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Zomato ramps up restaurant listings amidst sluggish spending trends

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Zomato
Zomato

Last week, Zomato highlighted that the increase in restaurant listings on its platform significantly fueled the 27% year-on-year growth in the gross order value (GOV) of its food delivery segment. This is noteworthy given the company’s observation of a broader slowdown in discretionary spending.

An analysis of Zomato’s total count of food-delivery restaurant partners throughout the past eight quarters reveals a notable increase in the Gurugram-based company’s efforts to onboard new restaurants onto its platform.

The rate of restaurant additions has shown improvement sequentially, rebounding from a decline of -0.5% in October-December 2022, compared to a growth of 7% in the three-month period ending December 2021, and returning to nearly 7% in the third quarter of FY24.

In a post-earnings analyst call on Thursday, Zomato’s Chief Financial Officer, Akshant Goyal, pointed out that a significant portion of new restaurants added to the platform were cloud kitchens.

As of December 31, the company had 254,000 restaurant partners, marking an increase from 238,000 on September 30.

Continue Exploring: Zomato bolsters operations with its largest warehouse yet in India, secures prime space in Bengaluru’s Sumadhura Logistics Park

In Zomato’s quarterly shareholder letter, Rakesh Ranjan, the CEO of the food-delivery division, observed that the demand environment for the broader restaurant industry was subdued during the December quarter.

“Hence, food delivery GOV growth (at 6.3% QoQ /27% YoY) was lower than our expectations but still higher than some of the other players in the restaurant industry space,” he said.

For the quarter, Zomato reported a food-delivery GOV of INR 8,486 crore.

“One of the things driving the growth of our food delivery business is the fact that our platform is still underserved from a supply standpoint. The monthly active restaurant base on our platform has grown by 20%+ YoY in Q3FY24. This growth is driven both by new restaurants opening up and our coverage of existing restaurants increasing,” Ranjan added.

According to people familiar with the situation, the company has allocated additional resources towards onboarding restaurants that are not currently on Zomato’s platform.

“The company is also spending on hiring account managers, particularly in tier-II and tier-III towns, to keep up with the growth story of food delivery,” one of the people said. “The pace of adding restaurants will continue steadily,” he added.

Another person familiar with the matter mentioned that internally, Zomato tracks the contribution of restaurants to its order volume based on the Pareto principle, which suggests that a significant portion of outcomes is influenced by a small number of factors.

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

“Currently, a certain share of volume is coming from 40% of the restaurants but 18-24 months ago, the same share of order volumes was coming from 30% of the restaurants…so the graph is getting flatter. One way to look at it is that the dependence on the top 30% of the restaurant partners is decreasing…but the other way is that smaller and newer restaurants are gaining volumes much faster than those on the top of the deck,” this person said.

Zomato did not respond to the inquiries sent via email.

Another person familiar with the matter mentioned that while restaurant additions will keep pushing up growth for the company in the near term, the long-term growth will remain dependent on the company’s ability to generate demand, which is the primary growth driver.

During the post-earnings call on Thursday, Zomato’s CFO hinted at the same notion.

“At an absolute level, I would perhaps say that demand is a bigger factor going forward than supply (for growth) at an overall long-term level,” Goyal said.

The company posted its third consecutive quarterly profit of INR 138 crore for the October-December period, marking a notable increase from a profit of INR 36 crore in the September quarter and a loss of INR 347 crore in the three-month period that ended in December 2022.

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

Zomato’s consolidated operating revenue experienced a 69% year-on-year growth, reaching INR 3,288 crore.

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Hershey to streamline operations with automation, job cuts likely

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Hershey
Hershey

US-based confectionery giant Hershey has announced a restructuring plan that includes reducing its workforce to drive productivity through process automation.

The owner of the Reese’s brand has not disclosed the exact number of job losses. However, they stated in a release that the layoffs will affect “less than 5% of its workforce.”

As per the food giant’s statement, the decision aims to reduce expenses associated with the supply chain and manufacturing, optimize costs, and utilize new technology and business strategies to automate processes, ultimately yielding long-term savings.

Hershey stated that it anticipates minimal disruption to its employee base from the move.

“We are focused on leveraging investments we are making in technology to drive automation and the scale across multiple categories – confection, salty snacks”, the chocolate producer said.

Continue Exploring: Planet A Foods raises $15.4M in Series A funding to expand global reach of innovative cocoa-free chocolate, ChoViva

“Examples of this would be driving greater efficiencies and connectivity through shared services, enabling better forecasting and responding to changes in the marketplace more quickly to better meet consumer needs.”

The two-year plan, ending in 2026, is expected to generate $300 million in “ongoing annual savings.

Hershey stated that the redundancies will lead to severance expenses ranging between $45 million and $60 million.

Last August, Hershey announced plans to shut down a US facility that produces Dot’s Homestyle Pretzels.

The US confectionery major announced that its Velva factory in North Dakota will no longer be operational as the company strives to enhance efficiency for its pretzel brand.

In Q4 of 2023, Hershey experienced a 0.2% year-on-year increase in net sales to $2.65 billion. However, its net income of $349 million decreased by 11.5%.

Continue Exploring: DS Group boosts portfolio with acquisition of LuvIt Chocolate brand, solidifying market position

Michele Buck, Hershey’s CEO, said, “We continue to operate in a dynamic environment but we are encouraged by the resilience of seasonal traditions and the consumer response to innovation within our categories.

“While historic cocoa prices are expected to limit earnings growth this year, we believe our strong marketing plans, innovation and brand investments will drive top-line growth and meet consumers’ evolving needs. We are elevating our focus on productivity and transformation to strengthen our business and deliver peer leading performance over the long term.”

Hershey stated that it anticipates a 2% to 3% growth in net sales for 2024.

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Energy drink brand Odyssey secures $6 Million in funding round

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Odyssey
Odyssey

Odyssey, a functional mushroom-infused energy drink brand, has successfully concluded a $6 million funding round.

The company stated that reaching this financial milestone marks a significant turning point in the brand’s growth, highlighting an increasing endorsement of its unique combination of vitality and cognitive enhancement.

The funding round saw Richard Laver from Rocket Beverage Group joining as an investor, along with continued support from existing stakeholders, contributing 50% of the total raised amount.

Continue Exploring: Radiohead Brands makes a bold move into energy drinks market with Hustle

Odyssey’s beverages are crafted with adaptogenic elements such as lion’s mane and cordyceps mushrooms, engineered to provide an energy uplift while enhancing cognitive clarity, focus, and mood.

Odyssey intends to utilize the recently obtained capital to bolster three vital areas during its swift expansion: sales, marketing, and inventory. These investments are anticipated to accelerate the brand’s growth, enhancing accessibility to its products on a broader scale.

Scott Frohman, Founder and CEO of Odyssey, stated, “Unlike other brands on the market, we’ve formulated Odyssey to support cognitive energy and prioritise aspects like focus, clarity and mood through a proprietary functional mushroom-based formula. Odyssey leverages the high potency extract of Lions Mane, Cordyceps, L-Theanine, Ginseng and green tea caffeine to not only minimise the jitters associated with traditional energy drinks but also deliver sustained, crash-free energy support.”

Continue Exploring: Craft beer producer Sprecher Brewing makes bold move into energy drinks with Juvee acquisition

Odyssey offers three product lines: Odyssey Mushroom Elixir, the flagship beverage; Odyssey 222, containing 222mg of caffeine; and Odyssey Revive, formulated with electrolytes, magnesium, zinc, and vitamin C in place of caffeine and stimulants.

Each product line is free from added sugar, preservatives, artificial flavors, or sweeteners. The brand strictly follows vegan, non-GMO, and kosher standards. Each flavor incorporates the brand’s functional mushroom blend. Odyssey’s assortment is accessible in chosen US retailers.

Continue Exploring: Govt eyes stricter regulations as energy drink consumption surges among teens and athletes

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McDonald’s achieves 100% cage-free egg sourcing goal for US operations ahead of schedule

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SnackTeam
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McDonald's
McDonald's

McDonald’s has announced that it has successfully reached its goal of sourcing 100% cage-free eggs for its US operations, two years ahead of its 2025 target date.

In 2015, the fast-food giant made the decision to transition to cage-free eggs, a move that necessitated substantial collaboration and innovation within the industry.

In 2023, McDonald’s US System, which includes the company, its franchisees, and suppliers, procured almost two billion eggs.

The successful establishment of a cage-free egg supply on such a vast scale was made possible through the support of key partners.

The key partners, including Cargill and their egg producers such as Minnesota-based fourth-generation family business Forsman Farms, were instrumental in making the creation of the required supply possible.

Continue Exploring: McDonald’s China and Cainiao collaborate to optimize supply chain efficiency

McDonald’s also partnered with animal welfare experts and academics to facilitate the transition.

These partnerships played a crucial role in aiding egg producers with farm construction and renovation, as well as in the adoption of new technologies tailored to meet the cage-free standard.

McDonald’s senior vice-president North America and chief supply chain officer Bob Stewart said, “Our journey to move to sourcing 100% cage-free eggs in the US was a huge undertaking — made uniquely possible by our owner/operators, Cargill and their egg producers, and our supply chain working together as one team.

“I am incredibly proud of what we achieved together and the positive impact we will continue to make on the path toward a more sustainable future.”

In January 2024, McDonald’s reported robust financial results for the fourth quarter of 2023, marked by a significant rise in net income and consolidated revenues.

For the fourth quarter ending on December 31, 2023, the company’s net income reached $2.03 billion, indicating a 7% rise from the $1.90 billion reported a year previously.

The fast-food giant’s diluted earnings per share also climbed by 8% compared to 2022, standing at $2.80.

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

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Coca-Cola to debut exclusive flavor on TikTok, setting a new trend in beverage marketing

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Coca-Cola
Happy Tears Zero Sugar

Coca-Cola is gearing up to launch “Happy Tears Zero Sugar,” a limited-edition drink exclusively available via TikTok‘s burgeoning e-commerce hub, TikTok Shop.

The global soft drink company’s venture into TikTok Shop represents a notable stride, aiming to directly engage users within the app’s ecosystem.

Happy Tears Zero Sugar, drawing inspiration from the purity of tears of joy, combines the familiar cola flavor with a hint of salty minerals, providing a distinctive sensory journey.

According to Oana Vlad, senior director for global strategy at Coca-Cola, the beverage embodies “the simplicity of happy tears — a small, clear droplet filled with optimism and joy that’s created from the smallest acts of kindness.”

Happy Tears Zero Sugar will officially release on February 17, coinciding with “Random Acts of Kindness Day.” The drink will be showcased in a specially curated “hype box” and will be priced at $9.99.

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

Contained within each box are two cans of the limited-edition soda, accompanied by a T-shirt and stickers adorned with uplifting phrases such as #HappyTears and “Drops of Joy.”

The exclusivity of the product is underscored by its limited inventory, with only 15,500 cans available for purchase.

Coca-Cola’s marketing approach for Happy Tears Zero Sugar heavily relies on partnerships with influencers, with plans for 14 TikTok influencers to endorse the product.

These influencers will not only attract attention to the release but also motivate users to interact with a Happy Tears TikTok filter crafted to ignite acts of kindness. As Vlad emphasizes, “It’s all about spreading positivity.”

Continue Exploring: Coca-Cola renews global partnership with ICC, securing exclusive non-alcoholic beverage rights until 2031

The Happy Tears campaign, crafted by Forpeople, Influential, Virtue, and WPP Open X/Ogilvy PR, is integrated into Coca-Cola’s Creations platform, designed to spark dialogue and interaction among young audiences.

Interestingly, the launch of Happy Tears Zero Sugar takes place just days before Coca-Cola introduces its latest flagship beverage: Coca-Cola Spiced.

The beverage marks the first permanent addition to the company’s product lineup in three years.

As per Forbes, Coca-Cola Spiced presents a subtle twist with a hint of raspberry, steering clear of an overwhelming heat in its flavor profile.

Shakir Moin, Coca-Cola’s marketing chief for North America, highlighted the company’s adaptation to changing consumer preferences.

“If you go to the aisles, you’ll see the amount of spiciness has gone up because consumers’ taste palettes have evolved. We realized that could be an opportunity for us,” Moin shared.

“Can we dial up something which is already part of our formula and bring in a taste profile that is interesting, unique, and brings in the next generation of consumers?” he added.

This initiative aligns with Coca-Cola’s overarching strategy to captivate younger consumers through inventive flavors. In 2022, the introduction of Coca-Cola Creations unveiled eight limited-edition Coke variants, showcasing notes of coconut, strawberry, watermelon, and more.

Continue Exploring: Coca-Cola trials labelless Sprite bottles in UK as a step towards eco-friendly packaging

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North India’s first ‘Pizza ATM’ debuts at Chandigarh’s scenic Sukhna Lake

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Pizza ATM
Pizza ATM

Sukhna Lake, a serene oasis sprawling across 3 square kilometers and embedded into Chandigarh’s landscape since 1958, exudes picturesque charm, making it a must-visit destination in the city. However, a new irresistible addition is stirring up the tourism scene – a ‘Pizza ATM’!

The Chandigarh Industrial and Tourism Development Corporation (CITCO) has unveiled a groundbreaking pizza maker capable of crafting piping hot pizzas in a mere three minutes, marking a first for North India. Situated amidst serene waters, it offers visitors a tranquil ambiance to savor their culinary delights.

As per a report by the Indian Express, this newly installed pizza vending machine stands as the sole operational ATM of its kind across India.

Dr. Rohit Shekhar Sharma, the Founder & CEO of iMatrix Group of Companies (iMatrix World Wide) and the visionary behind this culinary delight, shared his insights, stating, “We drew inspiration from France for the ‘Pizza ATM’ concept. Determined to make it accessible, we crafted the machine ourselves at our Mohali factory.”

Continue Exploring: Domino’s Pizza takes on upscale pizzerias in India with premium offerings and hyper-localized approach

Sharma mentioned that a similar endeavor was undertaken in Mumbai after the Covid-19 pandemic, but it did not achieve the same level of success.

Nevertheless, the narrative takes a different turn at Sukhna Lake. Sharma highlighted that their ATM dispenses an average of 100 pizzas daily, a number that surges to 200-300 on weekends. Moreover, the pricing is exceptionally reasonable, offering a 35% discount compared to the rates of Domino’s and Pizza Hut.

Pizza

As for how the machine operates, Sharma reveals, “Once you’ve chosen your pizza preferences, a robotic arm springs into action. It assembles the base with your desired toppings, bakes it to perfection, and serves it up in just three minutes.” And here’s the kicker – the machine can multitask, preparing up to seven pizza bases simultaneously!

CITCO officials revealed that the lakeside location, bustling with tourists seeking a variety of culinary delights, set the stage for this delicious sensation.

However, the journey was not devoid of challenges. Sharma recounted the struggle with a Chinese machine, which managed tasks ranging from dough preparation to toppings. Nevertheless, technical difficulties necessitated a change in strategy.

Continue Exploring: GOPIZZA’s growth soars with 50th outlet in India, crosses the 200-store mark globally

Sharma oversees the day-to-day operations of the pizza ATM, including staffing, training, upkeep, and maintenance. CITCO stressed that the licensee must guarantee a superior customer experience, ensuring excellence in every aspect, from the ambience to the cleanliness surrounding the kiosk.

Global Trends: Pizza ATMs in the US Universities

In the US, Pizza ATMs have become a common feature on college campuses, offering fresh pizzas around the clock.

According to Delish, Pizza ATMs originated from Xavier University in 2016 and have since expanded to institutions such as Ohio State University, with the latest addition being the University of North Florida.

Managed by kitchen personnel, these ATMs guarantee that students can access hot meals, even during late-night study sessions.

They accept on-campus dining dollars, offering a convenient dining option for students.

Despite the $60,000 investment, universities deem them worthwhile for fulfilling students’ needs.

Expanding Innovations: WTC Vending Machine in Hyderabad

In June 2023, Hyderabad unveiled the world’s first Water, Tea, or Coffee (WTC) vending machine, transforming the landscape of beverage and snack dispensing. This fully automated innovation mimics the operations of a conventional street corner tea shop, providing tea, coffee, water, and biscuits round the clock without requiring human assistance.

Customers can effortlessly select their desired product by scanning the QR code on the machine, promptly dispensing it through the system. Engineered with user-friendliness in mind, the machine includes integrated voice assistance, guaranteeing a smooth experience for all users.

This initiative tackles the shortage of vending machines in India, especially in public areas such as malls, government schools, and offices.

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Milma diversifies portfolio with Instant Pulissery Mix, eyes further innovations

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Milma
Inauguration of Instant Pulissery Mix

Following the launch of dark chocolates, the Kerala Co-operative Milk Marketing Federation (Milma) has unveiled an “Instant Pulissery Mix” made entirely from natural ingredients.

The debut of the product took place in Kochi, where KS Mani, the chairman of KCMMF, presented the inaugural packet of ‘Instant Pulissery Mix’ to Kishore M Jwala, advisor at the National Dairy Development Board (NDDB).

The mix, free from any chemicals harmful to the human body, is available for INR 80 per 100-gram packet.

The Pulissery mix retains the traditional flavor of Kerala curry while also appealing to the tastes of the younger generation. As part of its ‘Repositioning Milma 2023’ initiative, the federation is launching new products that have been well-received in the market.

Continue Exploring: Reliance Consumer Products bolsters confectionery portfolio with acquisition of Ravalgaon’s assets for INR 27 Crore

Milma chairman KS Mani said, “It is boosting our market expansion and product diversification.”

Milma’s Ernakulam Regional Cooperative Milk Producers’ Union Chairman M.T. Jayan said the face of Milma has been changed now. “We are now capable of competing with the products of multinational companies”.

In November last year, Milma introduced the Deliza brand of dark chocolates and the Chocofull snack bar as a response to emerging trends and consumer demand for both delicious and nutritious snacks.

The launch marked KCMMF’s entry into this premium segment and was a key aspect of the ‘Repositioning Milma’ initiative, contributing to the federation’s growing popularity.

Milma is planning to launch more instant mix products to promote the state’s vintage culinary tastes among the youngsters, he said.

Continue Exploring: Controversy erupts amid Mahanand Dairy’s NDDB transfer, farmers and opposition claim move benefits Amul

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Blue Tokai Coffee Roasters joins forces with Royal Enfield to debut exclusive ‘Cruise Blend’

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Blue Tokai Coffee
Royal Enfield Cruise Blend

Setting off on a motorcycle road trip isn’t just about the excitement of the journey; it’s a unique experience that transcends the mundane, encouraging riders to establish a deep connection with the open road and the pulse of their machines. Bringing this experience to life in a cup of coffee, Blue Tokai Coffee Roasters has collaborated with Royal Enfield to introduce a distinctive blend – the Royal Enfield Cruise Blend.

Whether cruising along sun-drenched highways or tackling rugged terrains, this specialty coffee blend harmoniously combines flavors sourced from coffee estates in Southern India. With a rich, chocolatey, and nutty profile accentuated by hints of roasted hazelnut, caramel, and raisins, this aromatic blend aims to power the journey while enhancing the synergy of the open road and a leisurely cruise.

Continue Exploring: Bollywood star Deepika Padukone invests in specialty coffee brand Blue Tokai

To kickstart the collaboration, Royal Enfield led 12 avid explorers and coffee enthusiasts on a ride through the lush terrain of the Eastern Ghats, offering an immersive experience of coffee’s journey from crop to cup at the MSP Gowri Estate. Beginning from Bangalore, the expedition delved into coffee’s storied heritage, unraveling its origins and captivating tales of cultivation.

The ‘Royal Enfield Cruise Blend’ is available at select Blue Tokai outlets and their corresponding Swiggy and Zomato pages.

Continue Exploring: A-Listers Spice Up Their Portfolios with Bold Bets on India’s Booming F&B Startups

Gurugram-based specialty coffee brand Blue Tokai Coffee was established in 2013 as a roastery. It has since become India’s largest in its category, dedicated to making high-quality Indian coffee more accessible across various formats.

At present, the brand boasts 4 roasteries and more than 90 physical outlets spanning major Indian cities and regions such as Delhi-NCR, Mumbai, Bangalore, Hyderabad, Kolkata, Chandigarh, Mohali, and Pune. Additionally, Blue Tokai extends its reach internationally with operations in Japan. Beyond these establishments, the company has forged partnerships with prominent retail outlets, luxury hotels, restaurants, leading corporates, and co-working spaces, among others.

Continue Exploring: Indian specialty coffee brand Blue Tokai eyes 130 outlets and new overseas markets

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BigBasket gears up for Valentine’s week rush, expects 300% surge in sales

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BigBasket
BigBasket

BigBasket, the Tata Group-owned online retailer, is expecting a 300 per cent increase in overall sales for Valentine’s week compared to the previous year, indicating a substantial boost in consumer spending and demand for Valentine’s Day-related products, it shared.

The e-grocer reported a significant uptick in sales across various categories, including teddy and heart soft toys, chocolates, makeup and fragrances, roses, and decor and gift sets compared to the previous year. Notably, sales of teddy and heart soft toys have witnessed a four-digit growth rate, highlighting a remarkable surge in demand for these particular items.

Likewise, there has been a remarkable surge in demand for roses, with sales experiencing a growth of 200 times compared to last year.

Continue Exploring: BigBasket aims for profitability in 6-9 months, eyes IPO in 2025

According to BigBasket’s data, items in the home and decor category such as candle lights, heart LED lights, balloons, and danglers have experienced a substantial growth rate of over 1,500 per cent. This surge underscores the heightened demand for Valentine’s Day-themed home decor.

Furthermore, chocolates have witnessed a significant rise of 100 per cent in sales compared to the previous year’s figures for the week. The company also disclosed a twofold increase in sales of special Valentine chocolates.

Continue Exploring: Bigbasket joins ONDC as a seller, expanding the platform’s reach in the grocery retail space

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Amway India names Rajneesh Chopra as new Chief

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Amway
Rajneesh Chopra

Amway India, a prominent FMCG direct selling enterprise, has named Rajneesh Chopra as its newest Chief Executive for India. Chopra transitions from his role as Chief Commercial Officer at Immunotec, a wellness company based in Texas, where he oversaw operations across 14 global markets, focusing on digital innovation, sales, and marketing. He succeeds the former Amway chief, Anshu Budhraja, who departed from the company several months ago.

Before joining Immunotec, Chopra has had affiliations with Amway North America and the cosmetics giant, Revlon.

Amway’s primary offerings in India encompass Nutrilite nutrition and Artistry cosmetics.

Continue Exploring: PepsiCo India appoints Jagrut Kotecha as new Chief

According to the annual report of the Indian Direct Selling Association (IDSA), the direct selling industry in India was estimated to be worth INR 19,020 crore in the financial year ’22, marking a 5.3 percent year-on-year growth.

In India, direct selling companies distribute their products directly to consumers through direct-seller members rather than traditional retailers. The IDSA reports that India currently boasts 8.9 million direct sellers.

Reputable enterprises like Amway, Oriflame, and Herbalife, functioning as direct sellers, have been advocating for increased government oversight and clear guidelines to distinguish themselves from transient multi-level marketing pyramid schemes.

Last year in June, the Ministry of Consumer Affairs revised the Consumer Protection (Direct Selling) Rules, 2021, through a notification, aiming to differentiate between illicit pyramid and money-circulation schemes and credible direct-selling entities. However, executives from the IDSA have highlighted the necessity for additional clarification in defining a network of sellers.

Continue Exploring: Hindustan Unilever restructures beauty and personal care division into separate entities

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