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Antfin Singapore divests 2% stake in Zomato via bulk deals worth INR 2,827 Cr

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Zomato
Zomato

Antfin Singapore, a subsidiary of the Chinese tech giant Ant Group, divested a 2% stake in foodtech major Zomato via bulk deals for INR 2,827 Cr on Wednesday.

According to BSE data, Antfin sold 9.7 crore shares of Zomato at a price of INR 160.40 per share, along with an additional 7.93 crore shares at INR 160.11 each.

Together, these two transactions amounted to a total value of more than INR 2,827 Cr.

Continue Exploring: Antfin Singapore mulls selling 2% stake in Zomato for INR 2,800 Cr amid surging share prices

Morgan Stanley Asia (Singapore) took the chance to acquire some of the offloaded shares. It purchased over 5.68 crore shares of the foodtech giant at INR 160.1 apiece, amounting to a total deal of INR 909.5 Cr.

At the close of the December quarter in 2023, the Chinese investment firm maintained a 6.42% ownership stake in the company.

This development comes as Zomato shares continue to scale new heights, hitting a record peak of INR 175.5 during intraday trading on Monday (March 4). With this surge, Antfin could be contemplating profit booking, as the startup gains popularity among investors amid sustained profitability and revenue growth.

Zomato witnessed a remarkable surge in its profit after tax (PAT), jumping by 283% quarter-on-quarter (QoQ) to INR 138 Cr in the quarter concluding December 2023. Furthermore, operating revenue grew to INR 3,288 Cr from INR 2,848 Cr in Q2 FY24.

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

Fueled by strong financial performance, Zomato’s shares have skyrocketed by almost 200% over the last 12 months. Additionally, the stock has experienced a surge of more than 30% on a year-to-date (YTD) basis.

As a result, several prominent investors have divested their holdings in the company in recent months to capitalize on profits. In January, Societe Generale sold more than 86.5 lakh shares of Zomato in a block deal worth INR 117 Cr, while Motilal Oswal Mutual Fund executed a block deal valued at INR 621.6 Cr.

Before that, SoftBank sold 9.35 crore shares of Zomato in a block deal worth INR 1,127 Cr in December 2023.

Meanwhile, Zomato shares concluded Wednesday’s trading session down by 2.68% at INR 161.60 on the BSE.

Continue Exploring: Zomato’s shares reach record high of INR 175.5 amidst bullish market sentiment

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Westside to amp up beauty portfolio and strengthen e-commerce presence

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Westside
Westside

Westside, a retail establishment under Tata’s Trent, is poised to broaden its beauty offerings while simultaneously boosting its presence in the e-commerce sphere, according to Shailina Parti, COO at Trent Ltd.

Out of the 300 stores the brand operates, it has refurbished approximately 15-20 so far, with plans to expand the area dedicated to beauty by three times in its revamped stores. This expansion aligns with the brand’s average of opening 30 new stores annually.

“To capture the beauty market, we’re investing in R&D, along with launching many new ranges. We’ve gone into fragrance in a big way. We are also launching skincare. Our objective is to develop affordable quality products. So, we are building beauty and we see beauty very much in the forefront of our strategy,” she said.

“Westside.com has grown 150 percent on last year. We want to further build our online proposition. Currently, e-commerce contributes to 7 per cent of our overall revenue and is profitable. There lies an opportunity to grow it by another 30-40 percent on the current base over the next 2 years,” she further added.

Currently, 65 percent of the brand’s revenue originates from women’s wear, with men’s wear contributing 30 percent, while the remaining 5 percent is distributed across other categories.

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

“There are 3 pillars of our strategy in terms of our platform – ethnic women’s fashion, women’s western wear, and men’s wear. These are the three fastest-moving and highest revenue categories,” she said.

The brand is also considering housing the home segment exclusively in stores with ample space.

“We’ve realized doing a little bit of home in all our stores all over the country, may not be what we want. We should find the right stores with lots of space and do it well. So that’s what we’re doing and we will keep it to limited stores,” she explained.

In addition to this, the brand is also heavily investing in other categories such as lingerie and accessories.

Presently, the 25-year-old brand operates in 86 cities, including 8 metro and tier I cities, and 78 tier II cities. It maintains 109 stores in metro and tier I cities, and 121 in tier II cities.

“We are betting big on tier II cities as aspirations and purchasing power of the consumers is improving. Apart from this, there’s less competition in those cities for fashion. So, the less competition gives us the advantage as well” she asserted.

The brand, which has 25 to 30 percent of its stores located in malls and the rest on high streets or in out-of-town areas, is experiencing a 17 percent year-on-year growth.

“We are not in the business of above-the-line marketing and advertising as we’re building a community. We’re building experiential marketing that connects people with Westside, not on a brand level, but on a community level and we see that as a very much long-term strategy,” she said.

She further added, “Westside as a brand in India is evolving every year. It’s not a revolution and it’s not going to have super fast growth. So, going ahead, I see 10-15 per cent growth each year.”

Continue Exploring: Shift in Indian beauty market: Fairness creams witness first decline as demand swells for radiance and hydration products

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Patanjali Ayurved teams up with Ongo to launch open-loop co-branded prepaid cards

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Patanjali Ayurved
Patanjali Ayurved

Patanjali Ayurved Ltd., a Haridwar-based multinational conglomerate, has collaborated with New Delhi-based digital payments brand Ongo to introduce open-loop co-branded prepaid cards, as announced by the company on Wednesday.

As per the release, an open-loop prepaid card features a network logo and can be utilized across the Rupay network nationwide on any compatible device.

Acharya Balkrishna, co-founder and managing director, of Patanjali Ayurved Ltd., said, “We are delighted to provide an elevated shopping experience to our esteemed clientele by introducing the open-loop co-branded cards in collaboration with Ongo. With Patanjali-Ongo cards, our valued customers will gain access to exclusive benefits spanning a diverse range of Patanjali’s products and services across Patanjali stores.”

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

Users of the Patanjali-Ongo co-branded card will accrue rewards for buying Patanjali products through the card. Moreover, they can utilize the card for a multitude of transactions, including shopping, dining, fueling, and e-commerce. Additionally, the card is equipped with a National Common Mobility Card (NCMC) feature, facilitating seamless use of transit services such as NCMC-enabled Metro, buses, tolls, and parking nationwide.

Customers can enroll for this service by registering through the Ongo app, which is accessible on both the Play Store and the App Store, or by visiting their nearest Patanjali stores.

“We are thrilled to partner with Patanjali Ayurved, the country’s leading conglomerate to introduce open-loop cobranded prepaid cards on our Ongo platform. Through this partnership, we aim to provide unparalleled convenience to Patanjali’s extensive customer base, ensuring every transaction is enriched with seamless efficiency and ease,” said Ravi B Goyal, Chairman & MD.

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

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Gopal Snacks IPO subscribed 56% on first day; retail investors lead with 88% subscription

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Gopal Snacks
Gopal Snacks

The initial public offer of Gopal Snacks was subscribed 56 per cent on the first day of bidding on Wednesday.

The Initial Public Offer (IPO) received bids for 66,61,628 shares against 1,19,79,993 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) fetched 88 per cent subscription, while the quota for non-institutional investors got subscribed 49 per cent.

The IPO has an Offer For Sale (OFS) aggregating up to INR 650 crore. The proposed IPO is entirely an OFS of equity shares by promoters and other selling shareholders.

Continue Exploring: Gopal Snacks raises INR 194 Crore from anchor investors ahead of IPO launch

The IPO comes in a price range of INR 381-401 a share.

Gopal Snacks Ltd on Tuesday said it has garnered INR 194 crore from anchor investors.

The Rajkot-based company’s IPO would conclude on March 11.

Founded in 1999, Gopal Snacks is a fast-moving consumer goods company in India, offering namkeen, western snacks, and other products across India and internationally. As of September 2023, the namkeen makers’ products were sold in 10 states and 2 Union Territories. It has a network of 3 depots and 617 distributors.

The company operates three manufacturing facilities — Rajkot and Modasa in Gujarat, and Nagpur in Maharashtra. Furthermore, it runs three ancillary manufacturing facilities that mostly produce ‘besan’, raw snack pellets, seasoning, and spices. These are mainly used internally to make finished products like namkeen, gathiya, and snack pellets.

Intensive Fiscal Services, Axis Capital and JM Financial are the managers to the offer.

The equity shares of the company are proposed to be listed on the BSE and NSE.

Continue Exploring: Gopal Snacks sets IPO price band at INR 381-401 per share, subscription opens March 6

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French-American beauty giant Laura Mercier makes grand entrance into Indian market with Mumbai store debut

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Laura Mercier
Laura Mercier

Laura Mercier, the renowned French-American cosmetics and skincare brand, has made its entry into the Indian market with the unveiling of its first retail store in Mumbai. As announced by an industry official on social media, the store is conveniently situated at Phoenix Palladium Mall, Lower Parel, Mumbai, Maharashtra.

Baccarose, a Mumbai-based luxury beauty company, introduced the brand to India. Baccarose manages over 65 brands on e-commerce platforms and collaborates with retailers such as Sephora, Nykaa, Shopper Stop, and Lifestyle.

“Palladium Mumbai welcomes the first store of Laura Mercier in India,” wrote Asha Someshwar, general manager leasing at The Phoenix Mills Ltd. in a LinkedIn post.

In addition to skincare products and fragrances, the store provides a variety of cosmetics for eyes, lips, and face.

Continue Exploring: French apparel brand Kiabi partners with Myntra for Indian debut

Established in 1996 by celebrity makeup artist Laura Mercier, the personal care brand extends its merchandise through various channels, including exclusive retail outlets and partnerships with Sephora, Nordstrom, Hudson’s Bay, Saks Fifth Avenue, and Shoppers Drug Mart.

Meanwhile, Baccarose, established in 1984 by Hemansu Kotecha, asserts itself as a prominent distributor of international luxury beauty brands in India. With a multi-tier distribution network encompassing 16 warehouses nationwide, the company caters to diverse segments of the market.

Recently, Baccarose brought the French luxury perfume brand Alexandre.J to India, further expanding its fragrance portfolio.

Continue Exploring: Baccarose partners with Alexandre.J to bring French perfume elegance to Indian consumers

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Harley’s Corner revolutionizes dog nutrition in India with new product offerings

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Harley's Corner
Harley's Corner

Harley’s Corner, a pioneering brand renowned for its 100% preservative-free wet dog food, unveils a groundbreaking expansion in India with the introduction of two novel product categories. This marks a significant milestone as it becomes the first indigenous brand in the country to offer such diverse options. The new additions comprise Puppy Food and Therapeutic Food, broadening the brand’s spectrum to cater to a wider array of canine nutritional requirements.

The Puppy Food line showcases expertly formulated recipes designed to nurture the optimal growth and development of young pups, supplying vital nutrients frequently absent in conventional dog food selections.

In addition to the Puppy Food line, Harley’s Corner presents its innovative Therapeutic Food category, targeting distinct health issues and dietary needs of dogs. This range encompasses formulations catering to gastrointestinal wellness, mobility and joint assistance, hypoallergenic requirements, renal health, and weight management, providing holistic solutions for pet owners.

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

Ishmeet Singh Chandiok, the visionary Founder of Harley’s Corner and India’s pioneer Dog chef, shares his excitement for the latest product expansions, underlining the brand’s steadfast dedication to offering top-tier choices for pet owners. The launch of Puppy Food and Therapeutic Food underscores Harley’s Corner’s unwavering commitment to delivering nutritious and convenient meal solutions tailored to dogs at all stages of life.

Dedicated to employing solely the finest human-grade ingredients, Harley’s Corner guarantees dogs receive tailor-made optimal nutrition. The option to pre-order Puppy Food and Therapeutic Food through the Harley’s Corner website represents a notable achievement in the brand’s endeavor to spearhead the pet food sector by furnishing nourishing meal choices for dogs, irrespective of age, breed, or health status.

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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AdilQadri Perfumes targets INR 250 Crore revenue milestone by 2025, eyes venture capital funding boost

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AdilQadri
AdilQadri

AdilQadri, a direct-to-consumer perfume brand, has set its sights on achieving INR 250 crore in revenues for the fiscal year 2025. Additionally, it intends to secure $4-5 million in funding from venture capitalists.

In FY23, the company achieved about INR 20 crore in revenue and is projected to conclude the current fiscal year with sales totaling INR 90 crore.

“We are looking to open online stores in the US, Canada. And we are planning offline and online stores in Saudi and we are expanding to D2C in Dubai which previously only had a retail store,” said Qadri who started the firm in 2018.

With 15 stores already established in Gujarat and Maharashtra, expansion plans are underway to reach regions such as Telangana, Kerala, and Delhi. The company aims to build a network of 111 stores across India and overseas within the next five years.

Continue Exploring: Baccarose partners with Alexandre.J to bring French perfume elegance to Indian consumers

From a modest 20 orders in 2019, AdilQadri Perfumes has surged to over 80,000 orders monthly across various channels. According to a Technavio report, the perfume market in India is projected to expand to $1328 million between 2022 and 2027, with a compound annual growth rate (CAGR) of 15.23%. This growth hinges on several factors, including rising demand from millennials, impactful endorsements by celebrities and on social media platforms, and a growing emphasis on personal grooming.

The Gujarat-based firm has emphasized its collaboration with multiple tech enablers to cater to various functions and business needs. For example, it utilizes Shopify as a platform, Shiprocket for logistics, and GoKwik for checkout, return to origin, and prepaid shares. The company has reported that GoKwik contributed to a 40-45% increase in prepaid transactions.

“Over the past two years, this strategic collaboration has proven immensely successful, with checkout conversions soaring from 18% to an impressive 30%. The prepaid orders also experienced a significant uplift of 40%, while the RTO rate has come down from 35% to 27%, showcasing the brand’s commitment to building solutions that optimised shopper experience, thereby unlocking growth for the brand,” said Qadri

Roughly one-third of the orders are received for gifting purposes, and the company intends to enhance the gifting experience by focusing on packaging and expanding its product line. Additionally, the company is gearing up to introduce its incense sticks on its website, thereby broadening its offerings in the fragrance category.

Continue Exploring: French apparel brand Kiabi partners with Myntra for Indian debut

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HyFun Foods to invest INR 850 Crore in Gujarat for three new plants, aims for INR 5,000 Crore revenue by 2028

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HyFun Foods
HyFun Foods

HyFun Foods, a producer of frozen potato products, has announced plans to invest approximately INR 850 crore in establishing three new plants in Gujarat. This strategic expansion aims to fuel business growth and reach a target annual revenue of INR 5,000 crore by 2028. Additionally, the company will allocate INR 150 crore towards the establishment of a water treatment facility in Gujarat.

HyFun Foods operates five potato processing facilities located in the Mehsana district of Gujarat, boasting a combined annual capacity of 2.5 lakh tonnes.

HyFun Foods offers an extensive range of over 20 ready-to-cook frozen snacks, including favorites like french fries, aloo tikki, burger patties, and nuggets. These products are distributed across various segments, including the HoReCa (hotels, restaurants, and canteens), Quick Service Restaurants (QSR), and retail markets. Notably, HyFun Foods supplies its products to well-known brands such as Burger King and KFC.

Haresh Karamchandani, MD and CEO of HyFun Foods, said, “We are setting up three new plants in Mehsana for potato flakes, french fries and potato speciality products.”

Continue Exploring: BigBasket teams up with Chef Sanjeev Kapoor to introduce frozen foods brand ‘Precia’, targets INR 100 Crore in online sales by 2026

He said the construction of potato flakes plant has started and will be operational this year while the other two will come up by 2025-end.

Asked about investments on these three new plants, Karamchandani said it would be around INR 850 crore.

That apart, he said the company plans to set up a water treatment plant, to treat waste water from its factories, with an investment of INR 150 crore.

The investments of INR 1,000 crore will be funded through internal accruals and bank loans.

Asked about turnover, Karamchandani said it would be around INR 1,300 crore this fiscal as against INR 1,000 crore in the previous year. In volume also, it expects to achieve 30-35 per cent growth.

Out of the total turnover, the export market contributes 70 per cent.

“We are targeting a revenue of INR 2,000 crore in the next fiscal and INR 5,000 crore by 2028,” he said, adding that exports and domestic revenue would become equal by then.

Karamchandani said the company is also expanding presence in retail, both physical and online. Its products are available in stores of Reliance Fresh.

He said the company is also looking to expand portfolio of frozen food items beyond potatoes.

It might go for third party manufacturing to introduce such products.

HyFun Foods buys potatoes from Gujarat, Uttar Pradesh and Madhya Pradesh.

Continue Exploring: Haldiram’s takes convenience to a new level with ‘Minute Khana’ frozen Indian delicacies

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Ace Turtle and Shoppers Stop collaborate to introduce Dockers, redefining men’s fashion in India

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Dockers
Dockers

Ace Turtle, India’s forefront technology-native retail company, has partnered with Shoppers Stop, India’s premium omnichannel fashion and beauty destination, to introduce Dockers, the leading global khaki brand. This collaboration heralds the arrival of Dockers’ versatile and enduring men’s collection in 15 Shoppers Stop stores and shoppersstop.com, marking a significant milestone for both retail giants.

The assortment of Dockers at Shoppers Stop presents a meticulously selected array of apparel and accessories designed specifically for the modern Indian shopper. Spanning from chinos and shirts to sweaters and jackets, every item embodies Dockers’ commitment to exceptional craftsmanship, inventive materials, and enduring style. Whether navigating urban environments or embarking on new adventures, Dockers encourages individuals to confidently express their true selves with style.

Continue Exploring: French apparel brand Kiabi partners with Myntra for Indian debut

Kavindra Mishra, Customer Care Associate, Executive Director, and CEO of Shoppers Stop Ltd said, “It has been our constant endeavor to offer premium brands to Indian consumers. In line with our journey towards premiumization, our strategic collaboration with Ace Turtle to launch Dockers signifies our commitment to curating the best brands for our customers. Dockers brings a timeless blend of quality and style that resonates with the evolving preferences of the modern Indian consumer. Dockers collection will resonate strongly with those who appreciate timeless classics with a modern twist.”

Nitin Chhabra, CEO of Ace Turtle, the exclusive licensee of Dockers in India, stated, “We are delighted to partner with Shoppers Stop to reach a wider audience across the country. Shoppers Stop’s extensive reach and brand recognition, coupled with Dockers’ global appeal, creates a winning combination for success. We aim to leverage our unique technology-driven operating model and omnichannel commerce expertise to take Dockers to millions of Indian consumers through relevant online and offline channels. Our tech-enabled pan-India reach, data-driven approach, deep consumer understanding will aim to unlock new opportunities presented by the dynamic Indian fashion retailing market.”

Continue Exploring: California lifestyle apparel brand Dockers makes big bet on Indian market, plans five store openings in first year

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Greggs eyes continued growth in 2024 after 13% profit surge; breakfast demand and expanded services drive success

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Greggs
Greggs

Greggs, the British food-to-go retailer, anticipates another year of growth in 2024 following a 13% increase in profit last year. This growth was fueled by robust demand for breakfast offerings, extended evening hours, and the expansion of food delivery services.

The Newcastle upon Tyne-based company, renowned for its sausage rolls and vegan steak bakes, announced on Tuesday that the expansion of new outlets in supermarkets, train stations, airports, and the introduction of drive-thrus would fuel its growth.

Greggs shares rose by 2% to 2,760 pence in early trading as the company confirmed a strong start to 2024, with underlying sales increasing by 8.2% in the first nine weeks.

Greggs affirmed that its five-year plan to double sales by 2026 and establish 3,000 stores in the long run remained on course. This trajectory comes as Britons, grappling with elevated inflation and interest rates, increasingly seek value-oriented options.

Continue Exploring: Bakery giant Greggs rides 2023 success wave, announces plans for 160 new stores in the year ahead

“You can shop with us a few times a week and still be cheaper than potentially having a few coffees somewhere else. We know that encourages frequency of purchase,” Chief Executive Roisin Currie said in an interview.

With 2,473 stores, the company recently surpassed McDonald’s as Britain’s leading breakfast on-the-go retailer, a testament to the popularity of its hot food selections, Currie noted.

According to Currie, customers now have the option to purchase their evening meals at Greggs, with half of its stores operating late hours. Alternatively, they can choose to stay home and order a Greggs pizza or chicken shawarma flatbread through platforms like Just Eat and Uber Eats.

In 2023, Greggs reported a 13% increase in underlying pretax profit, excluding exceptional income, reaching £168 million ($213 million), with total sales reaching £1.8 billion. Analysts anticipate a further 11% increase in profits for the current year.

The group said it would pay a special dividend of 40 pence per share on top of its 62 pence annual payout.

Continue Exploring: Avolta opens first Le Crobag store at Düsseldorf Airport, bringing French bakery bliss to travelers

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