Captain Fresh expands US presence with acquisition of CenSea Inc, eyes European market growth

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February 29, 2024

Captain Fresh, an online seafood company, has acquired CenSea Inc, a US-based frozen fish and seafood importer and distributor, as reported by ET, citing the company’s founder and chief executive, Utham Gowda.

Gowda refrained from revealing the exact value of the deal; however, he mentioned that his company was completing a full acquisition of CenSea through a combination of cash and stock, with 90% of the payment being in cash. He further stated that CenSea, boasting a nationwide presence across the US, would serve as the cornerstone of Captain Fresh’s operations in the country.

“On the supply side, India and South east Asia form a substantial part of CenSea’s mix with multi-decade relationships with more than 100 factory partners in these supply markets… on the demand side we are excited about the potential to cross-sell to their existing customers,” Gowda said.

Acquiring the 40-year-old American firm is a strategic move for Captain Fresh as it ventures beyond seafood exportation into distribution across markets such as the US and Europe. This expansion initiative follows the recent acquisition of Senecrus, a French shrimp distributor.

Gowda mentioned that the company is currently in discussions regarding further acquisitions in the European market, which would grant them access to the North Atlantic supply markets. However, he refrained from providing additional details at this time.

On February 16, it was reported that Captain Fresh had raised $25 million in a funding round led by UK government-backed British International Investment (BII) and Andhra Pradesh-based Nekkanti Seafoods Group. This funding was part of a larger $48 million extended funding round at a $500 million valuation, out of which $20 million had already been raised by the firm in September last year.

Continue Exploring: B2B seafood startup Captain Fresh secures $25M in funding Led by UK Govt-backed BII and Nekkanti Seafoods Group, eyes international expansion

At the time, Gowda had indicated that within the next two to three months, the company anticipated that over 50% of its business would originate from the US market, a significant increase from the previous 25-30%. Furthermore, he stated that approximately 80-85% of the company’s total business would be derived from the European and US markets.

Approximately 2-3% of the company’s business originates from India. In remarks made in September last year, Gowda highlighted that the company achieved Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margins of over 15-20% in international markets, contrasting sharply with the 3% EBITDA-level margin observed in India.

Continue Exploring: Seafood companies boost investments in local market amid global export challenges: Shrimps, squids, and lobsters see surge in domestic demand

Country Delight records INR 650 Cr revenue in H1 FY24, eyes EBITDA breakeven by 2025

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February 29, 2024

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Delhi NCR-based Country Delight saw revenue of INR 650 Cr in the first half of the ongoing financial year, with the dairy tech startup expecting to sustain this rate for the full year.

According to sources citing financial data provided by the startup to its primary investors, Country Delight aims to achieve EBITDA breakeven by the end of the first half of 2025.

It’s important to mention that Country Delight has not yet submitted its audited financial statements for FY23 to the Ministry of Corporate Affairs.

Sources added that its operating revenue in FY23 reached approximately INR 900 Cr, marking a 66% increase from FY22’s INR 542.6 Cr.

However, it couldn’t be determined what Country Delight’s net loss/profit figure was for FY23. The startup witnessed its net loss surge by over 6.5 times, reaching INR 186.4 Cr in FY22 from INR 28.2 Cr in the preceding fiscal year.

Continue Exploring: Country Delight to secure $20 Million funding in bridge round, sets sights on $758 Million valuation

In September of last year, Country Delight’s co-founder, Chakradhar Gade, expressed that the startup aimed to achieve profitability within the subsequent 8-10 months.

According to sources, Country Delight had approximately INR 400 Cr in cash reserves at the end of Q2 FY24.

A questionnaire sent to the startup requesting clarification on its FY23 and H1 FY24 figures, as well as its cash reserves, did not receive any response by the time this story was published.

It is worth noting that earlier this year, it was reported that the startup had raised $20 Mn from its existing investors, including Temasek, Venturi Partners, and others.

Earlier this month, Orios Venture Partners, one of Country Delight’s earliest supporters, achieved a 45X return during its partial exit.

Continue Exploring: Orios Venture Partners nets 45X ROI with Country Delight partial exit

Established in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight operates on a subscription-based model. It procures milk directly from farmers and offers doorstep delivery to customers. Additionally, it provides a range of products including bread, ghee, other dairy items, as well as fruits and vegetables.

Earlier, Gade also mentioned that the startup plans to sell kitchen products such as wheat, batters, jams, oil, and pickles, among others. However, it is yet to launch these products.

Besides major traditional players such as Mother Dairy, Nandini, and Amul, Country Delight competes with new-age players such as Odisha-based Milk Mantra and Reliance-acquired Milk Basket.

Fashion brand Satya Paul expands its Mumbai footprint with striking new store at Phoenix Palladium Mall

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February 28, 2024

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Satya Paul, the renowned fashion brand, unveiled its newest store in Mumbai, as announced in a press release on Wednesday. Situated at Phoenix Palladium Mall, Lower Parel, the store spans around 900 sq. ft. of retail area.

The store showcases an oval design, mirrored in the circular glass display positioned at its center, devoid of any sharp edges.

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

Satya Paul stores provide a diverse selection of women’s designer wear, encompassing ready-to-wear apparel, athleisure outfits, and an array of accessories like handbags, scarves, wallets, belts, and pocket squares.

Established in 1985 by fashion designer Satvinder Paul Nanda, the brand, headquartered in Gurgaon, now boasts more than 13 stores spread across various cities, including New Delhi, Kolkata, Chandigarh, Ahmedabad, and Mumbai.

The brand’s products are also available on e-commerce platforms such as Ajio Luxe and Tata CLiQ Luxury.

Continue Exploring: Indian D2C fashion brand Beyoung secures strategic investment from Abu Dhabi Royal Family, eyes global expansion

Foodtech startup TWF Flours secures $1.4M funding from Zerodha’s Rainmatter

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February 28, 2024

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TWF Flours, a Noida-based foodtech startup, has secured its first institutional funding round with an investment of around INR 12 crore ($1.4 million) from Rainmatter, a Zerodha-backed venture fund.

The company has previously secured seed funding from prominent figures in the startup ecosystem, such as Rajaraman Santhanam, co-founder of Chargebee; Shan Krishnaswamy, co-founder of Freshworks; Sharath Longanathan, co-founder of Ninjakart, among others.

According to cofounder Pranjal Kumar, this pre-Series A funding round brings TWF Flours’ total raised funds to nearly $2 million to date.

“We will invest the funds raised in this round primarily for research and development on how to improve the nutritional aspects of flour,” Kumar said.

TWF Flours employs innovative milling technology to produce higher quality flour that is both healthier and richer in nutrients. The company distributes its products directly to consumers via its website and various e-commerce platforms. Additionally, it caters to the needs of hotels and restaurants requiring specialized bread for sandwiches, pizzas, and similar dishes.

Continue Exploring: The Baker’s Dozen raises INR 33 Crores in Pre-Series A funding led by Wipro Consumer Care Ventures, eyes aggressive expansion beyond metro cities

“We have mostly acquired our customers through word of mouth. Anyone setting up a good quality pizzeria will hear about us for good quality bread,” Kumar said. TWF Flours competes with imported bread in this category and is a much cheaper option with similar taste and quality, he added.

Founded in 2019 by Pranjal Kumar and his longtime professional associate Arjun Rungta, both passionate bakers, TWF Flours originated from their endeavor to produce superior quality bread in India back in 2016. This aspiration led them to conceive the idea of establishing a specialized flour company.

For Rainmatter, TWF Flours represents another investment within the health and wellness category, an area that deeply resonates with the founders of Zerodha. Last year, Rainmatter invested in Pune-based fitness startup Fittr and has also supported ventures such as The Whole Truth and Trunati. Established in 2016, Rainmatter currently operates as a INR 1,000-crore fund, focusing its investments across fintech, healthtech, and storytelling sectors.

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

Baskin Robbins targets major expansion in India and South Asia, aiming for 1000 stores in 2024

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February 28, 2024

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Baskin Robbins, the American multinational ice cream and cake chain, aims to open 1000 stores this year in India and the South Asian region.

The American ice cream brand, managed by Graviss Foods Pvt Ltd, headquartered in Mumbai, India, is targeting tier 2 and 3 cities as it expands its presence in the country.

“With a commitment to providing high-quality ice creams & desserts in vibrant and convenient locations across the nation, we are happy to aim to reach a major milestone of 1,000 stores spread over 270+ cities in the country making BR the largest Ice cream Parlor chain in India,” said Vikram Seth, managing director, Graviss Foods Pvt Ltd. “We believe in the power of ice cream to contribute to the nation’s Happiness, economic growth, and job creation.”

Continue Exploring: Walko Food’s NIC raises $20 Million in funding round led by Jungle Ventures

Baskin Robbins made its debut in India in 1993 through a joint venture with the Graviss Group. The first manufacturing plant outside of North America opened near Pune. With an investment of INR 100 crore in a new factory in India in 2022 to meet escalating demand, the brand has extended its reach beyond parlors to encompass over 4,000 retail outlets across major cities. As it approaches its 30-year milestone in India in 2024, Baskin Robbins is gearing up to celebrate its enduring journey.

Presently, the ice cream chain boasts over 900 stores across 250+ cities.

Continue Exploring: Indian ice cream market expected to grow at a CAGR of 17%, reaching $5.4 Billion by FY25, says report

Malabar Gold & Diamonds to expand with ten new stores, aiming for 350 by March

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February 28, 2024

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Malabar Gold & Diamonds is set to open ten new stores, with the goal of reaching 350 stores by the month of March.

Presently, Malabar holds the position of the world’s sixth-largest jewellery group and ranks 19th in Deloitte’s global luxury goods ranking.

Continue Exploring: Malabar Gold, Titan, and 4 other Indian brands secure spots in global top 100 luxury goods makers list

The new store openings in India include Latur, Satara, and Nagpur in Maharashtra; Kolar and Whitefield in Karnataka; Jaipur in Rajasthan; Chandni Chowk in Delhi; Vanasthalipuram in Andhra Pradesh; Patiala in Punjab, and Puducherry. Notably, this marks Malabar Gold & Diamonds’ first entry into Rajasthan and Puducherry.

The company also announced its plan to ramp up its workforce to one lakh within the next three years, as mentioned in a press release.

MP Ahammed, Chairman of Malabar Group said, we have achieved great progress at the global level by embracing the concept of ‘Make in India, Market to the World’

“This accomplishment brings immense joy, not only to us but also to jewellery enthusiasts in the 14 countries where the brand is present. As we prepare to open ten new stores, we express our sincere gratitude to all our valued customers, team members, and investors who have played a key role in making this possible. With each new store opening, we are moving closer to our goal of becoming the world’s number one jewellery and luxury brand,” he said.

The company is extending its global footprint by inaugurating new stores in New Zealand, Egypt, Turkey, and South Africa, alongside its existing operations in other countries.

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

D2C jewellery brand Kushal’s raises $34 Mn in Series B funding from Lighthouse’s fourth PE fund

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February 28, 2024

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D2C jewellery brand Kushal’s has secured INR 284 Cr (around $34 Mn) in a Series B funding round from growth stage venture capital firm Lighthouse’s fourth alternative investment fund (AIF).

Additionally, this funding round involves a secondary buyout, providing partial exit for its first institutional investor, India SME Investments, which injected INR 15 Cr ($1.8 Mn+) in 2019. Moreover, the brand also includes Motilal Oswal among its backers, who participated in its Series A funding round of INR 90 Cr in 2022, as confirmed by cofounder Manish Guleccha.

Established in 2006 by Manish Guleccha, Nandish Guleccha, and Kalpesh Guleccha, the direct-to-consumer (D2C) brand specializes in crafting fashion jewellery suitable for various occasions.

Continue Exploring: Titan completes acquisition of remaining 0.36% stake in CaratLane for INR 60 Cr

Manish Gulechha said, “The funding will facilitate investments in brand building, technology, hiring and retail expansion.”

Kushal’s maintains an omnichannel presence. In brick-and-mortar retail, it distributes its products through 75+ stores spanning over 25 cities such as Bengaluru, Hyderabad, Chennai, Pune, Indore, and Chandigarh, among others. Additionally, its products are accessible across various ecommerce platforms, including its own website, Myntra, Amazon, Ajio, and more.

According to Guleccha, the brand intends to launch approximately 300-400 stores throughout India within the next four to five years. Additionally, it has plans to become publicly listed in five to six years.

Continue Exploring: Fashion jewellery brand salty secures INR 5.4 Crore for team expansion and product innovation

This investment represents Lighthouse’s first from its newly raised private equity fund. Among its portfolio companies are Bikaji Foods, Nykaa, Wow! Momo, Fabindia, and Kama Ayurveda.

The brand competes with Giva, Melorra, Pipa Bella, Meta Man, Swasha, and others.

Among its competitors, Giva secured INR 270 Cr in funding led by Premji Invest in July last year. The company also recorded a significant 97% increase in operating revenue, rising from INR 84 Cr in the previous fiscal year to INR 165 Cr in FY23.

Analysis indicates that India presently hosts over 15 funded jewellery startups, collectively securing over $288.6 Mn in funding since 2014.

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

Reliance partners with Sri Lanka’s Elephant House to expand beverage portfolio in India, taking on Coca-Cola and Pepsi

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February 28, 2024

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Reliance‘s FMCG division has partnered with a prominent Sri Lankan beverage company to bring the Elephant House brand to India. This strategic move is in line with the conglomerate’s aim to strengthen its beverage portfolio in a market largely controlled by Coca-Cola and Pepsi.

In a statement, Reliance Consumer Products Limited (RCPL), the FMCG arm of Reliance Retail Ventures Limited, announced its collaboration with Sri Lanka’s Elephant House to produce, promote, distribute, and sell beverages under the Elephant House label in India.

“This association will not only help RCPL bolster its growing beverage portfolio that boasts iconic brands such as Campa, Sosyo and Raskik but will also bring exceptional new products and value propositions to Indian consumers,” Reliance said.

Continue Exploring: Reliance’s Campa strikes major BCCI sponsorship deal, edges out Coca-Cola and PepsiCo

Ceylon Cold Stores PLC, the parent company of Elephant House, stands as Sri Lanka’s foremost listed conglomerate. Renowned for its diverse array of beverages such as Necto, Cream Soda, EGB (Ginger Beer), Orange Barley, and Lemonade, Elephant House has firmly established itself as a leading brand within the Sri Lankan market.

Since the past year, Reliance has been expanding its FMCG operations, simultaneously emphasizing the development of its own private labels and the acquisition of both popular and regional brands.

Last year, Reliance Consumer Products unveiled the revival of the iconic beverage brand, Campa, marking yet another milestone in the Mukesh Ambani-owned company’s efforts to bolster its wide-ranging FMCG portfolio. This assortment includes heritage brands like Sosyo Hajoori, confectionary products from Lotus Chocolates, Sri Lanka’s prominent biscuit brand Maliban, alongside its own branded daily essentials such as Independence and Good Life, among others.

Continue Exploring: Reliance Retail to challenge Coca-Cola and PepsiCo with global expansion of Campa

“This (Reliance-Elephant House) partnership will not only add its much-loved beverages to our growing FMCG portfolio but will also offer our Indian consumers great choice and value proposition through quality products,” said Ketan Mody, COO, Reliance Consumer Products Limited.

Krishan Balendra, Chairperson of the John Keells Group, said, “We are proud to announce the expansion of the Elephant House brand to the Indian market. Our partnership with Reliance Consumer Products Limited marks a significant milestone in the journey of our heritage brand and represents our commitment to delivering our high-quality beverages to new consumer segments. We look forward to the opportunity this partnership brings, to provide refreshing and innovative beverage options to meet the diverse preferences of Indian consumers.”

Continue Exploring: Coca-Cola’s top brass set to make high-stakes visit to India with 200-member team

Short Story Gin earns top accolades at World Gin Awards 2024, crowned Best London Dry Gin from India

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February 28, 2024

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In the early 2000s, it was commonly believed that Indian spirits couldn’t compete with their global counterparts. India was primarily recognized as a mass producer of dark spirits, and local brands were often seen as inferior. However, this perception shifted as India began crafting spirits that not only rivaled but surpassed international standards. With India’s ascent as the fifth-largest economy globally, its spirits industry has kept pace, delivering premium offerings that command recognition on par with global standards. Today, domestically produced spirits are highly coveted among Indian consumers, reflecting their quality and appeal.

One such new-age Indian spirit brand that has rapidly risen in prominence is Short Story. In 2022, Third Eye Distillery, the parent company responsible for the globally acclaimed Stranger & Sons Gin, made the strategic move to expand its portfolio of spirits. This decision culminated in the introduction of Short Story, featuring a trio of white spirits: Grain Vodka, White Rum, and Dry Gin.

Continue Exploring: Third Eye Distillery redefines premium spirits landscape with launch of ‘Short Story’ in New Delhi

Established with the overarching goal of showcasing high-quality Indian spirits on the global stage and enhancing the cocktail culture within the nation, Third Eye Distillery identified a gap in the market for dependable, premium homegrown spirits. With Short Story, they sought to bridge this gap and establish a standard for accessible, top-tier spirits from India.

Within just over a year since its launch, Short Story has managed to create waves not only across India but also on the global platform as its spirits have bagged some of the most prestigious awards alongside the top spirits of the world.

Adding yet another milestone accolade to their name, Short Story Dry Gin has secured a Gold Medal and has also been declared as the ‘Country Winner’ for being the best London Dry Gin from India, at the World Gin Awards 2024 organized by The World Drinks Awards – the global awards selecting the very best in all internationally recognised styles of drink and presented by TheDrinksReport.com.

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Pankaj Balachandran, Brand Director, Short Story, said, “Earlier, there was a prevailing notion that premium liquor equated to imported spirits. Our goal was to shift that perception and create a homegrown spirit that not only resonated with Indians but also instilled a sense of pride in consumption. It is immensely gratifying to see our spirits being appreciated globally and equally reassuring that we are on the right path towards our goal to take Indian spirits worldwide!”

Speaking further about the spirit he added, “Post the pandemic we noticed that the Indian consumer is no longer just looking for a quick, cheap drink. They’re seeking out newness as well as quality. Much buzz and hype had been generated about the ingredients and the technique that goes into the creation of some of our homegrown brands, but we wanted to keep things simple and let the spirits speak for themselves to consumers. Hence the name, Short Story!”

Continue Exploring: Indian single malt whiskies outshine global brands in sales, achieving a landmark 53% market share in 2023

The brand has already garnered over 15 international awards to its name! Last year, Short Story’s spirits managed to bag multiple international awards in just their first year. DBSB, awarded Short Story White Rum a Gold medal in their Summer Tasting 2023 in the UK. Additionally, all three spirits – Grain Vodka, Dry Gin, and White Rum – won Gold medals at the San Francisco World Spirits Competition. Moreover, at the Asian Spirits Masters 2023, Short Story Grain Vodka was awarded the highest honor – Master Medal, a recognition reserved for only 10 spirits among competitions from over 59 countries, while the White Rum earned a Gold Medal. Furthermore, all three spirits of the Short Story portfolio also swept Gold Medals at the Singapore World Spirits Competition 2023.

Short Story is currently accessible in nine domestic markets, including Maharashtra, Goa, Delhi, Karnataka, Haryana, Rajasthan, and more. It also holds a presence in travel retail at Mumbai Duty Free. In the coming months, the brand plans to extend its reach to additional domestic and international markets. Moreover, Short Story can be found in many premier bars across its available cities, such as The Bombay Canteen, Americano, Masque, Copitas, Hideaway, Sidecar, Klap, Izumi, PCO, and more.

Continue Exploring: Radico Khaitan’s Rampur Asava honored as Best World Whisky in the 2023 John Barleycorn Awards

Burger Singh’s website hacked by Pakistani hackers, leaving digital graffiti behind

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February 28, 2024

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Burger Singh, a Gurugram-based restaurant chain, reported that its website was hacked on Tuesday by Pakistani hackers.

The company stated on X, formerly known as Twitter, that hackers not only breached but vandalized their website, leaving a digital graffiti wall on the same.

“It seems our digital doorstep got a surprise makeover on the 27th of February, 2024, thanks to a special visit from our not-so-friendly neighbourhood web wizards, Team Insane PK, straight out of Pakistan. And guess what? We weren’t the party of the year—Gujarat University got an invite too,” the company said in a press statement.

Continue Exploring: Burger Singh secures Pre-Series B funding, plans rapid expansion with express kiosks

The company adds that the backstory to this attack could be the result of a cheeky promo called “Fpak20,” ring any bells?) that the company used recently offering discounts.

The promo code offered a 20% discount on all orders placed online in light of the airstrike on the Jaish terror camps, media reports said.

The culprits, a group known for their digital doodling on sites from Delhi Police to Mumbai Police and beyond, seem to have taken a particular interest in our humble burger domain. Their resume is impressive, in a ‘most wanted’ kind of way, and now, we’re the latest addition, the company added.

Continue Exploring: Burger King hits a milestone with the grand opening of its 416th outlet in Bareilly

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