Rite Water Solutions secures INR 100 Crores to accelerate clean water initiatives across India

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February 13, 2024

Rite Water Solutions has successfully concluded its second and final phase of funding, securing an investment of INR 32.5 crore from an eminent group of investors. The funding round saw participation from ace investor Mukul Agrawal, a prominent figure in the Indian stock market, and Gunavanth Vaid, a respected MSME investor. Also involved was Abhiraj Jalota, who served as an advisor in this round, alongside other contributors.

This significant milestone comes on the heels of Rite Water’s recent fundraising of 7.5 million euros in the initial phase of its Series B funding round. The funds were secured from the Water Access Acceleration Fund (“W2AF”), which stands as the world’s premier private equity fund dedicated to drinking water. Noteworthy investors in W2AF include Danone, BNP Paribas, the U.S. International Development Finance Corporation (DFC), the Danish development finance institution IFU, Norfund, Aqua for All, the U.S. Agency for International Development, and the European Investment Bank. These investments are managed by the globally renowned impact asset manager, Incofin Investment Management.

Rite Water Solutions, a frontrunner in clean drinking water technologies, has expanded its capabilities to include solar pumping projects, innovative solutions based on IoT, and wastewater treatment. With the Series B funding, Rite Water has now amassed a total capital of INR 100 crore.

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“We are thrilled to close this funding round with the support of such distinguished investors. Their belief in our mission reinforces our commitment to addressing the critical need for clean water across India,” said Vinod Gaan, Chairman of the Rite Water.

“With these resources, we’re poised to expand our reach and impact, bringing climate-resilient sustainable water solutions to the communities in need,” he added.

Abhijeet Gaan, the Managing Director and CEO of Rite Water, emphasized that these funds will serve as a crucial catalyst in substantially scaling up the company’s operations and setting the stage for its next phase of growth. The primary objective will be to provide cutting-edge and innovative water solutions across India, capitalizing on a sector poised for significant investment and expansion.

With the infusion of capital, Rite Water is set to accelerate its mission of providing readily available, safe, and eco-friendly drinking water solutions. With a focus on rural areas in India, the company aims to address water scarcity and quality challenges, ultimately contributing to a healthier environment and improved quality of life for residents. This initiative aligns with the company’s overarching vision of “Transforming Bharat,” bringing it closer to realization.

Continue Exploring: Clear Premium Water expands portfolio with acquisition of Kelzai Volcanic Water

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

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February 13, 2024

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Happi Planet, a D2C homecare startup, has raised INR 8.47 Cr (about $1 Mn) in a strategic funding round from Fireside Ventures.

The funding will be deployed to broaden the startup’s physical presence while enhancing its digital reach. Additionally, the capital will facilitate the expansion of consumer education initiatives, aiming to propel growth even further.

According to a statement released by the startup, it aims to extend its physical presence to over 250 stores by the end of 2024. Additionally, the company has set its sights on achieving a tenfold increase in its top line within the next 12 months.

Established in 2022 by former Procter & Gamble employees Mayank Gupta and Nimeet Dhokai, Happi Planet specializes in the production and distribution of plant-based and non-toxic home care products, as well as beauty and personal care items.

The startup distributes its products through various online marketplaces including Amazon, Big Basket, and D Mart Ready, along with offline outlets like Reliance Signature stores. Its most recent funding round of INR 1.25 Cr was secured from VC firm 100X.VC in March 2023.

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

Commenting on the funding, Co-Founders Gupta and Dhokai said in the statement, “We are delighted to have Fireside Ventures join us on our mission to disrupt the home cleaners’ market & create a household brand name in the next 5 years.”

Meanwhile, Ankur Khaitan, principal at Fireside Ventures, said, “Consumers are becoming increasingly aware of harmful chemicals in their daily use products and seeking less nasties. Happi Planet with their innovative formulation of natural ingredients, high efficacy and conducive price point makes them unique to win in this large opportunity.”

In the sustainable health and personal care sector, Happi Planet competes with companies such as Beco, The Better Home, and Koparo Clean.

This funding marks Fireside Ventures’ latest investment in the consumer space, following the closure of its third fund, the Fireside Fund III, at $225 Mn (INR 1,830 Cr) in October 2022.

As per a report, the sustainable home hygiene products market in India is projected to reach a value of $74.05 Mn by the financial year 2026-2027 (FY27), with a compound annual growth rate (CAGR) of 32.90% from FY22 to FY27.

Continue Exploring: Home furnishing startup Vaaree secures $4 Mn in seed round led by Peak XV’s Surge

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

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February 13, 2024

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Supertails, a Bengaluru-based startup specializing in petcare products and services, has secured $15 million (around INR 125 crore) in equity funding. The round was led by RPSG Capital Ventures, with participation from the company’s current investors including Fireside Ventures, Saama Capital, DSG, and Sauce VC.

The funding will be allocated towards offline expansion, product scaling, customer acquisition, and the enhancement of its healthcare service, Supertails Pharmacy. The company plans to introduce trial stores in a combination of metropolitan and tier-I cities such as Bengaluru, Mysore, or Ahmedabad. Presently, Supertails lacks physical retail outlets.

“We will have to think of multiple stores in multiple localities. In the next two quarters, the idea is to have five to seven stores. And once we are able to crack that model, we’ll have at least 25 stores in the next two years,” said Varun Sadana, the Co-Founder.

Established in 2021 by Varun Sadana, Aman Tekriwal, and Vineet Khanna, the company provides an extensive array of pet supplies including toys, accessories, and pet food. Additionally, it offers online veterinary consultations, pet training services, and pet pharmacy services nationwide, serving over 18,000 pin codes in India.

The company primarily operates via its website, with 70% of its revenue attributed to food and food-related products. The remaining 30% is sourced from non-food items, with the healthcare sector contributing 10% to its overall revenue.

The company aims to achieve INR 100 crore in revenue by the end of FY24. According to regulatory filings submitted to the Registrar of Companies (RoC), Supertails generated operating revenue of INR 33 crore in FY23, accompanied by a net loss of INR 30 crore. During that year, the company allocated INR 12.5 crore towards marketing expenditures, which accounted for over a third of its operating revenue.

Continue Exploring: Supertails sets new benchmarks in pet care industry with 3X revenue growth and 5X consumer expansion in FY 2022-23

“Products like pharmacy, creating good-quality curated non-toys and accessories is what the consumer is looking for. They obviously sell a lot and at the same time they bring in profitability to the company as well,” said Sadana.

Backed by angel investors such as Kunal Shah, the Founder of Cred, and Varun Alagh, the Co-Founder and CEO of Mamaearth, the company is targeting an annualized revenue run rate (ARR) of INR 500 crore within the next two years. Sadana mentioned that the company is presently achieving an ARR of INR 120 crore.

“The idea is to keep building this business in India itself. We don’t intend to take it outside the country in the next two years as a strategy because we feel there is a very large market out there,” Sadana said. The addressable petcare market in India is worth around $5 billion, he said.

Commenting on the investment, Abhishek Goenka, Managing Partner, RPSG Capital Ventures said, “With increasing disposable income and a rising trend in pet parenthood, the pet care industry holds significant potential in the future. As we expect India’s pet economy to grow over the next decade, Supertails’ expansion aligns perfectly with the current landscape.”

Kanwaljit Singh, Founder and Managing Partner at Fireside Ventures, added, “Catering to the ever-evolving needs of Indian pet parents, Supertails has successfully managed to build a full-stack platform offering for its consumers. We look forward to seeing them strengthening their position in the Indian pet care market and fulfilling their aim of creating a stronger pet care community.”

The company’s rival, Peak XV Partners-backed Heads Up for Tails (HUFT), is set to tap into the international market this year. In September last year, it was reported that HUFT plans to strengthen its offline footprint by launching new stores in tier-II and tier-III cities. As of September, HUFT had a network of 80 stores and aims to increase it to 130 by FY25.

Supertails last secured a funding round of $10 million in November 2022, led by Fireside Ventures.

Continue Exploring: Indian pet food brand Drools secures $60 Million investment from L Catterton, valuing the company at $600 Million

B2B seafood startup Captain Fresh set to secure $7 Mn funding from British International Investment

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February 13, 2024

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Captain Fresh, a B2B seafood startup, is in the process of securing nearly $7 million (approximately INR 58 crore) from British International Investment (BII). The startup’s board recently allocated approximately 500 Series C7 compulsory convertible preference shares (CCPS) to British International Investment to achieve this fundraising goal.

With this investment, the development finance institution of the UK will join the cap table of the startup with around 1.45% stake. It’s worth noting that Ankur Capital, with British International Investment (formerly CDC Group plc) as its limited partner, previously invested in Captain Fresh.

This funding is likely a part of a broader round that the startup initiated earlier in the year. According to calculations, Captain Fresh is raising this funding with a pre-money valuation of approximately $500 million to $600 million.

Last month, Captain Fresh secured $13 million in funding from Nekkanti Sea Foods, Shakti Finvest Pvt Ltd, and other investors.

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It’s probable that the startup’s current investors, including Tiger Global, Matrix Partners, Evolvence, and SBI Investment, will also join the current funding round.

Last year in September, Captain Fresh secured $20 million in its extended Series C round, with leadership from Japan’s SBI Investment and Evolvence Capital.

Continue Exploring: B2B seafood startup Captain Fresh raises $20 Million in Series C funding for European and US expansion

Founded in 2019 by Utham Gowda, Captain Fresh operates as a farm-to-retail platform for fish, seafood, and sheep. It sources directly from agents and farmers, distributing its products through both B2B and B2B2C channels. However, there are reports that the startup has discontinued its B2B operations in most cities, with its B2B2C activities limited to only a couple of cities in India.

The startup is currently focused on exporting to foreign markets, including the US and Europe.

It’s worth noting that when announcing its $50 million Series C fundraising from Prosus Ventures and Tiger Global in 2022, the startup mentioned its entry into the African and Middle Eastern markets.

This development comes at a time when the meat delivery sector is experiencing notable changes. In September of last year, TenderCuts, one of the leading players in the industry, was acquired in a distressed sale by Good To Go, an omnichannel meat brand based in Delhi NCR.

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

Earlier this week, Licious, the sector’s only unicorn, carried out a restructuring exercise, resulting in the layoff of around 80 employees, which accounts for about 3% of its workforce.

Continue Exploring: Meat retailer Licious lays off 80 employees in bid for enhanced efficiency

Last year, FreshtoHome, another meat and fish D2C brand, secured $104 million in Series D funding. Additionally, Delhi NCR-based ZappFresh raised $4.3 million in November of the same year from investors such as Ah! Ventures, HT Media, Unity SFB, and Heifer Impact. It is noteworthy that ZappFresh also posted a profit of INR 57 crore in FY23.

McDonald’s to launch Adult Happy Meal in Australia, featuring nostalgic toys and collectibles

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February 12, 2024

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McDonald’s plans to introduce the Adult Happy Meal in Australia following its successful reception in the US.

Starting February 14th, 2024, the Adult Happy Meal will offer a selection between a ten-piece box of Chicken McNuggets or a Big Mac. Each meal will come with fries, a beverage, and a nostalgic toy reminiscent of adult purchasers’ childhoods.

The super-sized box also features collectables.

The toy featured in the Adult Happy Meal is McNugget Buddies, a nostalgic collection of 1990s toys that were no longer available in Australia after 2019.

Now, each toy is accompanied by collector’s trading cards, designed to stir nostalgia among adult McDonald’s enthusiasts.

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In October 2022, the fast-food chain collaborated with the US fashion label Cactus Plant Flea Market to unveil a grown-up twist on the classic children’s menu item.

The debut of the Adult Happy Meal in the US included four toys, which featured updated designs of McDonald’s mascots Grimace, the Hamburglar, and Birdie, as well as a new character called Buddy.

The launch follows a previous collaboration with American entertainer Kerwin Frost, which resulted in the introduction of a second Happy Meal for adults at the end of 2023.

McDonald’s Australia marketing director Amanda Nakad stated, “The McNugget Buddies were first introduced to Aussies in 1998 as part of a limited-time Happy Meal featuring glow-in-the-dark McNugget Buddy collectables.

“They’re best known for their wacky adventures, wild imaginations, unique personas and interchangeable outfits. No matter how long it’s been, Macca’s fans never forget the feeling of opening a Happy Meal box to see the surprises inside.

“Fans told us they wanted to celebrate that quintessential childhood experience again, so we’ve delivered for the big kids.”

Continue Exploring: McDonald’s Q4 results show 3.4% sales growth amidst challenges, West Asia boycotts impact performance

H&M Home enters South India market, debuts flagship store in Bengaluru

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February 12, 2024

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H&M Home

Hennes & Mauritz (H&M) has unveiled its first H&M Home store in South India, marking a significant expansion two years after the Swedish fashion powerhouse introduced its homeware collection in India, starting with New Delhi.

According to a post by an industry official on social media, the store is situated at Phoenix Mall of Asia in Yelahanka, Bengaluru. Additionally, the world’s second-largest fashion brand has launched a spacious H&M store within the same mall, which already hosts Victoria’s Secret, Mango, and French Connection. With the inauguration of its newest outlet at Phoenix Mall of Asia, H&M has increased its total store count in Bengaluru to eight.

“We are thrilled to share the launch of the first H&M Home in Bengaluru. H&M and H&M Home is now open at Phoenix Mall of Asia,” said Tanul Bheda, general manager of leasing at Phoenix Mall of Asia in a LinkedIn post.

The Swedish fashion brand H&M was founded by Erling Persson in 1947.

Continue Exploring: H&M bets big on glamour to rebuild profit margins amidst growing competition from Shein

In October 2015, the brand made its debut in the Indian market, and presently boasts 61 stores spread across more than 30 cities in the country, as indicated on its official website. Additionally, H&M provides an online shopping platform accessible via its website, app, and through the fashion e-commerce company Myntra.

Following the resignation of its previous CEO Helena Helmersson, the retailer recently appointed Daniel Ervér as its new president and chief executive officer (CEO).

India’s vegetable oil imports drop 28% in January 2024; prices may surge amid global supply constraints, says SEA

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February 12, 2024

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India’s vegetable oil imports fell by 28% to 1.2 million tonnes in January compared to the same period last year, said the industry body SEA on Monday.

In January 2023, imports of vegetable oil reached 16.61 lakh tonnes.

India is a leading purchaser of vegetable oil on the global stage.

Continue Exploring: Indian govt extends reduced import duty on edible oils until March 2025, implements 50% export duty on molasses

In the first quarter (November-January) of the current oil year, total imports dropped 23% to 36.73 lakh tonnes as against 47.73 lakh tonnes in the same quarter of the previous year.

According to the Solvent Extractors Association of India (SEA), in January this year, a total of 782,983 tonnes of palm oil and 408,938 tonnes of soft oil were imported, comprising a substantial portion of the overall vegetable oil imports.

As of February 1, total edible oils stock stood at 26.49 lakh tonnes, down 7.64% from that of the year-ago period, it said in a statement.

SEA said prices of edible oils, which are currently low, may go up this year on lower production, global economic issues and supply constraints.

The availability of palm oil for edible oil requirements has come down as the two main producers, Malaysia and Indonesia, are diverting it for the production of biodiesel. This could increase prices this year, it said.

Continue Exploring: Edible oil trade body SEA calls for reduced MRP to match global market slump

Global palm oil output was seasonally low in January-March 2024, leading to a reduction of stocks both in producing as well as importing countries, it added.

India imports palm oil mainly from Indonesia and Malaysia and a small quantity of crude soft oil, including soybean, from Argentina. Sunflower oil is imported from Ukraine and Russia.

Swedish tea brand Life by Follis debuts in India, redefining the tea experience with innovative flavors and ethical sourcing

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February 12, 2024

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Life by Follis, Europe’s esteemed tea maestro, has made its debut in India, presenting a fusion of unparalleled taste, ethical sourcing, and innovative flavors that are poised to redefine the Indian tea experience.

With 11 exquisite selections on offer, including inventive flavors like Sparkling Strawberry, Raspberry Cream, Coconut Pineapple, and Orange Rosemary, Life by Follis caters to both discerning consumers and trade markets, striving to establish a strong presence across various categories in the country.

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

Selecting only the finest Nilgiris leaves, Life by Follis guarantees an experience that surpasses boundaries, crafting teas in Sweden, Europe. The brand emphasizes absolute transparency, tracing each leaf’s journey from plant to cup, and holds certifications for both Organic and Fairtrade practices.

“We are thrilled to introduce our premium tea collection to the vibrant and diverse market of India. Our commitment to quality and innovation aligns with the rich tea culture of this nation. It’s our strong belief that Life by Follis will add to the Indian tea segment. Life by Follis is very strong on sustainability and all our teas are certified Organic & Fairtrade. Life by Follis will be the largest double-certified tea brand in India. We aim to focus on the premium segment and intend to start with online channels and from there move ahead to HoReCa and FMCG,” expressed Håkan Kjellström, the Founder.

Magnus Toveberg, Director, BRDG Group, exclaimed, “We are elated to bring the authentic flavors of our Swedish tea brand ‘Life by Follis’ to the vibrant and diverse tea-loving nation of India. The Indian tea market is vast and sophisticated, with consumers who appreciate a wide variety of flavors and brewing methods. We believe these teas, with their distinct Scandinavian character and emphasis on wellness, will resonate with a growing segment of health-conscious and adventurous tea drinkers.”

Continue Exploring: Luxmi Tea to intensify retail presence, targets key airports for expansion

Abhishek Jani, CEO of Fairtrade India, shared, “Life by Follis is bringing to Indian tea lovers an exciting and innovative range of teas which contributes to their wellness and through the Fairtrade commitment also make a tangible contribution to the wellbeing of the plantation workers in the Nilgiris. These teas are sourced from estates which ensure better working conditions, prohibition of exploitative or discriminatory practices and an investment in the plantation worker’s community in projects ranging from better education facilities to healthcare and other infrastructure.”

Life by Follis’ premium collection is now accessible in India, conveniently available online through its direct-to-consumer website and leading marketplaces like Amazon and Tata Cliq Luxury. Additionally, tea enthusiasts can soon explore the European touch firsthand at select offline stores across India.

BRDG Group, the Mumbai-based global brand management company, spearheads Life by Follis’ introduction to India. Renowned for their expertise in fashion, lifestyle, and beauty brands, they leverage pan-India marketing and distribution strategies to ensure a warm Indian welcome for this European luxury, promising success for Life by Follis in every cup.

Samosa Singh unveils first-ever ad featuring comedy genius and actor Sunil Grover!

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February 12, 2024

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Samosa Singh, a renowned Indian snack brand, has revealed its debut ad film starring popular Indian actor and comedian Sunil Grover. The film aims to capture the essence of samosas through a light-hearted and humorous narrative.

The one-minute commercial showcases Grover’s comic timing and pleasant attitude, as highlighted by the company. This aligns perfectly with Samosa Singh’s commitment to producing quality samosas. The film seeks to portray the thrill and excitement intertwined with the nostalgia of childhood.

Continue Exploring: Samosa Singh launches diverse lineup of ‘ready-to-cook’ guilt-free Samosas with over 20 irresistible flavors

“This association is more than simply a marketing campaign; it’s a celebration of Samosa Singh’s joy, flavor, and originality in every bite. We feel that this collaboration would not only make the audience laugh but also leave a lasting taste and impression, underlining Samosa Singh’s dedication to offer delight with crispy, savory samosa,” said Shikar Singh, Founder, Samosa Singh.

Nidhi Singh, Co-founder, Samosa Singh, said “We are excited to release our first ad film, and having the versatile Sunil Grover on board makes it more special. His wit and charisma perfectly complement the ethos of our brand, and we feel this partnership will appeal to our target audience.”

Year after year, Samosa Singh consistently leads in crafting distinctive and delectable samosa offerings. Their latest partnership with Sunil Grover underscores their commitment to delivering not just exceptional cuisine, but also a delightful experience for both new and loyal customers.

Continue Exploring: Samosa Singh launches new outlet in Hyderabad, expands reach with diverse culinary offerings

Jeff Bezos divests $2 Billion worth of Amazon shares as part of planned sell-off strategy

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February 12, 2024

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Amazon Founder Jeff Bezos recently divested approximately 12 million shares of the renowned online retail and cloud services company for an estimated $2 billion, as disclosed in a company filing on Friday. This transaction closely follows his announcement of a strategic plan to gradually sell off his shares over the upcoming year.

According to the filings, the sale occurred on both Wednesday and Thursday.

Last week, Amazon announced that Bezos would divest up to 50 million shares in the company.

Continue Exploring: Amazon Founder Jeff Bezos to sell 50 Million shares by January 31 next year

According to the company’s most recent annual report, the sale plan, contingent upon specific conditions, was initiated on November 8, 2023, and is scheduled for completion by January 31, 2025.

Having transitioned from his role as the company’s chief executive to executive chairman in 2021, Bezos established Amazon as a bookseller back in 1994.

As per the Bloomberg Billionaires Index, he presently holds the position of the world’s second wealthiest individual, boasting a net worth of $200 billion.

Continue Exploring: Amazon retains top spot as MSMEs’ preferred platform, reveals ISF Report

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