India’s first AI Cooking Assistant, upliance.ai sets sights on 10X growth and INR 150 Crore revenue after star performance on Shark Tank

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February 3, 2024

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.

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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.

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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 raises INR 409 Crore from anchor investors ahead of IPO launch

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February 3, 2024

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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.

Continue Exploring: Apeejay Surrendra Park Hotels announces INR 920-Crore IPO, set to hit markets on February 5-7 with price band of INR 147-155 per share

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.

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

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February 3, 2024

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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.

Continue Exploring: Cocoa prices skyrocket to 45-year high amid expected crop shortagesCocoa prices skyrocket to 45-year high amid expected crop shortages

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.

Continue Exploring: Nestlé launches first-ever ethically sourced KitKat

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 announces INR 920-Crore IPO, set to hit markets on February 5-7 with price band of INR 147-155 per share

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February 3, 2024

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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.

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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.

Continue Exploring: Indian hospitality industry set for a record-breaking 2024: Surge in new hotel rooms expected

Zomato launches ‘Plastic-Free Orders Packathon’ in partnership with Startup India to drive innovation in sustainable food packaging

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February 3, 2024

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Food delivery platform Zomato has launched the ‘Plastic-Free Orders Packathon’ in collaboration with Startup India to foster innovation in sustainable packaging for food delivery orders. This Packathon serves as a competition for startups to present inventive solutions for eco-friendly packaging, specifically catering to restaurants handling online food orders.

Zomato chief sustainability officer Anjalli Ravi Kumar said, “Zomato is deeply committed to reducing the environmental impact of food deliveries. In September 2023, we began to recognise restaurants that have adopted sustainable packaging materials for food deliveries via a ‘Plastic-Free Orders’ banner. The programme is live in eight cities and 3.6 million orders have been recognised as plastic-free till December 31st, 2023. The program surfaced the fact that many national restaurant chains have adopted paper-based or bagasse-based packaging.”

She further added, “Standalone, mid-tier and budget restaurants, especially those outside metro cities, are struggling with the availability of affordable and functional alternatives to plastic packaging for their deliveries. The problem is particularly acute for restaurants specializing in gravy-based cuisines with multiple condiments and accompaniments. We believe focussed innovations hold the answer to this problem and the Packathon is a way to surface and recognise Indian innovators.”

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Startup India VP Aastha Grover said, “The launch of Zomato Plastic-Free Packathon is a testament to our shared commitment helping Indian businesses and citizens transition to sustainable practices. Given the burgeoning issue of plastic pollution, this initiative is a clarion call to all Indian startups to innovate and devise sustainable packaging solutions for food delivery that can significantly reduce plastic usage. This challenge presents a unique opportunity for Indian startups to showcase their ingenuity and contribute to a new era of sustainable consumption. As part of Startup India’s mission, we are excited to facilitate and support innovative solutions that will preserve our planet for future generations.”

Open to all DPIIT-recognized startups, the deadline for submitting applications to the Packathon is on February 29th. The top three winners will be awarded prizes of 10 Lakhs, 5 Lakhs, and 3 Lakhs, respectively. Additionally, they will have the chance to showcase their solutions to Zomato’s network of restaurant partners.

Recently, Zomato revealed its 2030 sustainability goals, which include ensuring 100% plastic-neutral food delivery orders through voluntary recycling. Additionally, the company is committed to facilitating the delivery of 100 million plastic-free food orders by 2025. Over the years, Zomato has implemented various initiatives to diminish the environmental impact of food deliveries, following its 3Rs approach of ‘reduce, recycle, and reward.’

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In 2021, the company changed the default option on its food ordering and delivery app to ‘Do not send cutlery,’ allowing customers to request cutlery only when needed. This straightforward initiative has reduced cutlery waste by 1,000 metric tons (1 million kilos) over the past two years. In the fiscal year 2023, Zomato recycled 20,000 metric tons of plastic waste, which is more than twice the weight of plastic used by restaurant partners for packaging orders received through Zomato. Additionally, in 2023, the company introduced a recognition program for restaurant partners who transition to plastic-free alternatives for their Zomato deliveries.

Cash-strapped Dunzo promises to settle outstanding payments to former employees by March-end

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February 3, 2024

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Google-backed delivery startup, Dunzo, plans to settle outstanding payments to former employees by 30 March. This decision comes after a challenging year marked by profitability issues and a liquidity crunch, as conveyed in an email to its staff this week.

“We confirm that we are on course to clear the dues by 30 March 2024. We acknowledge that we were not able to keep our committed timeline in the past; however, we assure you that there will not be any further delay,” stated the email.

The acknowledgment comes amidst financial troubles faced by Dunzo, including the inability to disburse November salaries and the implementation of layoffs affecting more than 30% of its workforce as part of cost-reduction initiatives. The Bengaluru-based startup has deferred payments to its laid-off staff, creditors, and vendors.

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“We are confident in meeting this timeline based on the progress we have made in the funding process, and we will ensure that we keep our commitment,” the company said in the memo. “We completely understand that dues have not been settled in the ideal time, and this delay must have been exhausting for you emotionally and financially.”

Yourstory was the first to cover this development. The company did not reply to the request for comment.

Over the past year, the company has implemented various cost-saving measures. This includes transitioning all employee accounts from Google to Zoho workspace, resulting in a cost reduction of at least a third. Furthermore, the company has vacated its Bengaluru office and closed a significant portion of its dark stores.

Additionally, the company experienced high-profile departures of key executives, including co-founders and its finance head. In a regulatory filing, the company’s auditor, Deloitte, expressed skepticism about the company’s ability to continue as a going concern following the disclosure of increased losses.

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Dunzo, which was on its way to achieving unicorn status with a valuation of a billion dollars in 2022, reported a substantial net loss of INR 1,802 crore in FY23. As of January 2022, it was valued at over $775 million.

The quick commerce industry is highly competitive, currently dominated by five major players. Instamart, supported by Swiggy, BBNow from BigBasket, Blinkit and Zepto, both backed by Zomato, are actively pursuing avenues to achieve profitability. These players are focused on enhancing dark store efficiencies to optimize margins.

Founded in 2014 by Kabeer Biswas along with Ankur Aggarwal, Dalvir Suri, and Mukund Jha, Dunzo’s investors include Reliance Retail Ventures, Lightbox Ventures, and Blume Ventures, among others.

Popeyes sets sights on Italian market expansion, inks master franchise deal with RB Iberia

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February 2, 2024

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Popeyes, the American quick-service restaurant brand, has entered into a master franchise and development agreement with Restaurant Brands Iberia (RB Iberia) for the expansion of its presence in Italy.

The first Italian Popeyes restaurant is expected to open its doors later this year, marking a significant step in the brand’s European expansion strategy.

In Europe, the company is already established in the Czech Republic, France, Poland, Romania, Spain, Switzerland, and the UK.

Restaurant Brands International president David Shear stated, “We’re very excited about growing the brand in Italy with RB Iberia, a long-term partner and strong operator.

“We have set ambitious expansion plans for our iconic brand, and today’s news highlights our commitment to serving Popeyes’ bold Louisiana flavours to more guests around the world.”

Popeyes is a subsidiary of Restaurant Brands International.

The newly established site in Italy will offer customers the company’s renowned chicken sandwich, spicy chicken, chicken tenders, fried shrimp, and other locally inspired menu items.

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Restaurant Brands Iberia is the parent company for the master franchisees of Burger King Spain, Burger King Portugal, Popeyes Spain, and Tim Hortons Spain.

Restaurant Brands Iberia chairman Gregorio Jiménez said, “We are thrilled to spearhead the launch of Popeyes in Italy. It is an iconic brand that has been well-received in Spain, and we are fully committed to its success within the group.

“Our company excels in managing master franchises, so we have a great business opportunity ahead of us, which will contribute to job creation in Italy and diversify the QSR market for our Mediterranean neighbour.”

In December 2023, Popeyes announced its plan to double its UK footprint by opening an additional 30 outlets in 2024.

The brand, which made its UK debut in November 2021, currently has 36 locations, including five drive-throughs and seven delivery kitchens.

By December 2024, Popeyes aims to have more than 60 total restaurants in the UK.

Continue Exploring: TH International opens tenth Popeyes store in Shanghai, marking continued expansion

Gokaldas to acquire Matrix Design in INR 489 Crore deal, marking strategic entry into knitwear market

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February 2, 2024

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Gokaldas Exports, a leading apparel manufacturer based in Bengaluru, has recently inked a deal with Gurugram’s Matrix Clothing. The agreement entails Gokaldas Exports acquiring 100% equity in Matrix Design & Industries for a total sum of INR 489 crore. To facilitate this transaction, Gokaldas will engage in a share swap, with shares valued at INR 247.5 crore, along with a cash payment of INR 86.48 crore.

The combined share swap and cash arrangement values the company at INR 489 crore in terms of enterprise value. The equity value, after deducting debt, is estimated at INR 333.98 crore. Following the completion of the acquisition, Matrix will retain a 4.31% equity stake in the apparel exporting company.

This marks the second acquisition announced by Gokaldas in the present financial year. In August, the company unveiled its acquisition of Atraco, a UAE-based apparel maker.

Matrix, a lucrative enterprise, produces knitwear apparel for men, women, and children, catering to renowned global brands with a presence in Europe, the UK, and North America. The company efficiently runs four units in Gurugram and one in Ranchi.

According to the company’s vice-chairman, Siva Ganapathi, the agreement would enable Gokaldas to enter the knit apparel business segments, tap into an exclusive global customer base, enhance its presence in European and UK markets, achieve geographical diversification, and unlock potential for low-cost capacity expansion in the future.

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“While we are into woven fabric and more US-centric, Matrix makes premium embellished knitwear and Europe-focussed,” he said.

“The acquisition of Matrix is an important step for us as it is strategically relevant, possesses a good complementary customer base, operationally strong, and above all, it is a leader in its own sphere,” Ganapathi said.

“The acquisition will give us cross-selling opportunities. We are building our own modern knit mill at Erode in Tamil Nadu which we hope to commission in the next quarter. We will supply raw material from here to Gurugram and Rachi,” he added.

He expressed satisfaction as his company experienced a 6% year-on-year growth in export business during the December quarter, contrasting with a 12% decline in India’s apparel exports over the same period.

“We are bucking the trend though the overseas market is not that great. But we are seeing signs of buying sentiments picking up as the inventory in the US market is depleting.”

Gokaldas concluded the December quarter with a revenue of INR 559.8 crore, showcasing a 6% growth over the same period last year. However, the net profit for this quarter stood at INR 30.4 crore, indicating a year-on-year decline of 25%.

“Our performance reflects a good recovery, both on a YoY and sequential basis, as we have overcome most of the business headwinds prevalent in the previous quarters. We intend to build on the revival and continue the growth momentum. We will stay focused on improving operating parameters and remain confident in the medium to long- term prospects of the company,” Ganapathi said.

The company wrapped up the December quarter with a headcount of 32,000 people in India and 11,000 employees in Kenya and Ethiopia.

Continue Exploring: Apparel retailers revamp inventory management strategies to counter unsold merchandise and minimize obsolescence impact

Govt to sell Bharat brand rice on major e-commerce platforms, targets hoarding with mandatory stock disclosure

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February 2, 2024

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On Friday, Sanjeev Chopra, the food secretary, announced that the government plans to introduce the sale of rice under the Bharat brand in the retail market. This initiative will be carried out through major e-commerce platforms such as Amazon, Flipkart, ONDC, and government-owned agencies. Additionally, to combat hoarding, retailers, wholesalers, and processors will be required to disclose their stock on the government’s website.

He further mentioned that the Bharat rice will be available in 5kg and 10kg packs, priced at INR 29 per kilo. The distribution will be facilitated through NAFED, NCCF, Kendriya Bhandar, in addition to the online platforms.

Chopra also affirmed that the government currently has no intentions to relax export restrictions on any rice varieties until prices are brought under control.

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Despite the government’s efforts to regulate the export of most food products, the cost of rice remains elevated, with a 14.5% increase in the retail market and a 15% surge in the wholesale market compared to the previous year.

To address the upcoming general elections and manage soaring prices, the government has implemented restrictions on various commodities, including wheat, rice, sugar, and onions.

In the first phase, the Food Ministry has allocated 5 lakh tonnes of rice from the Food Corporation of India’s stocks for Bharat rice.

The food ministry will also separate broken rice from the FCI stock allocated for Bharat rice, thereby reducing the percentage of broken rice in retail sales from 25% to less than 5%. Chopra mentioned that this separated broken rice will be utilized for ethanol production.

In July last year, the government stopped providing surplus broken rice from FCI to distilleries for ethanol production.

Bikaji Foods International delivers strong Q3 performance with 15% net profit surge, reaching INR 46 Crore

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February 2, 2024

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Bikaji Foods International Limited (Bikaji), a manufacturer of ethnic snacks, announced a 15% increase in consolidated net profit, reaching INR 45.99 crore for the quarter ending on September 30, 2023. This marks a growth from the previous fiscal period’s profit after tax (PAT) of INR 39.99 crore, as stated in the company’s filing with the Bombay Stock Exchange (BSE) on Friday.

The company experienced a 22.9% year-on-year growth in total revenue from operations, reaching INR 624.15 crore in the third quarter of the fiscal year 2024, compared to the revenue of INR 507.68 crore in the third quarter of the fiscal year 2023.

According to the regulatory filing, Bikaji Foods recorded a significant increase in total expenses to INR 567.78 crore during the second quarter of FY24, compared to INR 468.36 crore in the corresponding period of the preceding fiscal year.

Driven by robust festive demand and favorable raw material prices, the company’s EBITDA witnessed a year-on-year growth of 36.1%, reaching INR 75 crore. The margin also saw an increase of 116 basis points year-on-year, standing at 12%.

Deepak Agarwal, managing director, Bikaji Foods International said, “This quarter, we experienced a robust demand driven by festive celebrations, marking it as our most successful period for packaged sweets. The surge in growth and demand within this segment can be attributed to a combination of factors. The festive season played a significant role, alongside improvements in our operational efficiencies and advantageous pricing of raw materials. Looking ahead, we are optimistic about maintaining this growth momentum and anticipate further enhancements in our profitability.”

Continue Exploring: Bikaji Foods acquires 49% stake in BhujiaLalji, bolstering their snacks market dominance

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