Nykaa-KK Beauty eyes aggressive overseas expansion, Gulf region in focus

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March 13, 2024

Nykaa-KK Beauty, a joint venture between Bollywood star Katrina Kaif, Nykaa, and Matrix India Entertainment, is gearing up for aggressive overseas expansion, with a primary focus on the Gulf region in the coming year, as revealed by the actress-turned-entrepreneur.

“We have just launched in Dubai, and we have quite an extensive rollout plan for the Gulf over the next one year,” Kaif said, adding the company will launch in 2 new markets, without revealing the names.

The company, known for producing products under the Kay Beauty brand, also intends to bolster its offline presence in India. Currently, its revenue is heavily reliant on online commerce.

Continue Exploring: Fenty Beauty by Rihanna set to make Indian debut through Nykaa partnership

“Our sales are dominated by online, but we are expanding our offline sales at a rapid pace. I want to see the brand grow both online and offline, and at the moment we are doing that very successfully,” she said.

In efforts to expand its consumer reach, Kay Beauty has forged a partnership with UP Warriorz, the Women’s Premier League team owned by Capri Global.

“We will shed a spotlight on UP Warriorz players, bringing them to the forefront. I would like to see female athletes celebrated in the world of beauty,” Kaif said, adding that the WPL is an incredible initiative to promote women’s cricket.

Kaif mentioned that Kay Beauty has experienced remarkable growth and is fulfilling orders across more than 1,600 cities, encompassing major metropolitan areas as well as tier-2 and tier-3 cities.

“We have had phenomenal offline growth through our retail stores,” she said.

Kay Beauty products have been successful, she said, since they offer luxury quality at an accessible price point.

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

Hoteliers express discontent over Karnataka’s ban on artificial colors in Gobhi Manchurian

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March 13, 2024

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The Karnataka Health Department’s decision to ban artificial colors while still permitting eateries to serve dishes like gobhi manchurian has sparked discontent among many. Hoteliers have voiced concerns, stating that the decision lacked consultation and has not been well received.

Bruhat Bengaluru Hotels Association president PC Rao said, “The Health Minister has issued a statement concerning the use of colours for gobhi manchurian. It stipulates that all food additives complying with FSSAI Regulations/ISI Standards can utilise red, blue, green, and yellow colours within permissible limits. The directives released by the government lack rationality, and opposing guidelines are also irrational. Prior to making such scientific determinations, consultations with relevant manufacturers and users should have been conducted. We will provide comprehensive feedback to the government on this matter and engage in discussions with them in the upcoming days to rectify the situation.”

Continue Exploring: Karnataka bans artificial food colors in cotton candy and gobi manchurian, warns of severe penalties for violators

Reacting to this, Health Minister Dinesh Gundu Rao said, that out of the 171 samples of gobhi manchurian collected, 107 were found to contain unsafe artificial colours such as tartrazine, sunset yellow, and carmoisine. “A circular has been issued, and awareness programs will be conducted. Strict legal action will be taken against violators, with further sample collection to support legal proceedings. The use of artificial colours in food products is prohibited under the Food Safety and Standards Act, 2006, and its regulations. Any violation will result in legal action, including imprisonment of five years to a life sentence and a fine of INR 10 lakh.”

Physicians also highlighted the dangers associated with the use of artificial colors.

Dr. Muralidhar S Kathalagiri (Sparsh Hospital) said, “Food colourants may add vibrancy to our plates, but there are hidden dangers particularly when non approved colouring agents are used. These synthetic additives, often lurking in our favourite snacks and meals, can disrupt the harmony within our bodies. A food colouring agent Rhodamine B is often used in food which is harmful. Research suggests that these additives can trigger allergic reactions, hyperactivity in children, and may even contribute to long-term health issues like cancer and organ damage. Even though the colours look harmless on our plates, they’re actually hiding harmful stuff that can throw off our body’s balance and make one sick. It’s recommended to avoid these chemicals and stick to natural colours and to colour’s approved by FSSAI for our food to stay healthy.”

Continue Exploring: Tamil Nadu bans cotton candy sales after cancer-causing element detected by food lab

Fast&Up sets sights on UK retail expansion following ASDA success

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March 13, 2024

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Fast&Up, India’s leading sports and health nutrition brand, is set to expand its presence in the UK market after successful placements in over 200 ASDA Stores Limited, a prominent British supermarket chain. The range is also accessible at leading Independent Pharmacies and Alliance Healthcare, the UK’s leading Pharmacy Wholesaler, complementing their established presence in India.

With a strong history of expansion in India and around 34 other international markets, including Europe and the USA, Fast&Up has curated a specialized range of nutritional supplements focusing on health, beauty, and wellness.

Entering the UK market during the pandemic, Fast&Up capitalized on two decades of experience with Swiss effervescent technology. Currently, the brand offers a variety of effervescent products in the UK, spanning three ranges, with Fast&Up Reload (electrolytes and vitamins) emerging as its #1 bestseller.

Continue Exploring: D2C nutrition brand Earthful secures INR 3.3 Crore in pre-seed funding led by Green Ivy Venture and angel investors

Varun Khanna, Group CEO of Fullife Healthcare Pvt Ltd expressed, “It is a moment of pride for Fast&Up to have our products available in one of the largest supermarket chains in the UK. We are witnessing a growing interest from UK consumers due to the perceived quality, effectiveness, and results, aligning with their requirements. There is significant potential in the UK for our category, and we aim to capture that space. Our focus is on a holistic and long-term approach to expanding penetration and reach in international marketplaces, progressing to modern-trade, chemist outlets, and eventually broader general grocery stores, given the products broad acceptance and usage.”

After a successful presence at the 2023 TCS London Marathon Running Show, Fast&Up is now gearing up for an even larger presence in 2024, ensuring their products are readily available for consumers. The brand intends to hydrate runs across the country by partnering with companies and participating in fitness and wellness events.

Continue Exploring: Fabled Pet Food enters Venezuelan market, catering to growing demand for premium pet nutrition

Fiona Diamonds raises INR 6 Crore in seed funding round led by Venture Catalysts

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March 12, 2024

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Fiona Diamonds, a brand specializing in lab-grown diamonds, has secured INR 6 crore in its seed funding round, spearheaded by Venture Catalysts. The funding round also saw participation from AC Ventures, Anikarth Ventures, Shantanu Deshpande from Bombay Shaving Company, Eco Brilliance, and Suraj Nalan.

The newly acquired funds will be used to fuel the company’s expansion and innovation in the ethical luxury market.

Founded by Parag Agrawal and Saurabh Agrawal, Fiona Diamonds offers customers a curated selection of exquisite solitaire jewellery crafted with lab-grown diamonds.

With flagship stores in Mumbai, Delhi, and Bengaluru, as well as a presence in 10 key cities, Fiona Diamonds has positioned itself as a digital-first brand, boasting a loyal customer base of over 10,000.

Continue Exploring: D2C jewellery brand Kushal’s raises $34 Mn in Series B funding from Lighthouse’s fourth PE fund

Parag Agrawal, CEO & Co-Founder of Fiona Diamonds, highlighted the company’s vision, stating, “Fiona Diamonds represents a movement towards a more sustainable and inclusive future. With Venture Catalysts’ strategic investment, we are poised to accelerate our growth trajectory and establish Fiona Diamonds as a category innovator in the diamond jewellery segment. By leveraging our existing infrastructure and expanding our product offerings, we aim to triple our revenue in the first year, unlocking new avenues of growth and opportunity.”

On leading the round, Dr. Apoorva Ranjan Sharma, MD & CEO of Venture Catalysts, said, “With a market poised for exponential growth and evolving consumer preferences towards ethical and sustainable options, Fiona Diamonds has been growing at 40% year on year with an efficient inventory turn around ratio. With sentiment of jewellery as an asset class fading away amongst Millenials and & GenZs who are more inclined towards Eco Friendly & Sustainable options for Diamonds, Fiona has a first mover advantage in not only disrupting the traditional diamond industry but also paving the way for a more ethical and transparent future in luxury retail.”

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

Mumbai’s iconic Vada Pav ranked among the Top 20 Best Sandwiches globally

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March 12, 2024

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Vada Pav remains a timeless favorite among food enthusiasts. This emblematic Mumbai street delicacy is renowned for its convenience and ability to fuel the bustling city life. Embraced by people from various walks of life, it features a flavorful blend of spiced potatoes, enveloped in a crispy gram flour coating, and sandwiched between soft pav bread. Although often likened to an “Indian burger,” a label that has sparked debate, it has now earned recognition on a prestigious list honoring the world’s finest sandwiches.

Online food ranking platform TasteAtlas recently unveiled its selection of the world’s best foods nestled between bread. Leading the pack are Banh Mi, Tombik Doner, and Shawarma, claiming the 1st, 2nd, and 3rd positions respectively. Notably, India’s beloved Vada Pav has made it into the top 20, surpassing renowned international delights such as the French Croque Monsieur, Bagels, and even Grilled Cheese.

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The history of Vada Pav in Mumbai has grown in tandem with the city, originating in the 1960s at Ashok Vada Pav in Dadar as a snack for hungry mill workers who needed a filling, nutritious food they could eat while they traveled. It’s believed that stall owner, Ashok Vaidya, who served up fresh poha and batata vadas saw his neighbor selling bun omelette and was struck with inspiration to combine the two. This was ostensibly the birth of the famous vada pav.

Today, the dish has become more than just a street food; it has evolved to inspire gourmet renditions featured in the finest restaurants worldwide. One of the appeals of vada pav lies in its lavish toppings, whether it’s the dry garlic chutney, tangy imli chutney, spicy green chilli-coriander chutney, or crunchy choora (fried besan batter bits). Everyone has their own preferred combination, adding to the dish’s allure.

In a similar line-up in 2023, Vada Pav had secured the 13th position, sparking questions about why it had dropped six spots since the previous year and which newcomers had overtaken this Indian favorite. Additionally, it had been celebrated as one of the world’s preferred vegan snacks, being naturally free of meat or dairy while still bursting with flavor. Despite currently hovering at number 19, the humble Vada Pav holds a permanent place as number 1 in the hearts of many Indians.

Continue Exploring: Mumbai’s Vada Pav is now Ranked World’s 13th Best Sandwich

JP Morgan extends INR 200 Crore credit facility to fuel Oyo’s expansion

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March 12, 2024

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According to a report by ET, JP Morgan has extended a credit facility of INR 200 crore to Oyo. Sources familiar with the matter stated that the primary objective behind this credit line is to fuel the expansion of Oyo’s Accelerator Programme. Both Oyo and JP Morgan declined to comment on the matter.

The company launched its Accelerator Programme in March last year, with a target to support 50 first-generation hoteliers. Oyo articulated that its Accelerator Programme aimed to motivate and empower first-generation hoteliers to accelerate their hotel portfolio expansion, aligning with the surge in travel demand in both business and leisure cities.

Sources familiar with the matter revealed that Oyo’s Accelerator Programme presently aids more than 700 hotels and over 85 small and first-generation hoteliers nationwide.

Hotel owners with more than five running hotels are eligible to be part of the Accelerator Programme.

Continue Exploring: Oyo Hotels in advanced talks with Khazanah Nasional Berhad for $400 Million funding boost

Oyo had previously stated that through this initiative, it is aiding partners in attaining ‘sustained’ profitability and ‘enhanced’ earnings by providing mentorship, technological resources, dedicated relationship managers, financial assistance, and tapping into Oyo’s extensive network, which includes over 15,000 corporate accounts and more than 10,000 travel agents across India, thereby bolstering business opportunities.

Last month, Oyo’s founder Ritesh Agarwal informed employees that the company’s profit after tax (PAT) for the third quarter of the financial year 2024 has doubled sequentially to INR 30 crore.

The company achieved its first profitable quarter with a PAT of over INR 16 crore in the second quarter of this fiscal year.

Previously, sources reported that Agarwal stated in a town hall meeting that Oyo anticipates a continued rise in its net profit over the coming quarters. He attributed this growth to bolstered patron confidence, enhanced customer experience, and favorable market conditions conducive to sustained expansion.

Agarwal also revealed that Oyo recorded adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of INR 750 crore in calendar year 2023. He informed employees that the company is projected to achieve adjusted EBITDA of INR 1,000 crore in the current financial year, surpassing its previous estimate of INR 800 crore.

Previously, Oyo defined adjusted EBITDA as EBITDA adjusted for transformation expenses incurred on assets of its hotel partners.

Agarwal reported that Oyo experienced a 10% year-on-year growth in revenue during the third quarter. He mentioned that the number of hotels on its platform surged by 27% to 17,000 during the same quarter.

He informed employees that the company reduced its operating costs by 15% in the third quarter.

In November 2023, Oyo completed a debt buyback totaling INR 1620 crore. This buyback entailed repurchasing 30% of Oyo’s outstanding TLB, which was due in June 2026.

Oyo had previously stated that hoteliers participating in this program experienced a roughly 20% increase in revenue within three months.

Continue Exploring: IPO-bound OYO’s Q3 FY24 profit doubles QoQ to INR 30 Cr

Budget supermarket chain Vishal Mega Mart to go public with $1 Billion offering

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March 12, 2024

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Vishal Mega Mart, a budget supermarket chain, is reportedly planning a $1 billion initial public offering, which could value the company at up to $5 billion. Some of the proceeds are expected to be earmarked for expanding its store network.

As per a Reuters report citing sources, Partners Group of Switzerland and India’s Kedaara Capital, which hold a majority stake in Vishal Mega Mart, are anticipated to offload shares in the offering. The exact extent of ownership by these equity firms in Vishal Mega Mart, as well as their anticipated sell-off and retention amounts, remains unclear. Partners Group and Kedaara acquired Vishal Mega Mart for around $350 million in 2018 from rival buyout firms TPG and Shriram Group.

Vishal Mega Mart, predominantly situated in smaller urban centers, operates 560 stores offering a variety of clothing and grocery products.

Continue Exploring: BigBasket aims to turn profitable in 8 months; eyeing IPO in 2025

Insiders informed the news agency that investment banks have been invited to present proposals for the IPO this week, with expectations for the offering to occur later in the year.

According to a report by India Ratings, Vishal Mega Mart saw a 36% increase in revenue to $917 million in its last financial year ended March 2023, while net profit surged by 60%.

Vishal Mega Mart offers a wide range of products, such as clothing, home appliances, luggage, and groceries, all at affordable prices. For example, customers can purchase a T-shirt for as little as INR 99 and jeans for under INR 800. Approximately half of its sales come from clothing.

Reports of Vishal Mega Mart’s IPO comes at a time when the Indian stock markets are trading near record highs and the benchmark NIFTY index has climbed 12 per cent over the last six months. IPO activity is expected to gain pace amid the country’s rapid economic growth and a stable political environment.

Rasna sets sights on global manufacturing with overseas franchise deals

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March 12, 2024

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Rasna, a household name throughout the 80s and 90s, continues to dominate the pre-mix market and is now exploring overseas franchise agreements for manufacturing abroad.

Under this agreement, the franchisee will be responsible for investing in the plant and machinery, as well as managing day-to-day operations. Rasna will provide the pre-mix, technical expertise, and partial financial assistance. Additionally, Rasna will oversee quality control, handle marketing initiatives, and manage distribution channels.

Piruz Khambatta, Rasna Group chairman, said, “We already have 3 to 4 arrangements and we are searching for more.”

Such arrangements are currently established in Bangladesh and Nepal.

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

Negotiations for franchise agreements were underway for Egypt, Indonesia, and the Philippines. Factors such as market size, rising logistics costs, and high duties were driving the interest in these arrangements.

Approximately 30-35 percent of Rasna’s sales currently stem from exports, with plans to increase this share to 50 percent within the next few years.

Rasna is currently distributed in 60 countries worldwide.

Khambatta expects the export division to clock in a 30-35 per cent year-on-year (YoY) growth in volumes in FY24. “We could have done much better but the whole year has been full of supply chain disruptions partly because of the wars and the Red Sea crisis.”

Domestically, the growth is expected to reach approximately 20 percent. The soft drink manufacturer has enlisted actress Tamannaah Bhatia as its new brand ambassador.

However, similar to other consumer-facing companies, Rasna has been facing challenges in increasing its sales in rural areas for some time now.

Khambatta said, “Last summer, rural growth didn’t pick up.”

While March was “very good”, April, May and June lagged. Diwali was also a “little pale,” he added.

Nonetheless, the Chairman of the Rasna Group expressed optimism regarding the rural segment for the upcoming fiscal year (FY25), anticipating an uptick due to the implementation of incentives during an election year.

Continue Exploring: FMCG companies boost production of affordable snacks and beverages ahead of general elections, anticipating surge in demand

Roughly 20-25 percent of Rasna’s sales originate from rural areas. Khambatta noted that individuals from rural regions also place orders in urban centers. He emphasized that the rural sector serves as a growth catalyst.

“India is very unique; our growth propensity depends on the rural masses,” Khambatta pointed out.

Rasna adopts a three-pronged strategy for growth. On one front, it targets the masses; on another, it competes with startups in the direct-to-consumer (D2C) sector with higher-margin products, while exports serve as another avenue for growth.

In terms of exports, Rasna has met the criteria for the government’s Production Linked Incentive (PLI) scheme, specifically aimed at branding and marketing efforts overseas.

Moreover, Khambatta is optimistic that if the global situation improves, there could be a 50 percent increase in exports.

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

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March 12, 2024

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With the goal of fostering India’s entrepreneurial spirit and uniting key players, industry body ASSOCHAM, in collaboration with Nasscom, Bootstrap Incubation & Advisory Foundation, TiE, and Indian Venture and Alternate Capital Association (IVCA), will host Startup Mahakumbh from March 18-20 in New Delhi.

The one-of-a-kind event will see the participation of over 1,000 high-growth startups, unicorns, domestic and global venture capitalists, and other stakeholders. Additionally, it will showcase more than 10 sector-specific pavilions, highlighting India’s most innovative startups.

Meticulously selected, these pavilions will showcase cutting-edge advancements and industry insights across various fields. One particularly important pavilion will highlight the innovations and achievements of the agritech sector, crucial for modernizing the country’s agriculture.

Continue Exploring: Shilpa Shetty-backed agritech startup KisanKonnect secures INR 31 Crore in pre-series A funding led by Green Frontier Capital

As per the World Economic Forum, India’s agritech sector has experienced a remarkable surge in recent years, with startups increasing from 43 in 2013 to over 1,000 in 2020. Acknowledging this growth, the agritech pavilion will host engaging discussions on India’s agritech potential, including a fireside chat featuring Mohandas Pai, Chairman of Aarin Capital Partners, and Dr. Vaibhav Tidke, Co-founder and CEO of S4S Technologies.

“The importance of the agritech pavilion is in realising what agritech startups can do for the farmers. The aim is to help the farmers transcend into the role of micro-entrepreneurs. Agritech startups will also work to decode the engagement with farmers at a social and cultural level,” said Vineet Rai, founder and chairman of Aavishkaar Group, executive member of IVCA and the lead for agritech pavillion.

Moreover, the pavilion will organize inspiring keynotes, panel discussions, and an exclusive award ceremony dedicated to promising ventures.

Attendees can anticipate one-on-one mentoring sessions, masterclasses, live pitches, deal rooms, and unicorn roundtables aimed at facilitating the exchange of ideas and networking. Spearheaded by the Aavishkaar Group, the pavilion will also exhibit exhibition pods highlighting startups at the forefront of agricultural innovation.

“We’re excited to participate in Startup Mahakumbh,” said Rai, “The ‘Bharat Innovates’ theme embodies the link between innovation and startups. As host and pavilion lead, we’ll bring key partners, visionaries, and promising enterprises, weaving a rich tapestry of insights, ideas, and investments. It will showcase the latest advancements, disruptive technologies, and opportunities reshaping agriculture’s future,” he added.

Nabard, India’s leading development bank focused on sustainable and equitable agriculture and rural development, will serve as a key partner and sponsor of the agritech pavilion. This partnership underscores Nabard’s commitment to fostering innovation and advancement in the agritech sector. Within the pavilion, Nabard will introduce a curated group of startups, demonstrating the vibrant potential within India’s agricultural startup ecosystem.

“Significant interventions need to be made to make the supply of farm inputs seamless and create more value. There is also a pressing need to look into the post-harvest aspect and how the food makes it from the farm to the fork. Innovations in branding, food processing and fintech aspects are also important. Farmers should be made an intrinsic part of the food processing industry so they flourish as micro-entrepreneurs,” said Rai.

Continue Exploring: Agritech startup Fasal secures $12 Million in funding round led by TDK Ventures, British International Investment

Fabled Pet Food enters Venezuelan market, catering to growing demand for premium pet nutrition

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March 12, 2024

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Fabled Pet Food has announced its entry into the dynamic Venezuelan market, marking a significant milestone in the company’s global expansion journey. Recognizing the increasing demand for high-quality pet nutrition in urban areas, Fabled has meticulously tailored its approach to meet the specific needs of Venezuelan pets and their devoted owners.

The decision to expand into Venezuela is aligned with the global trend of urban living, extending to beloved pets. With an increasing population of working pet parents seeking top-tier nutrition for their furry companions, Venezuela naturally became a strategic destination for Fabled Pet Food’s expansion.

The distribution strategy integrates both online and offline channels to efficiently engage the target audience. Approximately 15 percent of sales are generated through leading online platforms like Mercadolibre and Pedidos Ya, with the remaining 85 percent facilitated through a network of strategically positioned physical stores nationwide. Partnering with influential figures such as @punkypartners, a renowned dog influencer in Venezuela, amplifies the brand’s presence and interaction within the local pet community. Through collaborative endeavors and customized marketing campaigns, the brand endeavors to empower pet owners to make informed decisions regarding their pet’s nutrition and overall welfare.

Continue Exploring: Indian pet food brand Drools secures $60 Million investment from L Catterton, valuing the company at $600 Million

Prateek Raj Singh, Co-Founder, Fabled Pet Foods, said, “Creating a meaningful bond between pets and their owners through an urban lifestyle appropriate diet is not just our goal; it’s our passion. At Fabled Pet Foods, we believe in nurturing the health and happiness of every urban pet, one empty bowl at a time.”

Having established a robust presence in more than 100 retail outlets and prominent pet e-commerce platforms like Supertails in India, alongside its online availability via Amazon India, Fabled Pet Food has emerged as a symbol of excellence and ingenuity. Moving forward, Fabled Pet Food is dedicated to broadening its reach across various regions, with a particular emphasis on South Asian and South American territories. Colombia stands out as the next focal market, offering abundant prospects for expansion and influence.

Continue Exploring: Ayurvedic pet food startup TABPS Pets secures INR 6.5 Crore funding boost from cricket stars Hemang Badhani and KS Bharath

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