Starbucks, the renowned American coffeehouse chain, is gearing up to launch two new drinks to celebrate Valentine’s Day 2024.
The exclusive beverages, Cupid Cream Shaken Tea Strawberry and Hibiscus, and Cupid Frappuccino Strawberry and Mint, are scheduled to be offered from February 9th to 15th.
The Cupid Cream Shaken Tea Strawberry and Hibiscus features a shaken tea lemonade infused with strawberry puree and dragon fruit, topped off with a layer of vanilla sweet cream.
The drink was created through a collaborative effort involving Starbucks International Airport store employees in Medellin, Colombia.
The second drink, Cupid Frappuccino Strawberry and Mint, blends white chocolate mocha with strawberries, milk, and a touch of mint, crowned with a generous dollop of whipped cream.
This innovative creation is the result of the collaborative effort of 15 employees at the Starbucks Bosques de Aragón store in Mexico City, Mexico.
Inspired by the base of white chocolate mocha, the drink underwent a meticulous development process spanning two and a half weeks.
Starbucks Bosques de Aragón store manager Estefanía said, “In our team, creativity flows like coffee. We’re the alchemists of inspiration, brewing fresh ideas with every espresso and serving innovation in each cup.
“Our connection is the magic that fuels this creative process, weaving an environment where ideas emerge naturally, nourishing our team.”
In November 2023, Starbucks introduced four new cold foam flavors in the US and Canada to celebrate the 2023 holiday season: Peppermint Chocolate Cream, Sugar Cookie Cream, Chestnut Praline Cream, and Caramel Brulée Cream – all infused with the brand’s signature vanilla sweet cream.
Nestlé is in talks with the Paris-based private equity firm FNB regarding the potential sale of its infant nutrition division in France.
In an official statement, the French branch of the Swiss multinational confirmed its plans to transfer its range of infant products manufactured in France and distributed worldwide.
These include the NaturNes baby pots, flavored cereal powders such as Babicao and Babivanille, and P’tit yogurt pots. Notably, the sale will exclude the infant formula line.
The manufacturer of Chocopic cereal stated that the sale would enable it to allocate additional resources to its infant formulas, emphasizing them as a “strategic and historical pillar for the group.”
The deal is expected to close by the first half of 2024, subject to “a mandatory consultation period with staff representatives, regulatory approval, and the negotiation of sale agreements.”
Around 230 individuals are involved in the production and marketing of the affected baby food brands, with operations taking place at locations in Issy-les-Moulineaux and Arches.
The company asserted that the transaction would “have no impact on the concerned jobs.”
“It also would not change the company’s relationship with its customers, partners or local suppliers.”
Jobs at the baby food plants in Issy-les-Moulineaux and Arches will continue to operate fully as part of the Nestlé Group until FnB and Nestlé France have finalized an agreement.
The sale would represent FnB’s second acquisition of a Nestlé France business. In 2022, the investment group successfully obtained the mashed potato brand Mousline for an undisclosed amount.
In June last year, the private equity fund also entered the drinks market, securing a majority stake in coffee supplier Cafés Legal.
FnB refrained from providing comments on the news.
Marking a strategic leap in innovation, Kohler, the global leader in kitchen and bath design, has launched the Cairn Kitchen Sinks in India. This introduction into the vibrant Indian kitchen sinks market brings forth a range that not only exudes unmatched beauty but also boasts robust durability, reshaping the kitchen experience for discerning consumers.
Crafted from Neoroc, Kohler’s proprietary matte composite sink material, the Cairn Kitchen Sinks are engineered to withstand daily use challenges. These sinks boast a rich matte color palette, straight bowl walls featuring soft French curves, and an impressive depth of 9½ inches, crafted to complement diverse countertop styles. Each sink comes equipped with an included sink rack, enhancing both functionality and aesthetics, and providing added protection to preserve a newer look over time.
The distinctive blend of natural stone and resin in Neoroc produces an exceptionally sturdy composite, delivering twice the impact resistance, 1.4 times the heat resistance, and superior stain resistance compared to rival products. This exclusive material presents a matte finish that effortlessly harmonizes with various kitchen aesthetics, underscoring Kohler’s dedication to both durability and design.
Kohler’s introduction of the Cairn Range into the Indian kitchen sinks market seamlessly extends its legacy as a frontrunner in bath and kitchen solutions. This collection not only highlights the brand’s adaptability but also strengthens its standing as a trailblazer in providing high-end, innovative solutions for modern living spaces. This strategic move underscores Kohler’s dedication to excellence in both bath space and kitchen solutions, leaving a notable imprint on the retail landscape for kitchen products in India.
Salil Sadanandan, President – South Asia and Asia Pacific at Kohler Co said, “Our entry into the Indian kitchen sinks market reflects our commitment to providing cutting-edge solutions. The Cairn Kitchen Sinks are a testament to Kohler’s dedication to elevating everyday experiences with functional and stylish products. With Neoroc, we have not only met industry standards but surpassed them, offering a sink material that is not just extremely durable but also stunningly beautiful. With an unparalleled combination of strength, resilience, and timeless design, we are sure that Kohler’s Cairn Kitchen Sinks are set to redefine and elevate the kitchen experience for Indian consumer.”
Coca-Cola will temporarily remove labels from its Sprite and Sprite Zero on-the-go bottles in the UK this month as part of a limited trial, exploring the concept of label-free packaging.
In the pilot program, labels on individual 500ml Sprite and Sprite Zero bottles will be taken off and replaced with an embossed logo on the front of the packaging. The product and nutritional information will be laser-engraved on the back of the bottles.
The new limited design will be available for consumers at eight Tesco Express stores in Brighton and Hove, Bristol, London, and Manchester from January to March 2024.
Although the current labels are entirely recyclable, their removal streamlines the process for consumers by eliminating the necessity to separate them from the bottles during recycling. This not only simplifies the recycling procedure but also reduces the overall amount of packaging used.
Similar to the current Sprite packaging, the bottles are crafted from recycled PET and showcase attached caps in green and transparent colors, distinguishing them as either Sprite or Sprite Zero, respectively.
Dusan Stojankic, VP of franchise operations, Great Britain and Ireland at Coca-Cola Great Britain, commented, “We want to help create a future where plastic drink packaging will always have more than one life. Labels contain valuable information for consumers, but with the help of technology we can now trial other ways to share this information while reducing the amount of packaging we use.”
He emphasized that although adopting a labelless approach may seem like a “small step,” it is just one of the various methods the company is investigating to reduce the environmental impact of its packaging.
Coca-Cola has implemented additional design modifications in recent years to address packaging waste. These changes include transitioning Sprite bottles from green to clear plastic to enhance recyclability and introducing attached caps that remain connected to the bottle post-opening. This initiative aims to minimize the potential for littering.
Javier Meza, Vice President of Marketing at Coca-Cola Europe, characterized the trial as a significant “milestone” for the industry. He expressed that it has the potential to bring about a substantial shift in the realm of marketing, with the possibility of influencing longer-term changes in how brands engage with their consumers.
Jeff Bezos, the founder of Amazon.com, is set to sell 50 million shares in the online retail and cloud services firm over the next year, as reported by Reuters.
The securities are valued at $8.6 billion with a current share price of $172.13. According to the company’s latest annual report, the sale plan, adopted on November 8 last year, is slated to conclude by January 31 next year.
On Friday, Amazon shares surged by 8% following the e-commerce giant’s announcement of sales surpassing expectations in the holiday quarter. Additionally, its lucrative cloud business indicated early successes derived from AI-powered features.
Bezos founded Amazon in 1994 as a bookseller, later stepping down from the chief executive role and assuming the position of executive chairman in 2021.
According to the Bloomberg Billionaires Index, he presently holds the rank of the world’s third-wealthiest individual, boasting a net worth of $185 billion.
Patanjali Ayurved has entered the competition to acquire the financially troubled Rolta India with a belated all-cash bid of approximately INR 830 crore. This move comes shortly after Ashdan Properties from Pune was declared the leading bidder by banks last week.
Earlier this week, it petitioned the Mumbai bench of the National Company Law Tribunal to instruct lenders to review its bid. During a Thursday hearing, in response to Ashdan Properties’ objection, the bench delegated the responsibility to the committee of creditors to determine whether the offer should be considered, given that it was submitted after the conclusion of the bidding process.
“The offer is between INR 820 crore and INR 830 crore and is much better than what lenders had in hand so far because it is all upfront and comes from a cash-rich company. This is a happy problem for lenders to have but they have to now decide how to proceed further,” a person familiar with the matter said on condition of anonymity.
Lenders are currently evaluating the option of starting a new process, seeking legal opinions, as the plans were submitted last month and the highest bidder has already been determined, according to insiders.
“This is a strong bid and will have to be considered since it offers better value. Since the plans have not been voted on, lenders are within their rights to call for fresh interest and seek plans from all bidders in a new process to give all an equal opportunity,” said a second person.
Patanjali Ayurved spokesperson SK Tijarawala said, “We have approached the competent authorities and will submit a plan when permitted. We have evaluated the options and have made the decision after due consideration.”
He declined to provide reasons for the consumer company’s interest in a technology firm.
Kamal Singh-promoted Rolta India, a defense-focused software company, entered the bankruptcy process in January 2023. The company owes INR 7,100 crore to banks, primarily led by Union Bank of India (UBI), and an additional INR 6,699 crore to unsecured foreign bondholders, primarily led by Citigroup, resulting in a total debt of close to INR 14,000 crore.
According to a report on January 29, Ashdan Properties had proposed INR 760 crore on a net present value (NPV) basis, amounting to less than 6% recovery on the total debt. This would result in approximately 11% recovery for secured financial creditors, led by Union Bank of India.
Unlike Ashdan Properties’ bid, Patanjali Ayurved’s offer is entirely upfront and does not involve any deferred payment, potentially leading to a higher valuation. Priced at INR 830 crore, it provides nearly 12% recovery for secured creditors.
“Patanjali, like others, could be looking at Rolta’s real estate, especially in Mumbai, or maybe also the tax gain this acquisition brings because Rolta’s accumulated losses will give it a straight gain,” said a third person privy to the discussions. “But Patanjali Ayurved is also building a mobile application called OrderMe for home delivery which could also be a reason it is looking for a software company.”
Emails seeking comment from resolution professional Mamta Binani and process advisor BOB Capital Markets went unanswered.
The committee of creditors is set to meet next week to decide its next course of action after seeking legal opinion.
Mahek Mody and Mohit Sharma, Co-Founders, upliance.ai
After making a highly awaited appearance on Season 3 of Shark Tank, upliance.ai, the innovators behind India’s first AI Cooking Assistant, are set for an ambitious 2024. Their goals include achieving a 10X growth, targeting a revenue of INR 150 crores. Additionally, they plan to ramp up production to 20,000 units annually within the next 6 months.
The D2C home appliances brand, spearheaded by former Ather Energy and Chaayos executives Mahek Mody and Mohit Sharma, unveiled their flagship product, upliance, on the show. Pioneering as one of the world’s first cooking appliances integrated with ChatGPT, upliance seamlessly merges top-notch hardware and software innovations. Since its launch in 2023, upliance has skillfully prepared over 35,000 delightful meals in Indian homes. The live cooking demonstration of “Kadai Paneer” on Shark Tank showcased upliance’s automated cooking, chopping, and stirring features before the judges. Despite rejecting an offer from Peyush Bansal, CEO of Lenskart, upliance.ai effectively highlighted their innovation on the show.
The global smart kitchen appliances market, valued at $18.75 billion in 2023, is poised for significant growth, with a projected CAGR of 17.9% from 2024 to 2030. This growth is fueled by factors like the rise in single-person households, increased disposable income, smart home adoption, online purchases of compact household appliances, and a growing demand for intelligent and interconnected home devices. These trends are particularly relevant in India, given its youthful population and expanding middle class.
Recognizing this potential, upliance.ai has developed an innovative device tailored to diverse demographics. In 2023, the product experienced remarkable sales, selling out its stock by August with nearly zero marketing expenses. Demonstrating a robust market presence, upliance.ai has sold around 800 devices, maintaining a consistent 40% month-on-month growth. Notably, August 2023 revenue reached INR 26,00,000, reflecting an Annual Recurring Revenue (ARR) exceeding INR 3 Crore – all of this within just 8 months of beginning deliveries.
Mahek Mody and Mohit Sharma, the Co-Founders, shared their thoughts on their Shark Tank experience, stating, “We are grateful for the Shark Tank journey. It served as an exceptional platform, allowing us to showcase upliance on a national platform. With upliance.ai already selling out through positive word of mouth, we anticipate a substantial surge post-show, leveraging newfound exposure and our owners’ community to grow in the coming year. As we reflect on the market response, we are extremely proud that 60% of our sales have been driven by our existing owners who are passionate about what we are building and believe in our vision of the future of Indian homes. Peyush Bansal’s offer goes beyond mere endorsement for us; it symbolises recognition of our product’s value and potential by a respected business leader, fortifying our position as innovators in the smart kitchen industry.”
upliance.ai’s groundbreaking AI Cooking Assistant revolutionizes home cooking, advocating that everyone should have the ability to cook, regardless of their culinary skills. With a demonstrated track record of saving nearly INR 50,00,000 on takeout orders, upliance empowers owners to effortlessly prepare healthy home-cooked meals. Priced at INR 23,999, the integrated weighing scale ensures precision, positioning it as a worthwhile daily cooking investment—an appealing alternative to dining out or relying on external assistance.
This versatile device replaces over 10 kitchen appliances, consolidating 16 cooking functions into one intelligent ‘upliance.’ With a valuable first-mover advantage, upliance has integrated generative AI to dynamically generate recipes from various sources on the internet and convert them into algorithms for automatic cooking. Featuring voice control, ChefGPT, and AI-powered grocery management, upliance.ai seamlessly blends convenience with food science, customizing the cooking experience to individual tastes and preferences.
After a successful stint on Shark Tank and securing backing from notable investors like Rainmatter, Rukam Capital, and Draper Associates, upliance.ai is on track to emerge as India’s fastest-growing direct-to-consumer (D2C) hardware startup through a significant expansion initiative. The blueprint includes ramping up manufacturing capabilities, expanding its reach to 20-25 cities, and establishing a strong presence in over 10,000 stores across India, supplemented by the creation of 30 company-owned experience centers. This strategic vision signals the next phase of upliance.ai’s journey within the dynamic and innovative home tech solutions sector.
Apeejay Surrendra Park Hotels Ltd., the eighth-largest hotel chain in India, has raised INR 409.5 crore from anchor investors ahead of its upcoming initial public offering.
The company allocated 2.64 crore shares to 37 anchor investors at a price of INR 155 each.
In the pre-IPO round of fundraising, notable investors include Nippon Life India (8.3%), HDFC Life Insurance Co. (6.84%), CLSA Global (6.84%), 360 One AMC (6.84%), and Franklin India (6.84%).
In an exchange filing on Friday, the company reported that eight domestic mutual funds have submitted applications through a combined total of 21 schemes. Together, they have secured 49.82% of the anchor portion amounting to INR 204 crore.
ICICI Prudential Mutual Fund, Edelweiss Mutual Fund, Whiteoak Capital, Quant Mutual Fund, Mirae Asset, and Nippon Life India AMC stand out as significant investors in this category.
Apeejay Surrendra Park Hotels aims to raise INR 920 crore from the secondary market, with the issue opening on Feb. 5 and closing on Feb. 7.
The IPO consists of a fresh issue of INR 600 crore and an offer for sale component of INR 320 crore, with the issue price fixed at INR 147-155 per share.
The company ranks as the 8th largest operator of hotel chains in India. ASPHL manages operations under five brands, namely THE Park, THE Park Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone.
Apeejay Surrendra Park Hotels intends to utilize INR 550 crore from the net proceeds to settle specific outstanding borrowings incurred by the company. The remaining funds will be allocated for general corporate purposes.
Drs. Max and Sara Marquart, Founders, Planet A Foods
Planet A Foods, a B2B sustainable ingredients company, has secured $15.4 million in Series A funding, as reported by TechCrunch.
Drs. Max and Sara Marquart, a sibling duo, established a Munich-based company with the aim of developing a sustainable substitute for cocoa. Initially, the company operated under the name QOA.
Max Marquart explained that the motivation for the name change stemmed from the realization that “there is no Planet B,” highlighting concerns about climate change and other environmental challenges facing the cocoa-producing industry.
“We need to pay attention so that our Earth survives,” he said.
Climate-related challenges have led to a 45-year peak in chocolate prices in 2023, as cocoa bean futures surged to $4,362 per tonne, marking an 84% increase from the previous year. This occurs against the backdrop of a projected 5.6% annual growth in the global chocolate confectionery industry until 2028.
Planet A Foods employs fermentation technology to transform locally sourced, all-natural ingredients, such as oats and sunflower seeds, into ChoViva, their cocoa-free chocolate. This product boasts a delightful melt-in-the-mouth texture and rich chocolate flavor, available in milk, semi-sweet, and white varieties. Suitable for various culinary applications, from baking to ice cream, ChoViva contains up to 30% less sugar.
“I always say we want to be a ‘next-generation Cargill’ and a high-tech food ingredient company that delivers sustainable food ingredients to the industry,” Marquart said.
Planet A Foods’ Clientele and Collaborations
The company serves clients such as Griesson-de Beukelaer and Peter Kölln in the food manufacturing sector, as well as the renowned airline Lufthansa. Last year, the company introduced several products in collaboration with the German retailer REWE. Additionally, Lindt, the chocolatier, recently unveiled a vegan chocolate product that incorporates ChoViva.
Anticipating robust growth, Marquart envisions achieving an eight-figure revenue by the end of 2024. Planet A Foods is strategically expanding ChoViva internationally, starting with the United Kingdom and subsequently targeting other European markets, Asia, and the United States. Furthermore, the company plans to broaden its fermentation platform to encompass additional plant-based ingredients, with a series of new product launches slated for the first quarter of 2024.
He plans to utilize the fresh capital to recruit more scientists for Planet A Foods’ team in Germany, which currently consists of 50 individuals. The goal is to elevate the production of cocoa butter and palm oil alternatives to an industrial scale. The company has successfully expanded production at its facility, now capable of producing 750 kilograms of ChoViva per hour.
Meanwhile, the Series A round, led by World Fund, saw participation from an investor group that included Omnes Capital, Cherry Ventures, Mudcake, Nucleus Capital, Triple Point Capital, and Feast Ventures.
“Sara, Max and the team have created the right product to tackle cocoa’s expansive climate impact,” said Daria Saharova, managing partner at World Fund, in a statement. “Within three years they have turned a proof-of-concept into an industry-ready product on shelves, and established partnerships with global giants. The fact that this Series A funding round was oversubscribed despite a wider downturn in food tech investment is testament to their success.”
Apeejay Surrendra Park Hotels, the eighth-largest hotel chain in India with 27 hotels spanning upscale and upper-midscale categories, is set to launch its INR 920-crore IPO. The public subscription period will run from February 5 to 7, with a price band set at INR 147-155 per share.
The IPO consists of a fresh issue of equity shares amounting to INR 600 crore and an offer for sale (OFS) of INR 320 crore. In this OFS, the promoter group entity Apeejay Pvt Ltd plans to divest shares valued at INR 296 crore. Additional selling shareholders include RECP IV Park Hotel Investors and Co-Investors.
The hotel chain aims for a post-issue market capitalization of INR 3,307 crore at the upper price band. In the retail category, bids can be placed in lot sizes of 96 shares, with 10% of the net offer reserved for this segment.
Non-institutional investors (NIIs) looking to bid for shares valued between INR 2 lakh to INR 10 lakh must apply for a minimum of 1,344 shares, whereas in the category of INR 10 lakh-plus, the minimum bid lot is 6,528 shares.
Bids are expected to be finalized by February 8, with the listing anticipated around February 12. Park Hotels boasts a pipeline of 22 hotels, with 16 being developed through management contracts. Remarkably, it is one of just two hotel chains in the upscale segment owning more than 1,000 rooms. The company manages its hospitality assets under distinct brands such as THE PARK, THE PARK Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone.
With a rich legacy spanning over five decades in the hospitality industry, it possesses extensive expertise in owning and managing hotels. The company oversees 27 hotels, encompassing luxury boutique upscale brands and the upper midscale category. As of March 2023, it operates 80 restaurants, nightclubs, and bars, providing a diverse array of culinary experiences within its establishments. In the fiscal year 2023, the revenue from the sale of food and beverages, along with the sale of wine and liquor, contributed INR 228 crore to the total income.
The company has also made strides in the retail food and beverage industry through the establishment of the retail brand ‘Flurys.’
The funds raised from the new issuance are intended to be used for the partial or complete repayment of debt, as well as for various general corporate purposes.
During the six months ending in September 2023, the company experienced a 14% growth in revenue, reaching INR 272 crore. The profit after tax also saw a notable increase of 24%, totaling INR 22.9 crore.
The Park hotels achieved a Revenue per Available Room (RevPAR) of around INR 557 crore, with an occupancy rate of 91.77% and an average revenue per room of INR 6070 for the fiscal year ending in March 2023.
“We like the high occupancy level of ASPHL’s owned hotels (91.6% in FY23) which is buoyed by: i) location advantage in some cities; ii) limited supply pipeline in a number of cities; iii) iconic brands of restaurants, clubs, and bars (e.g. Tantra, Roxy, iBar, etc),” said Santosh Sinha of Emkay Global.
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