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Nykaa’s fashion vertical takes the lead with anticipated 40% YoY GMV growth in Q3 FY24

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M Haziq Pandit
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Nykaa
Nykaa

Nykaa, a prominent beauty and fashion ecommerce player, reported in its Q3 FY24 performance update that it experienced steady growth across all three of its business verticals throughout the quarter.

Nevertheless, the Falguni Nayar-led company also stated that, despite improvements in long-term macro indicators, discretionary consumption was impacted during the quarter due to short-term pressures.

After Nykaa’s exchange filing on Sunday (January 7), there was nearly a 5% surge in its shares, reaching INR 182 during Monday’s intraday trading hours. However, by 2.45 PM IST, the shares moderated their gains to trade 2.5% higher at INR 177.7 on the BSE.

Building on the positive momentum of the preceding quarter, the company reported robust growth for Nykaa Fashion in the current quarter.

The company projected that the gross merchandise value (GMV) of the fashion vertical in Q3 FY24 is anticipated to increase by approximately 40%, while the net sales value (NSV) is expected to exhibit year-on-year (YoY) growth in the low thirties.

The GMV for the fashion vertical in the previous year’s quarter, Q3 FY23, amounted to INR 724.4 Crores, while its net sales value (NSV) stood at INR 210 Crores.

Despite facing challenges in Q3 FY23, Nykaa Fashion has been gaining momentum since the previous quarter. In Q2 FY24, its GMV recorded a YoY growth of 27%, reaching INR 762.8 Crores, while the NSV surged by 32% YoY to INR 232.1 Crores.

In contrast, Nykaa’s beauty and personal care (BPC) business continued to face challenges. The company projected that the GMV growth for the BPC vertical in Q3 FY24 would be in the mid-twenties, with NSV growth expected to be around 20% on a year-on-year (YoY) basis.

In the corresponding period a year ago, during Q3 FY23, the GMV for the beauty and personal care (BPC) vertical amounted to INR 1,901.4 Crores, with the NSV reaching INR 1,151.3 Crores.

Against a backdrop of sluggish growth in this segment, Nykaa reported a GMV of INR 1,850.8 Crores and an NSV of INR 1,167.5 Crores for the beauty and personal care (BPC) segment in its most recent quarter, Q2 FY24.

“We believe Nykaa’s BPC growth for the quarter is ahead of industry growth. However, we believe current industry growth is below long-term trajectory and should revert to the median in the near to mid-term, given the strong macroeconomic and demographic outlook,” said Nykaa.

Continue Exploring: Nuvama analysts bullish on Mamaearth for MSCI Smallcap Index, Nykaa gaining momentum for Global Standard Index

Furthermore, the company mentioned that the variance in Gross Merchandise Value (GMV) and Net Sales Value (NSV) growth within the BPC business for the quarter was primarily due to brand-led pricing and discounting, especially in mass and masstige categories. The sustained and robust growth in underlying order volume reflects consistent and strong customer demand.

Anticipated Boost in Q3 FY24 Due to Festive Season for Nykaa

It’s important to highlight that Nykaa is anticipated to receive a boost in Q3 FY24, given that the festive season coincided with this quarter.

Meanwhile, the third vertical, Superstore By Nykaa, has experienced significant growth and currently commands a meaningful share in the company’s overall NSV, as stated by Nykaa.

“For Q3 FY24, at a consolidated level, we expect our NSV to grow in the mid-twenties and revenue to grow in the low twenties on a YoY basis,” the company added.

In Q3 FY23, Nykaa reported an overall Gross Merchandise Value (GMV) of INR 2,796.5 Cr and an operating revenue of INR 1,462.8 Cr. However, Nykaa’s consolidated net profit declined by 70.7% YoY to INR 8.5 Cr in the corresponding quarter of the previous year.

Nykaa’s profit in Q2 FY23 stood at INR 7.8 Cr.

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Indian single malt whiskies outshine global brands in sales, achieving a landmark 53% market share in 2023

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M Haziq Pandit
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Whisky

In a noteworthy development, Indian single malt whiskies have surpassed well-known international brands like Glenlivet, Macallan, Lagavulin, and Talisker in terms of sales for the first time. According to estimates by the Confederation of Indian Alcoholic Beverage Companies (CIABC), Indian single malts accounted for approximately 53% of total sales in 2023. Out of the overall sales of around 675,000 cases (nine liters each) of single malts in India last year, Indian-origin makers sold around 345,000 cases, while Scottish and other international brands sold the remaining 330,000 cases.

“In our estimation, local brands experienced a growth of around 23% in 2023, while imported ones grew at a more conservative rate of 11%. This is a significant milestone,” said Vinod Giri, director-general of CIABC.

Referring to it as a significant achievement for Indian whisky producers, Thrivikram Nikam, Joint Managing Director of Amrut Distilleries, said, “It’s not every day that such a feat is achieved. Indian whisky makers have come a long way from being mocked just a decade-and-a-half ago. They are now second to none in terms of quality and refinement.”

‘Made in India’ Preference Boosts Single Malt Whiskies

The rising popularity of ‘Made in India’ brands has led major international players like Diageo and Pernod Ricard, traditionally reliant on Scottish single malts, to venture into the Indian market with their indigenous labels. Diageo unveiled Godawan in 2022, and Pernod recently introduced its inaugural Indian single malt, Longitude 77.

Continue Exploring: Pernod Ricard unveils its first made-in-India single malt, Longitude77

“India is a fast-growing and diverse market, and the younger audience is inclined towards experimenting with niche products. Consumers are seeking newer offerings, and there is great value in uniqueness,” said Kartik Mohindra, chief marketing officer at Pernod India.

Paul P John, the chairman of John Distilleries, responsible for crafting single malts in Goa, suggests that foreign brands are now experiencing heightened competition as Indian companies ascend in prominence.

“They were caught off guard and are now trying to catch up. Unfortunately, they are taking shortcuts and producing products here that they don’t fully understand. India has arrived.”

Indian single malt producers challenge the “arrogance of Scotch purists,” who emphasize the importance of “Scottish weather, Scottish water, and Scottish barley,” in favor of acknowledging the “irreplaceable quality” inherent in European brands. Prem Diwan, chairman and MD of Devans Modern Breweries, which distills whiskies in Jammu, said, “The quality of Indian single malts is absolutely fantastic, which is one of the main reasons driving their demand. While Scottish makers adhere to traditional processes, Indian makers love to experiment.”

According to Kartik Mohindra from Pernod India, there is sufficient demand for all participants in the market to sustain growth. The emergence of Indian single malts marks a new chapter for the country’s whisky industry, with indigenous brands gaining acknowledgment and engaging in competition with global giants.

Continue Exploring: Rising tide of Indian single malts disrupts Pernod and Diageo in booming spirits market

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FirstCry CEO Supam Maheshwari sells 6.2 Million shares worth over INR 300 Crore ahead of IPO

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M Haziq Pandit
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FirstCry
FirstCry CEO Supam Maheshwari

Supam Maheshwari, the co-founder and CEO of FirstCry, an e-commerce platform specializing in mother and child care, has reportedly sold 6.2 million shares ahead of the company’s upcoming initial public offering (IPO).

As per a report from MoneyControl, Maheshwari’s divested shares are estimated to be worth more than INR 300 crore.

According to the Draft Red-Herring Prospectus (DRHP) of the company, the CEO of FirstCry has included himself as a selling shareholder in the public offering.

Continue Exploring: IPO-bound FirstCry files DRHP, targets INR 1,816 Crore fundraising in fresh issue

His ownership stake in the company was initially 7.46 percent, but following the submission of the draft IPO papers, his shareholding decreased to 5.95 percent.

As indicated in the DRHP, Maheshwari divested 9.34 million shares in the six months leading up to the filing date of the IPO papers.

“At the price of INR 487.44 apiece, this share transfer would be worth over INR 455 crore,” said the report. FirstCry was yet to respond to the report.

Earlier reports suggest that SoftBank, the Japanese investment giant, has divested shares totaling $310 million in FirstCry through two separate rounds.

Late last month, FirstCry submitted its Draft Red-Herring Prospectus (DRHP) to SEBI, the market regulator, with a plan to raise INR 1,816 crore through a fresh issuance of shares.

The parent company of FirstCry, BrainBees Solutions, submitted the Draft Red-Herring Prospectus (DRHP), which incorporates an offer-for-sale (OFS) involving 5.4 crore equity shares.

The IPO funds raised by FirstCry will be employed to establish modern retail stores and warehouses across the country.

FirstCry’s Financial Performance in FY23

Meanwhile, the company recorded INR 5,632 crore in revenue from operations in FY23, with its losses increasing over sixfold from INR 79 crore in FY22 to INR 486 crore.

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India’s first healthy and hygienic food street ‘Prasadam’ inaugurated in Ujjain

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M Haziq Pandit
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Prasadam

India’s first healthy and hygienic food street, ‘Prasadam,’ was officially inaugurated by Dr. Mansukh Mandaviya, Union Minister for Health & Family Welfare, at Neelkanth Van, Mahakal Lok, in Ujjain, Madhya Pradesh.

He said, “Prasadam will connect common citizens in every corner of the country with pure and safe local and traditional food. This endeavour will align common people and tourists to safe and healthy eating habits.”

Praising the progress in infrastructure and amenities around food streets, the Union Health Minister highlighted efforts in training and enhancing the capacity of street food vendors in terms of food safety and hygiene. Dr. Mandaviya also toured the lively stalls at the Eat Right Millets Melas, engaging with proficient food handlers.

Dr. Mohan Yadav, Chief Minister of Madhya Pradesh, lauded the Food Street initiative for its commitment to providing accessible, healthy, and clean food in an engaging manner, contributing significantly to the promotion of a healthier nation.

In an effort to empower consumers in combating adulteration, the Food Safety and Standards Authority of India (FSSAI) has introduced ‘The DART Book.’ This publication provides simple tests that individuals can perform at home to identify common food adulterations. Moreover, the launch of the mobile food testing van, named Food Safety on Wheels (FSW), aims to reach remote areas. This initiative involves conducting training sessions and awareness activities, as the van travels from city to village, promoting awareness campaigns and facilitating adulteration testing.

Prasadam: Culinary Delight for Devotees in Ujjain

Encompassing 939 square meters and housing 17 shops, ‘Prasadam’ presents a convenient and culturally vibrant dining experience for the 1-1.5 lakh devotees who visit the Mahakaleshwar Temple daily. This recently inaugurated food street is strategically designed to offer diverse facilities, such as a kids’ play area, drinking water facility, CCTV surveillance, parking, public conveniences, and ample seating spaces. Beyond elevating Ujjain’s tourism allure and upholding its culinary heritage, ‘Prasadam’ is poised to play a role in fostering economic growth and community engagement.

The event saw the participation of various Members of Parliament, senior government officials, as well as eminent dignitaries.

Continue Exploring: Indian government to grant INR 1 Crore to states for setting up 100 food streets

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Leisure Hotels Group continues growth trajectory with Baikunth Resort addition in Kasauli

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M Haziq Pandit
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Leisure Hotels Group

Leisure Hotels Group (LHG), an experiential resort chain in North India and the largest in the state of Uttarakhand, has announced the signing of the renowned Baikunth Resort. Nestled amidst nature in the serene hill station of Kasauli, this mountainous retreat marks another exciting phase of growth in the picturesque state of Himachal Pradesh. The Group has also recently signed a Management Agreement for a premium boutique hotel in the vibrant hill town of Mcleodganj.

Nestled strategically on a pristine hillside, Baikunth Resort in Kasauli features 37 well-appointed rooms and cottages offering sweeping views of the valley. Guests can savor delectable meals from an international and national menu at the multi-cuisine restaurant. The elegant Glass House Bar provides a relaxing atmosphere for guests to unwind and enjoy exquisite cocktails. The resort offers ample spaces for intimate events, catering to both business and leisure needs. Enveloped by nature trails, this tranquil retreat encourages guests to explore and partake in various recreational activities, including nature walks. Special attention is given to children at Baikunth, with a dedicated children’s room and opportunities for fun at the jungle gym and nature trails around the resort.

Continue Exploring: Leisure Hotels Group expands its presence in Himachal Pradesh with the signing of an upscale resort in Mcleodganj

Speaking on the occasion, Vibhas Prasad, Director, Leisure Hotels Group, said, “We are excited about the partnership with Baikunth Resorts Pvt Limited, led by Mr Rana Jolly & Family, to make Baikunth Kasauli, already one of the most sought-after resorts in the region to our portfolio at a soon to be announced date.”

He added, “This is a strategic move in our long-term goal of augmenting our Group’s landscape and foothold in destinations across Himachal. With Kasauli being a popular tourist destination across seasons, we aim to become the first choice of travellers looking for a tranquil stay close to nature with our top-notch hospitality and services.”

Baikunth Resort: Leisure Hotels Group’s Tranquil Haven

Nestled amidst lush pine forests, offering a panoramic 360-degree vista of pristine hills, the hotel is conveniently located approximately 2 hours from the nearest Chandigarh airport. Accessible by both train and bus, the property is in close proximity to renowned Instagram-worthy attractions. These include the breathtaking Sunset Point, a charming toy train ride that provides stunning views of the surroundings, and an enticing hiking opportunity at the picturesque Timber Trail. With its opulent Victorian architecture and tranquil ambiance, Kasauli, a captivating cantonment hill town, stands as an ideal destination for a rejuvenating getaway.

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Anushka Sharma-backed Slurrp Farm secures $7.2 Million in new funding round, sets sights on aggressive expansion

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M Haziq Pandit
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Slurrp Farm

Slurrp Farm, a children-focused snacking and meal brand, has secured INR 59.9 crore ($7.2 million) in a recent funding round from a mix of new and existing investors. This investment marks a significant milestone for the Gurugram-based startup, as it breaks a nearly two-year hiatus from fundraising activities.

According to documents obtained from the Registrar of Companies, the board of Wholsum Food Private Limited, the parent company of Slurrp Farm, has approved a special resolution to issue 3,13,691 Series C preference shares. These shares will be offered at an issue price of INR 1,909 each, aiming to raise INR 59.9 crore.

Current backers Fireside Venture and Raed Capital infused INR 12.4 crore and INR 5.48 crore, respectively, in the funding round, whereas newcomers Alkemi Ventures and Madhurima International each added INR 17.5 crore. Sharrp Ventures, the investment office representing the Harsh Mariwala family, also joined the funding with a contribution of INR 7 crore.

The newly acquired investment will be utilized to enhance the long-term financial resources of the company, as indicated in the filing.

After this funding round, Fireside Ventures is set to possess 20.72% of the company, while Madhurima International, Sharrp Ventures, and Alkemi Ventures will have ownership stakes of 3.43%, 1.37%, and 3.43%, respectively.

As per the estimates from the startup data intelligence platform TheKredible, the company’s valuation post-allotment stands at approximately INR 510 crore or $62 million. In February 2022, Slurrp Farm secured $7 million in a Series B round led by the Investment Corporation of Dubai. Subsequent to this funding round, Bollywood actress Anushka Sharma became an investor and the brand ambassador for Slurrp Farm’s flagship brand.

Established in 2016, the company specializes in crafting snacks and meals for young children, with a focus on millet-based offerings. Its diverse portfolio encompasses more than 25 products, featuring items such as porridges, cereals, puffed snacks tailored for children, millet pancakes, millet dosa, cake mixes, and various others.

Continue Exploring: Wholsum Foods expands its success with Millé: A new brand focused on millet-based health foods

Slurrp Farm’s Financial Performance in FY23:

The parent company of Slurrp Farm witnessed a revenue surge of over 2X, reaching INR 40 crore in FY23, in contrast to INR 19.15 crore in FY22. However, the company’s losses also experienced a 1.7X increase, totaling INR 32.20 crore during the same period.

The company has established an objective to achieve INR 500 crore in revenue within the next few years and strives to expand its presence to 40,000 stores. This marks a substantial 20-fold increase from its current presence in 2,000 stores.

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Plant-based kids’ fashion brand Kidbea secures $1 Million in Pre-series A funding led by Venture Catalysts

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M Haziq Pandit
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Kidbea - Cofounders

Noida-based Kidbea, an innovative bamboo-based kids’ fashion brand, has secured $1 million in a Pre-series A funding round led by the early-stage investment firm Venture Catalysts.

The funding round also saw participation from Agility Ventures, BestVantage Investments, and notable industry figures including Sandeep Agarwal and Upasana Agarwal, co-founders of Droom, as well as Ashok Bahadur and HiroMizushima, a well-known celebrity actor in Japan.

Established in 2021 by Swapnil Srivastav, Mohammad Hussain, and Aman Kumar Mahto, Kidbea is dedicated to crafting children’s apparel using bamboo plant-based materials known for their skin-friendly and comfortable attributes.

The funding secured will be deployed to strengthen marketing and branding efforts, enlarge the team, and improve operational efficiency. Additionally, a significant portion of the funds will be earmarked for research and development as well as technology to sustain a prominent position in the dynamically evolving children’s fashion industry.

Kidbea offers a diverse product lineup with more than 250 Stock Keeping Units (SKUs), encompassing kids’ rompers, bodysuits, reusable cloth diapers, soft toys, and accessories. Currently available on leading online platforms and stocked in over 30 affiliated stores within premium children’s hospitals, the brand has successfully extended its global presence to encompass the UAE, Bahrain, and Australia.

Mohammad Hussain, Co-founder of Kidbea, expressed, “The funding signifies a major milestone in our journey to turn Kidbea into a INR 500 crore brand within the next 3 years. This funding provides us with the means to improve our sustainable offerings, extend our global presence, and persist in redefining children’s fashion.”

Dr. Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts, highlighted the potential in the children’s apparel and accessories market, stating, “Choosing to invest in Kidbea was an obvious decision for us. With India’s daily birth rate exceeding 67,000 children, there is a substantial opportunity for Kidbea to target the market across both metropolitan areas and small towns, driven by the increasing awareness among new parents regarding sustainable and eco-friendly clothing.”

Kidbea’s Vision: INR 500 Crore Brand in 3 Years

With the ambition to reach a valuation of INR 500 crore within the next three years, Kidbea has reported a remarkable 8X increase in revenue during FY-23. This growth underscores the brand’s increasing popularity in the expanding kidswear market, estimated at USD 16.4 billion. Kidbea’s commitment to sustainability and quality, coupled with the strategic utilization of its recent funding, positions the company to strengthen its position as a leading force in the global children’s fashion industry.

Continue Exploring: Clothing brand UNIREC secures INR 1.5 Crore in seed funding led by BeyondSeed

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Walmart-owned Flipkart initiates annual job cuts, targets 5-7% workforce reduction by April

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M Haziq Pandit
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Flipkart
Flipkart

Walmart-owned Flipkart has initiated a workforce reduction program that may result in a reduction of five to seven percent in its overall staff, as reported by The Economic Times (ET). This action aligns with the company’s annual performance-driven job cuts, a practice that has been implemented for the last two years. The completion of this process is anticipated by March-April, aligning with the ongoing performance evaluations and the conclusion of the current fiscal year.

The e-commerce behemoth, boasting a workforce of 22,000 employees (excluding Myntra), has been proactively controlling expenditures, which includes a freeze on new hires in the past year. Concurrently, the company is in the process of concluding a $1 billion financing round from Walmart and other investors.

Flipkart Focuses on Resource Optimization:

The downsizing of the workforce is in line with Flipkart’s emphasis on optimizing resources across both its established and newly launched ventures. The company is slated to deliberate on and formalize the restructuring strategies along with the roadmap for 2024 during an imminent meeting of senior executives scheduled for the next month.

Although there is a reduction in the workforce, there are currently no indications of reconsidering the decision to defer Flipkart’s public offering until 2024. Initially contemplating an IPO launch in 2022-23, Flipkart chose to postpone those plans.

Flipkart achieved a 42% increase in operating revenue, amounting to INR 14,845 crore by the conclusion of December in the current financial year (FY23). As per information obtained from the business intelligence platform Tofler, Flipkart’s overall loss reduced by nine percent to INR 4,026 crore. Total expenses saw a 26% rise to INR 19,043 crore, with a notable portion dedicated to logistics, employee benefits, and advertising expenditures.

Continue Exploring: Flipkart’s B2C division nears INR 15,000 Cr in sales for FY23, registers reduced net loss of INR 4,026 Cr

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Assam declares January 22 as ‘dry day’ to honor Ram Mandir consecration ceremony in Ayodhya

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M Haziq Pandit
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Liquor
(Representative Image)

On January 22, 2024, Assam will mark a ‘dry day’ to commemorate the consecration ceremony of the Ram Mandir in Ayodhya.

The Assam government announced this as a gesture of reverence for the important religious occasion.

Tourism Minister Jayanta Malla Baruah announced the decision after a cabinet meeting led by Chief Minister Himanta Biswa Sarma.

The ‘dry day’ signifies that the sale of alcohol will be prohibited throughout the state on this day.

The consecration ceremony is a momentous occasion for devotees, and it is expected to draw the attention of numerous dignitaries, including Prime Minister Narendra Modi. The state of Chhattisgarh has also declared January 22 as a ‘dry day,’ reflecting the widespread reverence for the event.

Continue Exploring: Chhattisgarh declares January 22 as ‘dry day’ to mark Ram temple consecration

Situated in Ayodhya, the temple itself is an architectural marvel, boasting dimensions of 360 feet in length, 235 feet in width, and 161 feet in height. The construction is undertaken by Larsen & Toubro, generously providing their services free of cost.

‘Dry Day’ Symbolism for Ram Mandir:

The Assam government’s decision to declare a ‘dry day’ is part of a broader set of measures taken by various states to commemorate the inauguration of the Ram Mandir, which stands as a symbol of cultural and spiritual significance.

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Govt launches INR 576 Crore aquaculture plan to transform northern states into sustainable shrimp farming hubs

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M Haziq Pandit
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Shrimp

The Union government is actively formulating a INR 576 crore aquaculture plan in four northern states. The objective is to establish a hub for shrimp farming dedicated to both export and domestic consumption. This initiative involves harnessing land unsuitable for conventional crop cultivation, as revealed by two officials familiar with the matter.

Over the past year, officials and scientists from the department of fisheries and the Central Institute of Brackishwater Aquaculture examined thousands of hectares of saline wasteland unsuitable for crops in 25 districts of Uttar Pradesh, Rajasthan, Haryana, and Punjab. One anonymous source revealed that they identified clusters in these regions where shrimp aquaculture could prove to be productive.

The researchers discovered that the productivity of cultivated crustaceans, or the output per hectare, in Haryana is comparable to the global average, ranging around 6-7 tonnes. This finding positions Haryana as a potential significant hub for shrimp farming, considering that the majority of shrimp farming currently takes place in the coastal states of the country.

India has received backing for its shrimp farming endeavors from international organizations such as the World Bank, Food and Agriculture Organization, and Asian Development Bank. The nation stands as one of the leading exporters of cultured shrimp. Recent industry reports indicate that the Indian seafood sector is poised for rapid expansion, facilitated by the approval of the Coastal Aquaculture Authority (Amendment) Bill 2023 by both houses of Parliament. As of 2022, India holds the position of the second-largest aquaculture shrimp producer, with a production of 900,000 tonnes, trailing behind Ecuador.

Eco-Friendly Shrimp Hubs in Northern India:

On a global scale, shrimp farming is recognized for its significant freshwater consumption, typically operated by large corporations and associated with ecological harm. The highly mechanized shrimp industry often overlooks the importance of local employment and tends to relocate when faced with stringent regulations. Environmental activists refer to this phenomenon as the “hamburger connection,” wherein Central American rainforests are cleared to facilitate shrimp cultivation, ultimately supplying shrimp for use in burgers.

“The difference with the shrimp hubs in these states will that they will be eco-friendly, using technologies such as biofloc and will come up only on unproductive wasteland,” said Sagar Mehra, joint secretary in the fisheries department.

The shrimp clusters have the objective of creating 50,000 jobs within the local community, encompassing direct employment as well as positions in ancillary activities like warehousing and cold storages. A state-of-the-art aqua park in Bhiwani, funded with INR 100 crore, is slated to function as a training center, as mentioned by a second official who preferred to remain anonymous.

Each kilogram of farmed shrimp results in the production of around 15,000 liters of effluent, often carrying toxic residues. This untreated mixture is commonly released into the groundwater, causing the contamination of drinking water in local communities.

The shrimp hubs in northern India will employ biofloc technology developed by the Central Institute of Brackishwater Aquaculture. This technology will handle excreta and other wastes on-site, converting them into feed for the crustaceans.

The Pradhan Mantri Mudra Yojana, with a funding distribution of 60:40 between the Centre and states, seeks to establish aquaculture assets capable of generating 5.5 million livelihoods nationwide by 2025. Through this micro-credit scheme, funds will be provided to support new shrimp farmers.

The selected districts for the project comprise Rohtak, Fatehabad, and Gurugram in Haryana, along with Mathura, Agra, and Hathras in Uttar Pradesh. Additionally, the chosen districts include Fazilka, Muktsar, and Mansa in Punjab, as well as Ganganagar and Churu in Rajasthan.

“The key to this project’s success will be to ensure there is handholding from start to finish and export avenues and remunerative prices are ensured through market linkages,” said CV Balakrishna, a former marine consultant with the FAO.

The first official mentioned that agreements are anticipated to be signed with the Marine Products Export Development Authority for exports.

Continue Exploring: Andhra Pradesh’s Srikakulam district emerges as a global hub for shrimp exports, generating INR 10,000 Crore annually

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