BigHaat Co-Founders Sachin Nandwana and Sateesh Nukala
BigHaat, an agritech startup, has secured $8.4 million in Series C funding, with Ashish Kacholia and RBA Finance and Investment Company co-leading the round. VPK Global, Anshul Anil Goel, Advik Tecnocommercial, Amee Shah Mehta, Rupaben Shailesh Mehta, Viren Ajit Joshi, Rohhan Viren Joshi, and Nishchay Goel also participated in the funding round.
According to regulatory filings with the Registrar of Companies, the board of BigHaat has approved a special resolution to allocate 6,186 Series C compulsory convertible preference shares (CCPS) at a price of INR 1,12,366 per share, totaling INR 69.5 crore or $8.4 million.
The round was co-led by Suresh Agarwal (representing RBA Finance and Investment Company) and Ashish Kacholia, each contributing INR 30 crore. VPK Global invested INR 3 crore, while Anshul Anil Goel contributed INR 1.5 crore.
The remaining amount was contributed by the investors mentioned earlier. According to the startup data intelligence platform TheKredible, the company has been valued at INR 470 crore or $56.5 million. This appears to be an ongoing funding round, with the possibility of raising more funds.
Established in 2015 by Sateesh Nukala and Sachin Nandwana, BigHaat is an agritech startup specializing in data-driven crop advisory services for farmers, along with assistance in distribution, marketing, and operations. Additionally, the company operates a marketplace platform offering a wide range of agricultural products such as seeds, pesticides, fertilizers, pumps, tractors, and growth promoters.
Following the issuance of the new shares, both Ashish Kacholia and RBA Finance and Investment Company secured approximately 6.4% ownership in the company. JM Financial maintains its status as the largest shareholder in BigHaat, holding over 27% of the company’s stakes.
To date, BigHaat has secured approximately $29 million in funding. In January 2022, the company raised INR 100 crore, with JM Financial leading the round alongside existing investor Beyond Next Ventures.
BigHaat has experienced rapid growth over the past few fiscal years, with its gross revenue increasing by 5.4 times to INR 643 crore in FY23, compared to INR 119.7 crore in FY22. However, its losses also surged, rising by 6.2 times to INR 35 crore in FY23 from INR 5.65 crore in FY22.
As per a report, the homegrown agritech sector is projected to reach a market size of $24 Bn by 2025.
Radico Khaitan Ltd, a liquor manufacturer, reported a consolidated net profit of INR 75.15 crore for the third quarter ending December 2023, marking a 22.75% rise. This contrasts with the INR 61.22 crore consolidated net profit reported in the corresponding period last year, as stated by Radico Khaitan in a filing with the Bombay Stock Exchange (BSE).
The company’s revenue from operations surged by 34.1%, reaching INR 4,245.95 crore in the third quarter of the current financial year, compared to INR 3,166.19 crore in the same period last year.
Nykaa, a prominent beauty and fashion ecommerce platform, witnessed a 6% surge in its shares during Wednesday’s trading session following the announcement of its consolidated net profit more than doubling in the third quarter of FY24.
Nykaa shares commenced trading at INR 170.05 apiece on Wednesday, representing a nearly 6% increase compared to the previous close of INR 160.5. However, the stock later surrendered these gains, with each share trading at INR 160.2 on the BSE by 12:29 PM.
The Falguni Nyaar-led company experienced a significant boost in its consolidated net profit, more than doubling to INR 17.4 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24) from INR 8.5 Cr in the corresponding quarter of the previous year. This impressive growth was attributed to a steady enhancement in its fashion business during the festival season.
In the quarter under review, operating revenue surged by 22% to INR 1,788.8 Cr compared to the INR 1,462.8 Cr recorded in Q3 FY23.
The startup’s revenue also saw a sequential increase of 18.7%, reaching INR 1,507 Cr.
In the reported quarter, the company noted a 25% year-on-year growth in its consolidated Gross Merchandise Value (GMV) within the beauty and personal care (BPC) segment, reaching INR 2,369.7 Cr. This growth was primarily driven by heightened demand for premium BPC brands.
In the third quarter of fiscal year 2024, Nykaa’s fashion division witnessed a noteworthy 40% year-over-year surge in Gross Merchandise Value (GMV), reaching INR 1,012.5 Cr. This segment also generated operating revenue of INR 152.6 Cr for the quarter, marking a 20% rise compared to INR 127.5 Cr recorded in the corresponding period of the previous year.
Nykaa has decided to inject an extra INR 150 Cr into Nykaa Fashion Ltd, its wholly owned subsidiary responsible for managing the company’s fashion sector, through a rights issue. This infusion aims to facilitate the repayment of loans extended by the parent company to its subsidiary.
Furthermore, Nykaa has disclosed plans for the demerger of its B2B platform, ‘Superstore by Nykaa,’ transferring it from the wholly owned subsidiary FSN Distribution Limited to another subsidiary, Nykaa E-Retail Ltd.
Having raised funds at a valuation of INR 70 crore, the brand intends to allocate the capital towards brand building and distribution initiatives.
Established in 2021 by Simran Khara, the brand specializes in home care products, including floor cleaners, laundry detergent, fabric conditioners, dishwash liquid, handwash, cleaning accessories, fresheners, and fragrances. It aims to expand its product line further to cater to the evolving cleaning requirements of modern Indian households.
Simran Khara, Founder, Koparo said, “Securing a Shark Tank deal from Aman Gupta, Vineeta Singh who have built formidable consumer brands is very satisfying. I’m excited to have 4P Capital Partners on-board as their backers have experience of building large consumer brands. In the next 2 years, we are targeting to reach 10 lakh Indian consumers and our focus is on expanding distribution both online and offline.”
Aditya Arora, Partner and CIO, 4P Capital Partners said, “We are impressed with the solid business that Simran has built in a short span of time. Her focus on positive economics stands out for us. We strongly believe that sustainable and plant-based home cleaners are the need of the hour and are happy to back Koparo on its journey.”
Koparo’s unique selling proposition (USP) lies in its range of cleaning products, which are powered by natural ingredients and designed to be safe for children and pets. This resonates with an expanding segment of environmentally conscious consumers in India. With millennial families increasingly embracing healthier living choices, Koparo’s affordable yet high-quality products earned praise from the judges on Shark Tank India.
Koparo concluded the previous fiscal year with revenues of INR 5 crore. In the current fiscal year, the company aims to achieve INR 12 crore in revenue and intends to expand further to INR 50 crore within the next two years.
Before this, Koparo secured INR 5.7 crore in a pre-seed round in November 2021 and INR 12 crore in a pre-Series A round in February 2023, both led by Saama Capital. Additional investors supporting the brand in these rounds include MVP, Fluid Ventures, DSG Consumer Partners, and Titan Capital.
Taj Mahal, New Delhi, announces the launch of Blind Bakes Cafe, a groundbreaking initiative aimed at empowering visually impaired women, in partnership with NAB India Centre for Blind Women & Disability Studies. This initiative represents a significant step towards inclusive hospitality and reinforces Taj Mahal, New Delhi’s commitment to social responsibility.
Speaking on the launch Satyajeet Krishnan, area director – operations and general manager, Taj Mahal, New Delhi said, “Our longstanding partnership with NAB takes on a new dimension today. With the launch of this Cafe, we remain steadfast in our commitment towards equality, inclusion and sustaining livelihoods. While we provide culinary and housekeeping skills to members of NAB, we are privileged to savour the delightful creations crafted by their team in our associate dining room.”
Shalini Khanna Sodhi, founder director NAB India Centre for Blind Women and Disability Studies said, “Blind Bake is an unparalleled story of diversity and inclusion. Blind chefs have shown us that nothing is impossible. An amazing initiative of Taj Mahal, New Delhi to empower the training enterprise by visually impaired women to invite Blind Bake in their staff cafeteria.”
The initiative draws its inspiration from IHCL‘s foundational principles and the insightful words of Jamsetji Nusserwanji Tata, the visionary Founder of the Tata Group, who emphasized that “In a free enterprise, the community is not just another stakeholder in business, but is in fact the very purpose of its existence.” With this ethos guiding its path, Taj Mahal, New Delhi, is dedicated to forging significant pathways for the visually impaired community. This endeavor seamlessly aligns with Paathya, IHCL’s framework for sustainability and social impact, reinforcing its commitment to creating positive change.
Paathya, originating from the Sanskrit concept of charting a path, embodies IHCL’s commitment to driving positive transformation through its fundamental principles: Trust among all stakeholders, Consciousness of our ecosystem’s needs, and Inner Joy. Building upon its rich legacy spanning over a century, Paathya sets forth a trajectory centered on Environmental Stewardship, Social Responsibility, Governance Excellence, Heritage Preservation, Value Chain Enhancement, and Sustainable Development.
Lemon Tree Hotels is set to unveil 30 fresh properties across the nation within the current calendar year, potentially augmenting its capacity by over 2,000 rooms. The hospitality giant maintains a strong optimism towards the burgeoning demand from middle-class consumers.
Patanjali Keswani, chairman and managing director of Lemon Tree Hotels, stated that this year’s expansion will feature the debut of a Lemon Tree resort in Bhutan, along with the introduction of three or four hotels and resorts in Nepal.
Last year, the BSE-listed company introduced 1,375 new rooms across 14 hotels, featuring the grand debut of India’s largest hotel, the 669-room Aurika Mumbai Skycity.
The company revealed plans to expand into key tier-1, 2, and 3 markets, including Jaipur, Gurgaon, Jamshedpur, Meerut, Jabalpur, and Thiruvananthapuram. Furthermore, it aims to target important leisure, pilgrimage, and wellness destinations such as Goa, Udaipur, Kumbhalgarh, Somnath, Dehradun, and Kanha.
The company is also aiming to broaden its Aurika Hotels & Resorts brand by introducing two new resorts. The 110-room Aurika, Kasauli is scheduled to open towards the end of this year, while the 132-room Aurika Rishikesh is set to open early next year.
“The large Indian chains will drive consolidation in the hospitality sector through lower inventory hotels, because the economics or cost structure of international chains doesn’t support this kind of expansion at present,” Keswani said.
He said that more conversions will drive the growth of Lemon Tree Hotels this fiscal year.
“I had said we will cross 10,000 rooms. Of which, 60% will be owned by us. We opened India’s biggest hotel in Mumbai. Now our operating owned inventory is close to 6,000 and our managed inventory is about 4,500 rooms. So put together its 10,500. We are there,” said Keswani.
On Tuesday, Lemon Tree announced revenue from operations of INR 289 crore for the quarter ending on December 31. During the third quarter of this fiscal year, the chain recorded a profit of INR 44 crore.
The chairman said, “We will sign another 3,000-4,000 rooms. A lot of this is conversions, which could mean standalone hotels or some other branded hotels getting into our portfolio.”
Keswani remarked that premiumization is occurring across various categories, which he considers to be very “healthy”. He noted that typically, two to three years after this trend, domestic middle-class consumers begin shifting many items from discretionary to non-discretionary categories.
“The rate at which airline traffic has grown will tell you that an increasing number of Indians for whom the default option was trains are now starting to fly. There is an inflection point in every economy, when, for a very large number of consumers what used to be discretionary becomes non-discretionary,” he said. “It’s air traffic for many. I am sure it applies to entertainment and mobile phones. The number of people for whom hospitality will become a non-discretionary category will also grow exponentially at a certain point in the GDP. All this put together means aspirational categories move towards default options and mid-market hotels will also stand to gain from that.”
Tata Digital, the digital subsidiary of the diversified conglomerate Tata Group, has named Naveen Tahilyani as its new Chief Executive Officer (CEO) and Managing Director (MD).
Tahilyani is scheduled to assume his new role on February 19th. Before this appointment, he held the position of CEO and MD at Tata AIA Life Insurance, as stated by the company.
Tata Digital hosts the Tata Group’s superapp, Tata Neu. Tahilyani will assume responsibility from Pratik Pal, who led the launch of Tata Neu.
“I am delighted to welcome Naveen to Tata Digital. Naveen brings in (a) strong understanding of (the) consumer domain and a very successful track record of leadership. I wish Naveen success in his new role,” said Tata Sons Chairman N Chandrasekaran.
As an alumnus of both IIT Madras and IIM-Ahmedabad, Tahilyani brings over twenty years of experience, having previously worked with Axis Bank, McKinsey, and other notable organizations.
Meanwhile, the company announced that Pal will stay with Tata Digital to ensure continuity and contribute his extensive experience to the organization. However, there is no clarity on Pal’s specific new role within the company.
“Pratik has been successfully leading the company since its inception and led Tata Group’s foray into digital commerce. I would like to thank Pratik for his significant contribution to Tata Digital,” Chandrasekaran said in the statement.
The development comes at a time when Tata Digital has been witnessing a series of exits at the top level. Recently, it was reported that Tata Digital’s chief software architect Pavan Podila and Samir Aksekar, chief information security officer, were on their way out.
In October 2023, Rajiv Subramanian, who was overseeing Tata Neu’s travel division at the time, also resigned from his role. Before that, several other senior executives, such as Prateek Mehta and Sharath Bulusu, had also left the company.
Nevertheless, the conglomerate is reportedly strategizing for a new billion-dollar fund injection into Tata Digital, despite the latter experiencing a 5.6X year-on-year surge in its consolidated net loss to INR 3,052 Cr in FY22.
Retail sales in India experienced a sudden halt in 2023, with the growth rate in sectors like apparel, footwear, beauty, and quick-service restaurants (QSR) dropping by half to a mere 9% following two years of pandemic-induced surges. This downturn underscores a subdued consumer sentiment, although expenditure on big-ticket items such as automobiles and electronics remained steady, buoyed by accessible loans.
Analysts and industry executives anticipate a prolonged market slump, with a recovery expected only after two to three quarters.
The Retailers Association of India (RAI) reported that within the apparel and footwear sectors, the value category catering to budget-conscious consumers suffered the most severe impact.
Last year, the organised retail sector experienced a same-store sales growth (SSG) of 2-3%, indicating a slowdown in demand for clothing, footwear, cosmetics, and fast food, despite three-fourths of its annual sales growth being attributed to network expansion.
Furthermore, a report by RAI indicates that the traditionally bustling October to December period, characterized by festivals, witnessed only a modest sales growth of 6%, with like-to-like sales declining compared to 2022.
The report conducted a survey of the top 100 retailers across various segments of modern retail in the country. Same-store sales growth (SSG) serves as a gauge of customer demand and assesses revenue generated from stores operational for at least a year.
“Like-for-like growth has been quite muted throughout the year. Most of the brands have expanded to new geographies and whatever the growth we are seeing is due to that. We were expecting things to recover after January but the way things are looking, the slowdown seems slightly prolonged,” said Devarajan Iyer, chief executive of department store chain Lifestyle International.
In 2022, the majority of apparel and lifestyle retailers hiked prices across various categories, particularly following a spike in cotton prices attributed to increased shipment costs and depreciation of the rupee.
However, last year witnessed companies either reducing prices or providing significant discounts to liquidate unsold inventory following price hikes in the preceding year.
“We have seen slowdown across consumer segments but were expecting a retail recovery during October-December quarter which has not happened so far. Unless interest rates are lowered, companies, especially tech firms, give decent salary hikes and there are no further job losses, we do not see a recovery for another 2-3 quarters,” said Abneesh Roy, executive director at Nuvama Institutional Equities.
During the pandemic, there was a surge in sales of athleisure wear, followed by apparel and lifestyle products, which defied the overall sluggish trend due to pent-up demand and consumers upgrading their wardrobes after the reopening of offices. However, this momentum has now stabilized.
“Revenge shopping that we saw during the pandemic was never sustainable. While people are buying higher priced products including cars and electronics with finance options, the increasing EMI every month is forcing them to cut back on lifestyle products like clothing and accessories,” said Kumar Rajagopalan, chief executive officer of RAI.
In 2023, the fashion retail segment grappled with a slowdown in demand due to inflationary pressures. According to RAI’s report, the value category experienced a greater impact compared to premium products and has not yet reached its pre-pandemic level of average sales per square feet.
In terms of segments, apparel and clothing experienced the slowest growth rate at 8%, whereas QSR expanded by 13% in 2023. Sales of furniture, sporting goods, and jewellery saw a 12% rise, while beauty, electronics, and food and grocery each recorded an 11% growth.
Meanwhile, during a recent investors’ call, Shoppers Stop reported a post-Christmas recovery in its retail chain. However, it noted that the recovery is still inconsistent and highlighted that the market remains muted despite some signs of improvement.
“The entire non-apparel piece, whether it’s beauty or non-apparel, is doing really well. We also foresee that going forward, the premium brands and the premiumisation journey will keep on becoming stronger and stronger. For us, those are the reasons why the revival in demand will happen,” said Kavindra Mishra, chief executive of Shoppers Stop, which reported a 9% sales increase in the December quarter.
Others like Metro Brands experienced a 6% revenue growth in the fiscal third quarter, while Bata India’s revenue remained almost flat. Meanwhile, McDonald’s India franchisee Westlife Foodworld saw sales fall 2%, with SSG declining 9%.
Competitor Restaurant Brands Asia, which operates Burger King, reported a 20% rise in revenue. However, Same Store Sales Growth (SSG) decelerated significantly to 2.6% from 28% in the same quarter of the previous year.
“On the macro side, demand conditions remained tough with lower levels of eating out frequency. The festive season saw a slight uptick, but the demand pressure continued thereafter. The softness in general consumption trends is quite visible across the retail space and several other macro indicators,” Akshay Jatia, executive director at Westlife Foodworld told investors recently.
KPG Spices, the Indian spice segment of Marvel Group, renowned for its range of grounded and blended spices, has appointed Bollywood actress Kareena Kapoor Khan as its brand ambassador.
Announcing the association with Kareena Kapoor Khan, Gourav Jain, managing director, Marvel King, said, “We are pleased to onboard Kareena Kapoor Khan as the brand ambassador of KPG Spices. Kareena Kapoor Khan is a greatly praised actor, fearless, believes in quality and now a mother of two, she has set high standards for mothers in all avenues of child upbringing along with an excellent example of work life balance. Her association with KPG Spices is not just as a celebrity but also as a storyteller of spices, adding a touch of Bollywood magic to every Indian household kitchen. We look forward to her refreshing ideas and are confident of a successful partnership that would take KPG Spices to new heights and reach millions.”
On being announced as the brand ambassador of KPG Spices, Kareena Kapoor Khan, said, “I’m looking forward to this synergistic association. The range of products are the epitome of purity and authenticity which is quite evident with their focus on hygiene, health, and of course amazing taste which never falls short in turning everyday meals into extraordinary culinary experiences through the production of fresh and chemical-free spices sourced from every corner of India like Haldi from Selam, Lal Mirch from Guntur etc. commending on KPG masale, desh ke masale. Together we will embark on a beautiful and tasteful journey which will bring flavor and inspiration to food enthusiasts worldwide.”
KPG stands at the forefront of the spice manufacturing industry, embodying a pioneering spirit and unwavering commitment to quality and purity. The brand’s exceptional standing is underscored by its hand-curated team, possessing deep expertise and industrial knowledge to select superior raw materials, conduct industry-leading quality checks, and establish world-class packaging setups. Equipped with state-of-the-art infrastructure, the production facility ensures the manufacture and processing of premium-quality products.
With three decades of experience in the FMCG industry and a forward-thinking vision, Chairman Parveen Jain of Marvel King is dedicated to delighting customers and bringing smiles to faces. Utilizing integrated sales and distribution tracking methods, the company is forging a brand renowned for unwavering quality and pioneering retail spaces. Positioned for global expansion, Marvel King is committed to excellence in every aspect of its operations.
Britannia Industries, a renowned bakery food company, reported a 40.40% decrease in consolidated net profit to INR 555.66 crore for the third quarter ended December 2023, according to a filing with the Bombay Stock Exchange (BSE). This contrasts with the consolidated net profit of INR 932.40 crore reported in the same period a year earlier.
Nevertheless, its revenue from operations saw a 1.41% uptick, reaching INR 4,256.33 crore in Q3 FY24, compared to INR 4,196.80 crore in Q3 FY23.
According to a regulatory filing, its total expenses rose to INR 3,544.42 crore in Q3 FY24, compared to INR 3,475.31 crore in the corresponding period of the previous fiscal year.
Varun Berry, vice chairman and managing director of the company said, “In a progressively recovering demand environment with heightened competition, our performance this quarter reflects our resilience and competitiveness. Over the last 24 months, we achieved a robust 19% growth in revenue, coupled with a commendable 52% increase in operating profit. We capitalized on the power of our brands with requisite investments, and actioned judicious price corrections, which helped us maintain competitiveness and gain market share.”
Berry further said, “We continued to expand our direct reach and accelerate our rural journey, partnering with more than 29,000 rural distributors during the quarter. As a result, our focus states outperformed other regions in terms of growth, despite a generally subdued rural demand.”
“Our international business performed extremely well with robust double-digit growths across key markets,” he added.
Sharing thoughts on cost and profitability, he said, “We will stay vigilant of the commodity prices and evolving geopolitical situation. We will continue to invest behind our brands and stay price competitive with a clear objective of driving market share while sustaining profitability. We remain committed to the ESG framework of People, Growth, Governance and Resources to build a sustainable and profitable business.”
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