Beyoung teams up with Gokwik to enhance digital footprint and combat RTO rates

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February 27, 2024

Beyoung, a Udaipur-based fashion brand, has partnered with the New Delhi-based e-commerce enabler platform Gokwik.

The collaboration seeks to bolster Beyoung’s digital footprint in India by enhancing the reach of its cash-on-delivery (COD) service, while also tackling the issue of high return-to-origin (RTO) rates.

“Cash on delivery remains a preferred choice for many across India, and with GoKwik’s expertise, we aim to deepen our COD footprints, without worrying about the RTO losses. By utilising their advanced risk intelligence-based solutions, we hope to reach diverse consumer segments, further enhance our gross merchandise value (GMV), and effectively manage challenges related to COD orders,” said Shivam Soni, Founder, Beyoung.

Continue Exploring: GenZ-focused fashion startup Newme raises $5.4 Million in funding round led by Fireside Ventures

Since its inception in 2018, Beyoung has generated a revenue of over INR 250 crore. Over the past few years, it has acquired more than 1.5 million customers and successfully fulfilled over 20 lakh orders. Currently, with a gross merchandise value (GMV) of INR 150 crore, the brand aims to achieve a GMV of INR 600 crore in the next three years.

The company recently received funding from the Royal Office of Sheikh Tahnoon Bin Saeed Bin Tahnoon Al Nahyan from Abu Dhabi. With this investment, Beyoung plans to enhance its omnichannel presence worldwide with plans to launch over 300 stores globally in the next three years.

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

German perfume retailer Douglas set to unveil IPO plans despite market uncertainty

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February 27, 2024

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German perfume retailer Douglas is poised to announce its plans for an initial public offering (IPO) in the coming days, as reported by Reuters, citing two sources familiar with the matter. This move poses a significant test for Europe’s equity markets.

The group, majority-owned by CVC Capital Partners, is preparing to issue an intention to float on the Frankfurt bourse as soon as this week if markets hold up, according to sources who spoke on condition of anonymity.

Nonetheless, there is a possibility that the announcement could be postponed to the following Monday, as no definitive decision has been reached, one of the sources added.

A variety of macroeconomic data is anticipated this week, with U.S. inflation figures scheduled for Thursday, which could potentially impact market movements.

Continue Exploring: Shein considers London IPO amid US listing hurdles

Investment banks will begin to formally canvass investors following the intention to float announcement to define a valuation range for the share sale.

Reuters previously reported that Douglas aimed to go public by the end of March.

Spokespeople for the IPO declined to comment.

An announcement would come amid improving sentiment towards new stock listings after the successful IPOs of German defence contractor Renk and Athens International Airport earlier this month.

Growing consensus that interest rates have topped out has created a brighter backdrop for equity markets, while the CBOE Volatility Index – known as Wall Street’s fear gauge – remains at levels that bankers see as conducive for IPOs.

Besides Douglas, there are least four other major IPOs pencilled in for the first half of the year, sources have told Reuters.

Continue Exploring: Dairy tech startup Stellapps in advanced talks for $20 Million Series C funding, eyes expansion and IPO in next 3-4 years

Shein considers London IPO amid US listing hurdles

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February 27, 2024

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Fast-fashion company Shein is considering relocating its initial public offering from New York to London due to obstacles encountered in the US listing process, according to individuals familiar with the situation.

Shein, initially founded in China but now headquartered in Singapore, is in the preliminary stages of considering the London option. The company has assessed it as improbable that the US Securities and Exchange Commission will greenlight its IPO, according to sources who requested anonymity due to the confidential nature of the information.

According to the sources, Shein is continuing to progress with its application for listing in the US, which remains its favored destination. However, if the company opts to switch to London or another location, it would necessitate submitting a fresh overseas listing application with Chinese regulators, they explained. Additionally, Hong Kong or Singapore are also being contemplated as potential alternatives, as mentioned by two of the sources.

A spokesperson for Shein chose not to provide a comment.

Continue Exploring: Shein investors offer shares at 30% discount amid dwindling IPO prospects

A potential listing in London could provide a much-needed boost to the struggling market, following one of its most challenging years for IPOs in recent history. Bloomberg’s data shows that only around $1 billion was raised in the UK through IPOs last year, marking the lowest level in decades.

The UK is grappling with a challenge in retaining companies, as many are opting to relocate to the US and other destinations. Last year, chip designer Arm Holdings Plc chose a New York IPO over London, despite efforts by the UK government to encourage a domestic listing for the Cambridge-based company. Additionally, existing listed firms are also shifting overseas; earlier this month, TUI AG shareholders voted to delist from the London Stock Exchange and focus primarily on trading in Germany.

Since Didi Global Inc. was ousted from the New York stock exchange in a crackdown that effectively restricted the initial public offerings (IPOs) of Chinese companies, such offerings in the US have been predominantly small and infrequent. Amer Sports Inc.’s $1.6 billion IPO in February marked the largest Chinese-backed IPO in the US market since Didi’s $4.4 billion raise in 2021 and the first to surpass the $200 million mark during this period.

Shein has faced scrutiny from the US, with Senator Marco Rubio among those urging the SEC to prevent its listing, citing the need for greater transparency regarding its operations in China. Additionally, last year, a US Congress member requested an investigation into Shein’s cotton sourcing from Xinjiang. Moreover, US-China trade tensions have persisted for several years.

A trailblazer in the realm of ultra-rapid fashion, offering products like shirts and swimsuits priced as low as $2, Shein submitted paperwork for a US IPO last year, aiming for a valuation between $80 billion to $90 billion, according to individuals acquainted with the situation. However, private trades toward the end of 2023 assessed the company’s value significantly lower, around $50 billion.

Continue Exploring: Shein confidentially files for US IPO, targets 2024 debut amid challenging conditions

Home decor brand Chumbak expands presence with new store launch in Gurugram

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February 27, 2024

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Chumbak, a Bengaluru-based home decor brand, has opened a new store in Gurugram, as announced by the company on Monday.

The latest Chumbak outlet is situated at Good Earth City Centre Mall on Vikas Marg, Pocket H, Nirvana Country, Sector 50, Gurugram, Fatehpur, Haryana.

“We are excited to expand in Gurgaon to cater to our growing Chumbak community in the city. Like every Chumbak store, the store will bring to its shoppers all things that make them smile from souvenirs, homeware, and accessories to stuff they would love to gift,” said Shubhra Chadda, co-founder & director of product & design, Chumbak.

Continue Exploring: D2C homecare startup Happi Planet raises $1M funding from Fireside Ventures to expand offline presence and drive growth

The brand is offering shoppers an exclusive launch offer of 20% off for one month at the new store in Gurgaon. Additionally, the store will showcase art-deco pieces and souvenirs.

According to its official website, the company operates in numerous cities including Ahmedabad, Bhopal, Bengaluru, Bhubaneshwar, Calicut, Chandigarh, Chennai, Delhi, Gurugram, Guwahati, Hyderabad, Indore, Kochi, Kolkata, Lucknow, Mumbai, Nashik, Noida, and Pune, boasting a network of over 30 stores.

In January 2023, Goat Brands acquired Chumbak. Goat Brands Labs possesses a range of D2C brands.

The brand provides a vibrant and distinctive array of India-themed collectibles, décor items, art deco showpieces, dinnerware, kitchen accessories, thoughtfully crafted furnishings, and various other designer lifestyle products. Each item is meticulously designed with unwavering attention to detail and unique aesthetics.

According to information obtained from its official LinkedIn profile, the company recently secured $10.1 million in its latest Series D funding round.

Continue Exploring: D2C home care brand Koparo secures INR 6 Crore from 4P Capital Partners and Shark Tank India

Khadim India to demerge distribution business by September, expects margin improvement by 100-200 bps

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February 27, 2024

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Khadim India Ltd, a leading footwear company, is expecting to complete the demerger of its distribution business by September this year, as stated by an official on Monday. The company is hopeful that its margins will expand by 100-200 basis points by FY’26.

This strategic move is poised to unlock substantial value for its core retail business comprising approximately 848 stores under Khadim’s brand, which commands nearly 67% of the total revenue, he said.

Khadim’s Chief Financial Officer, Indrajit Chaudhuri, stated, “We are already in the process of demerger. Now, it is pending before the stock exchanges and then it will be placed before NCLT for its approval. We expect that the process will be completed by September. The demerger will be effected after the approvals are in place.”

Continue Exploring: Indian footwear industry set for exponential growth, projected to reach $90 Billion by 2030: GTRI Report

In an effort to enhance market focus and operational efficiency, KIL had previously announced its decision to separate its distribution business and manufacturing activities into KSR Footwear Ltd (KFL).

Chaudhuri projected that post-demerger, Khadim India‘s EBITDA margin would witness a substantial improvement, possibly by 100-200 basis points (bps) in its first full year of operation in FY’25-26.

“Now the EBITDA margin in retail is 17% and after demerger, we will be able to put greater focus, which will be reflected in the improvement of margins. We expect the retail business, which is currently at INR 500 crore, to surpass INR 600 crore by 2025-26,” he said.

Chaudhuri emphasised that the priorities of both businesses are distinct and cannot be adequately addressed within a single entity.

The distribution business is facing pressure, following the GST hike from 5% to 12% on footwear below MRP of INR 1,000 since January 2022.

“Owing to the GST structure change, the distribution business had become a drag on KIL, and its (retail) true value was not reflecting,” the official said.

This business, encompassing a vast network of 732 distributors, predominantly serves lower and middle-income consumers across India’s multi-brand outlets.

Accounting for 33% of the total turnover, it specialises in providing branded and affordable footwear across Tier I to Tier III cities and 96% of its products are manufactured in-house.

The retail business relies on Khadim’s outsourcing division to meet the dynamic demands of the market.

Chaudhuri acknowledged that demand remains subdued, particularly in rural areas, attributed to premiumisation trends.

However, he remains optimistic about an improvement in the demand scenario in the next one to two quarters.

Continue Exploring: D2C footwear brand Fausto makes foray into UAE market through Amazon

D2C footwear brand Fausto makes foray into UAE market through Amazon

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February 27, 2024

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Fausto, the D2C online footwear brand, announced on Monday its entry into the UAE market through e-commerce giant Amazon with the introduction of a plus-size collection tailored to the preferences of UAE customers.

As part of its growth strategy in the new market, the company emphasized its dedication to men’s ethnic and formal wear.

The company stated that this strategic maneuver underscores Fausto’s dedication to global expansion and providing high-quality footwear choices to a broad spectrum of consumers worldwide.

Continue Exploring: Indian footwear industry set for exponential growth, projected to reach $90 Billion by 2030: GTRI Report

The expansion into the UAE represents the first phase of its broader international expansion strategy, it said and added that the company has set goals to achieve 10 per cent of its total revenue by the next financial year.

Fausto’s said its decision to enter the UAE market via Amazon.ae is based on a deep understanding of the evolving online retail landscape in the region.

The UAE market exhibits a burgeoning demand for quality footwear, coupled with a growing trend towards online shopping, especially post-pandemic, it said.

Noting that the company recognises this transition as an opportunity to introduce its offerings to UAE consumers, the company said it aims to carve a distinctive niche in the UAE market with a diverse range of footwear options tailored to the specific preferences of the region.

Continue Exploring: Luxury footwear industry in India faces challenges amid BIS certification issues

Tim Hortons expands presence in India with third airport store at New Delhi’s Terminal 1

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February 27, 2024

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Tim Hortons, the renowned international coffee house and restaurant chain, has opened its third airport store at Terminal 1 of the Indira Gandhi International Airport in New Delhi, as per a social media post by a company official.

“We are proud and joyous to announce the opening of our 3rd airport store in India at #NewTerminal1 at NewDelhi IGIAirport and now opened 28th Stores in India,” said Davesh Mehra, North Lead – Projects, Tim Hortons India said in a LinkedIn post.

“A coffee on the go, a quick email to be shot out from our very comfortable seating space, a neatly packed sandwich, a small bite when you’re hungry but not so sure, a box of doughnuts to take to your loved ones, or simply, finding some genuine warmth and care in a hectic environment: we have it all!. So the next time you’re flying out of New Delhi, check us out,” added Mehra.

This marks the coffee chain’s 28th store in India.

Continue Exploring: Tim Hortons continues rapid growth in India with addition of two new stores, including first airport outlet

In August 2022, the cafe chain made its first appearance in India by launching two outlets in the National Capital Region (NCR). Its entry into the Indian market was facilitated through an exclusive master franchise agreement with AG Café, a joint venture entity co-owned by the retail conglomerate Apparel Group and Gateway Partners, an emerging markets alternative investment manager.

Presently, the coffee retailer operates in various cities including Bengaluru, New Delhi, Chandigarh, Pune, Gurugram, Noida, Ludhiana, and Mumbai.

Established in 1964 by Canadian hockey players Tim Horton and Jim Charade, Tim Hortons is managed globally by Restaurant Brands International Inc., boasting a network of over 5,100 restaurants spanning across 15 countries.

Continue Exploring: Tim Hortons plans major expansion along Indian highways, aims to open 120 stores by 2026

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

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February 27, 2024

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After the discovery of misleading claims regarding the substitution of real cheese with alternatives in burgers and nuggets at a McDonald’s outlet last week, the state of Maharashtra will be inspecting outlets of all global fast-food chains for food regulation violations, as reported by Reuters citing an official source.

Following McDonald’s crackdown, Maharashtra will intensify its inspection efforts by checking for misleading promotion of non-cheese items falsely advertised as containing cheese. All McDonald’s outlets in Maharashtra will be inspected by the state’s Food and Drug Administration (FDA) as part of this heightened oversight initiative.

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

Saurabh Kalra, Managing Director of Westlife Development, the company operating McDonald’s in western and southern India, expressed readiness for any inspections and affirmed their commitment to maintaining the “highest standards”.

The company’s shares dropped to INR 762 when the news surfaced, but later regained ground.

The FDA had temporarily suspended the license of a McDonald’s outlet in Ahmednagar, prompting the chain to remove the term “cheese” from several items. However, the license was subsequently reinstated.

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

The regulator accused McDonald’s of using cheese analogs without adequate disclosure, leading consumers to believe they were consuming real cheese. The state FDA has also urged the chain to implement corrective measures across the state and potentially nationwide.

Following the crackdown, Westlife Foodworld issued a clarification last week, stating that it is actively communicating with the relevant authorities regarding this matter and awaiting their final clarification.

“We have always been adhering to stringent food standards and are fully compliant with all applicable food laws. Our commitment to transparency in our ingredients and dedication to providing delicious, high-quality meals to our customers remains unwavering,” the company said.

Continue Exploring: McDonald’s engages with authorities amid controversy over cheese substitutes

Businesses should nurture startups without seeking ownership, says Zomato CEO Deepinder Goyal

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February 27, 2024

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On Tuesday, Deepinder Goyal, the founder and CEO of Zomato, emphasized the importance for established businesses to support and foster startups without the aim of acquiring them.

“I think established businesses need to nurture startups…and I don’t think we have that kind of a culture yet, and larger businesses also need to start funding startups but not with an intention to own them but with an intention to help them become bigger,” Goyal said, at the curtain raiser event of the Startup Mahakumbh, which is slated to happen on March 18-20.

Adding to the comments of the Zomato chief executive, Sanjeev Bikhchandani, Vice Chairman of Info Edge India, stated that investing in startups was one of the key strategic areas for Info Edge. Notably, the Noida-based company is an investor in Zomato.

Zomato has investments in various consumer tech startups, such as the hyperlocal commerce platform Magicpin, ecommerce enablement startup Shiprocket, and the health and fitness firm Cultfit.

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

The central government is hosting the Startup Mahakumbh event, bringing together over 1,000 startups and a diverse array of investors, including angel investors, high-net-worth individuals, venture capitalists, and family offices.

Bikhchandani is part of the organizing committee of the Startup Mahakumbh event alongside Prashanth Prakash, a partner at Accel, Sanjay Nayar, founder and chairman of Sorin Investments, and Archana Jahagirdar, managing partner at Rukam Capital.

“Today, India is the third largest startup ecosystem in the world…and the goal, as laid by the minister, is to make it the largest startup ecosystem in the world. We are going to have startups from different states and districts in India, and also a bit of an international touch. The whole Mahakumbh has been broken into 10 verticals…from climate and D2C to B2B and SaaS,” Nayar, who is also the former CEO of KKR India, said.

Meanwhile, the government has also launched the Bharat Startup Ecosystem Registry to establish a single-platform database of startups, investors, incubators, and other stakeholders.

“Today, the Indian startup is growing on all fronts with tremendous support from enablers across the country. To match the pace of the ecosystem, we are unveiling the Bharat Startup Ecosystem Registry. We should have data-supported figures of the entire ecosystem and the aim is to unify all stakeholders under a cohesive framework for seamless coordination and facilitating networking opportunities,” said Sanjiv, joint secretary, department for promotion of industry and internal trade.

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

Farmtheory secures $1.45M seed funding from Merak Ventures to reduce food waste and boost farm yields

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February 27, 2024

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Farmtheory, an agritech startup, has secured $1.45 million (INR 12 crore) in seed funding from Merak Ventures.

The startup plans to utilize the fresh capital to scale up its operations, primarily by expanding its supply arm, enhancing its technological infrastructure, and bolstering its supply chain through outreach to more farmers. This approach aims to ensure a robust and sustainable source of produce.

Established in 2019 by Arpit Agarwal and Sakshi Agarwal, Farmtheory aims to minimize food waste at its source, increase farm yields, and deliver quality ingredients to commercial kitchens.

Farmtheory labels the unsold produce as ‘freeform’ and procures it directly from farmers, supplying it to various buyers including cloud kitchens, catering companies, food processors, and restaurants. This produce can be utilized by buyers in the same manner as conventionally shaped produce.

Continue Exploring: Y Combinator-backed Guac fights food waste with customized, AI-based forecasts

The Bengaluru-based startup aims to boost farmer incomes, mitigate food loss, and combat climate change by redirecting edible produce to new markets rather than letting it go to waste.

Farmtheory asserts that it has enlisted 3000 partner farmers to date and has catered to over 1500 kitchens. Moreover, the company intends to substantially expand its network of partners and geographical reach, moving forward to extend the benefits of its innovative model to more farmer communities across the nation.

“Farmtheory embodies a vision where every connection between farmer and consumer signifies more than just a transaction — it represents a commitment to enriching lives and fostering sustainability. Through our platform, we empower farmers to share their harvests with the world, creating meaningful connections that sustain communities and promote environmental responsibility,” said Arpit Agarwal.

Sheetal Bahl, Partner at Merak Ventures, expressed that Farmtheory is not only tackling the issues of food waste, farmer income, and climate change but also envisioning innovative solutions with the capacity to revolutionize the agricultural and food industry.

According to market research, the Indian agritech startup ecosystem is projected to have a total market opportunity worth $24 billion by 2025. Analysis shows that these startups have already secured more than $2.4 billion since 2014.

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

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