According to a report released on Wednesday, the price of a typical home-cooked vegetarianthali rose by 5 percent compared to last year in January, whereas the cost of a non-vegetarian thali decreased by 13 percent.
As per Crisil Market Intelligence and Analytics (MI&A) Research ‘Rice Roti Rate’ estimates, the rise in prices of ingredients like pulses, rice, onion, and tomato made home-cooked veg thali costlier in January, while the decline in poultry rates helped in the fall in non-veg thali rates.
The report stated that the price of the vegetable thali rose as a result of a year-on-year surge of 35% and 20% in the prices of onions and tomatoes, respectively.
The report further mentioned that the prices of rice, which constitute 12% of the vegetable thali cost, and pulses, making up 9%, also experienced year-on-year increases of 14% and 21%, respectively.
The drop in the price of the non-vegetarian thali, meanwhile, was attributed to a 26 percent decrease in broiler prices in January compared to the previous year, driven by increased production, according to the report.
Yet, in a sequential manner, the prices of the vegetarian and non-vegetarian thalis dropped by 6 percent and 8 percent, respectively.
The reduction in expenses was attributed to a 26 percent decrease in onion prices and a 16 percent decrease in tomato prices month-on-month, driven by increased domestic onion supply due to export restrictions and the arrival of fresh tomatoes from northern and eastern states, as outlined in the report.
The drop in the price of the non-vegetarian thali accelerated due to an 8-10 percent decrease in broiler prices month-on-month, which constitute 50 percent of the total cost, as stated.
On Wednesday, Meesho, the ecommerceunicorn, launched its tech platform Valmo, aimed at facilitating affordable deliveries and bridging supply chain gaps nationwide. Valmo empowers micro-entrepreneurs to fulfill orders efficiently.
The platform unites logistics platforms, technology partners, and small entrepreneurs managing sorting centers to streamline the delivery process.
Currently, the ecommerce player utilizes Valmo to fulfill orders made on its marketplace.
Meesho stated that Valmo operates through disaggregated network nodes spread across the country, encompassing first-mile, last-mile, and sorting centers. This decentralized structure enables delivery partners to be situated in close proximity to users, resulting in reduced delivery times.
“Valmo is about getting organised smaller players to play a part in the larger e-commerce system. The smaller players amount to only about 20-22% of the ecommerce deliveries today. With Valmo as a network, we believe we can take that share to 45% in the next one year,” Meesho’s CXO – fulfilment and initiatives Saurabh Pandey said.
The startup disclosed that it has been diligently developing the platform over the past 18-24 months before launching it last year.
Meesho said it has teamed up with companies such as ElasticRun, FarEye, LoadShare, and Shipsy to cultivate the technological capabilities necessary for Valmo.
Pandey elaborated on the network’s model, stating that opting for disaggregated logistics supply chain over large node models is a better strategy. This approach minimizes platform investment and fosters a more dependable model by facilitating stronger connections between sellers and the various logistic partners involved at different stages.
Meesho stated that Valmo currently assists in handling more than 900,000 daily orders. The deliveries managed by Valmo span approximately 6,000 pin codes across over 20 Indian states.
The startup stated that it had onboarded 3,000 micro-entrepreneurs on the platform. It claimed to generate 35,000 indirect jobs through engagement with these local partners as of now.
It also mentioned that it is currently experimenting with Valmo for grocery deliveries.
Pandey mentioned that Valmo has assisted Meesho in reducing its logistics costs by 5%. However, as of now, the unicorn does not have any plans to shift the fulfillment of all orders onto the network.
Meesho stated that it will maintain its collaboration with third-party logistics providers such as Delhivery, Shadowfax, Xpressbees, Ecom Express, and others.
As ecommerce penetration grows in the country, the Indian logistics market is experiencing rapid expansion. Meesho vies for market share alongside Flipkart and Amazon in the ecommerce sector. Both these giants possess their own logistics arms. Flipkart’s logistics arm, eKart, extends services to small, medium, and large businesses (SMBs), as well as other brands across India.
Last year, Amazon injected an extra INR 400 Cr into its Indian logistics subsidiary, Amazon Transportation Services. This investment was aimed at facilitating the delivery of non-Amazon orders through a new vertical known as Amazon Shipping.
Meesho saw a 48% year-on-year decrease in its net loss to INR 1,675 Cr in FY23, while its operating revenue surged by 77% to INR 5,735 Cr.
Orios Venture Partners, an early-stage venture capital firm, has made a partial exit from Country Delight, a dairytech startup it backed seven years ago, achieving a remarkable 45X return on its initial investment. Known for its investments in companies like Battery Smart, Karbon, ixigo, Mobikwik, CarDekho, and Vedantu, Orios Venture Partners remains a notable player in the venture capital landscape.
Nevertheless, the firm retains the majority of its investment stake from Fund I in the company.
“When investing back in 2017, Orios had built a thesis on subscription commerce and had as part of the sector study met with more than 40 companies before selecting Country Delight,” the fund said in a statement.
Additionally, it emphasized that the exit highlights the effectiveness of Orios’ strategy in identifying top-performing companies and making early investments in them.
Established in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight operates on a subscription-based model, sourcing milk directly from farmers and providing doorstep delivery services to customers. In addition to milk, the company offers a range of products including bread, ghee, other dairy items, as well as fruits and vegetables.
The startup has secured nearly $158 million (excluding the ongoing funding round) across multiple rounds. Among its marquee investors are Temasek, Matrix Partners, Orios Ventures, and Elevation Capital.
In FY22, Country Delight experienced a significant increase in its net loss, surging over 6 times to INR 186.4 crore from INR 28.2 crore, while its revenue from operations more than doubled, reaching INR 542.6 crore.
According to the company’s statement, it has undergone significant growth since its establishment, securing a total of 9 funding rounds and reaching a valuation of $820 million in its most recent funding round.
Rehan Yar Khan, managing partner at Orios Venture Partners, said, “We believe exceptional founders in large spaces can build special companies. With Country Delight, it has been an honour and great learning experience to watch Chakradhar and Nitin build the company, from a single product to over 140 products”
“We look at between 4000 to 5000 companies in a year to invest in 10. We have been doing this since 2008, first as private investors and then since 2014 as an AIF fund. The same process also led to the identification of Ola and Druva”
Meanwhile, Orios Venture Partners, launched in 2014, primarily invests in software and technology-enabled startups. Last month, it announced the return of INR 300 Cr from Fund I to its investors.
Launched in 2014, the VC firm’s Fund I reached its final close at INR 300 Cr in 2015.
The fund prioritized its resource allocation, with a notable emphasis on marketplaces, accounting for 27.07%, followed by direct-to-consumer (D2C) at 17.7% and healthtech at 14.45%. Key portfolios within the fund include PharmEasy, Country Delight, and Zostel.
Orios aims to strengthen its position further with substantial returns projected for both 2024 and 2025.
Orios was among the investors in troubled car servicing startup GoMechanic, which it marked down amid controversies surrounding the company.
In September last year, two former managing partners of Orios, Anup Jain and Rajeev Suri, stepped down from their positions to pursue other opportunities.
As per a report, Indian startups secured a little over $10 billion in funding by December 25, registering a 60% decline from $25 billion raised in the year before.
In a move towards advancing Digital India, Sanjeev Chopra, Secretary of the Department of Food and Public Distribution, launched a pilot program to onboard fair price shops (FPSs) onto the Open Network Digital Commerce (ONDC) platform in the Una and Hamirpur districts of Himachal Pradesh.
The pilot program was initiated virtually across 11 FPSs, with five in Una and six in Hamirpur districts. This marks the first onboarding of fair price shops onto the ONDC platform.
Speaking on the occasion, Chopra said this landmark initiative adds to the continuous efforts of his department in transforming the fair price shops. This effort aims at providing additional avenues of income generation for FPS dealers along with enhancing beneficiary satisfaction.
Furthermore, he emphasized that this initiative offers numerous benefits for FPS dealers, including visibility in the digital marketplace, access to a larger customer base beyond NFSA beneficiaries, and the ability to compete on an equal footing with large retailers and e-commerce platforms.
Moreover, beneficiaries encountering challenges with online purchases can turn to FPS dealers to place orders on their behalf.
He highlighted that the success of the pilot being implemented in Himachal Pradesh will serve as a model for statewide and nationwide adoption in the future. Additionally, he appreciated the support of MicroSave Consulting (MSC) in deploying this pilot program.
Following the launch event, a physical workshop was arranged for FPS dealers in Una and Hamirpur districts. The workshop provided guidance on cataloguing products, managing service orders, and understanding the commission structure on ONDC.
Established on December 31, 2021, ONDC transcends the existing platform-centric digital commerce model, wherein both the buyer and seller must utilize the same platform or application to engage in digital visibility and conduct business transactions.
GlobalBees, an e-commerce roll-up company, has secured INR 150 crore ($18 million) in debt funding from Avendus. This marks the third debt round for the Delhi-headquartered firm since its establishment in 2021.
According to regulatory filings obtained from the Registrar of Companies, the board of GlobalBees has approved a special resolution to issue 1,500 non-convertible debentures at a price of INR 10,00,000 each, aiming to raise INR 150 crore or $18 million.
The funds raised will be allocated for meeting working capital needs and covering general corporate expenses, as stated in the filings. These non-convertible debentures offer an annual coupon rate of 14.5%.
Startups like GlobalBees collaborate with entrepreneurs who primarily operate online, expanding direct-to-consumer (D2C) enterprises both globally and within India. Their focus lies on brands generating $1-20 million in revenue, providing assistance in areas such as capital, marketing, supply chain management, research and development, and operations.
To date, GlobalBees has secured over $270 million in funding, with its Series B round of $111 million in December 2021 propelling it to unicorn status. The company’s latest valuation stands at approximately $1.12 billion. It’s worth noting that both the Series A and Series B rounds included debt components of $75 million and $30 million, respectively.
According to the startup data intelligence platform TheKredible, FirstCry along with Supam Maheshwari holds 55.6% in GlobalBees while Chimetech Holding, Premji Invest, and Lightspeed command 12.8%, 6.95%, and 6.57% respectively.
In the fiscal year ending March 2023, the company witnessed a remarkable surge in standalone revenue from operations, soaring 3.4 times to reach INR 65 crore. However, during the same period, the company’s losses doubled to INR 6 crore.
GlobalBees competes with companies like Mensa Brands, GOAT Brand Labs, Evenflow, Upscalio, and Powerhouse91. In FY23, Mensa Brands reported a revenue of INR 1,317 crore alongside a loss of INR 329 crore. Meanwhile, Upscalio recorded revenue of INR 216 crore with a loss of INR 78 crore in the same fiscal year.
In 2023, Mensa also raised $76 million in debt across two tranches.
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.
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