According to regulatory filings obtained from the RoC, Bummer’s board has approved a special resolution to issue 2,16,121 pre-series A1 CCPS at a price of INR 428 each, aiming to raise INR 9.25 crore.
The Gruhas Consumer Fund injected INR 8 crore into the latest round, with Fluid Ventures Fund joining in with INR 1.25 crore. Gruhas, co-founded by Nikhil Kamath and Abhijeet Pai, operates as a venture capital fund.
According to the filings, the company plans to utilize the funds to broaden and enhance its product categories.
Established in 2019 by Sulay Lavsi, Bummer specializes in selling comfortable wear and innerwear designed for both men and women. The company asserts that its products are manufactured using 47% less water and contribute to an 18% reduction in carbon footprint.
After the latest funding, Gruhas emerged as the primary stakeholder with 17.3%, trailed by Beenext Asia, Fluid Ventures, and Thapar Vision LLP. The founder and CEO, Sulay Lavsi, along with his family, retains control of 45.97% of the company.
According to estimates from TheKredible, the company’s valuation post-allotment stands at approximately INR 46.5 crore ($5.6 million).
Before this round, Bummer secured 180K from Singapore’s Beenext and received INR 75 lakh through an investment on the TV show Shark Tank India, led by Aman Gupta, co-founder and CMO of boAt, and Namita Thapar, CEO of Emcure Pharmaceuticals.
In the fiscal year ending March 2023, Bummer experienced a three-fold increase in revenue from operations, reaching INR 7.83 crore. However, during the same period, the company’s losses surged 2.8 times to INR 2.94 crore.
The newly acquired funding will be utilized by abCoffee to enhance its supply chain and technology infrastructure, facilitating the delivery of on-demand coffee beverages at reduced prices and faster turnaround times.
Established in 2022 by Abhijeet Anand, abCoffee offers a diverse range of freshly brewed coffees at budget-friendly rates, encompassing traditional blends such as Americano, Latte, Flat White, Iced Latte, and Irish Cold Coffee.
Speaking on the funding, Abhijeet Anand, Founder, and CEO of abCoffee, said, “We are thrilled to partner with Nexus Venture Partners and receive continued support from Tanglin Ventures in our mission to make specialty coffee accessible and enjoyable for everyone in India. We continue to remain extremely capital efficient, leverage supply chain optimization and continue to innovate new products for the masses.”
“abCoffee’s commitment to making specialty coffee accessible to the masses resonated strongly with us. Their innovative tech model and focus on high-quality, ethically sourced beans and efficient brewing methods allow them to offer premium coffee experiences at surprisingly affordable prices. We believe this unique approach has the potential to disrupt the Indian coffee market and make premium coffee beverages a mainstream beverage enjoyed by everyone,” said Suvir Sujan, Managing Director at Nexus Venture Partners.
Ravi Venkatesh, Managing Partner at Tanglin Venture Partners added, “Over the past year, we’ve been privileged to witness how abCoffee has scaled and are excited to double-down in this funding round also.”
With a customer loyalty rate of 61%, which is nearly double the industry average, the company underscores its dedication to exceptional service, boasting a remarkable turnaround time (TAT) of 1.5 minutes.
In a span of 20 months, the brand has recently launched 25 outlets across Mumbai and Delhi. With ambitions set high, the brand aims to reach 150 stores by the end of 2024.
It competes with Third Wave Coffee, Blue Tokai, Rage Coffee, Slay Coffee, Sleepy Owl, Seven Beans Co., and numerous others.
The global coffee market remains significant, with the Indian coffee market projected to reach $2.30 billion by 2030 at a compound annual growth rate (CAGR) of 12.5 percent. Notably, the trend within this sector indicates a rising demand for unique, high-quality coffee experiences and diverse flavor profiles, a demand that abCoffee aims to capitalize on by offering premium specialty coffee through its convenient, efficient, and innovative grab-and-go outlets.
In recent years, the show has experienced remarkable growth, solidifying its status as the premier gathering for international vendors and sourcing experts. Beyond facilitating new business ventures, the fair provides avenues for technological advancement, skill enhancement, and collaborative endeavors.
This year, the exhibition is taking place across an area of 110,000 square meters, compared to 90,000 square meters last year, leading to a rise in participation from 1500 to 1600 attendees. This includes representation from overseas companies hailing from 12 countries, namely China, Germany, Iran, Italy, Japan, Nepal, Russia, Sweden, Taiwan, Turkey, Turkmenistan, and the UAE.
The burgeoning sector of “Plant Based Foods” is also featured at AAHAR, adding another layer of attraction for visitors.
The exhibition profile is categorized into distinct sections across various halls: Foreign Participation and FIFI Pavilion (Hall 1 GF), Confectionery & Bakery Products & Ingredients, ICMA (Hall 2 GF& FF), APEDA Pavilion (Hall 3 GF), Spices, Condiments Ingredients & Agri Produce (Hall 3 FF), Organic, Processed Food, Ingredients, Spices, Farm Produce, Fresh Fruits & Vegetables, Meat Products (Hall 4 GF& 4FF), Organic Processed Food, Ingredients, Spices, Farm Produce, Fresh Fruits & Vegetables, Meat Products, Chocolate Products (Hall 5 GF), Culinary Art India Show by Indian Culinary Forum (Hall 5 FF), Bakery Heavy Machinery Equipment, Tentage & Décor, Packaging, Kitchen & Hotel Equipment (Hall 6, Hall 7 (A-H)), Kitchen & Hotel Equipment, Refrigeration (Hall 8-11, 12 & 12A, 14), Hospitality, Décor, Housekeeping Products, Gift Items (Hall 14FF), and Hospitality, Décor, Housekeeping Products, Gift Items, Mist Coolers, Coolers & Fans (Open Area).
Once again this year, a significant turnout of trade visitors is anticipated at the fair. This encompasses key figures from the hotel and hospitality sector, such as CEOs, General Managers, Executive Chefs, Executive Housekeepers, Purchase Managers, and F&B Managers. Additionally, senior officials from both the Central and State Governments, as well as individuals from the catering industry, academic institutions, and hotel management professionals, are expected to attend the event.
In addition to gaining insights into new government initiatives, reforms, and schemes related to the food and hospitality industry, the fair provides an ideal platform for the business community. It allows them to stay updated on the latest trends, tastes, and technologies, expand their network with leading suppliers and manufacturers, connect with decision-makers, trade partners, and distributors, and meet esteemed buyers from across the globe. With a focus on unveiling India’s export potential, the fair holds significant importance, particularly amidst the Union Government’s emphasis on promoting the agricultural community and the MICE (Meeting, Incentive, Conference, and Exhibition) sector, which complements the hospitality segment.
Vinod Cookware, a leading Indian manufacturer of cookware, has recently launched its newest manufacturing facility in Gundale village, Palghar district, Maharashtra. This strategic expansion aims to meet the growing demand for Vinod Cookware products in both local and international markets.
Spanning an impressive 250,000 square feet, the newly opened plant in Gundale now stands as the company’s largest production hub. This development complements Vinod Cookware’s existing operational framework, with all factories currently situated in Palghar, thereby enhancing logistical efficiency and managerial cohesion. Moreover, besides being the brand’s largest facility, the new manufacturing unit is poised to generate approximately 300-350 new job opportunities to facilitate operations.
The upcoming Palghar facility is set to integrate cutting-edge technological upgrades, featuring enhanced production machinery and advanced management systems. Initially managing primary and ancillary production tasks, the plant is expected to play a pivotal role in significantly expanding Vinod Cookware’s operations.
Committed to sustainability, the new facility will uphold stringent operational protocols, emphasizing the use of eco-friendly materials and prioritizing waste minimization. Anticipating heightened demand, a substantial 60% increase in production capacity is on the horizon, underscoring Vinod Cookware’s dedication to meeting market needs while prioritizing sustainability and efficiency. Concurrently, alongside the Palghar expansion, Vinod Cookware has expanded its presence into the UK and EU markets, launching its official UK website in November of last year.
Sunil Agarwal, Director, Vinod Cookware, said, “”We are pleased to announce the opening of our new manufacturing plant in Palghar, Maharashtra. This strategic expansion marks a significant milestone for Vinod Cookware as we strive to meet the surging demand for our high-quality products with enhanced efficiency and scale. Our new facility stands as a testament to our unwavering commitment to operational growth and, above all, customer satisfaction. As we embark on this exciting journey, we look forward to setting new benchmarks in the cookware industry while ensuring a positive impact on the local community through job creation and economic development.”
According to a report by ET, Peak XV Partners (formerly known as Sequoia Capital India) and Tiger Global, along with several other investors, are among those who have held talks to acquire a stake in SoftBank-backed ecommerce firm Meesho in a secondary deal, as per insiders.
According to sources, it’s anticipated that certain angel investors and initial supporters of Meesho may sell shares valued at approximately $200 million. The deal is expected to be conducted at a valuation ranging from $3.5 billion to $3.9 billion, contingent upon the final terms.
As Peak XV has been an early investor in Meesho, the significance of Tiger’s discussions increases, especially considering the New York-based fund’s retreat from making new investments in India and other markets.
“Tiger’s participation may be relatively smaller but Peak XV is in advanced stages of talks,” one of the people said. “Peak XV is looking to take a bigger pie of the shares on the block,” another person said.
According to sources, Meta, a prominent player in the tech industry and an existing investor in Meesho, might consider selling a portion of its stake. However, the decision is still pending, as the owner of Facebook and WhatsApp has not finalized its stance yet.
Meesho will not get any funds from the secondary share sale.
Meesho, previously valued at $4.9 billion, is expected to undergo a valuation reduction of 20-30%, which is common in secondary transactions.
A representative for Meesho opted not to provide a comment, citing company policy. Emails directed to Peak XV, Meta, and Tiger Global did not yield any responses.
Insiders familiar with the discussions mentioned that other funds, such as Norwest Venture Partners, are also in talks with Meesho, although these discussions are at an early stage.
In October last year, Meesho’s first institutional investor, Venture Highway, sold a part of its stake in the company to WestBridge Capital. According to insiders, the fund wants to make a complete exit from the ecommerce platform, which focuses on low-priced products.
Earlier in January, it was reported that WestBridge Capital, which supports both private and public market companies, might acquire additional shares in Meesho.
In December, Meesho reported that its loss for the fiscal year ending March 31, 2023, narrowed to almost half, reaching INR 1,675 crore, while operating revenue surged by 77% to INR 5,735 crore. Additionally, for the first half of FY24, the online marketplace indicated a 37% year-on-year increase in operating revenue to INR 3,521 crore, coupled with a significant 90% reduction in loss to INR 141 crore.
Meesho’s success in the low-end segment has recently led to Amazon India planning a similar venture on its marketplace. It was reported on February 21 that Amazon India was gearing up to launch a new vertical featuring low-priced, unbranded fashion and lifestyle products, called Amazon Bazaar. Walmart-owned Flipkart’s Shopsy is the other major player in the space competing against Meesho.
Established in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho operates on a distinct business model compared to giants like Amazon and Flipkart. Instead of charging commissions from its sellers, Meesho generates revenue through advertising and by providing logistics services to sellers on its platform.
Oravel Stays, the parent company of hospitality giant OYO, aims to unveil 13 self-operated hotels under its upscale brand ‘Palette’ by year-end.
Following a model akin to OYO Rooms, the startup announced plans to commence its venture by launching a Palette hotel in Morbi, Gujarat, according to a statement.
Oravel Stays mentioned that the new hotel will be strategically positioned to serve the requirements of business travelers in the nation’s ceramic hub. With 48 rooms, it aims to meet the demand for high-quality accommodation amidst the area’s flourishing economic development.
Last year, Oravel Stays launched its first Palette brand hotels through a pilot program, unveiling 10 properties across various cities including Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar, and Bengaluru.
The startup announced plans to take direct operational control of specific Palette hotels located in “high-growth and promising locations.”
By the end of the year, Oravel Stays aims to have 23 hotels operating under the new brand.
“We are excited to launch our first self-operated Palette hotel in Gujarat, and what better city to start with than Morbi. With its booming economic scene and growing business opportunities, Morbi is an important market for us…,” said Oravel Stays’ business head Aditya Sharma.
Interestingly, the hospitality unicorn has been experimenting with the brand name Palette for some time now. In 2018, it announced its foray into the upscale hotel category under the name Palette Resorts.
Last year, it finally started testing the new offering through a trial launch in various cities, albeit on a smaller scale. In addition, the Gurugram-based startup also runs sub-brands including Townhouse Oak, OYO Townhouse, Collection O, and Capital O under its umbrella.
Established in 2013 by Ritesh Agarwal, OYO is a leading player in the hospitality industry with support from notable investors such as SoftBank, Airbnb, Lightspeed Venture Partners, Innoven Capital, and Hero Enterprises.
As OYO prepares for a potential public listing by the year’s end, the introduction of the new offering aligns with its strategic plans. Furthermore, OYO has achieved profitability amidst these advancements.
Last month, OYO CEO Ritesh Aggarwal revealed that the startup had achieved its second consecutive profitable quarter in Q3 FY24, with its profit after tax (PAT) doubling to INR 30 Cr.
Varun Beverages Ltd (VBL), the primary bottler for PepsiCo, is intensifying its efforts to expand manufacturing capacities, particularly in sectors such as juices, and strengthening its distribution channels to penetrate under-served markets more effectively.
In a letter to shareholders in the annual report for CY2023, Ravi Jaipuria, Promoter and Non-Executive Chairman, VBL stated, “Central to our expansion strategy for CY2024 is the further development of manufacturing facilities with a focus on adapting to evolving consumer preferences and market trends. We are particularly concentrating on increasing our production capacities in the juices and value-added dairy product segments.”
In addition to producing and distributing PepsiCo licensed brands, the company is recognized for its own Creambell brand in the dairy-based beverage sector. With a total of 40 production facilities, the majority of which (34 plants) are situated in India, representing its largest market.
Jaipuria stated that the company has “successfully initiated operations” at new production facilities located in Bundli, Rajasthan, and Jabalpur, Madhya Pradesh. Additionally, it has increased capacity at six existing manufacturing plants: Pathankot, Kosi, Bharuch, Tirunelveli, Begusarai, and Guwahati.
“The commissioning of multiple greenfield and brownfield beverage manufacturing lines in CY2023 was a significant step in enhancing our operational capabilities. These expansions are vital for meeting increasing consumer demand and tapping into new market opportunities,” he said.
In its 2023 annual report, the company emphasized the importance of enhancing both the distribution network and chilling infrastructure to expand its footprint in both existing and under-served markets.
During the calendar year 2023, the company experienced a 21.8 percent increase in net revenues, reaching INR 16,042.58 crore, despite sales being affected by unseasonal rains in certain regions during peak summer.
Regarding geographical expansion, VBL recently finalized a binding agreement to acquire a 100 percent stake in South Africa’s Beverage Company Ltd (BevCo). BevCo possesses franchise rights from PepsiCo Inc in South Africa, Lesotho, and Eswatini, along with distribution rights for Namibia and Botswana.
“This acquisition, which aligns perfectly with our strategic goals, offers an excellent opportunity to significantly enhance our presence in the African market — a region known for high demand for soft drinks and favourable demographics. The integration of BevCo into VBL’s operations is expected to yield substantial synergistic benefits in the future,” Jaipuria said in the annual report.
The startup intends to utilize the newly acquired funds to enhance its brand visibility in current markets and bolster customer engagement on its platform. Additionally, a portion of the capital will be allocated towards accelerating product development and investigating innovative distribution strategies.
“These funds will be deployed to further fortify the group’s R&D, supply chain and manufacturing strength, explore and scale newer avenues for distribution,” said TAE founder and CEO Rishabh Chopra.
Established in 2010 by Rishabh Chopra, TAE offers a comprehensive range of Ayurvedic products through its platform. It produces and markets beauty essentials including hair oils, moisturizers, lotions, creams, and scrubs. Furthermore, it provides various services such as consultations, content, webinars, and courses dedicated to Ayurveda.
Commenting on the fundraise, Jungle Ventures partner Arpit Beri said, “We’re delighted to partner with Rishabh and the team at The Ayurveda Experience… At Jungle, we remain deeply committed to backing founders building brands deeply loved by the customers, and TAE fits very well into this.”
TAE also boasts support from notable backers including Fireside Ventures and Riverwalk Holdings. Its most recent funding round in November 2022 saw the company raise $6 million.
After the recent fundraise, TAE’s total funding raised to date amounts to $41 million (INR 342 crore).
The startup reports serving 1.38 million customers to date and distributing products in over 20 countries, including India. It asserts that over 97% of its customers procure its offerings directly through its dedicated app and website.
The Gurugram-based D2C brand operates with a team of over 220 employees spread across the globe.
It competes with companies such as The Ayurveda Co., Kapiva, and Alphavedic in the country’s growing ayurvedic products market, which is projected to grow to a size of INR 3.2 Lakh Cr by 2032.
This fundraising comes amidst a challenging period for Indian startups, characterized by a scarcity of capital. Specifically, the ecommerce sector, including the D2C space, has been impacted by cautious investors tightening their investment activities. To provide context, Indian D2C brands secured $1.4 billion in funding in 2023, down from $1.9 billion in 2022.
Nevertheless, there have been notable funding transactions in the sector lately. Just last week, D2C luggage startup Mokobara raised $12 million in a funding round led by Peak XV Partners, valuing the company at $80 million. Additionally, D2C food brand Yu secured INR 20 crore in its Series A funding round, spearheaded by angel investor Ashish Kacholia and the Asian Paints Promoter Group, prior to that.
American influencer and entrepreneur Kylie Jenner has entered the beverage alcohol market following in her sister Kendall’s footsteps with the introduction of Sprinter, a ready-to-drink (RTD) brand.
The vodka-infused soda RTD, boasting a 4.5% alcohol by volume, offers four distinct flavors: black cherry, peach, grapefruit, and lime. Its nationwide debut in the US is set for March 21st. The RTDs are available in an eight-can assortment, priced at $19.99 suggested retail price (SRP).
“Sprinter is my answer to the growing consumer demand for quality canned cocktails. We’re adding to a market dominated by only a few players with an incredibly delicious vodka soda in a can,” Jenner said.
According to a spokesperson for Sprinter, the main distributors for the product in the US include Reyes, Republic National Distributing Co., Breakthru, and Crescent Crown.
The beverage was crafted by Chandra Richter, the founder of Richter Beverage Solutions, a consultancy firm specializing in beverages. Richter has been appointed as Sprinter’s head of production, development, and operations. Production will take place in the US at a facility that has not been disclosed.
“It’s been such a pleasure developing Sprinter with Kylie,” Richter said. “We held numerous tastings over the past year to ensure each of our four flavours are as natural and true-to-fruit as possible.”
A spokesperson for Sprinter stated that the brand’s focus is on the US market.
Kylie’s sibling Kendall introduced a Tequila line in 2021 under her 818 Tequila brand.
Named after Kendall Jenner‘s California area code, 818 Tequila presents three variations: blanco, reposado, and añejo.
Last year, 818 Tequila expanded its reach to the UK, marking the brand’s venture into European markets.
Mike Novy, president and COO of 818 Tequila, mentioned that the company is currently focusing on exploring additional markets across Europe.
“We launched in London and we’re working our way across the UK, so we’ll continue to do that. There’s a lot of work to be done on that for sure,” Novy said.
The EU has agreed on a provisional deal to create a new law to cut packaging waste and ban single-use plastics such as those used for supermarket fruit and vegetables.
On March 4th, negotiators from the European Parliament and Belgium, currently holding the six-month rotating EU presidency, reached an agreement on targets. These targets include a 5% reduction in packaging by 2030, a 15% reduction by 2040, and a mandate for all packaging to be recyclable by 2030.
The EU emphasized that the agreement, subject to ratification by both the European Parliament and EU member states, is essential. This is due to the fact that “although recycling rates have risen in the EU, the volume of packaging waste generated is increasing at a faster pace than the amount being recycled.”
It added, “Over the past decade, the amount of packaging waste has increased by nearly 25% and is expected to increase by another 19% by 2030 if no action is taken. For plastic packaging waste, the expected increase is 46% by 2030.”
In 2021, the bloc produced 188.7 kilograms of packaging waste per capita, marking an increase of 10.8 kilograms per person compared to 2020.
Two years ago, the EU suggested an overhaul of regulations concerning packaging waste, primarily in response to these escalations, propelled in part by the substantial rise in online shopping and the widespread availability of ‘grab and go’ items.
Should the new regulations be ratified, they will supersede the current directive, initially established in 1994 and subsequently amended multiple times.
Affected items will encompass sauce sachets, as well as disposable plates, cups, and containers utilized by fast-food establishments.
Additionally, there will be a prohibition on “forever chemicals” (per- and polyfluorinated alkyl substances or PFASs) in food-contact packaging.
European MP Frédérique Ries, who was involved in the negotiations, described the deal as a “great victory for the health of European consumers”.
Last month, the European Commission, the legislative body of the EU, initiated a consultation process regarding a proposed ban on the use of Bisphenol A (BPA), a chemical commonly found in food and beverage packaging.
In the provisional agreement announced on March 4th, the EU also seeks to raise re-use targets, including a 10% target for takeaway packaging and beverage containers, excluding those designated for wine or milk.
In its statement announcing the deal, the EU said, “The proposal considers the full life-cycle of packaging. It establishes requirements to ensure that packaging is safe and sustainable, by requiring that all packaging is recyclable and that the presence of substances of concern is minimised.”
It added, “In line with the waste hierarchy, the proposal aims to significantly reduce the generation of packaging waste by setting binding re-use targets, restricting certain types of single-use packaging and requiring economic operators to minimise the packaging used.”
The new regulations provide exemptions for micro-enterprises from meeting the specified targets.
The campaign group Zero Waste Europe welcomed what it described as “good steps”, especially in relation to the chemicals used in food packaging.
Dorota Napierska, its toxic-free circular economy policy officer, said, “This will hopefully also send a clear message to food packaging manufacturers that all other substances of concern that we currently find in food packaging should also be eliminated in the coming years.”
But, on a less positive note, the organisation expressed its “deep concern with some worrying exemptions” to the benefit of paper-based and composite packaging applications.
Meanwhile, Philippe Binard, general delegate of industry association Freshfel Europe, told industry title Fruitnet the ban was poorly conceived, discriminatory and probably illegal.
“We don’t see a reason to ban packaging for fruits and vegetables, specifically not plastic packaging for fruits and vegetables,” he said, suggesting there will be legal challenges to the move.
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