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

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According to a survey conducted by the Retailers Association of India (RAI), retail sales in January 2024 saw a modest increase of 5% compared to January 2023 levels.

Despite the festive season, October and November saw only a 7% growth, while December experienced a 4% growth, rendering the October to December quarter sluggish for retailers.

In contrast to January 2023, retail establishments have exhibited a disheartening pattern this January. Although the wedding season bolstered the jewellery, food, and grocery sectors, the majority of other categories experienced only marginal growth.

Continue Exploring: Retail sales in India plunge as consumer sentiment remains subdued; recovery expected after two to three quarters

Many retailers have reported experiencing declining sales on a like-for-like basis. Although there has been growth in the northern region of India, areas in the east and south have seen negative growth due to subdued consumer demand for non-essential products.

“Even CDIT (consumer durables and IT) retailers have found the month of January to be challenged for growth. Many garment retailers have found growth challenging in spite of it being discount season for non-occasion wear garments,” said Kumar Rajagopalan, CEO, Retailers Association of India (RAI).

Retail establishments in various regions have shown an increase in sales compared to January 2023 levels, with West India leading at 6% growth, followed by North and South India at 5% each, and East India lagging behind with only a 3% growth rate.

Across different categories, Quick Service Restaurants (QSR), food & grocery, and jewellery witnessed a 9% growth each, while sports goods saw an 8% increase, and beauty products experienced a 6% rise compared to sales figures from January 2023.

Continue Exploring: Indian retail giants scale back store expansion amidst slowing consumption trends

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Animal nutrition brand eFeed secures INR 1 Crore funding from Klub for expansion

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Ravi Chauhan, Ankit Patel, and Kumar Ranjan, Co-Founders of eFeed

Animal management and nutrition brand eFeed has secured INR 1 crore from revenue-based financing platform Klub.

In January 2023, the Pune-based startup had secured $1 million (around INR 8.2 crore) in a seed round led by Omnivore.

The newly acquired funds will be directed towards expanding capacity, increasing it from 50 tons to 500 tons, to ensure sufficient product output for expansion into various geographical regions.

Founded in 2021 by Kumar Ranjan, Ravi Chauhan, and Ankit Patel, eFeed offers nutritional supplements for livestock. The company manufactures supplements with vitamins, minerals, and microbes, aimed at enhancing the quality of milk produced by cattle. These supplements are designed to provide cattle with essential nutrients for sustaining a longer, healthier life and improving gut health.

Continue Exploring: Petcare startup Supertails raises $15 Million in funding led by RPSG Capital Ventures for expansion and product scaling

In 2023, eFeed saw a 10x financial growth by selling its innovative life cycle-based nutrition products. The company aims to reach an annual revenue target of INR 100 crores by the fiscal year 2025.

Kumar Ranjan, Founder of eFeed, commented on the company’s achievements, stating, “This past year has been a testament to our commitment to sustainable growth and making a positive difference in farmers’ lives. We’ve seen exponential growth, scaling our revenue from INR 10 lakh per month in January to 1 crore per month in 2023. Our focus on profitability and sustainable scaling has been key to our success.”

In the upcoming year, eFeed aims to bolster its influence and broaden its reach while maintaining a strong focus on profitability and sustainable expansion. Presently, the company has established a solid presence in Madhya Pradesh, Uttar Pradesh, and Bihar, with its market share in Maharashtra on the rise. With one lakh farmers already integrated into its ecosystem, eFeed aims to extend its reach to ten lakh farmers by 2024. Prioritizing the sustainable utilization of working capital for long-term scalability, the company currently operates at a 25% blended gross margin and maintains positive CM 2.

Ishita Verma, Chief Operating Officer of Klub, praised eFeed’s accomplishments and highlighted Klub’s role in accelerating their growth in India, stating, “The Indian agritech sector is set to address the $34 billion market by 2027. eFeed’s dedication to innovation and sustainability aligns perfectly with Klub’s mission to support impactful ventures. We’re proud to partner with eFeed in their journey towards profitability and sustainable growth, driving positive change in the agriculture sector.”

Continue Exploring: Pet care startup Papa Pawsome secures $400K in seed funding led by Indian Angel Network

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

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NIC icecreams
NIC icecream

Walko Food‘s NIC, a renowned ice cream brand and quick-service restaurant (QSR), has secured $20 million in a recent funding round, spearheaded by its existing investor, Jungle Ventures.

This marks Jungle’s second investment in Walko Food in under a year. The Singaporean VC firm spearheaded an $11 million funding round for Walko last year in May.

Continue Exploring: Walko Food’s NIC ice cream brand secures $11 Million investment in funding round led by Jungle Ventures

The newly acquired capital will further propel Walko’s expansion across its product portfolio and customer reach, accelerating its penetration into the Indian ice cream market.

Speaking on the latest investment, Sanjiv Shah, Director, Walko Food Company said, “The capital raised will help to expand Walko’s operational capacity, enrich our product offerings, and diversify with the mass-market ice cream brand – Yummo.”

Established in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko offers premium ice creams, kulfis, frozen desserts, and thick shakes through its brands NIC, Grameen Kulfi, Yummo, and Cream Pot. These products are accessible on various food tech and quick commerce platforms like Instamart, Zomato, Swiggy, Blinkit, and others.

“Walko is tapping into a multi-billion-dollar opportunity in the Indian ice cream industry. In recent years, ice cream has captivated Indian consumers, causing a structural shift in dessert consumption patterns from traditional Indian sweets to ice cream. Walko has showcased leadership in this segment with a diverse range of brands spanning various price points,” said Arpit Beri, Partner, India Investments, Jungle Ventures.

According to Walko, it has achieved a Compound Annual Growth Rate (CAGR) of 90% over the past five years and has established its presence in more than 100 cities throughout India.

Earlier, the company enlisted celebrity Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC to boost brand presence. Additionally, it recently partnered with Zepto to distribute 250,000 cups of NIC ice cream.

Continue Exploring: NIC Ice Creams unveils Rashmika Mandanna as inaugural brand ambassador, elevating the ice cream experience nationwide

NIC competes with both emerging and well-established brands, including Cream and Fudge, Havmor, Baskin Robbins, Kwality Walls, Mother Dairy, Cream Bell, Amul, and Vadilal.

In FY23, NIC saw a 32% increase in revenue from operations to INR 170 crore, compared to INR 128 crore in FY22. According to the company’s consolidated financial statement, it recorded a loss of INR 26.55 crore in FY23, contrasting with a profit of INR 85 lakh in the previous year.

According to Statista, the Indian ice cream market is projected to grow annually by 10.86% between 2024 and 2028, reaching $5.33 billion in 2024. The volume is expected to reach 2.16 billion kg by 2028, with a growth rate of 11.1% in 2025.

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

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FMCG
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The demand for daily groceries, essentials, and household products is projected to deteriorate over the next few quarters in India, according to global research firm Kantar. This further delays the timeline for volume recovery in the fast-moving consumer goods (FMCG) industry, following a more pronounced slowdown in the December quarter.

In the December quarter, overall product volumes, reflecting consumer purchases, saw a 5.2% increase, slightly lower than the 6.9% growth observed in the September quarter. According to data from Kantar, sales volumes in rural areas rose by 4.8%, while in urban centers, they increased by 5.6% compared to the previous year. Kantar’s monitoring encompasses both branded and unorganized products, including bulk unpackaged goods. Conversely, Nielsen focuses mainly on tracking branded retail sales.

“We are likely to see another drop in the next quarter, and the current trend of slowdown is expected to stay deep into 2024,” said K Ramakrishnan, managing director, South Asia, Worldpanel division, Kantar. “The mild slowdown we saw in the September quarter became even more pronounced in the December quarter.”

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

Ramakrishnan highlighted that the slowdown in demand was particularly noticeable in the food sector. “Growth here stumbled to 5.8% last quarter, from a strong 8.2% in the previous quarter,” he said.

The consumer industry in India, known for its price sensitivity, experienced a demand slump as companies raised prices by nearly 25% over the last two years to counter rising input costs. These costs initially surged due to global supply chain disruptions triggered by restrictions on mobility and business operations aimed at controlling the spread of the coronavirus. Furthermore, the subsequent combination of historically low policy rates in major economies and the conflict in Ukraine led to a sharp increase in commodity prices.

However, over the past three quarters, companies have been slashing prices amid visible consumer preference in favor of cheaper products, but the strategy hasn’t helped boost volumes just yet.

Companies, too, believe demand revival will have to wait.

“I believe it will require a couple of quarters for the recovery to materialize. Rural consumption is still facing significant pressure stemming from liquidity issues,” stated Mohit Malhotra, CEO of Dabur. “We’re observing an increase in food prices as well. Therefore, we can’t consider ourselves out of the woods until rural demand rebounds.”

The FMCG market in India saw growth of 6.1% in 2023, contrasting with a 0.1% decline in 2022, primarily driven by performance between April and September last year.

Continue Exploring: Indian FMCG sector eyes robust growth in 2024 amidst favorable market conditions

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Chaigram expands footprint with 15th store launch in Kolkata, eyes aggressive growth targets

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Chaigram
Chaigram

Kolkata-based tea chain, Chaigram, has unveiled its 15th store in the city, as revealed by a company official on social media on Monday. The new establishment, dubbed Chaigram Canteen, is situated in Sulekha, Jadavpur, Kolkata.

“We are thrilled to announce the launch of the 15th outlet of Chaigram at Sulekha more Jadavpur, Kolkata. On behalf of the team Chaigram we would love to thank all well-wishers, investors, channel partners, supply chain partners and vendors who are involved in our journey so far,” said Anirban Dey, Co-Founder of Chaigram in a LinkedIn post.

Chaigram runs its establishments under various brand names including Chaigram, Chaigram Canteen, The 99 Thali Shop, The Calcutta Street Food, and The Republic of Calcutta. All these stores are situated in Kolkata, with each brand’s outlet located in close proximity to the others.

Continue Exploring: Chaigram expands swiftly: Unveils 14 new stores in just 22 months

“Our plan is to open 100 outlets in Eastern India by another couple of years,” Dey said on social media. Additionally, the brand aims to open 25 new company-owned and operated (COCO) outlets in 2024.

Chaigram was established in 2020 with five team members, and today the brand has grown to employ over 200 members.

According to the company’s official website, the brand has served more than 5,000 customers to date, providing a wide array of over 800 curated products across 40 product categories.

Continue Exploring: Chai Sutta Bar launches its new tea brand ‘Maatea’

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Flipkart explores buyout of cash-strapped Dunzo

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Dunzo

Flipkart, a major ecommerce platform backed by Walmart, is reportedly exploring the acquisition of cash-starved hyperlocal delivery startup Dunzo.

According to a TechCrunch report, complexities around Reliance-backed Dunzo’s ownership structure have made it difficult for both parties to reach a deal.

It’s important to highlight that Dunzo has been grappling with a cash shortage for nearly a year. This has led the startup to implement numerous rounds of layoffs and suspend salary payments to employees for several months. Additionally, the company experienced the departure of several key board members and its co-founder, Dalvir Suri, last year.

Continue Exploring: Dunzo Co-Founder Dalvir Suri announces departure after six years of service

According to the report, discussions regarding the acquisition between Flipkart and Dunzo are ongoing. Nevertheless, the deal has not materialized yet, partly because Flipkart is uncertain about the aspects it would be able to incorporate through the acquisition.

Dunzo has multiple IP relationships with Reliance Retail. Furthermore, as the largest investor in Dunzo, the Reliance Group company holds considerable sway and has reportedly not yet approved the deal.

Emails sent to Dunzo and Flipkart did not elicit a response.

According to the report, Flipkart recognizes the value of specific assets within Dunzo, particularly its business-to-business offerings in the hyperlocal delivery sector.

Established in 2015 by Kabeer Biswas, Suri, Mukund Jha, and Ankur Aggarwal, Dunzo connects consumers with nearby stores and facilitates deliveries of products including groceries, medicines, and food, among other daily needs. Though the startup entered the quick commerce space with Dunzo Daily, it only resulted in more cash burn for the company.

In fact, the startup’s major funding round from Reliance Retail in January 2022 was to support its quick commerce operations and strengthen its B2B business.

Nonetheless, its business has faced challenges in expanding at the same pace as the leading quick-commerce giants such as Blinkit, Zepto, and Swiggy Instamart. Even in the B2B sphere, Dunzo encountered stiff competition from Porter, Shiprocket, as well as Zomato and Ola.

Continue Exploring: Cash-strapped Dunzo promises to settle outstanding payments to former employees by March-end

Dunzo has secured approximately $457 million across various funding rounds to date. In addition to Reliance, notable investors on its cap table include Google, Lightbox, Lightrock, and Alteria Capital.

Amid the ongoing challenges, Dunzo saw its losses almost quadruple year-on-year to INR 1,801 crore in FY23. Nevertheless, there was a remarkable growth in operating revenue, which stood at INR 226.6 crore during the year, marking a 317% YoY increase.

Meanwhile, reports have emerged indicating that PhonePe, a major fintech firm backed by Walmart and previously associated with Flipkart until its separation in 2022, is exploring an investment opportunity in Dunzo.

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Radisson Blu, Kaushambi sets the bar high with a series of dynamic events and culinary delights throughout January

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Radisson Blu, Kaushambi
Radisson Blu, Kaushambi

Radisson Blu, Kaushambi, known for its dedication to superior hospitality and innovative event coordination, successfully executed a range of dynamic and captivating events throughout January. Whether immersing in cultural festivities or savoring gourmet delights, Radisson Blu, Kaushambi, delivered an exceptional experience catering to visitors with varied interests and tastes.

Ashwani Kaushik, Cluster F&B Manager, of Radisson Blu, Kaushambi, said, “We are delighted to have hosted a diverse range of events at Radisson Blu, Kaushambi throughout January. Each event was thoughtfully organized to offer our guests an immersive and engaging experience. Furthermore, in February, we are excited to continue our series of events by organizing themed brunches and other activities. We look forward to offering our guests unforgettable experiences that they will cherish in the coming future.”

Continue Exploring: Radisson partners with EaseMyTrip and Jeewani Group for second hotel venture in Ayodhya

During the series of events, Radisson Blu arranged a New Year’s brunch and dinner, a Republic Day brunch, and a Lucknow Food Festival named ‘Lazzat e Awadh’. Additionally, Radisson Blu hosted Theme Brunches featuring diverse cuisines from around the world.

The dynamic events showcased the talents of Radisson Blu’s expert chefs, who skillfully crafted specially designed dishes to lead diners on an unforgettable culinary adventure. Meticulously curated menus featured an array of exclusive dishes, inviting guests to savor global flavors that enhanced their dining experience. With such remarkable events and innovative menus, Radisson Blu, Kaushambi, continues to push boundaries and establish new benchmarks of excellence in the highly competitive hospitality industry.

Continue Exploring: Radisson Hotel Group expands footprint with Park Inn’s grand opening in Ayodhya

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WMO shines at MEWA India 2024: CEO Jillian Laing leads insightful panel, hosts exclusive high tea with Chef Rakhee Vaswani

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Jillian Liang, CEO of WMO

World Macadamia Organization (WMO), a leading name in the dry fruits and nuts industry, took part in MEWA India 2024, a prestigious event organized by the Nut and Dry Fruit Council of India. The event, held on the 16th and 17th of February, showcased the finest offerings in the global dry fruits and nuts sector, bringing together industry leaders, experts, and enthusiasts.

Jillian Laing, the CEO of WMO, honored the event with her esteemed presence and played an active role in a panel discussion focused on exotic nuts. Her participation provided invaluable insights into the industry’s trends, challenges, and prospects.

Continue Exploring: MEWA 2024 kicks off with Hon’ble Lok Sabha speaker’s inauguration, showcasing India’s potential in nut & dry fruits market

WMO’s involvement in the event was notably marked by an exclusive high tea session led by the esteemed Chef Rakhee Vaswani. The focus of this session was on promoting healthy culinary practices, particularly highlighting the nutritional advantages and imaginative applications of incorporating macadamia nuts into daily recipes. Additionally, attendees were treated to a live cooking demonstration, where innovative methods of incorporating macadamia nuts into various dishes were showcased, showcasing the nuts’ versatility and delectable flavor to great acclaim.

The event attracted a large number of industry professionals from the nut and dry fruit sector worldwide, alongside enthusiastic participation from various media outlets, further amplifying the exposure and significance of WMO’s presence at MEWA India 2024. The company remains dedicated to delivering superior quality products and fostering innovation in the industry.

Continue Exploring: NDFCI unveils MEWA India 2024: India’s first B2B exhibition for nuts and dry fruits industry

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Onion export ban set to continue until March 31, no immediate changes expected

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Onion

A senior official stated on Tuesday that the government will uphold the ban on onion exports until its originally set deadline of March 31. This decision is driven by the government’s commitment to stabilizing prices and ensuring an ample domestic supply. The export of onions was initially prohibited on December 8, 2023, with the deadline set for March 31.

“Ban on onion exports has not been lifted. It is in force and there is no change in the status,” Consumer Affairs Secretary Rohit Kumar Singh told.

Continue Exploring: India halts onion exports as prices soar due to unseasonal rainfall

He further emphasized that the government’s utmost priority is to guarantee sufficient domestic availability of onions at affordable prices for consumers.

Following reports of the export ban being lifted on the commodity, wholesale onion prices surged by 40.62% to INR 1,800 per quintal on February 19 in Lasalgaon, the nation’s largest wholesale onion market, compared to INR 1,280 per quintal on February 17.

Sources indicate that the ban is unlikely to be lifted even after March 31, especially with the general elections looming ahead. This is due to projections of lower rabi (winter) onion production, attributed to reduced coverage of cultivation areas, particularly in Maharashtra.

Continue Exploring: Onion prices plunge by 50% following govt ban on exports

During the 2023 rabi season, onion production was estimated to reach 22.7 million tonnes.

The Agriculture Ministry officials will assess the rabi onion coverage in key growing states of Maharsthra, Madhya Pradesh and Gujarat in the coming days.

Meanwhile, the export of onion to friendly countries is allowed on a case-to-case basis after approval from the inter-ministerial group.

Continue Exploring: India eases onion export restrictions, allows shipments to selected countries

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abCoffee expands rapidly: 25 outlets opened in 20 months, aims for 150 by 2024

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abCoffee
Abhijeet Anand, Founder, abCoffee

abCoffee, a Mumbai-based tech-enabled specialty coffee quick-service restaurant (QSR) chain, has opened 25 outlets in 20 months.

The brand aims to have 150 stores by the end of the 2024 financial year. Currently, 25 outlets are operational, with an additional 25 in the pipeline. The remaining 25 are scheduled to open by April 2024.

Continue Exploring: abCoffee brings affordable speciality-grade coffee to India through tech-enabled outlets

Abhijeet Anand, Founder and CEO of abCoffee, said, “This rapid expansion underscores our unwavering commitment to delivering exceptional coffee experiences at honest prices, coupled with a dedication to building strong community connections.”

With a 4.6-star rating across customer ordering platforms and a commendable 61% customer loyalty rate, AbCoffee fosters local connections through strategically positioned outlets across Mumbai and Delhi, spanning corporate parks, residential areas, and vibrant high streets.

Founded in 2022 by IIT Dhanbad graduate Abhijeet Anand, the company has successfully raised a seed fund of $2 million.

abCoffee secures $2 Million in seed funding to fuel growth in India’s specialty coffee market

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