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

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February 29, 2024

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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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

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

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February 29, 2024

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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

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