Tuesday, February 10, 2026
Home Blog Page 671

D2C wellness brand Zingavita raises INR 10 Crore in pre-Series A funding led by Anicut Capital

By
SnackTeam
-
0
Sachin Goel and Dheeraj Nagpal, Co-Founders, Zingavita
Dheeraj Nagpal and Sachin Goel, Co-Founders, Zingavita

Zingavita, a health and wellness startup, has raised INR 10 Crore (approximately $1.2 million) in its pre-Series A funding round, led by Anicut Capital.

The funding round also witnessed involvement from angel investors, including BionPharma CEO Venkat Krishnan, True Elements founder Puru Gupta, and Grant Thornton CEO Vishesh Chandiok, among others.

Zingavita plans to utilize the newly acquired capital to facilitate its expansion into new product development with a specific emphasis on targeted nutrition. Additionally, the funds will be directed towards supporting the brand’s venture into the premium ayurvedic supplement sector.

Established in 2022 by Sachin Goel and Dheeraj Nagpal, the Delhi NCR-based startup offers health and wellness products, such as natural supplements. Operating through an omnichannel model, its range of products is available on various ecommerce platforms, including Amazon, Flipkart, Tata 1Mg, among others.

Goel said, “This funding will enable us to accelerate our innovation cycle and meet our growth milestones in order to continue delivering on our promise of holistic nutrition for the entire family.”

“This funding will propel us to new heights, enabling us to innovate, expand, and continue offering cutting-edge products that cater to the evolving needs of our discerning customers,” Nagpal added.

Continue Exploring: Dheeraj Nagpal joins Zingavita as Co-Founder, fueling innovation and growth in India’s retail health sector

Zingavit said it will continue its emphasis on creating products without additives such as sugar, preservatives, artificial colors, and flavors. This commitment reflects the company’s goal of introducing transparency, innovation, and efficacy to the market.

The startup is in direct competition with companies such as Power Gummies, Plix, Wellbeing Nutrition, Fitspire, Celevida Wellness, and What’s Up Wellness, among others.

India’s health and wellness space has garnered substantial attention from investors in recent times.

For instance, last year in August, What’s Up Wellness secured INR 14.40 Crores ($1.7 million) from Unilever Ventures to expand its team size and develop new products.

Furthermore, Fitspire secured an undisclosed funding amount last year to enhance its presence across India and globally, introduce new products, and establish additional revenue streams.

As per a market study, the Indian dietary supplements market was valued at approximately $2 billion in 2023 and is projected to reach around $6 billion by 2032, with a compound annual growth rate (CAGR) of 13.49%.

Advertisement

GOPIZZA makes its debut in Chennai, eyes rapid expansion with 100+ outlets pan-India by 2024

By
SnackTeam
-
0
GOPIZZA

GOPIZZA, the renowned South Korean HQ pizza brand has launched two new establishments in Chennai, marking its entry into the state of Tamil Nadu. This strategic move aligns perfectly with the festive atmosphere surrounding Pongal. Situated at the EA Mall in Triplicane and the VR Mall near Anna Nagar and Koyambedu, these outlets ensure optimal accessibility for patrons.

GOPIZZA has introduced a diverse array of authentic Korean delights, featuring signature pizzas such as the Jonmataeng Volcano and Creamy Pizzas that skillfully blend traditional spices with a contemporary flair. Patrons can indulge in the robust flavors of traditional Korean Ramyun or the luscious indulgence of Cheese Ramyun. The starter’s menu includes fiery options like Korean Yangnyum Spicy Chicken Wings, Pops, and Spicy Wedges. For those seeking a fusion of Asian and Italian cuisine, GOPIZZA offers delectable Fire Cream Pastas, accompanied by the captivating rhythms of K-Pop tunes playing at every store.

With its recent launch in Chennai, GOPIZZA has entered a significant phase of expansion for the Indian market. Presently overseeing 45 successful stores in Karnataka, Andhra Pradesh, and Telangana, the brand aims to establish over 100 operational outlets nationwide by the end of 2024. The opening of the GOPIZZA outlet at the Phoenix Palladium contributes to the brand’s growing presence in Chennai, aligning with its strategic goal of achieving a broader market reach.

Originating as a concept from Founder Jae Won (Jay) Lim’s South Korean food truck, it has evolved into a beloved pizza brand with a presence of over 200 stores in South Korea, Singapore, Indonesia, India, and Hong Kong. Renowned for its distinctive oval-shaped, fire-baked pizzas, the brand has gained success with its swift service and budget-friendly pricing, offering the perfect size for individual servings.

Mahesh Reddy, CEO, GOPIZZA India said “We are thrilled to be bringing GOPIZZA to the wonderful city of Chennai. Our commitment to using only the freshest ingredients and bringing our unique blend of flavors at very competitive pricing has made us one of the most loved pizza brands, and we can’t wait for the people of Chennai to experience it for themselves. We are confident that our menu will be a success with the local community and we look forward to being a part of the city’s thriving food scene”

Talking about the company’s future plans in Tamil Nadu, Mahesh Reddy added “Tamil Nadu is a key strategic growth market for us and we are looking at opening 50 new outlets together in the next 2 years.”

Being a food tech brand fueled by AI, GOPIZZA boasts its innovation in efficiently crafting the ideal pizza. Leveraging its in-house developed, cutting-edge technology, the brand incorporates a GOVEN that flawlessly cooks each pizza and a GOBOT – a collaborative robot equipped with an ‘AI Smart Topping Table’ to guarantee uniform slice sizes and equitable distribution of toppings and sauce.

Following a recent funding success of INR 200 Cr in the Series C round, GOPIZZA is set to extend its state-of-the-art food technology to more locations in the world’s fastest-growing market. The brand aims to establish outlets in Pune, Delhi, Mumbai, Ahmedabad, Kolkata, and other key Tier 2 cities, including Chandigarh, Jodhpur, Jaipur, and Kochi, in the next few years. Globally, inspired by its successful operations in Singapore and South Korea, GOPIZZA is now eyeing entry into new markets such as Thailand, Malaysia, Vietnam, and the United States.

Continue Exploring: GOPIZZA expands its footprint with first-of-its-kind container store in Bangalore

Advertisement

B2B ecommerce unicorn Udaan sees drastic 50% valuation drop to $1.8 Billion in down round

By
SnackTeam
-
0
Udaan
Udaan

Udaan, a B2B ecommerce unicorn, reported a significant reduction in its valuation, plummeting to around $1.8 billion in a down round, according to a report from ET.

The Bengaluru-based startup achieved a valuation of $3.2 billion in its latest funding round, which took place in January 2021.

A down round refers to a funding round where a company secures capital at a valuation lower than that of a prior round.

In December last year, Udaan secured $340 million in its Series E funding round, led by UK-based savings and investment firm M&G Prudential, with participation from existing investors Lightspeed Venture Partners and DST Global.

Continue Exploring: Udaan secures $340 Million in Series E funding, eyes public market in 12-18 months

The funding round comprised a combination of new equity investments and the conversion of current debt (convertible notes) into equity.

B2B Facilitation: Udaan’s Business Model and Operations

Established by Vaibhav Gupta, Sujeet Kumar, and Amod Malviya, Udaan facilitates B2B trade with a focus on supply chain and logistics operations. Udaan asserts its ability to support daily deliveries spanning over 1,000 cities and 12,500 pin codes through udaanExpress. Noteworthy backers include Lightspeed, Microsoft, and Tencent.

Shortly after securing $340 million in its Series E funding round, Udaan terminated nearly 120 employees within a week.

“We have already made significant progress in our journey towards building a profitable business and continue to make relevant interventions to our already proven business model, while remaining customer-centric and agile. However, these interventions have also resulted in some redundancies in the system,” the spokesperson said.

According to the report from ET, Udaan’s CEO, Vaibhav Gupta, has reportedly underscored the company’s commitment to quarterly cost reduction. The team is said to be actively working on a quarterly basis to align with this strategic focus. Udaan has purportedly set explicit operational targets and conveyed to investors its goal of attaining operational profitability within the next two quarters.

Nonetheless, Udaan is not the sole unicorn experiencing devaluation recently. The US-based asset manager BlackRock has once again significantly reduced the valuation of edtech major BYJU’S, this time by approximately 95%, plummeting from $22 billion to $1 billion.

Advertisement

Masala Chai named second-best non-alcoholic beverage globally in 2023 by TasteAtlas

By
SnackTeam
-
0
Masala Chai

Masala Chai has clinched the title of the second-best non-alcoholic beverage in 2023, as per the rankings from TasteAtlas, the online food guide. Impressively, it not only secured this position but also asserted its dominance by topping the “Best Foods and Drinks in India” list. This dual recognition highlights the paramount role that Masala Chai plays in both the culinary landscape and cultural fabric of India.

Announcing the win on Instagram, the food guide described the beverage in the caption, saying, “Chai masala is an aromatic beverage originating from India. It is made with a combination of sweetened black tea and milk that is spiced with a masala mix—which typically includes cardamom, ground ginger, cloves, cinnamon, and black peppercorns.”

Talking about its much-debated origin, the guide highlighted the link of the origin with British tea trade. “In the 19th century, the Chinese had a monopoly on the tea trade, and the British looked for other markets that would fulfill the high demand for black tea—which was a firm European favorite,” the post explained.

Masala Chai claimed the third spot in the global rankings, trailing behind Hong Kong-style Milk Tea and Aguas Frescas from Mexico.

Continue Exploring: Mango Lassi crowned best dairy beverage globally in TasteAtlas 2023-24 awards

Advertisement

Indian govt extends reduced import duty on edible oils until March 2025, implements 50% export duty on molasses

By
SnackTeam
-
0
Edible oil

On Tuesday, the Indian government announced a one-year extension of the reduced import duty on edible oil, effective until March 2025. The initially scheduled expiration of the lower import duty on crude palm oil, crude sunflower oil, and crude soy oil was set for March this year.

India is the largest global importer of vegetable oil. In 2021, the government took measures to alleviate the impact of soaring international prices by slashing the import duty on edible oils. This trend continued with further duty reductions in June 2023.

In another notification, the government imposed a 50% export duty on molasses, effective from Thursday, “This notification shall come into force on the 18th of January, 2024,” the gazette notification read.

Continue Exploring: India’s edible oil imports surge to record highs in FY 2022/23: Palm Oil and sunflower oil soar, while soyoil declines

Advertisement

Nova Agritech sets IPO price band at INR 39-41 per share, aiming to raise INR 144 Crore

By
SnackTeam
-
0
Nova Agritech

Mumbai-based Nova Agritech Ltd has unveiled its Initial Public Offering (IPO), setting a price band of INR 39-41 per share. The IPO is scheduled to open for subscription on January 22 and will conclude on January 24, with the anchor book opening on January 19. Keynote Financial Services Ltd, Bajaj Capital, and Bigshare Services are the appointed lead managers for the IPO.

Nova Agritech’s IPO comprises a fresh issue of shares amounting to INR 112 crore and an offer-for-sale (OFS) of 77.58 lakh equity shares by Nutalapati Venkatasubbarao, currently holding an 11.97 percent stake in the company. At the upper end of the price band, the company aims to raise approximately INR 143.81 crore, establishing a valuation of INR 267.33 crore, with Nova Agritech retaining an 84.27 percent stake.

Focusing on soil health, crop nutrition, and protection products, Nova Agritech announced strong financial results for FY23. The company experienced a substantial 49.7 percent year-on-year (YoY) increase in consolidated net profit, reaching INR 20.5 crore, while revenue showed a growth of 13.4 percent, totaling INR 210.6 crore. The robust operational performance contributed to a 39.3 percent rise in EBITDA, reaching INR 38.7 crore. This led to a notable margin expansion of 342 basis points, bringing it to 18.4 percent for the quarter.

For the six months ending September FY24, Nova Agritech posted a consolidated net profit of INR 10.4 crore, supported by a revenue of INR 103.22 crore. The company holds 720 product registrations across various categories, with a notable 76 percent contribution from Telangana to its business in the first half of FY24.

The IPO allocation is structured with 50 percent designated for qualified institutional buyers, 15 percent for non-institutional investors, and 35 percent for retail investors. The finalization of the basis of allotment is expected by January 25, and trading is slated to kick off on January 30.

Continue Exploring: Shilpa Shetty-backed agritech startup KisanKonnect secures INR 31 Crore in pre-series A funding led by Green Frontier Capital

Advertisement

Preparations in full swing as Swiggy nears mega IPO launch later this year

By
SnackTeam
-
0
Swiggy
Swiggy

Online food delivery platform Swiggy’s Co-Founder and CEO Sriharsha Majety has said that all preparations are underway for its mega Initial Public Offering (IPO), through which it is likely to raise $1 billion later this year.

“We’ve been preparing for our IPO. We’ve added independent directors to the board and there are all kinds of preparations that are on,” Majety said.

For its IPO process, the company is likely to have enlisted seven investment banks, including Kotak Mahindra Capital, Citi, JPMorgan, BofA Securities, Jefferies, and others.

Continue Exploring: Swiggy lays groundwork for mega IPO launch; taps top banks for key advisory roles

Swiggy is getting ready to go public after its competitor Zomato went public in 2021.

According to Majety, Zomato’s listing helped Swiggy gain a better understanding of retail investors and how they perceive the food delivery market.

“There is no denying that it (Zomato being listed) makes life easier for us. There’s much to learn in terms of how one manages communication as a public company, how one manages guidance as a public company, what gets more scrutiny and what doesn’t,” Majety said.

Meanwhile, according to a financial filing from Swiggy’s investor Prosus, the core food-delivery business of Swiggy experienced a 17% growth, achieving a gross merchandise value (GMV) of $1.43 billion in the first half of FY24.

Continue Exploring: Swiggy’s food delivery sales soar 17%, hits $1.43 Billion GMV in first half of FY24: Prosus

“This was led by a rise in transacting users that drove double-digit order growth and inflation in AOV,” Prosus said.

Advertisement

Motilal Oswal Mutual Fund divests 4.5 Cr Zomato shares in INR 621 Cr block deal

By
SnackTeam
-
0
Zomato
Zomato

Motilal Oswal Mutual Fund initiated an open market transaction on Monday, shedding 4.5 crore shares of the leading foodtech company Zomato.

According to data from the NSE, the mutual fund divested the shares at INR 138.15 per share in a block deal totaling INR 621.6 crore.

According to the shareholding information of the foodtech giant, Motilal Oswal Flexi Cap Fund possessed 15.94 crore shares, representing a 1.86% stake in Zomato as of the end of the December quarter in 2023.

The shares that inundated the market were acquired by BNP Paribas, Citigroup, Goldman Sachs, Morgan Stanley, and Societe Generale.

Societe Generale picked up 3.3 Cr shares at INR 138.15 apiece, while Goldman Sachs Investments (Mauritius) acquired 45 Lakh shares at the same price.

Morgan Stanley Asia (Singapore) acquired 39 Lakh shares, Citigroup Global Markets (Mauritius) bought 24 Lakh shares, and BNP Paribas Arbitrage obtained 12 Lakh shares, all priced at INR 138.15 each.

Amidst the block deal, Zomato shares saw a nearly 3% dip during early Monday trading. The stock eventually closed the session 4.44% lower at INR 133.40 on the BSE.

Continue Exploring: Zomato’s stock dips 3% following INR 622 Cr block deal transaction

The development comes in the wake of brokerages HSBC, Goldman Sachs, and Jefferies raising their price targets (PTs) on Zomato. This adjustment is grounded in the anticipation of strong growth in Zomato’s food delivery and quick commerce verticals.

Continue Exploring: Zomato’s bull run continues as Goldman Sachs and Jefferies raise price targets post HSBC’s lead

Goldman Sachs has adjusted its price target (PT) for Zomato, raising it to INR 160 from the previous INR 130. Similarly, Jefferies has increased its price target to INR 190 from INR 165, and HSBC has raised its target to INR 150 per share from the earlier INR 140.

Zomato achieved its first profitable quarter in Q1 FY24 and continued the trend with a profitable Q2. The company’s profit after tax (PAT) surged 18 times, reaching INR 36 crore in the September quarter, compared to INR 2 crore in the previous quarter.

The impressive financial figures have sparked a significant uptrend in the share price of the Deepinder Goyal-led startup. Over the past year, the stock has soared by 150.52%, and on a year-to-date (YTD) basis, it has registered a growth of 7.84%.

Advertisement

Wow! Momo Foods secures INR 350 Crore funding led by Malaysia’s Khazanah Nasional Berhad, eyes aggressive expansion

By
SnackTeam
-
0
Wow! Momo
Wow! Momo (Representative Image)

Wow! Momo Foods secured INR 350 crore in funding from Khazanah Nasional Berhad, Malaysia’s sovereign wealth fund. This represents the company’s most significant capital raise, coinciding with robust double-digit growth in the overall food services industry. The appeal of momos as a snack in India, coupled with competitive pricing, adds to the success of this fundraising effort.

The investment will involve both primary infusion and secondary purchase from early-stage investors, including the Indian Angel Network and Lighthouse Funds. Additionally, in this funding round, Oaks Asset Management, an existing investor, has injected an additional INR 60 crore.

Sagar Daryani, Co-Founder and CEO of Wow! Momo Foods, confirmed the development.

The round will provide an exit opportunity for angel investors associated with The Indian Angel Network (IAN) and enable series A investor Lighthouse Funds to partially divest, as stated by him. “We will strive to transform the food space,” he said.

Established in August 2008, Wow! Momo manages a network of 630 stores spread across over 35 cities. Approximately one-third of these stores are small-format or kiosk stores, situated in malls, tech parks, and hypermarkets. Wow! Momo has successfully created a distinctive presence for itself in a market with limited competition on a national scale, capitalizing on the widespread popularity of the cuisine in India. The company operates under three sub-brands: Wow! Momo, Wow! China, and Wow! Chicken.

The core fund will drive the brand’s growth and expansion, enhance distribution channels, and support research and development for its FMCG arm. The FMCG arm specializes in selling packaged frozen ready-to-eat momos through retail stores and e-commerce platforms.

Wow! Momo Foods Growth Strategy: 1,500 Stores in 100 New Cities

Daryani mentioned that the company is set to expand its reach to another 100 cities, with a target of establishing over 1,500 stores in the next three years.

Executives highlighted that the recent fundraising serves as evidence of renewed investor enthusiasm in the food services sector, despite increased competition and the entry of global brands into the Indian market.

According to Icra, India’s fast-food and quick-service restaurant companies are projected to add approximately 2,300 new stores between FY23 and FY25. This expansion plan is accompanied by an anticipated capital expenditure of around INR 5,800 crore, taking advantage of the growing affordability and heightened consumer demand for fast foods.

With a post-money valuation of over INR 2,400 crore, the company has garnered a total of INR 500 crore in funding to date, not including the ongoing round. The founders, promoters, and employees collectively retain a 45% ownership stake in the venture.

Continue Exploring: Wow! Momo Raises $9M in Series D, Eyes INR 100 Crore Round!

Advertisement

Coca Cola India and Reliance Retail collaborate to launch eco-friendly recycling initiative

By
SnackTeam
-
0
Coca Cola India and Reliance Retail

Coca Cola India and Reliance Retail unveiled a sustainability campaign named “Bhool Na Jana, Plastic Bottle Lautana,” according to a press release issued on Monday.

The focus of the initiative is on collecting post-consumption polyethylene terephthalate (PET) at Reliance Retail stores in Mumbai, utilizing Reverse Vending Machines (RVMs) and collection bins.

The launch of the initiative took place in the presence of Kazi Irfan, Officer on Special Duty (OSD) for Solid Waste Management at Brihanmumbai Municipal Corporation (BMC), at Reliance Retail’s Smart Bazaar store in Santa Cruz.

The initiative aligns with the central government’s Swachh Bharat Mission and has been launched in 36 Reliance Retail stores, including Smart Bazaar and Sahakari Bhandar stores in Mumbai and Delhi, as mentioned in the release.

Speaking on the launch, Damodar Mall, chief executive officer, Grocery Retail, Reliance Retail Limited, said, “Our pilot project with our store shoppers, and the support of Coca-Cola India and Reliance Industries, is an attempt to pursue with our wide network of stores.”

The sustainable project aims to reach 200 stores nationwide by 2025, targeting the collection of 500,000 PET bottles annually during the pilot phase.

“Through this partnership and platform, we are delighted that we can generate awareness and provide shoppers a convenient way to recycle their PET bottles while they are shopping at their Reliance store. Partnerships with retail, government, civic societies, and consumer-centric ideas like this one are a powerful multiplier for progress on collection, recycling, and reuse,” said Greishma Singh, vice president of Customer and Commercial Leadership, Coca Cola India (Southwest Asia).

Coca Cola India’s Previous Sustainability Initiatives

In October last year, Coca Cola India launched the Return And Recycle initiative with Zepto. It has seen the participation of 50,000 households in India and successful RVM installations across 75 cities in the country, collecting 1 tonne of PET waste.

Continue Exploring: Coca-Cola bottler SLMG Beverages set to invest INR 100 Crore in sustainable solutions this year

Advertisement
1...670671672...1,403Page 671 of 1,403