Zepto launches Zepto Pass membership program for all users, offering exclusive benefits

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February 29, 2024

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On Thursday, Zepto, the quick-commerce unicorn, unveiled a membership program called Zepto Pass for all of its users.

Snackfax reported on February 19th that the company was experimenting with Zepto Pass for select users.

Continue Exploring: Quick-commerce unicorn Zepto launches Zepto Pass membership program

The membership, priced at between INR 149 and INR 299 per month for various users, allows for free deliveries of orders above INR 99.

The service will extend additional discounts for purchases meeting a certain threshold, ranging from INR 299 to INR 599 for most users. Additionally, it will include orders from Zepto Cafe, the company’s snacks and beverage division.

“Over the discount threshold, we are offering prices comparable to discounted offline grocers like DMart… the threshold is determined by a number of user behaviour metrics that will make it tailor-made for individual users,” said Devendra Meel, vice president of strategy and head of Zepto Pass.

By introducing ‘Pass’, Zepto has become the second quick-commerce company, following Swiggy Instamart, to provide subscription benefits. In contrast, Zomato, a competitor of Swiggy, does not offer benefits from its Gold subscription for its quick-commerce service Blinkit.

Continue Exploring: Swiggy competes with Zomato Gold with its new affordable Swiggy One Lite subscription plan

Zepto is significantly discounting the initial offering, pricing it at INR 19 to INR 39 for the majority of users.

“Pass will obviously hit our profit and loss sheet initially, but even with the hit we are confident of turning profitable at an earnings before interest, taxes, depreciation and amortisation (Ebitda) level in the next two quarters,” stated Aadit Palicha, cofounder and chief executive.

During the pilot program, Pass users raised their average spending by more than 30% compared to non-pass users, Meel remarked. He further stated that the company anticipates acquiring 1 million Pass subscribers within the first month of launch. Zepto currently boasts approximately 5 million registered users.

“We expect the growth through Pass to be cheaper than through pure marketing spend… eventually Pass will be bringing in a large chunk of the overall business,” Meel said.

Subscription models are increasingly recognized as pivotal tools for enhancing engagement and fostering customer loyalty within the food delivery and quick commerce sectors.

Zomato reported in its statement for the June quarter that its ‘Gold’ program contributed more than 30% of the total gross order value (GOV) of its food business, which amounted to INR 7,318 crore for the quarter.

Meanwhile, Swiggy has been endeavoring to broaden the reach of its ‘One’ subscription service by integrating it with telecommunications subscriptions and financial products like credit cards.

“We want to become the main grocery destination for all of our users by offering them the best prices available… we also want to use this service to bump up average spend per customer,” Palicha said.

Continue Exploring: Swiggy to partner with banking and telecom firms for integrated subscription plans

India’s retail market set to hit $2 Trillion in next decade: BCG-RAI Report

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February 29, 2024

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India continues to be a bright spot among the major economies and the retail market is expected to reach $2 trillion in next 10 years, presenting a large opportunity for retailers, a new report showed on Wednesday.

India is the fastest growing country among top five global economies and expected to become the third largest by GDP in 2030.

According to the report by the Boston Consulting Group (BCG) and the Retailers Association of India (RAI), the retail market growth is expected to continue at 9-10 per cent.

“The Indian retail sector will more than double in size to $2 trillion in the next decade across categories and formats, and the successful retailers are the ones who continue to challenge the perceived growth profitability trade off,” said Abheek Singhi, Managing Director and Senior Partner at BCG.

Continue Exploring: Retail boom in tier-2 Indian cities: Global brands and local players invest heavily as economic growth spurs consumption hubs

Store expansions continue to happen and with increasing urbanisation, there is more consumption expected to happen in tier 1 to 4 cities.

“While e-commerce continues to grow, net new user addition has seen a slower pace in the year and the role and proposition of online needs to be re-imagined,” the report mentioned.

Organised retailers need to sustain performance and continue to grow shares.

“Retail is going through key shifts impacting the pace and shape of growth,” the findings showed.

“Income growth remains steady, and consumers are optimistic on their personal income outlook. At the same time, consumers increasingly look to spend on ‘experiences’ or save more through newer/nascent vehicles.”

According to Kumar Rajagopalan, CEO, RAI, by focusing on personalised customer experiences, exploring new collaborations, and leveraging AI for efficiency, “we can propel India’s retail industry towards unprecedented growth and global competitiveness.”

Continue Exploring: Retailers report modest 5% year-on-year growth in January sales: RAI Survey

Rural consumption trends shift: JM Financial Report highlights decline in food expenditure, signals rise in discretionary spending

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February 29, 2024

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According to a report by JM Financial Institutional Securities, the decline in the share of food expenditure to 46.3 percent in the rural consumption basket could have significant implications for the next decade. This shift creates opportunities for increased discretionary spending.

The recent household consumption survey for 2022-23 in India presents an encouraging outlook, particularly for the rural economy. The decrease in the proportion of food expenditure in the rural consumption basket indirectly suggests an increase in rural income. This stands in contrast to corporate commentary over the past 4-6 quarters, which lacked substantial evidence of a resurgence in rural consumption, according to the report.

The rise in the proportion of durable goods (6.9 percent compared to 4.9 percent previously) aligns with a decrease in the share of expenditure on footwear and clothing. This trend clearly signals a rise in rural income, particularly driven by non-agricultural activities.

Continue Exploring: NielsenIQ forecasts 4.5-6.5% growth for FMCG sector in FY24; volume surges by 6.4% in Q4 2023 as urban-rural gap narrows

Effective fiscal policy measures ensured that the impact of fuel costs on consumption patterns remained stable, even amidst volatility in Brent crude prices.

The growing preference for beverages/processed food and toilet/household consumables aligns with the corporate commentary indicating heightened penetration by FMCG players in rural areas, according to the report.

Within the consumption basket, the increase in the share of conveyance has been even sharper than in urban areas. When compared with urban areas, consumption disparity is the lowest in lower fractile, indicating the effectiveness of public policies in reducing poverty, the report said.

As per the report, the change in consumption pattern is largely a by-product of increased income, as it is generally seen that the share of spending on food decreases as income increases.

Regarding policy aspects, with food comprising a smaller share of the consumption basket, governments will need to adjust their policy actions to address items that still burden consumers’ budgets. While initial analysis might suggest that government policies would prioritize subsidized electricity over free food in the future, it’s worth noting that food programs entail lower cash outlay and offer greater political advantage. Therefore, despite first-level thinking suggesting a shift, the report anticipates that food programs will likely persist.

Secondly, the findings within this report would necessitate a restructuring of the significance placed on food within the CPI basket, thereby mitigating the volatility linked to it accordingly.

Continue Exploring: FMCG firms optimistic about rural recovery amid macroeconomic improvements

Reliance and Primark explore options to bring fashion retailer to India

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February 29, 2024

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Reliance is currently exploring the possibility of partnering with British fashion retailer Primark to introduce its label to India. This venture would place Reliance in direct competition with Tata’s Zudio, Max owned by the Landmark Group, and Shoppers Stop’s recently launched value format, InTune.

The well-established 55-year-old brand, known for its affordable clothing and footwear, has been assessing the Indian market for several years. According to two individuals familiar with the matter, the brand might collaborate with Reliance either through a joint venture or licensing agreement. Unlike many other international retailers that focus on malls, the majority of their stores are expected to be situated on high streets, owing to their large-scale format, as per company executives.

Primark, renowned for its success as a value-priced retailer, has experienced remarkable global revenue growth in recent years, except for two years impacted by Covid-19. Its average prices undercut even those of retailers like H&M and Uniqlo. Although China remains Primark’s primary sourcing country, India follows closely as the second-largest hub for supplying the company, with a range of small to large factories. Primark has already integrated nearshoring into its supply chain strategy, enabling direct delivery of goods from Indian suppliers to local retail units. This approach ensures cost efficiency, flexibility, and responsiveness to local market demands.

Continue Exploring: Reliance Retail leverages B2B potential to expand apparel reach

According to Devangshu Dutta, founder of retail consulting firm Third Eyesight, Reliance, being the largest retailer in India and boasting a portfolio of numerous international brand partnerships, holds a substantial advantage due to its access to real estate and operational synergies.

“India is an obvious growth market choice for large brands and retailers such as Primark,” he said. “In the end, though, it will come down to how effective the merchandise and the marketing is in connecting with the diverse needs of Indian consumers across the country.”

Primark, under the ownership of London-listed Associated British Foods, operates over 400 stores worldwide and aims to further extend its presence across both new and established markets, targeting a total of 530 outlets by the conclusion of 2026. In the affordable retail sector, Reliance already offers Trends and its recently launched fashion and lifestyle store, Yousta, which directly competes with fast-fashion giants like Zara and H&M in India. With a vast retail network exceeding 18,774 stores encompassing supermarkets, electronics, jewelry, and apparel outlets, Reliance has also forged partnerships or acquisitions with over 80 global brands to cater to local consumers.

Continue Exploring: Reliance Retail’s Tira debuts in North India with flagship store in New Delhi’s DLF Avenue Mall

Reliance didn’t respond to queries. A Primark spokesperson said, “As a growing international business, we’re always open to new opportunities. However, we don’t comment on speculation about where we might expand to next.”

Experts said India’s consumption patterns have traditionally favored a narrow base of affluent consumers, who have wielded considerable influence over the market. However, there is currently a burgeoning opportunity for value-oriented brands to flourish and broaden their appeal.

Continue Exploring: British menswear brand Charles Tyrwhitt debuts in India in collaboration with Reliance Brands, unveils first store in Ahmedabad

Otipy partners with ONDC to scale fresh produce delivery nationwide, eyes rapid expansion and Series C funding

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February 29, 2024

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Otipy, an agritech startup that offers fresh produce through its Android and iOS applications, has partnered with the government-backed open network for digital commerce (ONDC) to expand its customer reach using the network’s seller apps Pincode and Paytm.

Established in 2020 by Varun Khurana and Prashant Jain, Otipy, a venture under Crofarm Agriproducts, operates as a B2B2C social commerce platform specializing in fresh produce such as vegetables, fruits, dairy products, and various grocery items.

Otipy utilizes its technology to source fresh produce from farmers, leveraging predictive demand calculations from its prediction engines. It guarantees delivery to customers within 12 hours of harvest. Additionally, Otipy boasts an industry-leading low wastage rate of just 3%.

Khurana explained that the company has successfully streamlined its supply chain, ensuring that produce moves from the farm to customers’ homes within a 12-hour window. Additionally, they conduct thorough tests on the products for contaminants such as heavy metals and pesticides.

Initially serving the Delhi-NCR region, Khurana mentioned that the startup expanded to Mumbai following a successful Series B funding round in 2022, raising $32 million from investors such as SIG and Omidyar Network India. He stated that the startup currently maintains an annual recurring revenue (ARR) of INR 240 crores.

Continue Exploring: Tata Neu joins online food delivery race through ONDC integration, posing competition to Zomato and Swiggy

Otipy aims to extend its presence to cities such as Hyderabad, Bengaluru, and Chennai by the end of the current year. This expansion is anticipated as the startup intends to secure its Series C funding of approximately $75 million in the latter half of the calendar year 2024.

Khurana believes that the collaboration with ONDC will enhance the company’s strategy to expand its footprint across India.

Through ONDC, Otipy aims to establish a presence at various touchpoints for its end consumers. Additionally, it will prioritize bulk procurement directly from farmers and Farmer Producer Organizations (FPOs).

“The move beyond NCR has shown that our business model is capable of handling multi-city operations. With the ONDC integration, we believe we will be increasing our user base by getting onboard large buyer apps that have partnered with ONDC. We are expecting to increase our existing user base of 1.5 Lakh per month to 10 Lakh by the end of the year,” Khurana said.

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

“With Otipy on the Open Network, it not only stands to benefit from an extensive reach of the network but also reinforces its commitment to fostering a sustainable and inclusive ecommerce framework,” said ONDC’s MD and CEO T Koshy.

Initially, the startup will integrate its platform with PhonePe’s Pincode and Paytm, with plans to later expand to other buyer platforms.

It’s worth mentioning that in FY23, Crofarm Agriproducts, the parent company of Otipy, experienced a notable 56% increase in total revenue from operations, reaching INR 96.43 Cr compared to INR 61.84 Cr in the preceding fiscal year.

Nevertheless, its losses surged by 49% to INR 100 Cr in FY23, up from INR 67.29 Cr in the preceding fiscal year.

In addition to Otipy, the company also possesses Farm Tale, a distributor of milk products, and One Farm, a distributor of grains and oils.

Otipy competes with Ninjacart, Farmiso, Citymall, and other similar companies.

As per a market study, the Indian agritech startup ecosystem anticipates a total market opportunity valued at $24 billion by 2025. Analysis reveals that these startups have collectively secured over $2.4 billion since 2014.

Conversely, Otipy became the second agritech startup to join ONDC, following SaaS-based B2B agritech startup FarMart, which joined the network in September of the previous year.

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

PepsiCo India diversifies Lay’s portfolio with launch of new sub-brand ‘Shapez’

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February 29, 2024

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PepsiCo India is expanding its portfolio of potato chips snacks with the introduction of a new sub-brand under its flagship label Lay’s Shapez, featuring heart-shaped potato-based pellets.

The Lay’s Shapez Heartiez lineup features both masala and caramel flavors, marking Lay’s entry into the sweet-flavored chips market.

Saumya Rathor, Category Lead – Potato Chips, PepsiCo India, said, “As a category leader, we believe it’s important to keep bringing innovations in the snacking segment to meet evolving consumer needs.. This sub brand has been developed for the India market. As the snacking landscape evolves, there is a discernible trend toward a surge in demand for innovative, textured, and uniquely shaped snacks, and pellet-based offerings.”

According to industry estimates, the pellet snacks segment in India is valued at INR 1800 crore and is experiencing a year-on-year growth of 18 percent.

“Lay’s Shapez Heartiez has been launched in direct response to the growing need for fun, and crunchy snacks that go beyond traditional offerings in the rapidly expanding potato-based pellet chips market,” she added.

Rathor emphasized that the new sub-brand’s products are priced strategically at popular points of INR 5, INR 10, and INR 20 to encourage trial purchases and broaden the consumer base.

Continue Exploring: Lay’s gets a desi twist: AI imagines a chip lineup featuring Dhokla, Chole Bhature, and More

In 2022, the snacks and beverage giant introduced Lay’s Gourmet, marking the brand’s debut in the kettle-chips market segment.

“We have seen strong traction for Lay’s Gourmet as we are continue to deepen its distribution in metros and mega cities,” Rathor added.

PepsiCo India has been increasingly introducing new products in the snacks category recently, spanning both the Lay’s and Kurkure brands.

This comes at a time when established snack brands are facing heightened competition from regional and local players.

Earlier this month, PepsiCo announced that its India business achieved mid-single-digit organic revenue growth for the full year of 2023. While the beverage unit experienced double-digit growth in volumes, the snacks segment encountered a “low-single-digit decline.”

Continue Exploring: PepsiCo’s Indian market sees mid-single-digit growth in 2023

FMCG giants raise prices by up to 10% to bolster profits amid slow demand recovery

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February 29, 2024

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Fast-moving consumer goods (FMCG) companies have increased prices by as much as 10% in efforts to stimulate top-line growth, which has been hampered by a prolonged downturn in demand.

In February, the majority of product categories such as tea, coffee, health drinks, hair oil, shampoo, and detergent powder experienced gradual price rises, with the notable exceptions of edible oil and soap. According to consumer goods distributors, the toothpaste category witnessed the most significant price hike.

Hindustan Unilever Ltd., the largest consumer goods manufacturer in India, has implemented a price increase of 2-10% for its Pepsodent line, as reported by its distributors. Colgate Palmolive India Ltd. has also raised prices by up to 10% across various products, including Charcoal Clean, Sensitive Clove, and Strong Teeth. Furthermore, the price of Colgate Visible White, in the 100-gram size, has seen a 15% increase. Additionally, Dabur has increased the price of its 200-gram Meswak toothpaste by 8%.

Continue Exploring: FMCG demand in India faces continued decline, Kantar predicts further downturn

In the detergent sector, HUL has increased the prices of its brands Rin and Surf Excel Quick Wash by 3-4%. Similarly, Procter & Gamble, a competitor, has raised prices for its 700 gm and 1.5 kg Ariel detergent packs by up to 4% and 2.5%, respectively.

While milk prices have mostly stayed steady, HUL has implemented a 1% price increase for Boost and a 4% increase for Horlicks Chocolate Delight. In a similar vein, Cadbury has raised prices by 2% for Bournvita Pro Health and 4% for Bournvita Lil Champ. Additionally, Zydus Wellness has also raised prices by 5-8% for Complan.

According to a monthly price check report by Emkay, soaps and edible oils were the sole categories experiencing negative pricing, whereas other categories witnessed gradual price increases throughout the month.

Regarding edible oils, the brokerage observed that Marico kept its prices steady for Saffola variants, whereas individual commodity oil producers reduced prices following recent government directives.

In the biscuit category, there have been varied pricing strategies, with Britannia‘s INR 25 Good Day Butter experiencing a 17% reduction through increased volume. Britannia reduced the price of Nice Time by 13%, while increasing prices for 50-gm Bourbon by 20% and 160-gm Milk Bikis by 7%, according to Emkay.

In the last quarter ended December, FMCG companies experienced weaker than expected topline growth. This was attributed to the ongoing decline in market pricing growth and the failure of anticipated demand recovery from Q3 FY24. Management’s outlook on demand remains cautious, with hopes pinned on a resurgence during the robust summer season and improved monsoons ahead.

Continue Exploring: FMCG companies eye price-led growth with planned hikes in consumer goods

“In the near term, we remain cautiously optimistic,” HUL’s Managing Director and Chief Executive Officer Rohit Jawa said in a post-earnings media briefing. “We expect the gradual recovery in market demand to continue, aided by increased government spending, a recovery in winter crop sowing, and better crop realisations.”

Rural income growth will be a key factor in determining the pace of recovery, said Jawa.

Among other companies, Emami Ltd. announced a 3% price hike, whereas Dabur India Ltd. implemented a 2.5% increase across its food portfolio in the third quarter, with a portion of it reflecting in the current quarter.

“Price increases, definitely will come,” according to Dabur Chief Executive Officer Mohit Malhotra. “I think price increases going forward in the year will depend upon how inflation is actually trending.”

Regarding non-food items, aside from toothpaste, Dabur has increased the price of Dabur Sarso Amla hair oil by 5%. Marico Ltd. has also raised prices by 11% for 200- and 300-ml units of Parachute, while Bajaj Consumer has implemented a 3% price increase for the 475-gm Bajaj Almond Drops.

While copra prices have experienced moderate inflation on a month-on-month basis, the primary raw material for hair oil companies is anticipated to undergo a price correction starting in April with the onset of the flush season. However, Marico foresees prices having an upward bias once the seasonal months conclude.

“If you look at history of Marico the sweet spot for us, especially in Parachute, is a scenario as follows: low food inflation, copra inflation, therefore we position gains as we deliver high volume growth and profitability is protected,” said Marico MD and CEO Saugata Gupta. “We see that scenario likely to happen in the second half of next year.”

Analysts expect further price hikes to help companies with earnings delivery.

“Contrary to the common perception of FMCG companies effecting price cuts to pass raw-material benefits, players are emulating the case for price growth in line with inflation ahead,” according to Nitin Gupta, senior research analyst at Emkay Global Financial Services Ltd. “We now see the emergence of a scenario where further price hikes should help companies drive margins, which will support double-digit earnings momentum.”

Continue Exploring: Indian FMCG firms turn to Dubai as launchpad for international expansion

ICICI Bank sanctions INR 500 Crore debt facilities to Aditya Birla’s Novel Jewels for expansion

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February 29, 2024

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ICICI Bank has sanctioned INR 500 crore in debt facilities to Novel Jewels, a jewellery retail store promoted by the Aditya Birla group, as reported by ET. This financial support is intended to kickstart the company’s operations in the next quarter, according to individuals familiar with the matter. Furthermore, it was disclosed that the promoter companies infused INR 290 crore into the company last year.

Initially, Novel Jewels will open four to five stores in July, spanning various cities in northern, western, and central India.

Aditya Birla Group’s retail jewellery venture, Novel Jewels, to kick off operations this July

Requests for comments from Aditya Birla Group and ICICI Bank went unanswered.

ICICI Bank, serving as the sole lender thus far, has sanctioned INR 450 crore as a working capital loan and INR 50 crore as a term loan.

Essel Mining and Industries will maintain a 51% stake and inject INR 148 crore in equity capital. Meanwhile, Aditya Birla Chemicals (Thailand) and Surya Kiran Investments will collectively hold 49%, with investments of INR 55 crore and INR 87 crore, respectively. Essel Mining, closely affiliated with the Aditya Birla Group promoters, engages in the mining sector and holds interests in several Aditya Birla group firms via its subsidiary IGH Holdings.

Last June, the group announced its venture into the branded jewellery retail business with an investment of around INR 5,000 crore. They aim to establish large-format exclusive jewellery retail stores across India, showcasing in-house jewellery brands. “The promoters have committed INR 5,000 crore to this endeavor, recognizing its capital-intensive and competitive nature,” said a consultant.

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

Luggage brand Nasher Miles bags INR 3 Cr investment on Shark Tank India 3

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February 29, 2024

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Nasher Miles, a Mumbai-based startup specializing in designer bags, made waves on Shark Tank India-3 by achieving a valuation of INR 200 crore. Securing unanimous approval from Aman Gupta, Anupam Mittal, Ritesh Aggarwal, Vineeta Singh, and Namita Thapar, it became the second startup of the season to clinch a deal with all five Sharks.

Founded by Abhishek Daga, Lokesh Daga, and Shruti Kedia Daga, this company stands out for its stylish travel gear. Offering over 100 shades and styles inspired by popular tourist destinations, it caters to a wide range of tastes.

Nasher Miles aims to elevate the fashion standards of Indian travelers with their range of hard-sided bags, backpacks, and other travel essentials. Their commitment to excellence and variety is evident in the products available on their website as well as leading e-commerce platforms. More than just a travel brand, Nasher Miles is a fashion-forward luggage company on a mission to make chic travel accessories accessible to all.

Continue Exploring: D2C luggage brand Mokobara secures $12 million in funding from Peak XV Partners, existing investors

Nasher Miles offers a diverse range of travel essentials to cater to different preferences and needs, including hard-sided and soft-sided bags, backpacks, and related travel accessories. Their products are available for purchase on their website and popular e-commerce platforms such as Amazon and Flipkart.

Nasher Miles strategically leverages the expanding travel and e-commerce sectors to position itself as a unique contender in the luggage market, prioritizing elegance, diversity, and affordability. With the surge in travel, a burgeoning middle class, and increasing demand among younger consumers for distinctive travel products, both the global and Indian luggage industries present significant opportunities for growth.

By prioritizing unique designs and offering a wide array of colors, Nasher Miles aims to differentiate itself in the competitive luggage market and appeal to style-conscious travelers.

To expedite their mission of revolutionizing travel gear through a blend of affordability, durability, and design, the founders sought a INR 3 crore investment with a 0.75% interest rate, valuing the business at INR 400 crore. This proposition caught the attention of the investors—Anupam, Aman, Vineeta, Namita, and Rithesh. They collectively offered INR 3 crore for a 1.5% equity stake and a 1% royalty until the initial INR 3 crore investment was recouped, thereby valuing the business at INR 200 crore.

Continue Exploring: Bagzone Lifestyles raises $9 Million investment from First Bridge India Growth Fund for expansion

Jewellery brand A Little Extra secures INR 60 Lakh investment deal on Shark Tank India Season 3

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SnackTeam

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February 29, 2024

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A Little Extra, a distinctive jewellery brand based in Guwahati, is renowned for its unique designs inspired by emotions and natural elements. Catering to individuals who seek originality in their accessories, it stands out in the market. Despite its humble beginnings, the brand started with an initial investment of just INR 5,000, yet has impressively sold over 80,000 products since its inception.

Their vast collection encompasses over 500 designs, blending traditional art forms with contemporary aesthetics, all available at affordable prices.

To accelerate their expansion, they are presently pursuing an investment of INR 48 lakh in return for a 6% equity stake.

Founded by Diksha Singhi, a Guwahati native, A Little Extra has seen remarkable growth, evolving from a modest initial investment to achieving a significant sales milestone of over 80,000 products.

Continue Exploring: Smart clothing brand TURMS makes waves on Shark Tank India Season 3, secures INR 1.2 Crore investment for innovative apparel line

Diksha’s vision for the brand revolves around providing one-of-a-kind, budget-friendly jewellery that connects with emotions and elements, catering to individuals seeking uniqueness.

The brand has adeptly blended traditional art forms with a contemporary touch, striving to make a lasting impression on the jewellery market.

With over 500 distinctive designs, “A Little Extra” enters the vast Indian jewellery market, intertwining emotions and elements with both traditional and modern craftsmanship.

Starting with a mere INR 5,000, the brand has experienced significant growth. The Indian jewellery industry, renowned for its rich cultural heritage and diversity, provides fertile ground for innovative brands like “A Little Extra.”

By meeting the rising demand for affordable, distinctive jewellery, the brand holds a strong position among consumers who prioritize personalization and cultural significance in their accessories.

During a recent airing of Shark Tank India, Diksha Singhi pitched “A Little Extra,” seeking INR 48 lakh for a 6% equity stake, valuing the startup at INR 8 crore.

The pitch sparked intense negotiations among the investors, with Ritesh initially meeting Singhi’s request, igniting a competitive bidding process.

Vineeta’s counteroffer of INR 48 lakh for an 8% equity share slightly reduced the valuation, intensifying the situation as Anupam joined forces with Vineeta, while Ritesh teamed up with Aman, sticking to the initial valuation.

The stakes rose when Vineeta and Anupam increased their offer to INR 60 lakh for a 7.5% equity share, keeping the valuation at INR 8 crore, a proposition Singhi accepted.

Aman’s remark, “Good product, bad sharks,” sprinkled an intriguing element into the already intense investment negotiations.

As per Diksha Singhi, the raised capital will be allocated towards broadening its product range, entering new markets, upgrading technology and infrastructure, and bolstering marketing endeavors.

Continue Exploring: The Cinnamon Kitchen’s INR 60 Lakh ‘Shark Tank’ deal marks a sweet success for the bakery

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