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Record-Breaking Growth: Indian Tourists Flood the US, Boosting Hotels and Airlines

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Record-Breaking Growth: Indian Tourists Flood the US, Boosting Hotels and Airlines

There is a huge surge in Indian tourists visiting the United States & hotels travel companies are cashing on this boom. 

In the first 10 months of 2024 nearly 1.9 million Indian tourists visited the US, representing a 48% rise from the figures from 2019. 

US Sees a Record Breaking Surge of Tourists from India

These figures stemmed from data from the US National Trade and Tourism Office (NTTO). This boom in tourism from India to the US is a result of 50 per cent jump in visas issued for business visits and 43.5 per cent increase for leisure.   

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The surge in international travel from India can be attributed to the growing middle class, increased travel spending, and expanded flight options. In contrast, visitor numbers from China, Japan, and South Korea have declined significantly, with decreases of 44.5%, 50.8%, and 23.9%, respectively, compared to pre-pandemic levels in 2019, according to NTTO data.

The Underlying Reasons Behind this Boom

India’s boom in international travel is driven by a growing middle class, larger travel budgets, and expanded flight availability.

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Commenting on this sharp surge of tourism from India to the US, Laura Lee Blake, CEO of the Asian American Hotel Owners Association said: “Indian travelers are stepping up to fill part of the gap left by lower visitation from China, Japan, and South Korea”.  

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KKR Gains CCI Approval for Investment in Rebel Foods Through Secondary Share Purchase

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The Competition Commission of India (CCI) has approved KKR’s subsidiary, Royce Asia Holdings, to acquire a stake in Rebel Foods, the cloud kitchen unicorn, through a secondary transaction. 

This deal will involve the purchase of both regular shares and compulsorily convertible preference shares (CCPS), though the exact amount of the stake being acquired remains undisclosed.

Details of this Investment 

Earlier reports had indicated that KKR was poised to buy between $50 million and $75 million worth of shares from existing investors, Peak XV Partners and Coatue, in a deal that would value Rebel Foods between $800 million and $860 million.

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This approval comes on the heels of Rebel Foods’ impressive $210 million funding round, led by Temasek, which was completed just last week. The Series G funding round further strengthens Rebel Foods’ position as a leader in the cloud kitchen space, and KKR’s investment is seen as a sign of growing confidence in the company’s future growth prospects.

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The CCI’s Reasoning Behind the Order

The CCI noted that the deal is being filed under the “green channel route,” a process that allows transactions to be deemed approved if they do not pose any risk of significantly affecting competition. In this case, the CCI concluded that the transaction would not lead to any adverse impact on market competition in India, particularly as the companies involved do not have horizontally overlapping or vertically complementary business operations.

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Google Names Preeti Lobana as VP and Country Manager to Lead India’s Digital Push

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Google Names Preeti Lobana as VP and Country Manager to Lead India’s Digital Push

Google recently appointed Preeti Lobana as the new country manager and vice president for Its India operations. 

The position was previously held by Sanjay Gupta, who has now moved on to serve as the tech giant’s president of the Asia Pacific region. 

Preeti Lobana, Google’s New VP for India is a seasoned professional 

A statement released by Google introduced Lobana as a seasoned professional, it reads: “A seasoned Googler with eight years of experience as Vice President of customer-centric solutions, Preeti will now spearhead Google India’s sales and operations, driving the company’s commitment to India’s burgeoning digital economy”.  

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Lobana will work closely with Roma Datta Chobey, who served as the interim country manager and will now continue in her role as Managing Director for Google India’s Digital Native Industries.

Google’s Head of Asia Pacific Region Comments on the Appointment 

On the other hand, Sanjay Gupta also released a statement on this new appointment to the top executive position. It reads: “With AI poised to redefine the boundaries of what’s possible, I am incredibly excited to welcome my colleague, Preeti, as our new Country Manager…”

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Praising his successor to his erstwhile office, Gupta wrote: “Preeti’s leadership will be instrumental as we deepen our engagement with India’s unique ecosystem, leveraging AI advancements like Gemini 2.0 to accelerate digital inclusion and unlock unprecedented economic opportunities for every Indian.”

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Zomato’s Global Finance Head Hemal Jain Resigns 

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Zomato’s Global Finance Head Hemal Jain Resigns 

The global head of finance and chief financial officer of Zomato’s business-to-business grocery supply vertical Hyperpure, Hemal Jain has resigned from the company. 

Zomato’s Global Head of Finance Hemal Jain Quits

Jain’s exit follows closely after Zomato received an Rs 803 crore demand notice from the Goods and Services Tax (GST) authorities. In response, Zomato stated that it plans to challenge the GST demand.

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Hemal Jain had been with Zomato for more than six years, having joined the company in 2018. Her final day at the Gurgaon-based firm will be January 31. Jain reported directly to Zomato’s CFO, Akshant Goyal. As part of the senior management team, she played a key role in Zomato’s initial public offering in July 2021. Before joining Zomato, Jain spent over ten years at Hindustan Unilever.

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Hemal Jain’s Resignation Letter 

The resignation letter by the top executive was shared online, & it reads: “I hereby tender my resignation as Head – Business Finance of the Company. Please accept my last working day as 31st Jan, 2025. I have had the privilege of being part of the Zomato journey and its dynamic team over the past 6 years. However, after much reflection, I have taken this tough decision to move on and explore a different path. I take this opportunity to thank everyone in Zomato for the support extended to me during my tenure. I wish Zomato the very best for continued success.” 

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Hollister Arrives in India: Myntra to Bring Popular Brand to Local Shoppers

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Hollister Arrives in India: Myntra to Bring Popular Brand to Local Shoppers

Popular American apparel brand Hollister is entering the Indian market via a partnership with Myntra Jabong, the business-to-business (B2B) wholesale arm of Myntra. 

Hollister Collabs with Myntra to Debut in the Indian Market

This exciting collaboration was announced by Myntra via a statement which reads: “This marks a significant milestone in the country’s evolving fashion journey. Abercrombie & Fitch and Hollister, known for their timeless style and exceptional quality, are sure to woo Gen Z, millennials, and beyond with their unmatched quality and style” 

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Hollister has a great reputation worldwide for its trendy casual clothing and has a sizeable international presence. It is headquarters in Libertyville, Illinois, and manages manufacturing and distribution centers across three continents. 

Myntra’s Grand Plans 

As part of Myntra’s ongoing efforts to bring top global brands to Indian consumers, the company is set to introduce Abercrombie & Fitch, along with its sibling brand Hollister, to the Indian market. This move is aligned with Myntra’s strategy to offer Indian shoppers a wide range of international fashion and lifestyle choices. Abercrombie & Fitch is expected to debut in India with both standalone stores and an online presence in late 2025, marking a significant addition to the country’s retail offerings.

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Founded in 1892, Abercrombie & Fitch has established itself as a leader in premium casual wear, known for its blend of classic styles and modern designs. The brand caters to a broad audience, including men, women, and children, and operates through a strong omnichannel model across the globe. In addition to its flagship offerings, the company also owns Abercrombie Kids, a children’s clothing line, and Gilly Hicks, a brand focused on athleisure and loungewear.

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CarDekho SEA Secures $60M to Fuel Expansion Across Southeast Asia

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CarDekho SEA Secures $60M to Fuel Expansion Across Southeast Asia

CarDekho SEA, a Singapore-based auto financing platform and a subsidiary of India’s CarDekho Group, has raised $60 million in its first round of external funding. 

CarDekho Gets Massive Investment 

The investment, led by Navis Capital Partners and Dragon Fund, brings the company’s valuation to over $300 million. This latest funding pushes CarDekho SEA’s total investment to more than $100 million, including $40 million from its parent company.

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The company plans to use the funds to expand its presence across Southeast Asia, with a particular focus on Indonesia and the Philippines, where it sees strong growth potential in the used car and bike financing markets.

CarDekho Expands its Global Footprint 

Founded in 2020, CarDekho SEA quickly established a strong foothold in key markets like Indonesia (through OTO Indonesia) and the Philippines (via Carmudi and Zigwheels). The company expanded further in 2021 by acquiring Carmudi, which helped it tap into markets in Indonesia, the Philippines, and Thailand.

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CarDekho SEA operates as an aggregator for auto financing, setting itself apart with tech-driven solutions. Its asset-light business model relies on partnerships with over 50 financial institutions and 20,000 dealers and retail agents. The platform also uses AI and machine learning to improve credit assessments and reduce fraud, addressing a major challenge faced by small used car dealers who often struggle to access financing directly.

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Tivoli Group Launches The Tivoli in Chattarpur, Expanding Its Luxury Portfolio

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Tivoli Group Launches The Tivoli in Chattarpur, Expanding Its Luxury Portfolio

Tivoli Group has opened its first five-star hotel, The Tivoli, in Chattarpur, Delhi. This marks a major step in the company’s growth strategy, positioning it to cater to the premium hospitality segment. 

A Flagship Project With Significant Potential 

The property, built on the site of an older establishment, is a significant upgrade and took five years to design and construct. With the launch of The Tivoli, the group aims to elevate its legacy and expand its footprint in the luxury hotel market, according to a company statement.

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The executive chairman of the firm made a statement explaining the project. He said: “We aim to deliver a premium hospitality experience to our guests and bring all facets of luxury under one roof- be it weddings, staycations or events. 

Top Executive Details Key Features of the Project 

Speaking further he added: “Tivoli has been a renowned name for curating and hosting unforgettable moments, be it dream weddings or vacations, corporate or bespoke events. The Tivoli Five Star now will go a notch up by organising all of these with world-class amenities and luxury, the idea is to take its legacy to extraordinary new heights.”

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The hotel boasts 132 rooms, including a luxurious presidential suite with private dining and personalized butler service, a spacious junior suite, and 130 premium rooms designed for comfort and elegance.

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Swiggy Promotes Sidharth Bhakoo to Chief Business Officer for Food Marketplace

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Swiggy Promotes Sidharth Bhakoo to Chief Business Officer for Food Marketplace

Zomato’s arch rival Swiggy has promoted Sidharth Bhakoo to the role of Chief Business Officer (CBO) for its food marketplace.

Sidharth Bhakoo Gets Elevated to Key Leadership Position 

Bhakoo made the announcement on his social media and seemed super enthusiastic about taking up the role. He wrote: “I’m happy to share that I’m starting a new position as Chief Business Officer – Food Marketplace at Swiggy,”

He had joined the company way back in 2018, as the Associate Vice President (AVP) and Regional Business Head for North, East, and Central India. 

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Before joining Swiggy, Bhakoo built a diverse career in both the banking and telecom sectors. He started at GE Money as a product manager, overseeing consumer durables and two-wheelers. 

Sidharth Bhakoo’s Stellar Corporate Journey 

He then moved to the Royal Bank of Scotland, where he took on key roles, including programme manager for business banking in India and senior relationship manager.

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In the telecom sector, Bhakoo made his mark at Vodafone Business Services, where he climbed the ranks from senior manager in SME sales to General Manager and head of sales. During his time at Vodafone, he led cross-functional teams in areas such as customer service, technical pre-sales, and marketing, while also managing significant sales budgets.

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Zomato Continues to Lead with 58% Share in India’s Food Delivery Market: Report

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Zomato Continues to Lead with 58% Share in India’s Food Delivery Market: Report

A fresh report published by Motilal Oswal reveals that Zomato continues to dominate India’s food delivery space with a 58% market share in the first quarter FY25. 

On the other hand, its arch rival Swiggy lags behind at 42%. 

Zomato Continues to Dominate Market Share

On the quick commerce space, Zomato’s Blinkit commands a 46% market share, while Zepto and Swiggy’s Instamart trail behind at 29% and 25% respectively in Q1FY25. The report read: “Zomato has continued to gain market share from Swiggy from FY22 to 1QFY25, aided by its stronger execution. According to reported gross order value (GOV), Zomato’s market share grew from 54 per cent in FY22 to 58 per cent in 1QFY25,” 

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Zomato & Swiggy Boast Impressive Financials 

Swiggy’s food delivery business recorded a Gross Order Value (GOV) of Rs 6,808 crore for the April-June period, while Zomato’s GOV reached Rs 9,264 crore. During Q1FY25, Swiggy had an average of 14.03 million monthly transacting customers, compared to Zomato’s 20.3 million.

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In related news, Motilal Oswal Asset Management is reportedly in discussions to invest in Zepto. Raamdeo Agrawal, chairman and co-founder of Motilal Oswal Financial Services, has personally invested in both Swiggy and Zepto.

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CityKart in Talks to Raise $35-40 Million Amid Rising Competition

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CityKart in Talks to Raise $35-40 Million Amid Rising Competition

Popular chain of retail stores dealing in value apparel CityKart is reportedly in talks with A91 Partners and TPG NewQuest to raise around $35-40 million. 

Investment Talks for CityKart are Heating Up

This comes amidst rising competition from rivals like Vishal Mega Mart. Speaking on the investment talks a source told Moneycontrol: “The talks are in progress and due diligence between the parties is ongoing,”

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The source continued: “Out of the total fundraise, secondary share sales will amount to around $25 million (Rs 210 crore) and the remaining $10-15 million (Rs 85-130 crore) will be the primary capital that will go into the company’s coffers.”

CityKart Going Through a Period of Change 

Another source explained: “Citykart’s early backers like Investcorp and India SME Investments will dilute some stake and sell shares to TPG NewQuest.” The deal is still in the negotiation stage and details might change.

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Citykart is currently valued between $160-180 million (Rs 1,350-1,500 crore), driven by annual sales of approximately $80-90 million (Rs 765 crore), reflecting a 2X revenue multiple, according to sources. This multiple is notably lower than the 4-5X multiple expected for Vishal Mega Mart in the public markets. 

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