Ayouthveda, a brand specializing in Ayurvedic personal care, has appointed Genelia Deshmukh as its first-ever Indian brand ambassador for the face care range, infusing a touch of timeless elegance into Ayouthveda’s dedication to authentic beauty rituals.
Sanchit Sharma, founder and director, AIMIL Ayouthveda India, said, “Ayouthveda is synonymous with Ayurveda. We are thrilled to have Genelia as our first Indian brand ambassador as her work and values align with our brand’s philosophy. With her we are able to show our brand evolving with modern times.”
Genelia Deshmukh said, “I am delighted to be associated with a brand as iconic as AIMIL Ayouthveda which has got a legacy of 40 Years into manufacturing and marketing Ayurvedic Pharmaceutical products. I have always believed in the importance of modern Ayurveda as a key step in our commitment to a healthy skincare and overall wellbeing and Ayouthveda face care products just celebrates that.”
Ayouthveda’s Growth and Global Presence:
Established in 2020, Ayouthveda has maintained a consistent annual growth rate of 20-25% over the past three years in the domestic market, thanks to its omnichannel presence in general trade, modern trade, leading e-commerce sites, and exclusive business outlets. Additionally, Ayouthveda has expanded its operations to 38 countries, including Europe.
Apis India, a homegrown FMCG company, is set to expand its product portfolio in the food segment, with the ambitious goal of reaching a topline of INR 500 crore by the end of the next fiscal year, as revealed by its Managing Director, Amit Anand, on Tuesday. The company is also making strides towards establishing a new manufacturing facility to meet the increasing demand, concurrently investing in branding and marketing initiatives to amplify the visibility of its products in the market.
The listed company, having a presence in the food segment with products like honey, dates, green tea, and breakfast items, is exploring opportunities to diversify its product portfolio and expand its distribution footprint across the country.
The Delhi-based company had reported a revenue of INR 333.66 crore for the financial year that ended on March 31, 2023. The company gets nearly equal contributions from the B2B and B2C businesses.
“There would be a substantial growth this year. We expect our B2C business and exports will grow. Besides, there is a unit in Dubai, UAE which is also rising very fast. We are looking to achieve INR 500 crore by the end of FY 2024-25,” said Anand.
Originally, the company operated in the honey industry and ventured into the FMCG segment seven years ago.
Apis India’s Emphasis on Budget-Friendly Alternatives
Within the highly competitive FMCG industry, known for its aggressive pricing dynamics, Anand is placing his bets on budget-friendly alternatives.
“We are giving a quality product at a reasonable price. We are targeting the middle-class segment and now with the organic range we are going for a niche one,” he said.
According to him, post-pandemic, people have become health conscious and are looking for healthy options.
“We are in the right segments. Dates are very good for the health. Honey is very good for the health,” he said.
Now, the company is planning to expand its organic range and develop new products around this, which he expects will take the company to the “next level”.
Besides, Apis India has plans to expand its distribution network.
“We are targeting to add 25 per cent more distributors,” he said.
The company has a plant at Roorkee, Uttarakhand and is considering opening one more.
“We are looking forward to doing further expansion in our manufacturing facilities by opening up a new avenue,” Anand said.
In line with the product portfolio expansion, Apis India has launched its range of organic honey.
MyMuse, a D2C sexual wellness brand, has raised $2.7 million (approximately INR 22.4 crore) in Pre-Series A funding from Trifecta Capital and Kunal Shah, the founder of CRED.
The funding round, comprising a combination of debt and equity capital, also witnessed involvement from current backers such as Saama Capital, Sauce VC, Whiteboard Capital, and others.
The newly secured funds will be employed by MyMuse to finance inventory, fortify its omnichannel presence, and expand distribution operations across India. Furthermore, the company aims to diversify its product portfolio and enhance brand awareness through a combination of online and offline advertising as well as activations.
Established in 2021 by Sahil Gupta and Anushka Gupta, MyMuse specializes in providing gender-neutral sexual wellness products. Boasting a collection of over 25 products accompanied by original educational content, the startup is dedicated to challenging societal taboos surrounding sexual health.
MyMuse’s Growth and Customer Base:
“We are constantly sold out of our most popular products, proving that demand far outstrips supply in our industry. When we look at the data on our product adoption, especially across tier III cities, we know we’re just touching the tip of the iceberg in solving a basic need for Indians that has been brushed under the carpet for far too long,” said Sahil Gupta.
Anushka Gupta mentioned that in the last two years, MyMuse has experienced significant community backing, indicating a genuine readiness among Indians to incorporate sexual wellness as an integral aspect of their overall well-being.
The startup asserts a monthly growth rate of 15%, serving over 150,000 customers in more than 800 cities across India’s tier I, II, and III markets. MyMuse attributes its success to an innovative and affordable product range, catalyzing the growth and acceptance of an otherwise antiquated and fragmented industry.
Before this funding round, the Mumbai-based startup secured $1.2 million in investment from Saama Capital, Sauce VC, Whiteboard Capital, and several angel investors.
In the sexual wellness market, the startup competes with the likes of Bold Care and Kindly, among others.
As per a market study, the Indian sexual wellness segment reached a valuation of $1.1 million in 2020 and is projected to achieve $2 million by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 5.8%.
On Tuesday, Patanjali Foods witnessed a surge of over 5%, reaching a fresh 52-week high in its share value.
Patanjali Foods shares were trading at INR 1,687, up 5.5 per cent at a new 52-week high, as per Trendlyne data.
Over the past year, the stock has yielded a return of 43%. Within the last month, it has experienced a 5.3% increase, and in the last quarter, there has been a notable uptick of 34%.
FPIs Increase Stakes in Patanjali Foods:
According to a November report from Kotak Institutional Equities, FPIs significantly raised their stakes in Coforge, IDFC First Bank, and Patanjali Foods during the September quarter.
According to the report, mutual funds witnessed the most substantial increase in stake in Coforge, Sula Vineyards, and Restaurant Brands Asia. Meanwhile, banks and financial institutions showed the highest rise in stake in Restaurant Brands Asia, Union Bank, and Amara Raja.
Campa, a soft drink brand owned by Reliance Consumer Products, has successfully inked a multi-year agreement with the Board of Control for Cricket in India (BCCI) to serve as an official central sponsor for all cricket series held in the country, starting this year.
According to executives familiar with the matter, this agreement effectively sidelines competitors Coca-Cola and PepsiCo for BCCI matches conducted in India.
As per the agreement, Campa will have exclusive on-stadium visibility, pouring rights, and a beverage partnership for all cricket matches held in India throughout the agreed-upon period. This represents Campa’s first significant cricket sponsorship since its relaunch by Reliance just over a year ago.
The timing of this collaboration is crucial, given the anticipation of intense competition among cola manufacturers during the upcoming summer season, especially after the disruptions caused by rain in the previous summer.
The partnership between Campa and the BCCI will cover all cricket matches held in India, including the under-19 series and women’s series, as confirmed by one of the executives.
Nevertheless, the financial specifics of the sponsorship remain undisclosed. A formal announcement from the BCCI regarding this partnership is expected in the coming days.
The executive emphasized the importance of exclusive cricket sponsorship for brands, given the extensive reach and popularity of cricket in India.
Reliance, the company that launched Campa Cricket in September of last year as a lemon-flavored carbonated drink with a cricket theme, is anticipated to extensively capitalize on this partnership, along with other variants of Campa.
As of the current moment, there has been no response from Reliance Consumer Products, the Fast-Moving Consumer Goods (FMCG) division of Reliance Retail Ventures, regarding our request for comment.
Reliance’s Campa: A Strategic Player in Beverage Market
Reliance Retail’s acquisition of Campa from the Pure Drinks group for an estimated sum of INR 22 crore in mid-2022 has set the stage for a formidable player in the beverage market. With competitive pricing, the backing of Reliance’s JioMart platform, and strategic collaborations with retail channels, Campa is poised to present a significant challenge to industry giants Coke and Pepsi as it expands its nationwide presence for the approaching summer season.
Navork Innovations, a startup incubated at SINE IIT Bombay and ICAR-IARI, Pusa, specializing in quality improvement and shelf-life extension of fresh fruits and vegetables, has successfully secured a seed investment of $200K at a valuation of $3.2 million.
The funding comes from a group of angel investors from Japan, facilitated by Shiru Startup from Nikken Group, Spring Star Capital Group, ICAR-IARI, and others, in a mix of equity and grant.
Angel Investors Back Navork Innovations
Navork’s revolutionary product, “Navgri – Smart Mushroom Protect,” is a patented solution designed to improve the quality and prolong the shelf life of mushrooms. This innovation has received endorsement from scientists at IIT Delhi and ICAR-Directorate of Mushroom Research. CCAMP, SINE IIT Bombay, played a pivotal role as an early investor in the company, backing the research and development of this innovative product within the framework of the agri grand challenge.
“We are proud to have developed ‘Navgri – Smart Mushroom Protect,’ a first-of-its-kind product aimed at improving the quality and shelf life of mushrooms. This innovation is making a significant impact on mushroom farming, particularly in regions where farmers were facing substantial losses due to poor quality and low shelf life,” said Abhishek Sahgal, the founder of Navork and an alumni of IIT Delhi and KTH Sweden.
Although mushrooms are categorized as vegetables, their fungal nature makes them more susceptible to spoilage compared to conventional fruits and vegetables. To combat this issue, “Navgri – Smart Mushroom Protect” tackles challenges such as delaying cap opening, microbial degradation, and browning of mushrooms. This ensures that mushrooms stay fresh from the farm for an extended period.
Abhishek Sahgal emphasized, “Navgri is helping farmers maintain the improved quality of mushrooms for a much longer time, enabling the shipment of fresh mushrooms to places like Nepal and Hyderabad even after 36 hours of harvest. This results in better prices for farmers and builds a stronger brand value for their mushroom farms.”
Affan Karel, Tech Head and Master’s in Nanotechnology, further explained, “The funds raised will be utilized to reach a larger number of mushroom farmers in India and to develop technology addressing other core problems in the industry related to the quality and shelf life of fruits and vegetables.”
In order to address the hurdle of reaching a broad spectrum of farmers, Navork utilizes platforms like WhatsApp and YouTube to establish connections with farmers, fostering a community for shared experiences. The company additionally organizes webinars to tackle and resolve specific issues encountered by mushroom farmers.
Konika, Brand Manager at Navork, stated, “We are committed to using innovative approaches to reach and support mushroom farmers across the country. Our focus is not only on the success of our product but also on building a community that benefits from shared knowledge and experiences.”
mCaffeine, a personal care brand, has announced its Employee Stock Ownership Plan (ESOP) for its employees, as mentioned in a recent press release.
With this ESOP plan, mCaffeine aims to create approximately 100 crorepatis within the company, catalyzing wealth creation and contributing to the country’s economic growth, as mentioned in the release.
The scheme will cover seven different verticals within the industry, and the company plans to allocate 10 percent of its shares to its employees.
“The ESOP scheme opens a new growth avenue for employees and the brand alike, hence creating opportunities for a collective and brighter tomorrow” said Tarun Sharma, co-founder and CEO, mCaffeine.
Udbhava Mishra, Founder’s office, Growth Strategy said, “After being a part of mCaffeine, I finally understand what a thriving atmosphere feels like. Our efforts are never unrecognized and we seldom feel unheard. mCaffeine always go a step ahead for its employees, and the ESOP scheme is proof of their vision of collective growth. This initiative fuels us to work harder and see the brand as our own. It’s about the trust our founders put in us, and I’m proud to be part of the mCaffeine family.”
mCaffeine Aiming for 1,000 Employees by FY24
Nevertheless, the company asserts its goal of a ninefold increase in employee strength, reaching a total capacity of over 600 employees. Furthermore, the startup aims to surpass the 1,000-employee mark by FY24.
Founded in 2016, mCaffeine asserts that it has sold over 25 million products to customers in more than 20,000 PIN codes across India.
Starbucks CEO Laxman Narasimhan has announced plans to open a new store in India every third day, aiming to establish 1000 cafes by 2028. He expressed confidence in the growth potential of the tea-drinking nation, citing its impressive development and enhanced ease of doing business.
“It is really impressive when you look at the investments in infrastructure, you look at the building that is taking place, you look at how there’s a digital revolution. The government is focused on eliminating some of the friction that does exist in areas like business or taxation and how they lean in to support businesses that are looking to invest in the country,” shared Narasimhan during his first visit to India since taking over the helm last March.
The largest coffee retailer globally, in collaboration with Tata Consumer for its Indian operations, achieved a milestone in FY23 by surpassing the INR 1,000-crore sales mark. With 390 stores, this achievement comes more than a decade after the company established its presence in the country in 2012.
“The question is not was the last decade India’s (sic). The question is how do you think of this long term going forward? And I think India has everything in place today to really accelerate its trajectory, even further going forward, which is why we are bullish on India,” stated Narasimhan, who has prior experience with Reckitt, PepsiCo, and McKinsey. He emphasized that coffee penetration in India is notably low compared to many developed markets, citing China’s example where 6,000 stores were opened over the past 25 years.
Much like China, India boasts tens of thousands of small tea shops where locals indulge in sipping tea at prices as low as INR 5 throughout the day. However, in contrast to China, where Starbucks had to generate awareness about coffee to appeal to tea-drinking consumers, the Indian preference has shifted gradually. This transformation was facilitated by the presence of Cafe Coffee Day, a rival to Starbucks, which established as many as 1,250 cafes before the American chain made its entry.
Even with Starbucks’ vigorous expansion efforts in China, the per capita consumption stands at only 12 cups, a stark contrast to Japan and the US, where the figures are 280 and 380 cups respectively.
“So when I look at India, you see a penetration of coffee of about 25%, which is lower than what it is in China, which is at about 40%. I think we are at the start of something special in India.”
Additionally, cafes enjoy global profitability due to a prevalent take-away culture that enhances margins with minimal costs. However, India presents a contrast, as a significant number of office-goers and students prefer ordering a cup of coffee for relaxation, utilizing cafes as spaces where they can spend extended hours. Moreover, the high costs associated with real estate in India necessitate a higher per square foot realization from each customer.
Rising Competition: Starbucks Faces New Players in India
More recently, the market has witnessed the entry of new players such as Pret a Manger, Tim Hortons, and Third Wave Coffee, all of whom are expediting the opening of stores in the country. Tim Hortons, a Canadian coffee chain, inaugurated its initial outlet in India over a year ago, with plans to establish more than 100 stores in the next three years. The British coffee and sandwich chain Pret A Manger also entered the Indian market by launching its first shop in Mumbai last year, as part of a franchise agreement with Reliance Brands Limited, aiming to introduce up to 100 stores over the next five years. Additionally, Third Wave Coffee has already surpassed the milestone of 100 stores.
“Competition is always good because it makes you sharper. But we are not just going to sit down and just take it lying down. We are building muscles, we are investing in this business. We have areas of differentiation and distinctiveness. We have a base with customers already today with a brand that’s extremely well known. And with Tatas and us fully backing what we do in India, our ambitions for India are large,” said Pune born Narasimhan adding that being from South India, he grew up with a coffee culture with his mother making one of the best coffees in the world.
“I have taken my mother to Starbucks, which she loves, she really does.”
Starbucks’ approach to menu innovation in India underscores the escalating competition. The introduction of masala chai and filter coffee, along with a menu overhaul featuring Indianized and budget-friendly options, reflects the brand’s strategy to attract a broader consumer base. This revamped menu encompasses street-style freshly assembled sandwiches, milkshakes, bite-sized snacks, and a reduced-size beverage cup. Additionally, Starbucks Reserve’s whole bean coffee, Monsooned Malabar from India, is set to be available at both Starbucks Reserve stores in India and the United States later this year. Despite achieving its fastest store expansion in the last fiscal year with the addition of 71 stores, the Seattle-based coffee chain is not solely relying on store counts to transform its fortunes.
“We are not just going to be crazy by just opening stores. I think the big myths in many markets is when people start putting store counts ahead of building a business that is deep and sustainable. And that sticks. I have seen many markets around the world, where you have people who say I am going to open these many thousands of stores. And very soon you will find three or four years later, they will close a whole bunch of them. We grow in a systematic manner to build a special brand and experiences,” he added.
In another top-level exit at Swiggy, Sidharth Satpathy, the Vice President of Instamart, a subsidiary owned by the food delivery giant, has resigned from his position after a tenure of over four years.
Anirban Roy, the former head of performance marketing at Amazon India, will assume Satpathy’s position, starting this week.
Having joined Swiggy as an AVP in June 2019 and later being promoted to VP in July 2021, Satpathy announced his departure on LinkedIn.
“Anirban Roy will be taking over my role in Instamart effective this week as I start my next stint – Back in CPG industry from Monday (15 January 2024) onwards,” Satpathy said in the post.
Before joining Swiggy, Satpathy was associated with companies like Reckitt, Marico, Johnson & Johnson, and others.
Satpathy’s departure follows the exit of senior SVP Karthik Gurumurthy, who built Swiggy Instamart and left two months ago to launch his venture, Convenio. In the meantime, Swiggy has brought in former Amazon executive Dipak Krishnamani to fill Gurumurthy’s position.
Satpathy’s departure comes at a time when the food major has been hit by a slew of senior-level exits. In September last year, senior vice president of growth and revenue Anuj Rathi resigned and later joined Jupiter Money. Around the same time, another senior executive of Swiggy Instamart, Nishad Kenkre, also put down his papers.
Prior to this, in May, Ashish Lingamneni, the Vice President and Head of Brand and Product Marketing, also bid adieu to the company.
In April, Dale Vaz, Swiggy’s Chief Technology Officer (CTO), resigned to launch his startup, which later received funding from Accel and Elevation Capital.
Swiggy’s Ambitious Plans: Potential Public Listing in 2024
The Bengaluru-headquartered food delivery startup is gearing up for a potential public listing in 2024, aiming to join its rival Zomato on the stock exchanges.
The growth in the quick service restaurants (QSRs) sector has slowed down, and last year was challenging for soft drinks. The April-June quarter, contributing 35-40% of annual sales, was a washout due to heavy rains. However, the year ahead is expected to witness healthy double-digit growth for both businesses, according to Ravi Jaipuria, chairman of RJ Corp, PepsiCo’s largest bottler, and the leading franchise partner for KFC, Pizza Hut, and Costa Coffee in India.
VBL, a group company of RJ Corp and PepsiCo‘s primary bottling partner in India, is responsible for bottling and distributing a range of PepsiCo beverages. These include Pepsi, Pepsi Black, 7UP, Mirinda, and Mountain Dew fizzy drinks, as well as Sting energy drink, Tropicana juice, and Aquafina water. The distribution spans across 27 states and 7 union territories.
He emphasized the growth potential in India, citing lower per capita consumption and the extensive distribution reach of packaged soft drinks. “India has 11-12 million outlets for FMCG, and our beverages are in 3.5 million outlets only – indicating significant room for market penetration. Even with the addition of 4-5 lakh outlets per year, we foresee considerable growth upside,” stated Jaipuria.
Factors Driving Optimism for 2024 Soft Drink Growth:
Despite the impact of rainfall last year, he mentioned that VBL is expected to demonstrate a 13-14% annual growth for the entire year.
“We expect 2024 to be much better with healthy double-digit growth in soft drinks, because of category momentum, deeper distribution, electrification of villages which has made retail stocking of beverages more accessible, and additional capacity,” he said.
The company has announced plans for expanding capacities in juices and dairy, including the establishment of a plant in Jharkhand with an investment of INR 450 crore. With a present market capitalization of over INR 1.64 lakh crore, VBL stands as PepsiCo’s second-largest bottler globally, excluding the US. Additionally, VBL holds the franchise for PepsiCo products in Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe.
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