Japanese beverage giant Kirin Holdings to invest $25 Million more in B9 Beverages

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February 19, 2024

Kirin Holdings, a Japanese beverages group, is investing $25 million (approximately INR 205 crore) to acquire an additional minority stake in B9 Beverages, the manufacturer of craft beer Bira 91 and owner of the Beer Cafe pub chain, according to executives familiar with the development.

As per a report from ET, executives, who preferred to remain anonymous, stated that Kirin’s acquisition of fresh shares will increase its ownership in B9 Beverages beyond the current approximate 20%. Additionally, another American financial investor is nearing a $25 million investment for a further stake in B9 Beverages, with closure anticipated in the upcoming weeks, as mentioned by one of the aforementioned executives.

The investor remains unidentified. Fresh investments totaling $50 million (INR 410 crore) are being made at a pre-money valuation of $600 million. In late 2022, Tokyo-listed Kirin Holdings injected INR 570 crore into the beer company, elevating its stake to 20% and valuing the beer maker at $600 million. Established in 2015, B9 Beverages retails craft, lager, and strong beer under brands like Bira White, Gold, and Boom. It operates across 24 countries and manages six breweries. Ankur Jain, CEO of B9 Beverages, and Rahul Singh, CEO and founder of The Beer Cafe, were unavailable for comment.

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Sequoia Capital and Belgium’s Sofina are also among the investors of B9 Beverages. This development comes amid double-digit demand projections for beer, driven by younger and newer consumers, as well as the introduction of new craft brands and flavors aiding the category’s growth. The latest funding round, marking the third fundraising effort for B9 Beverages within a year, will be allocated towards expanding breweries, enhancing global retail presence, and further developing Bira 91’s Taproom pubs, according to a second executive mentioned above.

Continue Exploring: Bira 91 takes beer innovation to new heights with latest taproom launch in Delhi

Over the past fifteen months, Kirin Holdings and Japan’s MUFG Bank have each invested $80 million in B9 Beverages. According to a report by IMARC, India’s beer market reached INR 41,407 crore in 2023 and is projected to achieve sales of INR 78,120 crore by 2032, driven by a surge in craft breweries and an increasing preference for locally brewed beers.

Major players in the Indian beer market comprise United Breweries, owned by Heineken, known for its Kingfisher brand; Carlsberg’s Tuborg; and Ab InBev, the owner of Budweiser, Hoegaarden, and Corona. In December 2023, reports indicated that B9 Beverages was in discussions with potential investors to secure INR 400 crore in fresh funding from both existing and new investors.

Continue Exploring: B9 Beverages gears up for INR 400 Crore funding round to drive business expansion

According to filings with the Registrar of Companies, B9 reported revenues of INR 824 crore for the fiscal year 2023, marking a 14.6% increase from INR 719 crore in the previous fiscal year. B9 holds an 11% market share in the premium beer segment.

Diageo sets the bar high with launch of premium ready-to-serve cocktails in Great Britain

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February 17, 2024

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Diageo has introduced an innovative lineup of high-quality ready-to-serve (RTS) cocktails in Great Britain. Dubbed The Cocktail Collection, this fresh trio aims to revolutionize the home drinking experience.

Set for launch in March, the upcoming range will showcase 500ml bottles, accessible in grocery stores and wholesale channels. Additionally, Diageo intends to accommodate various tastes by introducing premium RTD cocktails in 100ml cans, slated to debut in April.

Crafted using Diageo’s renowned brands, the collection presents three distinct options: Johnnie Walker Old Fashioned (20.5% ABV), Tanqueray Negroni (17.5% ABV), and Cîroc Cosmopolitan (17.5% ABV). Each generously portioned bottle contains five servings, ideal for sharing or special occasions.

Continue Exploring: Coca-Cola’s Minute Maid diversifies portfolio: Enters alcohol market with innovative cocktails

Diageo’s newest release perfectly embodies the “drink less, but better” philosophy. Tailored for both newcomers and connoisseurs, these cocktails are easily poured directly from the bottle or can, removing the usual complexities of mixology.

Perfect for elevating any social gathering or intimate gathering, The Cocktail Collection inspires individuals to savor moments with elegance. Its premium packaging showcases sophisticated designs that mirror the essence of each cocktail, promising a memorable visual delight.

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In recent years, the Ready-to-Drink (RTD) category, especially cocktails, has experienced remarkable growth, driven by premium options. With the introduction of this meticulously curated trio of cocktails, Diageo seeks to enable retailers to satisfy the growing demand for top-tier libations enjoyed at home.

Nin Taank, marketing manager RTDs at Diageo GB, said, “We recognise that consumers are still looking to create quality, memorable experiences at home and The Cocktail Collection innovation in GB provides consumers with the means to easily elevate any occasion – whether they are hosting a dinner party, having drinks and nibbles with friends or treating themselves with a partner in the evening. The range is set to revolutionise the way people enjoy drinks at home by providing accessible, premium options – the expertly crafted cocktails mean consumers can pour the perfect serve every time with ease.”

Continue Exploring: Rise in alcohol consumption: Australians double down on RTDs, beer consumption declines

New Culture’s animal-free casein granted ‘world first’ clearance for commercial sale

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February 17, 2024

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New Culture‘s casein protein, crafted without any animal inputs, has been deemed safe for consumption.

The alt-dairy start-up, following a recent evaluation by an independent panel of qualified scientific and toxicology experts, has self-affirmed that its animal-free casein is ‘Generally Recognized as Safe’ (GRAS). This determination means that the company’s casein can now be sold, used, and consumed in the US like any other food ingredient.

New Culture announced that it has attained Generally Recognized As Safe (GRAS) status for its casein, which closely aligns with the identity and macro-nutritional profile of traditional cow casein while adhering to reproducible, industry-standard, and food-safe manufacturing processes.

In June last year, New Culture announced its successful creation of mozzarella cheese using its casein protein. The forthcoming mozzarella is scheduled to debut this summer at Silverton’s Pizzeria Mozza in Los Angeles, US, before expanding to retail shelves.

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In August 2023, New Culture revealed that it had upscaled its fermentation process to manufacture volumes significantly larger than previous deployments. This enabled the production of enough cheese for 25,000 pizzas per run, a significant step forward in its plans to supply animal-free mozzarella to pizzerias across America.

Casein serves as a key component in converting milk into various dairy products such as cheese, yogurt, and whipped cream. New Culture’s animal-free casein provides identical taste, texture, and functionality to traditional dairy. Notably, products using New Culture casein are devoid of lactose, cholesterol, trace hormones, and antibiotics. Moreover, they contribute to significantly reduced greenhouse gas emissions, as well as decreased land and water usage.

Inja Radman, New Culture’s co-founder and CSO, said, “Having secured another “world’s first” for our animal-free casein is a testament to the hard-working and innovative team we have at New Culture. Achieving GRAS status proves that animal inputs aren’t needed to produce casein protein and marks an essential step on our path toward commercialisation.”

New Culture has expressed its intention to inform the FDA about its self-GRAS determination shortly. Additionally, the startup has confirmed ongoing efforts to expand its manufacturing capacity in anticipation of the first sale of its cheese later this year.

Continue Exploring: Danone and Wilk join forces to produce animal-free infant formula with strategic investment deal

Turkish beverage giant CCI to acquire Coca-Cola Bangladesh Beverages for $130 Million

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February 17, 2024

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Coca-Cola Icecek (CCI), the Turkish beverage company, has inked an agreement to purchase Coca-Cola Bangladesh Beverages Ltd (CCBB) for a sum of $130 million.

CCBB stands as one of the two bottlers operating in Bangladesh, responsible for the manufacturing, marketing, and distribution of Coke brands within the nation.

According to a statement released on its website, CCI will purchase all of CCBB’s shares, totaling 100 percent ownership, at a net worth of $130 million, equivalent to over Tk 1,400 crore, after deducting CCBB’s estimated net financial debt as per the agreement.

“The equity value will be subject to a post-closing price adjustment mechanism following the completion of a closing audit to determine the exact net financial debt amount of CCBB as of the closing date,” it said.

Continue Exploring: Coca-Cola undertakes major refranchising move in India, shifting bottling operations to independent partners

CCI stated that the acquisition will likely be funded using existing cash reserves of CCI International Holland BV (CCIHBV) and will result in a minimal effect on CCI’s net leverage.

Officials from CCBB have verified the development, noting that the deal is anticipated to be finalized upon receiving regulatory approval in Dhaka.

In its statement, CCI, along with its wholly-owned subsidiary CCIHBV and a subsidiary of The Coca-Cola Company, announced the signing of the deal. CCIHBV will serve as the primary direct shareholder.

CCBB is going to be transferred to the Istanbul-based company seven years after International Beverages Private Ltd (IBPL), Bangladesh, a subsidiary of The Coca-Cola Company, established the plant in 2017 in Bhaluka of Mymensingh, with an investment of $74 million and developed other infrastructure.

Abdul Monem Ltd, a local firm, is another bottler of Coca-Cola beverages in Bangladesh, where the non-alcoholic ready-to-drink market saw a 10 percent compound annual growth rate in the three years leading up to 2022.

The soft drink market in Bangladesh, estimated to be between Tk 4,000 crore and Tk 6,000 crore, is served by two US-based soft drink giants, Coca-Cola and PepsiCo, as well as by several local beverage manufacturers like Pran, Akij, and Partex.

According to CCI, the non-alcoholic ready-to-drink market in Bangladesh is anticipated to achieve a 12 percent average annual growth rate over the decade leading up to 2032.

CCI produces, distributes, and markets various Coca-Cola brands and operates in 11 predominantly Muslim countries, namely Azerbaijan, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Pakistan, Syria, Tajikistan, Turkey, Turkmenistan, and Uzbekistan.

In his comment, CCI Chief Executive Officer Karim Yahi said, “We are very pleased to sign the share purchase agreement to acquire CCBB, which we see as a great opportunity to enter a market with significant future potential, where growth and value can be generated by deploying CCI’s core capabilities.”

“This acquisition also creates a more diverse geographical footprint for CCI and solidifies its alignment with The Coca-Cola Company.”

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CCI, referencing forecasts from the International Monetary Fund, stated that Bangladesh’s economy experienced an average annual growth rate of 6.5 percent from 2012 to 2022 and is projected to grow at an average annual rate of 6.7 percent from 2023 to 2028.

CCBB caters to approximately 10 crore consumers across the Rangpur, Rajshahi, Mymensingh, and Dhaka regions.

With a workforce of over 300 employees, a single bottling plant, and three main warehouses, CCBB operates approximately 300,000 points of sale and collaborates with nearly 500 distributors.

Most of CCBB’s total sales come from soft drinks, with the remaining portion of its product portfolio comprising the water category.

Over the last five years, the company has consistently enhanced its competitive standing in Bangladesh, rising to become the market leader in the soft drinks category with a 45.3 percent share as of 2023, as reported by CCI.

Continue Exploring: Coca-Cola reports robust growth in India in 2023, plans increased investments for expansion

Wendy’s reports strong Q4 2023 with nearly 14% rise in net income, reaching $46.9 Million

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February 17, 2024

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Wendy’s has disclosed a notable 13.6% surge in net income during the fourth quarter (Q4) of 2023, soaring to $46.9 million compared to $41.3 million in the corresponding period of the prior year.

The company attributed the growth to a gain from the early extinguishment of debt and an increase in operating profit.

Wendy’s total revenues for the quarter ending December 31, 2023, stood at $540.7 million, marking a modest increase of 0.8% from $536.5 million in the corresponding period of the previous year.

The company recorded an operating profit of $86.6 million for the quarter, reflecting a 3.1% increase from $84 million in the fourth quarter of 2022.

The improvement primarily resulted from increased franchise royalty revenue, reduced investment in breakfast advertising, and a decrease in general and administrative expenses.

Wendy’s diluted earnings per share experienced a notable increase of 21.1% to $0.23 from $0.19 in the corresponding quarter of the previous year.

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The company’s adjusted earnings before interest, taxes, depreciation, and amortization for the quarter rose by 2.5% to $126.6 million from $123.5 million in the fourth quarter of 2022.

The company witnessed a 3.2% growth in system-wide sales globally, with a 2.3% increase in the US and a notable 9.7% rise in international markets.

Global system-wide sales increased from $3.39 billion in Q4 2022 to $3.49 billion in Q4 2023.

Regarding same-restaurant sales, Wendy’s noted a 1.3% global growth, with the US experiencing a 0.9% increase and international markets seeing a 4.3% rise in the fourth quarter of 2023.

Wendy’s company president and CEO Kirk Tanner stated, “The Wendy’s system delivered strong sales, profit and cash flow growth in 2023, all supported by progress on our strategic growth pillars.

“2023 marked the brand’s 13th consecutive year of global same-restaurant sales growth, highlighting the system’s consistent execution and strong franchisee alignment as the team continued to grow the beloved Wendy’s brand.

“The team also significantly accelerated digital sales, opened nearly 250 new restaurants across the globe, and expanded US company-operated restaurant margin to pre-Covid levels despite extreme inflationary headwinds in recent years.”

Continue Exploring: Wendy’s unveils exciting ‘Flavour Fresh’ range for Indian palates

Pernod Ricard reports 4% sales growth in Indian market during first half of FY24

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February 17, 2024

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Pernod Ricard, the renowned French spirits producer, has reported a 4% increase in sales within the Indian market for the first half of the ongoing fiscal year. The company, adhering to a fiscal year from July to June, notes a robust market appetite for spirits in India, as stated in its latest earnings report.

Moreover, a “strong growth” is expected in the second half (January to June 24) from India, which is the second largest market globally for Pernod Ricard after the US.

Its international brands Jameson, Absolut and The Glenlivet reported a “very strong growth” in the Indian market during the period, the company said.

Besides, its Indian whisky portfolio Seagram’s which includes IMFL (Indian-made foreign liquor) brands such as Blenders Pride, Imperial Blue and Royal Stag also reported over 4 per cent growth in sales, Pernod Ricard added.

Continue Exploring: Pernod Ricard anticipates a threefold increase in India sales, expects to topple US market

The company had an “acceleration in Q2 net sales against easing comparables”, according to the earnings statement.

Globally in the first half of FY24, Pernod Ricard’s sales at 6.59 billion euros declined 7 per cent. Its organic sales were down 3 per cent.

The India market contributed 11 per cent of the global net sales of Pernod Ricard in the first half of FY24, becoming the second largest contributor after the US which contributed 19 per cent.

Pernod Ricard’s premium portfolio was driving high-single-digit pricing in all regions, which was offset by lower volumes and an adverse market mix.

Pernod Ricard’s global portfolio comprises over 200 premium brands, including 100 Pipers, Chivas Regal, The Glenlivet, Absolut, Havana Club and Jacob’s Creek.

It also owns IMFL brands such as Blenders Pride, Imperial Blue and Royal Stag.

Pernod Ricard’s local unit in India has already crossed INR 25,000 crore sales mark

Pernod Ricard India posted a consolidated revenue of INR 25,039.47 crore from its operations in the financial year that ended on March 31, 2023.

Its India MD Jean Touboul in an interview last December said he expects India to become a leader in the next 10-15 years, replacing the US market as the domestic market is growing faster here than other markets.

The company expects the Indian market to triple its sales by next decade, led by macroeconomic tailwinds, extremely favourable demographic dividend and growing premiumisation in IMFL and imported brands here, Touboul had said.

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Drone carrying frozen chicken crashes in Gurugram society, sparks investigation

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February 17, 2024

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A drone delivering frozen chicken crashed into a residential society in Gurugram on Thursday, according to police reports. They also mentioned that an FIR was registered against the company operating the drone for breaching CrPC Section 144, which was enforced in the city.

The drone was being operated by Skye Air when it crashed into G Block of South City 2 society in Gurugram’s Sector 50. According to police reports, Chief Minister Manohar Lal Khattar was visiting the city at the time, and there was an active order under Section 144 of the CrPC regarding unmanned aerial devices.

Drones are allowed to transport items weighing less than 5 kg, and the payload of this specific drone was within that limit. According to the complainant quoted by the Indian Express, the drone crashed into the building and descended.

The police have requested the necessary permissions and documents required for the operation of the drone during the implementation of the order. Currently, an investigation is in progress.

The drone was on its way to deliver food from Vipul Trade Centre to Fresco Apartments when it crashed just 50 meters away from its intended destination.

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A representative from Skye Air stated that the company has obtained all requisite approvals and permissions for conducting drone operations along the designated route.

“As per our findings, we had to do an emergency landing due to a sudden object coming in the path. No loss of lives or any major damage has been reported. Skye Air has all the required permissions from local authorities too. The company has been testing this system with zero incidents and has completed thousands of flights. We ensure maximum safety with parachutes and ADSB on board,” a Skye Air official as quoted in several media reports.

This comes at a time when drone startups are thriving, following the Center’s relaxation of policies governing drone operations in India through the Drones Rules 2021.

A series of positive measures have been introduced for the sector. For instance, the Cabinet’s approval of a INR 120 crore PLI scheme, a ban on drone imports to promote domestic manufacturing, and the implementation of a drone certification scheme to uphold safety and quality requirements are among the notable steps taken.

Furthermore, the introduction of digital airspace mapping for drones, along with initiatives like Drone Shakti and Kisan drones, has been lauded as a positive step by experts.

As technology advances and regulations evolve, the future of drone delivery in India is becoming increasingly promising. With improved capabilities and a conducive regulatory framework, there is anticipation for a significant expansion of drone delivery services in the near future, reshaping logistics across the country.

Continue Exploring: Top 10 Places in Delhi to Try Chicken Tikka

Indian delights Achappam and Gulab Jamun named among top 50 doughnuts globally

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February 17, 2024

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When it comes to culinary indulgence, few things rival the sheer delight of sinking your teeth into a perfectly fried treat, especially in the realm of desserts. Recently, Taste Atlas, a globally recognized food rating platform, embarked on a quest to unearth the top 50 doughnuts from around the world, showcasing the diverse array of flavors and textures celebrated across cultures. Among these delectable discoveries were two beloved Indian delicacies, Gulab Jamun and Achappam, reaffirming the universal love for deep-fried delights in the sweetest way possible.

Continue Exploring: Indian cuisine ranked 11th best in the world by TasteAtlas

The top 5 spots on the list are occupied by Bombolini, Bola De Berlim, Giraffe Napoletane, Kkwabeaegi, and Krapfen, forming a truly international selection of deep-fried delights. Among Indian entries, Achappam claimed the 39th spot, while Gulab Jaman secured 44th place. Meanwhile, in a separate ranking by Taste Atlas focusing on the Top Deep-Fried Desserts, Gulab Jamun ranked 8th and Achappam followed at 92nd.

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Gulab jamun, a delightful sweet, originates from the Persian terms ‘gol’ and ‘ab,’ translating to flower and water, with rose water being the essence used in this confection. Dough balls are fried until golden brown, then immersed in sugar syrup, making it a beloved mithai across India, Pakistan, Nepal, the Maldives (known as gulab ki janu), Bangladesh, and even Myanmar.

On the flip side, Achappam resembles more of a cookie than a traditional doughnut, yet as a deep-fried dessert, it’s a highly coveted treat for many. Commonly referred to as rose cookies, they originate from Kerala and are believed to have been introduced to India by the Dutch. Variations of the rose cookie can be discovered throughout India and beyond, with Andhra Pradesh offering its own eggless version known as Gulabi Puvvulu or the Persian ‘Nan Panjereh’.

Doughnuts and various other deep-fried desserts hold a unique significance across many culinary traditions. This collective exploration of the worldwide array of doughnuts and their diverse interpretations provides valuable insights into the indispensable role these sugary delights play in the gastronomy of each nation.

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Tamil Nadu bans cotton candy sales after cancer-causing element detected by food lab

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February 17, 2024

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Tamil Nadu has prohibited the sale of cotton candy due to the alarming presence of a cancer-causing substance. State Health Minister Ma Subramanian announced the ban on Saturday following a food lab analysis.

The Food Analysis Laboratory had found Rhodamine-B in cotton candy and various other coloured sweets, terming them unsafe and substandard for consumption.

Describing it as a punishable offense, Mr. Subramanian announced that any participation in the production, sale, distribution, or packaging of products containing Rhodamine B would lead to strict repercussions.

Continue Exploring: India’s confectionery market sweetens up as dark chocolate takes the lead in rapid growth

Directives have also been issued to food safety authorities to carry out comprehensive inspections and impose strict measures against those who violate the regulations.

The neighbouring Union territory of Puducherry has already enforced a prohibition on cotton candy.

The ban is bound to affect the livelihood of hundreds of cotton candy vendors and manufacturers across the state.

Continue Exploring: Confectionery market witnesses resilient growth: Candies, toffees and chewing gum bars defy stagnant trends

E-commerce firms boost efforts for gender diversity in supply chain roles

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February 17, 2024

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E-commerce firms are actively working to address the gender imbalance in supply chain roles, which have historically been dominated by men.

In a bid to overcome the challenges in hiring women for supply chain roles, companies like Flipkart, Amazon, Meesho, and Jumbotail are implementing various initiatives. These include providing creche facilities, offering period leave, sourcing with gender balance in mind, establishing women-only delivery and customer service stations, and forming partnerships with women’s campuses to attract female talent.

In the past two years, Flipkart has boosted female representation in its supply chain by 64%, while Meesho aims to elevate it to 33% by March next year, up from the current 21%.

“At Flipkart, we believe in the power of diversity as a catalyst for success,” said Prajakta Kanaglekar, vice-president of supply chain and customer experience teams.

In addition to extensive hiring efforts and women-led hubs, Flipkart has embraced localized hiring tactics, transportation provisions, and the establishment of creche facilities at approximately 28 sites. These measures aim to tackle the obstacles associated with recruiting female employees in remote regions.

Its training programs, such as Vidhyarthini (focused on raising awareness about supply chain roles for female B-School students), Disha (a train-and-hire model for MBA students), Neev (a train-and-hire model for engineering students), and the Supply Chain Certification Programme (SCCP), are tailored to equip female candidates with the necessary skills for a range of positions, spanning from internships to management trainees and roles within supply chain management.

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Within the B2B food and grocery sector, Jumbotail is leveraging its formal program, Project Shakti, to increase female representation in supply chain operations. The goal is to achieve a 50% female presence in operational roles at supply chain fulfillment centers within the next 12-18 months.

Project Shakti aims to recruit, train, and promote women to key positions in order processing and inventory management, specifically focusing on grocery, staples, and FMCG products.

“Our strategy was developed from the insight that women’s natural qualities of discipline, diligence and intuition, critical for enhancing operational efficiency and innovation in the supply chain, when combined with their innate understanding of grocery products, can result in substantial benefits to customers while making a meaningful impact in the women workforce,” said Kamlesh Kumar, vice-president, supply chain, Jumbotail.

Meesho’s strategy includes gender-focused sourcing, collaborations with women’s campuses and educational institutions, along with internship opportunities for individuals seeking practical experience in the field.

“Despite progress, we acknowledge the unique challenges faced by women in such industries, including a lack of mentorship,” said Ashish Kumar Singh, Meesho’s chief HR officer. To address these, the company has initiatives to support the professional growth of its female employees.

Liju Thomas, Director of HR for Amazon India’s operations, stated that the company has introduced several initiatives to enhance opportunities for women in the logistics sector, while reinforcing its commitment to diversity, equity, and inclusion (DEI).

Recruitment agencies report a significant increase in such directives.

According to Aditya Narayan Mishra, the Chief Executive of CIEL HR, there has been a 40% increase in demand for female talent. This surge is driven by a growing emphasis on gender diversity and inclusivity within India’s e-commerce sector.

“Ecommerce players like BigBasket, Flipkart, Amazon and Ecom Express are actively looking to hire women. Most ecommerce companies are hiring for roles such as pickers/packers, scanning executives, supervisors, analysts, last-mile delivery personnel, mid-mile delivery personnel, riders and customer service executives within the supply chain,” he added.

According to Senior Director Alok Kumar, Manpower has experienced at least a twofold increase in demand for diversity hiring compared to the previous quarter. He attributes this rise to lower attrition rates and higher productivity among women in comparison to their male counterparts.

Continue Exploring: Ecommerce to be the driving force for Indian MSMEs, says ministry of MSME

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