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

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March 6, 2024

Amidst a notable surge in Zomato‘s share prices, China’s Ant Group‘s arm, Antfin Singapore Holdings, is reportedly considering selling off up to a 2% stake in the foodtech giant.

According to a CNBC-Awaaz report, the investor aims to sell 17.64 crore shares in a block deal at a price of INR 159.4 per share. This would value the entire transaction at INR 2,800 crore.

As per Zomato’s shareholding pattern at the end of December quarter of 2023, Antfin Singapore held a 6.42% stake in the Deepinder Goyal-led company.

The latest development comes after Zomato shares surged to an all-time high of INR 175.5 during intraday trading on Monday (March 4). While the stock has been on an uptrend since April 2023, it received a major boost after the foodtech major reported its third consecutive profitable quarter in Q3 FY24.

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

In the December quarter of 2023, the startup witnessed a remarkable 283% quarter-on-quarter surge in consolidated profit after tax (PAT), reaching INR 138 crore. Furthermore, operating revenue rose from INR 2,848 crore in Q2 FY24 to INR 3,288 crore.

After the release of the results, brokerage firms such as Jefferies, Nuvama, and Kotak increased their price targets (PT) for Zomato stock.

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

With its strengthening financials, Zomato’s shares have surged over threefold in the past year and are currently trading nearly 35% higher year to date. Consequently, several major investors have been divesting their holdings in the company in recent months to capitalize on profits.

In December, SoftBank sold 9.35 crore shares of the foodtech giant Zomato in a block deal valued at INR 1,127 crore. Following this, in January, Societe Generale divested over 86.5 lakh shares of Zomato in a block deal. Additionally, Motilal Oswal Mutual Fund disposed of 4.5 crore shares of Zomato through an open market transaction in the same month.

Zomato’s shares concluded yesterday’s trading session at INR 166.05 on the BSE, marking a decrease of 2.18%.

Continue Exploring: Zomato’s strong Q3 performance spurs brokerage firms to boost price targets; Blinkit expansion drives optimism

The Face Shop enlists Bollywood star Khushi Kapoor as brand ambassador for Indian market, targeting Gen Z audience

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March 5, 2024

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The Face Shop, a Seoul-based skincare and cosmetics company, has announced Bollywood actress Khushi Kapoor as the first-ever face of the brand in India, as stated in a release by the company on Tuesday.

The company eyes Kapoor’s Gen Z appeal and popularity among young audiences, the release added.

“I am honoured and thrilled to be chosen as the face of The Face Shop. As an actor, skincare is an essential part of my daily routine, with long hours on set, coupled with shoots and meetings, I always seek out extra hydration and nourishment to my skin,” said Khushi Kapoor.

Continue Exploring: Orion India appoints Palak Tiwari as brand ambassador for Turtle Chips

“We are thrilled to welcome Khushi Kapoor to The Face Shop family,” said a spokesperson at The Face Shop.

With roots dating back nearly two decades, The Face Shop boasts a network of over 3000 stores spanning 35 countries. In India, the brand has established itself across offline and online channels, operating its own direct-to-consumer (D2C) websites and e-commerce platforms. Additionally, it distributes its products in over 60 Nykaa stores, as indicated on its official website.

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

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March 5, 2024

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Cosmetics brand Fenty Beauty by Barbadian singer and businesswoman Rihanna will enter the Indian market with fashion and beauty retailer Nykaa, the Mumbai-based company said in a press release on Tuesday.

The beauty brand will be making its debut on the Nykaa Cross-Border store on 7 March 2024. Nykaa will offer a line-up of Fenty Beauty’s products including the foundation, highlighter, lip gloss and more.

“We are thrilled to begin our partnership with one of the most innovative and disruptive beauty brands in the world, Fenty Beauty. The brand’s ethos of diversity and inclusivity is a perfect fit for Nykaa’s mission of democratizing beauty for all Indians,” said Anchit Nayar, executive director of Nykaa Beauty.

Founded in 2017 under the leadership of chief executive officer Rihanna, the global makeup brand is a partnership between the renowned singer and the French multinational conglomerate LVMH.

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

“Fenty Beauty was created so that people everywhere would be included. Expanding to India is so exciting because the more people that can feel beautiful, recognized and empowered, no matter their ethnicity, culture, skin tone or style the better,” said Rihanna.

The products can be ordered from the Nykaa app via the Cross Border Store with a shipping fee of INR 500. Orders will be delivered directly to consumers within 5-7 days, post successful photo ID and address proof verification.

Founded in 2012 by Indian entrepreneur Falguni Nayar, as a digital-first omni-channel beauty platform, Nykaa currently has over 165 retail stores in formats like Nykaa Luxe, Nykaa On Trend and Nykaa Kiosks.

Since its launch, Nykaa has expanded its product categories by introducing online platforms Nykaa Fashion, Nykaa Man and Superstore and it offers a selection of products from over 6,200 brands through its digital platforms and stores.

Continue Exploring: Bollywood star Sonakshi Sinha’s Soezi nail brand launches first offline store in Pune

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

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March 5, 2024

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BigBasket, the Tata group-owned online grocer, is eyeing to come out with an initial public offering in 2025 after turning profitable, a top official said on Tuesday.

The Bengaluru-based company, a part of Tata Digital, will turn profitable in another 6-8 months, once the newly launched ‘BB Now’ vertical starts making money, its co-founder and chief executive Hari Menon said.

When asked about plans for an IPO, he said, “We will probably have it in 2025. But we are leaving it to the Tatas, there cannot be anybody better to guide us and advise us on that.”

He hinted that the issue will include both primary and secondary share sales, but did not share any more details.

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 stated that the business necessitates capital for continuous investments, which will be sourced from the Tata Group leading up to the IPO. He further added that the majority of these investments will be directed towards technology, marketing, and personnel.

The company, which competes with similar offerings from Amazon and Flipkart, is targeting to close FY24 with a revenue growth of 30-35% over the previous fiscal, with a topline of about INR 12,000 crore, Menon said.

On profitability, he said the enterprise will turn profitable once the newly launched BB Now under which it delivers products in 10 minutes turns profitable, which is in the next 6-8 months, Menon said, adding that the older business lines including slotted and BB Daily are in the black.

He said it is easier for the new business to turn profitable because the back end is common across the three business lines.

At present, over 70% of its revenues come from the slotted business, while the relatively newer BB Daily, under which it delivers items like milk early in the morning, and BB Now, account for the remaining 30%, Menon said.

The company does not have any plans of entering the broader e-commerce space, unlike its competition, Menon said, adding that it will concentrate on the kitchen-related space and continue being a grocer.

It is currently piloting a concept of having an offline presence to try out the omnichannel format, Menon said.

Over 36% of its current sales come from private labels, Menon said, adding that it is aiming to take the higher margin business’ contribution to 40-45% in the next two years.

It, however, does not have any plans of having a strategy of selling its private labels from offline outlets.

When asked about the traffic coming from the Tatas’ super app, Menon declined to comment. He also declined to comment on working under Tata Digital’s new chief executive and managing director Naveen Tahilyani, saying these are still early days of working with him.

When asked about some reports before the takeover of the company by Tatas, which stated that he would be leaving the company after some time, Menon said there were no such plans.

Earlier, BigBasket launched a line of frozen foods in a tie-up with celebrity chef Sanjeev Kapoor to tap an estimated $1.5 billion opportunity.

Menon said it is targeting sales of up to INR 150 crore from the line christened “Precia” by 2026, and will be focusing on marketing the products, which also include items like momos and desserts.

Continue Exploring: BigBasket rebrands slotted delivery to ‘bigbasket supersaver’, targets 1-hour service for faster deliveries

Swiggy & IRCTC join forces to offer food delivery service on trains

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March 5, 2024

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Swiggy, the food delivery platform, has announced a partnership with the Indian Railway Catering and Tourism Corp (IRCTC) to deliver pre-ordered meals to travelers at four major railway stations in India. This move follows the footsteps of rival Zomato, which already offers a similar service.

Under the Memorandum of Understanding (MoU), Swiggy is set to commence delivering food from its vast network of restaurants to passengers on specific trains. Initially, this service will be available at Bangalore, Bhubaneswar, Visakhapatnam, and Vijayawada stations. Plans are underway to extend this service to an additional 59 stations nationwide in the upcoming weeks.

“One of the challenges encountered by travellers during extended journeys is the paucity of diverse culinary options. Through this integration, passengers aboard designated trains now have the option to savour good-quality, warm meals delivered right to their seats, thereby transforming their travel into a convenient and delightful culinary experience,” Swiggy said in a statement announcing the partnership.

Continue Exploring: Zomato partners with IRCTC to launch meal reservation for railway travelers

Annually, the Indian Railways facilitates transportation for more than 8 billion passengers. In October of last year, it unveiled a parallel collaboration with competitor Zomato, initially focusing on railway stations in New Delhi, Prayagraj, Kanpur, Lucknow, and Varanasi.

The pre-ordered meals will be delivered via IRCTC’s e-catering portal.

“At IRCTC our focus has always been to explore new ways to make train journeys comfortable and convenient for the billions of passengers aboard the Indian railways every year. This partnership with Swiggy will bring more convenience and food options to our passengers, making their journeys more memorable,” said Sanjay Kumar Jain, chairman and managing director, IRCTC.

Rohit Kapoor, CEO of Swiggy’s Food Marketplace, described the venture as an exploratory move, highlighting the company’s dedication to enhancing consumer experience through a diverse array of food options.

Regarding a potential collaboration with Swiggy Instamart, the company’s quick commerce service, Kapoor mentioned that while they haven’t actively considered it, he finds the concept intriguing.

Travelers interested in utilizing Swiggy’s food delivery service can simply input their PNR on the IRCTC app and choose their desired station for meal delivery.

Swiggy connects consumers with more than 280,000 restaurant partners across numerous cities. Additionally, its quick commerce grocery service, Instamart, operates in over 25 cities.

Kapoor expressed optimism about receiving a positive response from both passengers and restaurant operators along these routes. This enthusiasm may lead Swiggy to expand the service to additional stations and routes in the future.

IRCTC offers catering, hospitality, packaged drinking water, online ticketing, and travel and tourism services throughout India.

Through its e-catering services division, IRCTC recorded 1.48 billion meals booked in the fiscal year ending on March 31, 2023. As per its annual report for the year, the service was accessible at around 338 stations, with an average of 40,669 meals booked per day.

Additionally, IRCTC provides static catering services, encompassing offline food amenities such as refreshment rooms, food plazas, fast-food units, and more, located on railway platforms.

In the fiscal year 2023, IRCTC recorded revenues of INR 3,541.47 crore, with a net profit of INR 1,005.88 crore.

Continue Exploring: IRCTC expands its footprint, ventures into non-railway catering business

Swizzle secures seed funding to fuel expansion and disrupt Indian beverage industry

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March 5, 2024

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Swizzle, the trailblazing Made-in-India mocktail provider, has secured an undisclosed sum in seed funding from a consortium of angel investors, spearheaded by current investor Mrs. Monika Rao. Dr. Akshay Singhal, Founder & CEO of Log9 Materials, along with new investors Mr. Deepak Gambhir and Sri Harsha Thota, participated in this equity-based seed investment round.

The startup, having previously raised funds in 2022, utilized the proceeds for product development and achieving product-market fit. With this recent round, Swizzle has now amassed a cumulative funding of over INR 1 Cr. Co-Founders Vrinda Singhal and Deepender Singh expressed their excitement about this funding round, highlighting its importance in propelling Swizzle’s mission to revolutionize the Indian beverage industry.

“We are super excited to announce our latest seed fundraise, which marks a pivotal milestone in Swizzle’s journey, and catalyses our mission of revolutionizing the beverage industry in India,” said Vrinda Singhal and Deepender Singh, Co-Founders of Swizzle.

The funding will play a crucial role in expanding Swizzle’s presence in both B2C and B2B segments. The goal is to be accessible in over 1000 locations by August 2024, reaching new cities and bolstering the distribution network. The co-founders outlined their plan to implement effective marketing and go-to-market strategies for accelerated growth, aiming to become the preferred choice for beverage enthusiasts across India.

Continue Exploring: A-Listers Spice Up Their Portfolios with Bold Bets on India’s Booming F&B Startups

Lead Investor Ms. Monika Rao commented, “Swizzle has demonstrated a unique ability to innovate and bring to market a range of high-quality mixers. Their revamped hip and cool branding and packaging will help them scale and acquire the upwardly mobile young customer base across Tier 1 cities.”

Renowned for its natural beverages crafted from authentic fruits and herbs, Swizzle experienced an impressive 210% growth in FY 2023. The startup is set to attain its forecasted revenue of INR 15 Crore by the end of FY 2025. Swizzle’s assortment of ready-to-drink (RTD) mocktails, featuring diverse flavors and boasting 100% vegan ingredients, are retailed through its website and prominent e-commerce platforms such as Amazon, JioMart, Flipkart, and Swiggy-Mini.

Continue Exploring: Inflection Point Ventures to spearhead O’ Be Cocktails Pre-Series A fundraiser

In the retail realm, Swizzle has earned recognition across more than 350 locations in Bengaluru, encompassing vending machines, Nature Basket stores, MRP outlets, and supermarkets. The startup is committed to accelerating its offline retail expansion, targeting over 3000 locations by the close of the current fiscal year, with the objective of serving up to 5 lakh mocktails per month. Swizzle also has plans to venture into Hyderabad, Mumbai, Pune, and Chennai, tapping into the HoReCa and QSR segments.

Continue Exploring: India’s rising cocktail culture: Niche bars thrive beyond metros, offering unique concepts and flavors

FSSAI verifies authentic cheese in McDonald’s India; Westlife Foodworld addresses concerns amid FDA scrutiny

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March 5, 2024

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The Food Safety and Standards Authority of India (FSSAI) has officially verified that McDonald’s India exclusively employs authentic cheese, as stated by Westlife Foodworld in a stock exchange notification on Tuesday.

“The verification confirms the brand’s assertion that it uses 100% Real Cheese and that it does not use any cheese analogues or substitutes in any of its products,” the company said.

Additionally, Westlife reported that the west and south zones of McDonald’s India have received test results from an NABL-accredited laboratory, affirming the utilization of 100% authentic cheese throughout their product range.

Westlife Foodworld stands as the largest franchisee of McDonald’s in India, managing a network of McDonald’s outlets primarily in the western and southern regions of the country. With operations spanning across Telangana, Gujarat, Karnataka, Maharashtra, Tamil Nadu, Kerala, Chhattisgarh, Andhra Pradesh, Goa, Madhya Pradesh, and Puducherry, it oversees nearly 380 units spread across 62 cities.

Westlife Foodworld drew attention recently when reports surfaced that one of its outlets in Maharashtra allegedly substituted real cheese with alternatives in burgers and nuggets. Subsequently, the state government announced an inspection.

“We are planning to check all outlets of McDonald’s,” Abhimanyu Kale, the FDA chief told Reuters. “We will also take action on other well-known and frequently visited global fast-food chain outlets,” he added, but declined to identify the brands being targeted.

Continue Exploring: Maharashtra launches statewide fast-food chain inspections after McDonald’s cheese controversy

Saurabh Kalra, the Managing Director of Westlife, the company responsible for overseeing McDonald’s operations in the west and south of India, has responded to concerns raised by the Food and Drug Administration (FDA). Kalra confirmed the company’s willingness to cooperate with any inspections, emphasizing McDonald’s commitment to upholding the “highest standards.”

Following FDA action, the license of a McDonald’s outlet in Ahmednagar was temporarily suspended, resulting in the removal of the term “cheese” from several menu items. However, the suspension of the license was subsequently lifted.

Continue Exploring: McDonald’s removes ‘cheese’ from outlet menus in Maharashtra following FDA suspension

The regulatory authority alleged that McDonald’s had utilized cheese substitutes without adequate disclosure, raising concerns about potential consumer deception regarding the authenticity of the cheese. The state FDA has called upon the fast-food chain to implement corrective actions, not only at the local level but also on a wider scale, possibly extending nationwide.

Continue Exploring: McDonald’s faces regulatory heat: Maharashtra FDA revokes license amid cheese substitution allegations

Papa John’s to shut 50 UK outlets in strategic move to cut losses

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March 5, 2024

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Papa John’s, the pizza restaurant chain, intends to shutter around 50 of its company-owned outlets in the UK as part of a strategy to cut operational losses.

All closures are slated for the second quarter of this year.

The decision forms part of the pizza chain’s strategic evaluation of its portfolio.

The objective is to focus on locations that accounted for two-thirds of the company’s operating losses in the UK during the fourth quarter of 2023.

Since March 2023, Papa John’s has converted 61 underperforming franchised sites to “more established franchisees” and acquired ownership of 118 franchised restaurants.

Continue Exploring: Popular pizza chain Papa John’s set to close dozens of UK locations amid rising costs

It operates 450 stores across the UK, encompassing outlets in service stations, holiday parks, and attractions.

A report in KentOnline quoted a Papa John’s spokesperson as saying, “As our second largest global market, Papa John’s remains committed to driving growth in the UK.

“We are undertaking a comprehensive review of our UK-based restaurants to assess viability. Based on our current analysis, we are planning to close approximately 50 underperforming corporate-owned locations.

“The strategic closure of these restaurants would give us the opportunity to invest back into the right locations with the right partners, optimising the brand for long-term growth.”

Established in 1984, Papa John’s International is renowned for its pizzas crafted with mozzarella cheese, vine-ripened tomato sauce, and meats free from fillers.

Papa John’s has a presence in over 5,900 restaurants spanning 50 countries and territories. Its co-headquarters are located in Atlanta, Georgia, and Louisville, Kentucky, USA.

In February 2023, Papa John’s International also disclosed a slight uptick in total global revenues, reaching $2.14 billion, marking a 2% increase from the previous year.

Total revenues for the fourth quarter of 2023 saw an increase of 8.6%, reaching $571.3 million compared to $526.23 million in the previous year’s fourth quarter.

During a recent conference call addressing the financial performance of 2023, Papa John’s International CEO Rob Lynch stated that the company will continue assessing its UK portfolio, encompassing both company-owned and franchised locations, and might contemplate further closures if deemed necessary.

Continue Exploring: Papa John’s pizza expands in China with grand opening of 300th restaurant

Mondelez International invests in Spanish startup Pack2Earth for sustainable packaging solutions

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March 5, 2024

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Mondelez International has made an investment in Pack2Earth, a startup based in Spain focused on the development of “bio-based” packaging.

The snacks giant participated in a $1 million seed round investment in Pack2Earth, which is actively developing alternatives to plastic.

In a brief statement, the Cadbury maker said, “This investment, part of Mondelez International’s Sustainable Futures impact investing platform, is very much aligned with our long-term ambition for packaging circularity and an example of the company acting as a catalyst and collaborator.”

Mondelez set up Sustainable Futures in 2021 to finance “environmental and social projects that can help drive meaningful, long-term change”, CEO and chairman Dirk Van de Put said at the time.

Continue Exploring: Amcor and Mondelēz International collaborate to introduce recycled plastic packaging for Cadbury Chocolate products

Founded in 2022, Pack2Earth, S.L. is working on the development of bio-based flexible film and injection materials that are compostable at ambient temperature and described as “organically recyclable,” according to the Barcelona-based company.

These materials can be utilized to produce packaging suitable for long-life ambient and “semi-liquid” products.

Pack2Earth asserts that its packaging materials can break down into compost that is free from toxins and microplastics.

The Zurich-based investor Sagana also participated in the funding round of the startup.

In a statement, Sagana said the funds would allow Pack2Earth to “complete client pilot projects and start to grow revenues”.

It added, “The advanced biomaterials startup has developed robust food-grade materials that compost quickly at ambient temperature whenever they end their lifecycle. This also helps reduce the use of petroleum-based plastics.”

Mondelez aims to have all its packaging “designed to be recyclable” by 2025. In the 2022 ESG report of the Milka chocolate maker, the company indicated that 96% of its packaging met this criterion.

The group has established a goal of reducing its consumption of virgin plastic by 5% by the same year compared to the procurement level in 2020. It also aims to decrease its utilization of “virgin rigid plastic” by 25% by 2025. Additionally, Mondelez aims for its packaging to incorporate 5% recycled content by the same year.

In the 2022 ESG report of the Milka chocolate maker, the company reported a 7% decrease in the amount of virgin rigid plastic compared to 2020 levels. However, its utilization of virgin plastic increased by 1.5% following a 4% reduction in 2021.

Regarding the goal for recycled content, Mondelez stated that it had achieved 1%.

Other investments made by the company through Sustainable Futures include the Circulate Capital Ocean Fund, which aids in the development of recycling infrastructure in India and Southeast Asia.

Continue Exploring: Mondelez International reports strong Q4 sales surge, but volume decline spurs a 2% share drop

ONDC surpasses 7.1 Million orders milestone in February since inception last year

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March 5, 2024

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The government-backed Open Network for Digital Commerce (ONDC) has achieved a milestone by completing more than 7.1 million cumulative orders in February since its inception in January last year.

In January, the ONDC surpassed 6.75 million cumulative orders. Of these, 3.56 million, accounting for 52.8%, were mobility orders, whereas 3.19 million, constituting 47.2%, were non-mobility orders.

The network currently boasts over 370,000 sellers and service providers, ranging from renowned brands to farmers and taxi drivers. Additionally, it is operational in 588 ‘countable cities’, encompassing approximately 70% of cities across India.

Continue Exploring: Govt-backed ONDC sees rapid adoption, CEO T. Koshy expects tenfold merchant growth in coming year

The network defines countable cities as cities or districts with more than 100 orders per month in the last three months. Overall, ONDC has facilitated transactions in over 800 cities throughout India.

ONDC’s mobility service is currently active in seven cities: Bengaluru, Mysuru, Kolkata, Hyderabad, Delhi, Chennai, and Kochi. The inclusion of Chennai Metro train services into ONDC marks a significant stride towards achieving multimodal mobility through the network.

Continue Exploring: In a first, fair price shops join ONDC platform for digital transformation

Additionally, ONDC has commenced a pilot to onboard street food vendors in Delhi and Lucknow. The plan is to onboard 500 street food vendors in the next two months in both these cities followed by a nationwide scale-up with more seller and buyer apps. Seller apps onboard merchants while buyer apps are customer-facing apps on which orders are placed.

On February 22, three seller apps affiliated with the network—Ninjakart, Shiprocket, and Mystore—organized a seller onboarding program in Chhattisgarh. The event catered to 95 primary agricultural credit societies (PACS), eight farmers’ producer organizations (FPOs) and fish farmer producer organizations (FFPOs), seven dairy cooperatives, and five handloom cooperatives.

Continue Exploring: ONDC disrupts food delivery landscape: 50,000 restaurants join platform, challenging Zomato and Swiggy dominance

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