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

News

By

-

March 18, 2024

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

By

SnackTeam

-

March 18, 2024

0

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

By

SnackTeam

-

March 18, 2024

0

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

By

SnackTeam

-

March 18, 2024

0

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

By

SnackTeam

-

March 18, 2024

0

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

After Amazon, ITC becomes second company to utilize inland waterways for FMCG transport

By

SnackTeam

-

March 18, 2024

0

ITC has become the second company, after Amazon, to employ inland waterways for commercial transport, as per an official statement.

The statement added that ITC Limited has teamed up with the Inland Waterways Authority of India to transport FMCG products through inland waterways using National Waterway 1.

On March 14th, a ship loaded with eight containers of processed food products (Noodles) from ITC Ltd departed from Kolkata to Patna.

Continue Exploring: ITC sees untapped market potential for YiPPee! Noodles, aims for further growth in the North region

The cargo is being transported using MV Rabindranath Tagore, which boasts a carrying capacity of 16 TEUs.

It is operated by Inland and Coastal Shipping Limited (ICSL), a wholly-owned subsidiary of the Shipping Corporation of India.

In November last year, IWAI signed an MoU with Amazon India Ltd and successfully facilitated the movement of its first e-commerce cargo through National Waterway 1.

Continue Exploring: Amazon India charts new course: Partners with IWAI to utilize inland waterways for package shipping

Inland Waterways Authority of India is committed towards developing national waterways and make IWT a more viable mode of transportation, the statement said.

According to the statement, Under the Jal Marg Vikas Project, IWAI is developing National Waterway 1 (Ganga-Bhagirathi-Hooghly river system) to improve navigation and facilitate smooth passenger and cargo movement.

As on February this year, total cargo movement on national waterways was recorded at 122.21 million tonnes which is 7.2% higher than the corresponding figures of last year. The collaboration between ITC Ltd and IWAI will pave the way for similar partnerships in future and open new possibilities for private sector to leverage the extensive inland waterways in India.

Continue Exploring: ITC to intensify green logistics programme for last-mile FMCG deliveries in FY24

Decathlon accelerates investments in India, eyes production expansion and retail growth

By

SnackTeam

-

March 18, 2024

0

French sports retailer Decathlon is accelerating its investments to ramp up production and enhance its retail presence further in India, one of its “most important” global markets, its Global CEO Barbara Martin Coppola has said.

Decathlon expects to continue its “high growth rate” from the Indian market, which is also emerging as an important manufacturing hub for the sports retailer, from where it currently exports around 65 per cent of production to global markets, she added.

For Decathlon, India is currently among the top ten global markets, growing “twice the rate” of others, where it entered in 2009 and now operates a network of 129 stores, she said.

Continue Exploring: Decathlon sets sights on India as a ‘top priority’ market, eyes top five global position

Coppola said she is “really impressed” with the evolution of the sports culture in India, especially among the middle class, which is gradually getting engaged in different kinds of sports, amid a rise in their income level with the growth of the economy.

“We see a real appetite for overall sports consumption, people wanting to try new experiences. And to be honest, there is an energy that is just beautiful to see at the stores… for Decathlon, (India) for sure is one of the major markets,” Coppola said.

Over investments in India, Coppola said Decathlon has plans to accelerate local production as well as local sourcing and expand its sports retail sales network.

“I can not comment on investment but we are accelerating. We are not only accelerating presence in India from a retail perspective but also from the production perspective,” she said, adding “India is the most important market for Decathlon. We expect to continue the high growth.”

When asked about the outlook and role India could play in Decathlon’s global operations, Coppola said it is “a major country” for the French sporting goods retailer.

“It’s a powerhouse in digital and to be honest, I am inspired by the creativity of the production, the experiences, which makes it interesting for the world,” she said, adding “I am very impressed by the know-how, which has been acquired progressively.”

Manufacturing of bikes is not easy and India is now manufacturing it. It is also manufacturing backpacks, tents to textiles and this range would continue to increase, she added.

Decathlon has plans to increase the local sourcing to 85 per cent in the next two years of the sports goods sold in India from the present 60 per cent.

“Currently 65 per cent of what is produced in India (by Decathlon) is exported. That part would grow bigger and continue to grow,” Coppola added.

Continue Exploring: Decathlon charts a new course with revamped brand identity and global strategy

When asked about Decathlon’s growth driver in India, she said there are different factors. Now overall society is getting into sports.”

Earlier, only 5 per cent of the Indian population was participating in sports, however, now this is having a high growth with the adoption of different sports.

“This has especially become popular in the middle class,” Coppola said, adding there are more avenues for sporting also in India.

This is also helped by factors such as a rise in income, leading to “more wealth, more spending on sports and leisure”.

Continue Exploring: Sports brands score big as fitness wave sweeps across India

“Now India has more unicorns, experiences and know-how that exist in the ecosystem of India, there are fantastic opportunities and sports is one of the industries, which is exploding. There would be many more,” she added.

Decathlon’s app clocked nearly 29 million downloads in India, Coppola said, adding that the brand has been able to offer “one of the best omni-channel experiences”, which includes not only selling sports goods but also offering space for sports-related activities at its stores.

Decathlon, which is the official partner of the Paris 2024 Olympics, would be delighted if India gets a chance to host this major international multi-sport event, said Coppola.

The Indian government is bidding to host the Olympics in 2036.

Decathlon entered India in 2009 as a cash-and-carry retailer and was approved for single-brand retail in 2013 by the government.

For the financial year ended March 31, 2023, Decathlon India’s sales were at INR 3,995 crore, registering a 37 per cent growth.

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

News

By

SnackTeam

-

March 18, 2024

0

Zomato, a major player in the foodtech industry, has received a penalty notice for goods and services tax (GST) from Gujarat’s Deputy Commissioner of State Tax, pertaining to fiscal 2018-19.

According to Zomato’s filing, the company has been instructed to pay INR 4,11,68,604 for GST, along with additional interest and penalty charges totaling INR 8,57,77,696.

This order was issued subsequent to an audit of Zomato’s GST returns and accounts.

“This is to inform that the company has received an order for FY 2018-19 pursuant to the audit of GST returns and accounts by the Deputy Commissioner of State Tax, Gujarat raising demand of GST of INR 4,11,68,604, along with applicable interest and penalty totalling to INR 8,57,77,696. We believe that we have a strong case on merit and the company will be filing an appeal against the order before the appropriate authority,” the filing said.

It further added that the demand order has been received in respect of excess availment of input tax credit and short payment of GST on account of audit observations and interest, penalty thereon.

Continue Exploring: Delhi court summons Zomato over alleged fraudulent practices in food delivery operations

“The company in its response to the show cause notice had clarified on all the issues along with relevant documents, circulars etc. which appears to not have been fully considered by the authorities while passing the order,” the filing said.

The company believes it has a strong case to defend before the appellate authorities and anticipates no financial impact from the matter.

This comes at a time when Zomato is already confronting tax-related challenges. In January, tax authorities issued a notice of INR 4.2 Cr for alleged GST underpayment. Concurrently, the company faced another setback with a show cause notice of INR 401.7 Cr from the Directorate General of GST Intelligence, Pune Zonal Unit, regarding unpaid tax on delivery charges. Zomato disclosed receiving three orders from tax officials in Delhi and Bengaluru, citing GST underpayment along with interest and penalties under various tax acts, totaling INR 4.24 Cr, as detailed in an exchange filing.

Continue Exploring: Fresh trouble for Zomato as tax authorities seek INR 4.2 Crore in unpaid GST

Zomato announced its second consecutive profitable quarter, with a notable surge in profit after tax to INR 36 Cr during the September quarter of the financial year 2023-24 (FY24). This marked an impressive 18-fold increase from the PAT of INR 2 Cr in the previous quarter.

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

Binny Bansal boosts investment efforts in India post Flipkart exit, focuses on scaling ventures including OppDoor and Curefoods

By

SnackTeam

-

March 18, 2024

0

Binny Bansal, co-founder of Flipkart, has reportedly intensified his investment efforts in India following his departure from the company’s board in January. According to sources familiar with the matter cited by ET, Bansal is actively involved in scaling up his investments in the country, particularly in his latest venture, OppDoor.

Following the sale of his remaining stake in Flipkart last year, which yielded approximately $650 million, Bansal has expanded his investment portfolio. He injected an additional $25 million into Curefoods as part of a $60 million funding round, consequently increasing his ownership from 12% to 18% in the Bengaluru-based company. This funding round has placed Curefoods at an approximate valuation of $375 million.

Continue Exploring: Curefoods secures additional INR 200 Crore investment from Binny Bansal’s Three State Ventures, round size hits INR 500 Crore

According to sources, Bansal’s investment involved acquiring Cultfit‘s remaining shares in the cloud-kitchen platform, as well as those held by certain angel investors. Additionally, it’s reported that the company received nearly $10 million in primary capital. In a secondary share sale, the capital does not flow directly to the company; instead, it goes to the selling investors.

At the same time, Bansal is actively seeking CEOs to lead his upcoming ventures—OppDoor, as well as a venture focused on providing offshore legal services to US brands aiming for global markets. According to insiders, the IIT-Delhi alumnus is dedicating substantial effort to engage with the boards of prominent startups like PhonePe, Curefoods, and GreyOrange, where he holds significant ownership stakes.

Continue Exploring: Binny Bansal’s Three State Ventures fuels OppDoor with $2 Million investment

Ankit Nagori, founder of Curefoods, confirmed the latest investment from Bansal.

Bansal did not reply to emails and messages seeking comments on his investment in Curefoods and plans for the new venture.

Bansal has invested $50 million in Curefoods, the parent company of brands such as Nomad Pizza, Eatfit, and Sharief Bhai.

According to reports, Bansal’s Three State Ventures has injected nearly $2 million into his new startup OppDoor in several installments.

As mentioned by one of the sources earlier, Bansal has allocated a “significant amount of capital” towards his new ventures.

Continue Exploring: Flipkart Co-Founder Binny Bansal may invest $25-30 million more in Ankit Nagori’s Curefoods

“He has allocated in multiples of tens of millions for OppDoor, and a legal services venture. He is busy finding new executives who will lead these ventures while he will strategically spearhead them,” this person said.

Another source noted that Bansal, who co-founded Flipkart in 2007 with his batchmate Sachin Bansal, is investing more time in companies where he holds a significant stake. “Offlate, he is spending more time on GreyOrange with a new CEO coming in there. He has a large position in PhonePe now also and is guiding the founders after separation from Flipkart,” this person said.

Individuals familiar with Bansal’s plans indicated that he has pinpointed a handful of investments where he intends to hold a substantial stake while also assuming a strategic role alongside the founders.

“More than a week in a month is kept for board meetings only and then he is speeding one full day with founders to work on long-term plans and execution ideas,” this person said.

“Three State Ventures is one focus for investments and other being the new startup,” one of the persons said. Bansal has invested around $100 million in a recent funding round of PhonePe at a pre-money valuation of $12 billion. He was instrumental in PhonePe acquisition by Flipkart in 2016.

Unlike Sachin Bansal, Binny Bansal chose to retain his stake in Flipkart following the Walmart deal in 2018. He proceeded to gradually divest his ownership through multiple funding rounds at Flipkart.

Following Walmart’s acquisition of Flipkart, Binny Bansal resigned from his position as Flipkart Group CEO several months later amidst allegations of significant personal misconduct, as stated by Walmart. Subsequently, he was cleared of the allegations following an internal investigation conducted by the e-commerce company.

Curefoods secures additional INR 200 Crore investment from Binny Bansal’s Three State Ventures, round size hits INR 500 Crore

By

SnackTeam

-

March 18, 2024

0

Binny Bansal‘s venture fund, Three State Ventures, has injected an extra INR 200 crores into Curefoods, a cloud kitchen startup backed by Accel. This additional investment brings the total funds raised to INR 500 crores, valuing the company at approximately INR 3,000 crores ($375 million) post-money.

The funding will be allocated towards scaling up its offline operations, particularly focusing on well-known brands such as Nomad Pizza and Sharief Bhai Biryani. Curefoods, which encompasses brands like Frozen Bottle, EatFit, and CakeZone, will also benefit from this investment.

Bansal’s decision to increase his investment underscores the strong demand that consumer internet brands are experiencing in an otherwise subdued funding scene.

Binny Bansal’s additional investment is part of the firm’s ongoing funding round initiated in April 2023, during which it secured INR 300 crore (approximately $37 million) from Three State Ventures, IronPillar, and other investors.

Continue Exploring: Curefoods secures INR 300 crore funding led by Three State Capital, aims to expand offline footprint

Curefoods stated on April 6, 2023, that the funding comprised both primary and secondary equity and debt, with Three State Ventures taking the lead in the round by contributing INR 240 crore.

Neither Curefoods nor Three State Ventures provided any comments on the recent developments.

Established in 2016 by Ankit Nagori, a former Flipkart executive, the Bengaluru-based startup competes with firms like Rebel Foods, Biryani by Kilo, and EatClub (formerly Box8), which are leading the way in this industry and are building a house of food brands.

These cloud kitchens acquire food brands and assist in their expansion by leveraging technology, digital marketing, and sales strategies to accelerate growth.

Continue Exploring: Flipkart Co-Founder Binny Bansal may invest $25-30 million more in Ankit Nagori’s Curefoods

Curefoods concluded its Series C funding round, securing $50 million from a combination of both new and existing investors, spearheaded by Winter Capital. By early 2022, the startup had achieved a valuation of approximately $250 million.

The company has been pursuing inorganic growth through acquisitions as well. In 2023, it acquired the food discovery platform Hogr. Likewise, in October, Curefoods finalized the acquisition of foodtech company Yumlane along with its proprietary technology.

Continue Exploring: Bengaluru-based Curefoods invests $1.2M in food discovery platform Hogr

According to filings with the Registrar of Companies (RoC), Curefoods recorded a staggering 400% surge in its operating revenue to INR 382 crore for the fiscal year 2023. Nevertheless, the company incurred losses amounting to INR 342 crore during the same period.

Continue Exploring: Curefoods records fourfold increase in operating revenue, reaching INR 382 Crore in FY23, but faces widening losses

NewsHub