.

Blinkit to outgrow Zomato within a year, says CEO Deepinder Goyal

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March 18, 2024

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Zomato Co-Founder and chief executive Deepinder Goyal stated on Monday that the company’s quick-commerce platform Blinkit will outgrow its mainstay food-delivery business within a year. Goyal made these remarks at the government of India-organised Startup Mahakumbh, a three-day event where startup founders are discussing how policy formations can enhance India’s global ranking in innovation.

The food-delivery giant has grand plans to extend Blinkit beyond grocery delivery into the realm of e-commerce. Snackfax reported on March 4 that Zomato’s Blinkit and Mumbai-based Zepto are diversifying into categories like electronics, fashion, and home appliances, resembling mainstream e-commerce platforms.

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

Emphasizing the rapid evolution of technology, Goyal remarked that none of the business models devised today are likely to endure beyond a decade or two.

“It’s harder to create a generational company today than a few decades ago because of technology,” he said.

In reply to a query from Sanjeev Bikhchandani, co-founder of Info Edge India and a member of the organizing committee, as well as the earliest institutional investor in Zomato, Goyal emphasized that Zomato has evolved significantly from its inception 16 years ago.

“This is Zomato’s fourth version,” the founder said.

The Startup Mahakumbh event anticipates the participation of over 40 unicorn startups, with founders from notable companies like Lenskart, Boat, Dream11, Oyo, Razorpay, Zerodha, Acko, Moglix, Urban Company, and Nykaa.

Continue Exploring: Startup Mahakumbh to showcase India’s agritech potential with exclusive pavilion and key industry insights

Retail sales show modest 5% increase in February 2024: RAI Survey

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March 18, 2024

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According to a survey conducted by the Retailers Association of India (RAI), retail sales in February 2024 saw a modest 5% increase compared to February 2023 levels.

In specific categories, sports goods saw a 9% increase, followed by footwear at 8% and QSR at 7%, compared to sales levels in February 2023.

“Customers seem to spend cyclically across categories and regions. East of India was showing strong growth for most part of the financial year, but seems to have weakened over the last couple of months. Similarly, CDIT products growth seem to face headwinds in the last quarter while it grew well in the first three quarters,” said Kumar Rajagopalan, CEO, Retailers Association of India (RAI).

Continue Exploring: India’s retail market set to hit $2 Trillion in next decade: BCG-RAI Report

Consumers are adjusting their purchasing patterns across different spending categories, including travel, automobiles, and housing purchases, in addition to the mentioned categories.

“What we also gather is that the middle-class consumers are stretching their budgets, thanks to easy availability of finance and then are recalibrating their expenditure based on EMI outflows,” said Rajagopalan.

Continue Exploring: Retail boom in tier-2 Indian cities: Global brands and local players invest heavily as economic growth spurs consumption hubs

Retail businesses in various regions have reported increased sales compared to February 2023, with the highest growth noted in West and South India at 6% each. North India showed a growth of 4%, while East India saw a more modest growth of only 3%.

Even in January, the growth remained at 5%. Despite the festive season, October and November only saw a growth of 7%, while December experienced a 4% growth, resulting in a sluggish quarter for retailers from October to December.

P&G India appoints Kumar Venkatasubramanian as new CEO

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March 18, 2024

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Procter & Gamble (P&G) India has appointed Kumar Venkatasubramanian as the chief executive officer to lead its operations in India effective May 1, 2024.

Kumar, a graduate of IIM Calcutta, commenced his professional journey with P&G in 2000, serving in the sales team in India. With nearly 24 years of experience, predominantly in India across diverse roles within the sales domain, he brings a wealth of expertise. Currently serving as CEO, he has been pivotal in driving P&G’s business in Australia and New Zealand, achieving unprecedented milestones fueled by category expansion and robust collaborations with retailers. Before his tenure in Australia, Kumar spearheaded the Sales Team at P&G India until 2020.

Venkatasubramanian is a staunch proponent of equality and inclusion. During his tenure, numerous programs were expanded, leaving a profound impact on both employees and the community. Notably, he spearheaded P&G ANZ’s corporate partnership with the Sydney Gay and Lesbian Mardi Gras, reflecting his commitment to fostering diversity and inclusivity.

Continue Exploring: P&G collaborates with McKinsey for operational restructuring, aiming for agility and accelerated growth

Kumar will take over from LV Vaidyanathan, who will depart the company to pursue other interests after 28 years of service to P&G. Under Vaidyanathan’s leadership, P&G India has made significant progress in delivering superior propositions for Indian consumers and has achieved consistent balanced growth in both top and bottom lines. During his tenure, the company has also intensified its efforts across key areas of Citizenship – Community Impact, Equality and Inclusion, and Environmental Sustainability.

Stanislav Vecera, P&G president, Asia Pacific, Middle East, and Africa, said, “I am thrilled with Kumar Venkatasubramanian’s appointment as the India CEO, who has been an integral part of the P&G India growth story for well over two decades. Kumar is no stranger to the Indian organization, having spent many years building and executing our business strategies here. The Indian business and people will immensely benefit from his leadership and vision, and collectively I am certain they will take the Indian business to new heights while maintaining a balanced growth outlook.”

Continue Exploring: P&G reports strong sales growth amidst challenges; nears $2-Billion mark in India

“It has been a great honour and privilege to lead our business in India. The journey has been incredibly fulfilling. I am so proud of every P&G employee for demonstrating commitment and passion to serve our consumers, customers, and stakeholders, and for the results we collectively achieved. I am confident in the continued success of the company and the people,” LV Vaidyanathan said.

“The India organisation is on a momentum, delivering consistent results and a balanced top and bottom-line growth. It will be important for us to remain focused on our integrated growth strategy. We aim to lead constructive disruption in the industry across the value chain. I believe that our agile, empowered, and accountable organization will be at the heart of our growth,” Kumar Venkatasubramanian said.

FSSAI unveils action plan against Anti-Microbial Resistance at 43rd CAC meeting in Coimbatore

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March 18, 2024

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During the 43rd meeting of the Central Advisory Committee (CAC) in Coimbatore, Tamil Nadu, the Food Safety and Standards Authority of India (FSSAI) revealed its action plan regarding Anti-Microbial Resistance (AMR).

At the meeting, discussions centered around raising awareness among farmers about the responsible usage of antibiotics in livestock, aquaculture, poultry, and other sectors, in line with FSSAI’s obligations outlined in the AMR National Action Plan-II. Additionally, strategies for conducting surveillance on antimicrobial susceptibility in food matrices to uphold consumer safety were explored.

The Commissioners of Food Safety of States and Union Territories were instructed to strive diligently towards the goal of developing 100 food streets as ‘Healthy and Hygienic Food Streets’.

Continue Exploring: FSSAI greenlights amendments for single food certification authority

The significance of surveillance sampling was highlighted during the conversation. States were instructed to devise their surveillance plans and hold regular meetings with state laboratories and their officials.

Discussions revolved around the necessity of clean marketplaces and the establishment of health clubs in both state and central government schools. Additionally, the development of app-based models and literature in regional languages to motivate the younger generation was also addressed.

Continue Exploring: FSSAI certifies 500 hospitals across the nation as ‘Eat Right Campus’

States and Union Territories were urged to take steps to raise awareness about the significance and advantages of fortified rice. It was emphasized to conduct regular sampling of Fortified Rice Kernel (FRK) and ensure strict compliance with the FSS (Fortification of Foods) Regulation, 2018.

During the meeting, a Guidance Document for Training Food Handlers in the Canteens of Universities, Colleges, and Hostels was introduced to enhance the food safety infrastructure. This endeavor targets the training of approximately 1.1 million food handlers employed in these establishments over the next two years.

Uma Shankar Dhyani, Executive Director (HR & Finance), and Inoshi Sharma, Executive Director (Compliance Strategy), both from FSSAI, attended the meeting. The gathering also included over 50 officials, comprising Commissioners of Food Safety (CFS), representatives from various states and union territories, officials from FSSAI and nodal ministries, as well as members representing the food industry, consumers, agriculture, laboratories, and research bodies.

Continue Exploring: FSSAI to introduce stricter regulations for nutraceuticals and health supplements amid rising concerns over non-compliant products

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