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FlexifyMe secures INR 10 Crore in seed funding round led by IvyCap Ventures and Flipkart Ventures

By
M Haziq Pandit
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FlexifyMe

Chronic pain management platform FlexifyMe has successfully closed its seed funding round, securing INR 10 Crore from leading investors IvyCap Ventures and Flipkart Ventures. The round witnessed active participation from other esteemed investors, including GSF, Chandigarh Angels, Venture Catalyst, and Ah Ventures.

Utilizing these funds strategically, the company aims to revolutionize chronic pain management by integrating state-of-the-art technology and progressive exercises. The primary objective is to provide long-lasting relief and elevate workplace wellness to new heights.

Experienced by more than 2 billion people globally, chronic pain is heightened by sedentary lifestyles and postural misalignments. FlexifyMe, India’s foremost chronic pain management solution, intends to use the funds to strengthen its technology and implement progressive exercises. The company’s primary goal is to help businesses understand ergonomic challenges, eliminate postural misalignments, improve employee productivity, and ensure ongoing health monitoring—ultimately fostering stress reduction and enhancing overall lifestyle disorders.

FlexifyMe’s Innovative AI Motion-Tracking Technology

Distinguished as the leading Indian company providing a comprehensive solution for chronic pain management, FlexifyMe stands out. Leveraging patented AI-based software that analyzes joint movements, the platform connects users with expert Orthos, Physiotherapists, and Yoga therapists, offering a permanent solution to chronic pain. With a user base surpassing 50,000 from 26 countries, FlexifyMe has established itself as a global leader in digital therapeutics.

Founded in October 2021 by experienced entrepreneurs Manjeet Singh and Amit Bhayani, FlexifyMe is dedicated to reshaping traditional physiotherapy with its revolutionary AI motion-tracking technology.

Speaking about the investment, Vikram Gupta, Founder and Managing Partner, said, “FlexifyMe’s innovative approach convinced us of its potential to revolutionize healthcare. We believe in the power of FlexifyMe’s unique platform, backed by its dedicated team, to transform the lives of millions suffering from chronic pain. The ambitious goals set by the founders align seamlessly with our vision for impactful investments.”

Speaking about the company’s journey and future endeavors, Co-Founders Manjeet Singh and Amit Bhayani express, “Utilizing AI, machine learning, and data analytics, we provide personalized Chronic Pain Management. The gratitude we feel for the investment round and the trust bestowed by our investors in our vision is immense. Our commitment is to harness advanced technology in healthcare to aid one million individuals in finding relief from chronic pain by 2027.”

Chronic pain and musculoskeletal disorders remain a significant global healthcare challenge. FlexifyMe is committed to transforming healthcare through its technology-driven solutions. In the short term, the company is dedicated to achieving clinical validation and FDA approval, crucial steps to enhance its credibility. In the long term, FlexifyMe emphasizes its commitment to global accessibility through strategic partnerships with insurance companies, hospitals, and multinational corporations.

Continue Exploring: Sexual wellness brand MyMuse raises $2.7M in Pre-Series A funding for nationwide expansion

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Flipkart-backed Ninjacart hits INR 1,000 Crore operating revenue milestone, records 19% YoY growth in FY23

By
M Haziq Pandit
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Ninjacart

Flipkart-backed B2B agritech startup Ninjacart saw its operating revenue cross the INR 1,000 Crore mark in the financial year ended on March 31, 2023. Reporting sales of INR 1,153.4 Crore in the fiscal year 2022-23 (FY23), the company experienced a notable 19% increase from the INR 967.3 Crore recorded in FY22.

The startup generates its main revenue stream through the direct sale of fresh fruits and vegetables to retailers, including restaurants, shops, and vegetable vendors, sourced directly from farmers. Established in 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK, and Vasudevan Chinnathambi, Ninjacart initially commenced operations as a B2C business but subsequently shifted to the B2B model.

Total Revenue Soars: INR 1,212.3 Crore in FY23

The total revenue, including other income, stood at INR 1,212.3 Crore during the year under review, reflecting an increase of 22.3% from the INR 990.9 Crore recorded in FY22.

In spite of the growth in operating revenue, the startup incurred a 6% increase in losses, reaching INR 326.3 Crore in FY23 compared to INR 307.9 Crore in the preceding fiscal year.

Expenditure for the year under review increased by 18%, reaching INR 1,538.7 Crore, compared to INR 1,299.8 Crore in FY22.

Procurement Costs Surge by 19% at Ninjacart

Procurement cost accounted for 71% of Ninjacart’s total expenditure. In FY23, the startup witnessed a 19% surge in procurement cost, with spending reaching INR 1,087.8 Crore, compared to INR 915.9 Crore in FY22.

Ninjacart successfully trimmed its transportation expenses by 27%, lowering the cost to INR 44.1 Crore in FY23 from the INR 60.8 Crore incurred in the preceding year. This cost represents the expenditure associated with transporting the company’s fresh stock.

The EBITDA margin in the year under review showed improvement, shifting from -28.7% in FY22 to -26.2%.

Global Expansion: Ninjacart’s Strategic Entry into Brazil

Late last year, the startup made its foray into the Brazilian market through a partnership with Arado, an agribusiness marketplace. With funding over $350 million to date, Ninjacart has garnered support from major backers such as Tiger Global, Flipkart, and Accel.

Continue Exploring: Flipkart-backed Ninjacart makes a bold entry into Brazil’s agribusiness sector

Ninjacart competes with the likes of WayCool Foods and FarmLink.

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JDE Peet’s broadens portfolio with acquisition of Maratá, a leading Brazilian coffee and tea company

By
M Haziq Pandit
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Maratá

JDE Peet’s has finalized the purchase of Maratá, a Brazilian coffee and tea company, for an undisclosed sum.

Maratá primarily conducts its coffee and tea business in the northern region of Brazil, featuring its brands Café Maratá and Chá Maratá.

The acquisition strengthens JDE’s existing portfolio of brands, primarily distributed in the southern regions of Brazil. Additionally, it increases the company’s scale and national presence in the country, with JDE characterizing the market as having “compelling opportunities for both volume and value growth.”

Fabien Simon, CEO of JDE, commented, “We are delighted to welcome Maratá’s coffee and tea organisation to JDE Peet’s. Maratá’s portfolio and geographical presence are highly complementary to our existing franchise in Brazil. Together, we will serve more cups across a full range of price points and product offerings while expanding our regional presence in Brazil, one of the world’s largest coffee markets.”

José Augusto Vieira, founder of JAV Group, added, “I am very proud of the strong and successful coffee and tea platform we have built, and I am very pleased that by joining JDE Peet’s, the world’s leading pure-play coffee & tea company, we have secured the long-term development and success of this great business”.

Continue Exploring: Luckin Coffee named official coffee partner for Australian Open

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GFI India study unveils popular choices in plant-based foods: Chicken seekh kabab and soy milk lead the pack in consumer trials

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M Haziq Pandit
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Chicken Seekh Kabab

The Good Food Institute India (GFI India) conducted a study on consumer awareness of alternative proteins, revealing that the most experimented-with plant-based meat product is the chicken seekh kabab, followed by popcorn chicken, chicken samosa, and chicken biryani. In the realm of plant-based dairy products, soy milk emerged as the top choice, followed by almond milk and oat milk.

GFI India, in collaboration with Kantar World Panel, has introduced a comprehensive study examining consumer awareness, trial experiences, and purchasing behavior in the realm of plant-based meat and dairy products.

Rapid Growth: GFI India’s Analysis of the Sector

“Coinciding with the global phenomenon of Veganuary, which inspires millions to try plant-based diets every January, the report sheds light on the evolving landscape of consumer adoption of plant-based alternatives to meat and dairy. With 377 products spanning 41 formats and 73 brands, the sector has witnessed rapid growth over the past few years, presenting consumers with an array of choices in plant-based meat, dairy, and egg categories,” said GFI in a media release.

The research indicates that, in terms of taste, plant-based meat still falls short of competing with traditional meat.

“The plant-based meat has ways to go, as taste did not appear as the top driver for consumers to repurchase it. Some consumers who stopped purchasing the category also cited taste as the primary reason for not making repeat purchases. Plant-based dairy, on the other hand, scored well on taste but fell short in terms of versatility,” the study noted.

According to the study, consumers predominantly purchased plant-based dairy and meat from supermarkets, with kirana stores emerging as the second-largest channel for plant-based dairy sales, followed by e-commerce platforms.

“The most common quantities of plant-based milk purchased are 100–200 ml and 900–1000 ml. Soy milk is the most widely consumed plant-based dairy product followed by almond and oat milk. 89% of the users of plant-based dairy have also purchased animal- derived dairy products,” it stated.

Continue Exploring: The Good Food Institute India unveils first comprehensive report on India’s $4.2 Billion smart protein sector

Rajyalakshmi G, Market and Consumer Insights Advisor at The Good Food Institute India said, “To encourage trial and repeat purchases, it is crucial for manufacturers to focus on the trifecta of taste, affordability, and convenience.”

As per the report, consumption patterns indicate that plant-based options are presently consumed in a manner similar to their animal-derived counterparts.

“However, the latter is consumed more regularly, with plant-based options reserved for special occasions. Taste remains a significant driver for conventional meat consumption, highlighting the need to further improve the taste of plant-based meat,” the report stated.

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

By
M Haziq Pandit
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Popeyes
(Representative Image)

TH International (Tims China), the sole franchisee of Tim Hortons coffee shops and Popeyes restaurants in China, has announced the opening of a new Popeyes store in Shanghai.

This marks the tenth Popeyes establishment for the company in the area.

The latest opening comes after Tims China acquired the exclusive rights to operate and franchise Popeyes in mainland China and Macau in March 2023.

Tims China has customized the Popeyes brand for the Chinese market, resulting in the sale of over 150,000 pieces of its original American crispy chicken.

The first flagship Popeyes restaurant in Shanghai, which opened in August 2023, showcased a localized menu fusing Cajun traditions with Chinese flavors. Items included sweet chili chicken, a Longjing tea-based pomelo milkshake, and golden cheese, along with Popeyes’ signature items such as New Orleans-style spicy chicken and Louisiana-style seafood.

TH International’s Ambitious Growth Plans in China

The company’s objective is to establish an additional 500 stores in China by 2028 and 1,700 stores within the decade leading up to 2033.

Tims China CEO Yongchen Lu said, “We are excited to reach this key milestone in four months. Between our Popeyes and Tim Hortons stores, we now operate 919 stores across China.

“We have seen a strong demand from our customers for our innovative products from both brands, and we are confident that this demand has a lot of room to grow even further from here.”

Established in 1972 in New Orleans, Popeyes is a quick-service chicken restaurant with a presence in 4,100 locations across the United States and worldwide.

It specialises in a New Orleans-style menu with items such as spicy chicken and fried shrimp.

TH International serves as the parent company for the exclusive master franchisees of Tim Hortons in Hong Kong, mainland China, and Macau, as well as for Popeyes in mainland China and Macau.

Cartesian Capital Group, in collaboration with Tim Hortons Restaurants International, founded Tims China.

Continue Exploring: Popeyes spices up its menu: Wings now a permanent fixture with five tantalizing flavors!

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Liquor outlets to remain shut in Uttar Pradesh on January 22 for Ram Temple ceremony

By
M Haziq Pandit
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liquor world
(Representative Image)

The Uttar Pradesh Government has announced the closure of liquor outlets across the state, including cities such as Noida and Greater Noida, on January 22 in honor of the ‘Pran Pratishtha’ ceremony of the Ram Temple in Ayodhya. Additionally, Chief Minister Yogi Adityanath has instructed the suspension of classes in all educational institutions statewide on that particular day.

In addition to this, two more dry days are scheduled for January. On January 14, liquor stores in the city will be closed to mark the celebration of Makar Sankranti, and on January 26, they will remain shut in observance of Republic Day.

A dry day signifies the prohibition of alcohol sales. As the sale of liquor falls under the jurisdiction of individual states, regulations regarding prohibition vary throughout the country.

India observes national dry days on significant occasions such as Republic Day (January 26), Independence Day (August 15), and Gandhi Jayanti (October 2). Additionally, there are restricted dry days that supplement the national dry days and can vary from state to state. These usually coincide with religious holidays and election days.

State-level dry days, such as the one declared on January 22, are specific to particular states and are marked on specific occasions. In some instances, states may enforce these dry days on the day of a state election.

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

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Barista Coffee hits the 400-store mark, aiming for 500 stores by 2024

By
M Haziq Pandit
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Barista Coffee

Barista Coffee, the homegrown coffee chain, marked a significant milestone with the inauguration of its latest branch in New Delhi, bringing the total number of stores to 400, as announced on the company’s social media platform on Tuesday.

Presently, its coffee shops can be found in over 120 cities spanning India, Maldives, and Sri Lanka, establishing itself as the foremost coffee chain in the region with a network of more than 30 outlets.

“As we celebrate 23 years of our legacy, our 400th cafe stands as a testament to our incredible journey. From that first pour in 2000, shaping India’s early café culture, to now spreading warmth in over 120 cities, we’ve crafted more than just a cup of coffee,” said Barista Coffee in a LinkedIn post.

The 400th store is located in close proximity to the Rajiv Chowk Metro Station in New Delhi.

“Our journey has been marked by growth, innovation, and dedication to meeting the needs of our guests. With the opening of this 400th store, we are taking a giant leap forward in reaching more communities and making our products accessible to everyone,” stated Rajat Agrawal, chief executive officer of Barista Coffee on social media.

Barista Coffee’s Growth Vision: Targeting 500 Stores by 2024

According to Agrawal, the coffee retailer has set its sights on reaching the 500-store milestone by 2024.

Established in 2000 under the name Barista Coffee Company Ltd., the brand started its venture with the goal of delivering an international coffee experience to its customers.

The coffee chain’s network revenue for fiscal year (FY) 2023 stands at approximately INR 190 crore, according to Agarwal. Looking ahead to the end of FY24, the goal is to surpass the INR 250 crore mark, as outlined by Agarwal.

Continue Exploring: Barista Coffee brings more than just coffee: New winter menu & signature wraps launched

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Zomato rolls out ‘daily payouts’ feature, offering enhanced cash flow for emerging restaurants

By
M Haziq Pandit
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Zomato
Zomato

Zomato, the online food delivery platform, launched a new feature on Wednesday called “daily payouts” to offer support to its emerging restaurant partners.

Currently, the feature is accessible for restaurant partners managing 100 orders or fewer per month, as per the company’s announcement.

“Our discussions with various restaurant partners highlighted the financial challenges smaller eateries face, using the traditional weekly payout system. This feature is designed to address this critical need for more frequent access to earnings,” Zomato said in a blogpost.

The key features of daily payouts include no additional charges, improved cash flow, and increased flexibility in administration.

The ‘no extra cost’ feature allows for a seamless transition from weekly to daily payouts without additional fees; the ‘improved cash flow‘ facilitates daily settlement of transactions based on sales from three days prior, and the ‘flexibility in management’ provides a smooth switch between daily and weekly payouts through the Zomato Restaurant Partner App.

Availing Zomato’s Daily Payout Option:

Interested restaurant partners can avail themselves of the daily payout option by navigating to the Payout section in the Zomato Restaurant Partner App.

Meanwhile, Zomato has raised its mandatory platform fee from INR 3 to INR 4 per order in key markets. The updated rates came into effect on January 1.

Continue Exploring: Zomato raises platform fee to INR 4 per order in major cities

New Year’s Eve saw Zomato temporarily increasing its platform fee as high as INR 9 per order in certain markets.

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Rage Coffee hits INR 100 Crore cumulative sales milestone in December 2023

By
M Haziq Pandit
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Bharat Sethi, the Founder and CEO of Rage Coffee
Bharat Sethi, the Founder and CEO of Rage Coffee

Bharat Sethi, the Founder and CEO of Rage Coffee, announced that the D2C coffee startup achieved INR 100 Crore in cumulative brand sales in December 2023.

Sethi shared the news on LinkedIn, stating, “I’m delighted to share that a new age coffee company that most wrote off before it started and many thought as taking on a battle ‘not worth fighting’ hit INR 100 Cr in cumulative brand sales in Dec 2023 towards the end of its 4th year of operations.”

“We achieved this figure before the beginning of our 5th year and let me tell you, a lot of it is mad hustle, execution capabilities, support of our investors and partners who’ve backed us with tremendous belief in us and most important our customers and team,” he added.

Sethi said that the startup successfully overcame several challenges to reach this milestone despite having only 5-7 SKUs.

More than 3.2 million customers have experienced the brand’s diverse range of products, spanning sachets to jars. This exposure occurred both directly and through collaborations with Horeca partners, with a substantial 80% engagement observed in the past 24 months, according to Sethi. Emphasizing the brand’s versatility, the CEO asserted that the coffee brand has successfully reached customers through a combination of online and offline channels, encompassing hyperlocal platforms and marketplaces. Notably, there is no reliance on a singular channel for customer acquisition.

Continue Exploring: Rage Coffee gears up for global expansion, set to open kiosks and strengthen market presence

Established in 2019, Rage Coffee is one of the world’s first plant-based vitamin coffee brands. The startup claims to use handpicked beans from Ethiopian and Indian plantations.

Beyond Instant Coffee: Diversification of Rage Coffee Products

It has diversified beyond instant coffee, now offering products such as cold coffee brew bags, frothers, and other merchandise. In 2022, the brand entered the realm of snack bars and cookies, introducing gluten-free snacks free of preservatives. Additionally, the company established a 30,000-square-foot manufacturing unit in Gurugram.

Rage Coffee experienced a revenue surge, achieving over a fivefold increase to INR 23.5 Cr in the fiscal year 2022, compared to INR 4.5 Cr in the fiscal year 2021.

Rage Coffee has set a revenue goal of INR 500 Cr for the year 2025.

The startup has secured investments from notable backers, including Sixth Sense Ventures, Refex Capital, and 9Unicorns.

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Rebel Foods unveils Wendy’s first airport dine-in store in Bengaluru

By
M Haziq Pandit
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Wendy's
(Representative Image)

Rebel Foods, the world’s largest internet restaurant brand and the master franchise holder for Wendy’s in India, has just unveiled Wendy’s first airport dine-in store at Kempegowda International Airport in Bengaluru. In collaboration with Travel Food Services, this new establishment marks Wendy’s entry into the Indian airport retail sector.

The cloud kitchen enterprise exclusively manages Wendy’s cloud kitchen (delivery-only) and conventional restaurants throughout India, further solidifying its dedication to expanding the brand’s reach across various touchpoints. Presently, Wendy’s is established in over 100 locations across more than 20 cities in India, with a goal to extend its presence to 250+ locations within the next decade. This expansion is in response to Karnataka emerging as the second-largest market for Wendy’s in India, closely following New Delhi.

The newly inaugurated store is thoughtfully designed to cater to both take-away and dine-in patrons, operating 24×7 to accommodate the diverse schedules of travelers passing through the airport.

The new store will feature self-ordering kiosks to ensure a seamless and personalized experience. Patrons can indulge in Wendy’s signature and flavor-fresh range, along with globally renowned marquee products, including the iconic Frosty. The new store will also enable passengers to enjoy burgers on the go with easy takeaway options.

Ankush Grover, Co-founder and CEO – India and MENA, Rebel Foods, said “As we mark the launch of Wendy’s first airport dine-in store at Kempegowda International Airport in Bengaluru, we’re not just stepping into the Indian airport retail sector; we’re entering a new era of culinary convenience. Over the last few years, we have worked extensively on making Wendy’s accessible to wider audiences PAN-India, and the opening of this first store at the airport is a milestone in that journey. Our focus is on bringing the same taste and experience to 30+ million travellers who pass through Kempegowda International Airport, as Wendy’s is known worldwide”

Rebel Foods’ Digital Approach to Enhancing Wendy’s Brand

Rebel will continue to enhance the brand’s presence in India by leveraging digital expertise in delivery, automation, and innovation. Since its debut in India in 2020, Wendy’s has adeptly adapted its menu to cater to local tastes and preferences. This includes introducing favorites like the Spicy Aloo Crunch Burger, their crispiest fries, and the recently launched Flavor Fresh burger range, featuring distinctive and refreshing options such as the Firebolt Tandoori burger, Lord Cheesynator, and Nachoburg.

Continue Exploring: Rebel Foods partners Wendy’s in a Major QSR Shake up; becomes its master franchisee in India

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