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Fogo de Chão sets sights on global expansion with plans for 20 new restaurants

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M Haziq Pandit
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Fogo de Chão

Fogo de Chão, the renowned American restaurant chain celebrated for its southern Brazilian culinary delights, has announced plans to open 20 new locations as part of its worldwide growth strategy.

The company is set to open new restaurants in the US and various international markets, building upon the momentum of previously announced domestic and international lease agreements.

In its development pipeline for 2024 and 2025, the company has upcoming lease signings and restaurant openings, with expectations to reach the significant milestone of the brand’s 100th restaurant by the end of 2024.

The scheduled launches for 2024 include prominent cities in the United States, such as Brooklyn, Richmond, Miami, Bridgewater, Seattle, and Orlando. Additionally, the company is poised for expansion in Canada, with agreements already secured for locations in Toronto and Vancouver.

Recently unveiled domestic lease agreements and upcoming openings will mark Fogo de Chão’s entry into markets like Santa Monica, Oklahoma City, Washington DC, Nashville, and San Antonio.

Fogo de Chão Goes International: Manila, Brasilia, Istanbul, São Paulo

The brand will also boost its international presence with new locations in Manila, Brasilia, Istanbul, and São Paulo.

The upcoming establishments will reflect Fogo de Chão’s recent rebranding, highlighting improved designs, expanded menu options, and innovative platforms.

The design of the upcoming restaurants will incorporate next-level elements, such as enclosed patios, rooftops, and lounges.

The Next Level Lounge platform will be rolled out, providing an elevated bar experience with craft cocktails, South American wines, and premium spirits.

In 2023, Fogo de Chão extended its presence by inaugurating restaurants in key markets such as Rhode Island, California, Texas, Mexico, and Ecuador, laying the foundation for its ambitious growth in the years ahead.

Fogo de Chão CEO Barry McGowan stated, “As we look ahead to the next 24 months, Fogo de Chão is positioned for yet another transformative chapter of growth as we continue to scale our authentic experiential dining concept globally.

“We are a category-leading, international brand and are actively securing leases and forging development agreements in regions where we already have a presence, while simultaneously breaking ground in new capital cities around the world.”

In December 2023, Fogo de Chão finalized a lease agreement for the establishment of its fourth location in New York City.

The upcoming 5,009 square feet venue will become part of Fogo’s trio of existing NYC locations upon its 2024 debut at the Oculus in Westfield World Trade Center, the largest shopping complex in Manhattan.

Continue Exploring: TGI Friday’s closes 36 restaurants in the US, sells 8 to former CEO Ray Blanchette amid ongoing transformation

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Agritech firm Semaai secures $4.7 Million funding led by CyberAgent Capital

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M Haziq Pandit
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Semaai

Semaai, an agritech firm based in Indonesia, secured $4.7 million in funding through a mix of debt and equity investments.

CyberAgent Capital spearheaded this funding round, joined by new investors such as Heracles Ventures, Ruvento, MyAsiaVC, and Sumitomo Corporation Equity Asia, as announced by Semaai in a statement.

Beenext, Accion Venture Lab, Surge from Peak XV, along with Semaai’s existing investors, also participated in the funding round.

With this recent infusion of funds, Semaai has achieved a total funding of $7.6 million, signaling an extraordinary year of growth for the company.

Semaai’s Expansion Drive: Targets for 2024

With the additional funding, Semaai aims to enhance the reach of its agronomy advisory service to farmers and agri-retailers, form partnerships with fintech establishments to offer cutting-edge fintech solutions, and fortify its position in Central Java.

By the end of 2024, Semaai plans to have extended its coverage to 75% of the over 8,200 villages in the region.

The company’s Toko Tani marketplace user base has reportedly doubled in the last year, accompanied by a net revenue surge of over fifteen times.

Additionally, the majority of Semaai’s active users make use of its advisory feature, which has witnessed an eight-fold increase in adoption over the past six months.

“With the new funding, our company will collaborate with financial institutions and fintech providers to expand our embedded fintech solutions, having already doubled Semaai’s total transaction volume in the last twelve months,

“This is part of our goal to provide an integrated digital ecosystem that addresses disruptions in the supply chain and fills knowledge gaps for Indonesia’s agri-retailers and smallholder farmers,” said Muhammad Yoga Anindito, Co-Founder and Chief Executive Officer of Semaai.

Semaai, as a “farmer-first” company, constructs comprehensive agri-tech solutions to empower farmers and rural micro, small, and medium-sized enterprises (MSMEs) in Indonesia, such as Toko Tanis. The aim is to optimize their earning potential and facilitate access to improved financing, services, and new markets.

Semaai offers a broad spectrum of agricultural services, encompassing customized consulting, productivity tools, and farming inputs like seeds and fertilizer products, all delivered through an expanding network of service delivery centers.

Continue Exploring: Agritech startup Fasal secures $12 Million in funding round led by TDK Ventures, British International Investment

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Delhi HC grants PepsiCo right to patent potato variety for Lay’s chips, overturning previous ruling

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M Haziq Pandit
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Lays
Lay's chips

On January 9, a division bench of the Delhi High Court determined that the New York-based PepsiCo has the right to claim a patent for the distinct potato variety cultivated solely for its renowned Lay’s potato chips.

The High Court overturned the ruling of a single judge from July 2023, which had affirmed the revocation of the patent by the Protection of Plant Varieties and Farmers’ Rights (PPVFR) Authority in 2021. The court rejected the arguments put forth by Kavitha Kuruganti, a farmers’ rights activist, who contended that the company should not be able to assert a patent for the potato seed variety.

Continue Exploring: Delhi High Court rejects PepsiCo’s appeal, revokes patent for potato variety used in Lay’s chips

“The appeal of PepsiCo is allowed. We consequently also set aside the order of the Authority dated December 3, 2021, and the letter issued by the Authority dated February 11, 2022. The renewal application as made by PepsiCo shall stand restored on the file of the Registrar who shall dispose of the same in accordance with law,” the judgment said.

In 1989, PepsiCo established its first potato chip plant in India. The company supplies a specific potato seed variety to a group of farmers, who exclusively sell their produce to the company at a fixed price.

The court has dismissed Kuruganti’s concern that PepsiCo, through initiating multiple lawsuits against farmers, was acting against public interest.

The court said, “Apart from a mere reference to various suits alleging infringement, which are stated to have been filed by PepsiCo, the respondent failed to establish or prove that those suits were vexatious or that they had been instituted as part of predatory tactics of PepsiCo.”

PepsiCo’s Lawsuit Against Indian Farmers

In 2019, PepsiCo filed a lawsuit against certain Indian farmers for cultivating the FC5 potato variety, claiming that the growers had violated its patent. The company also sought over INR 10 crore ($121,050) from each farmer for the alleged patent infringement. However, PepsiCo withdrew the lawsuit within a few months.

In December 2021, the Protection of Plant Varieties & Farmers’ Rights (PPV&FR) revoked the varietal registration certificate previously granted to the food and beverages major for the potato variety ‘FL-2027’ in the country. In response to this decision, PepsiCo stated that it is currently in the process of reviewing the order issued by the PPV&FR Authority.

PPV&FR is a regulatory body established under the Protection of Plant Varieties and Farmers’ Rights Act, 2001. The authority’s decision followed a petition filed by agricultural activist Kavitha Kuruganti, who argued that PepsiCo India’s certificate of registration was issued on the basis of inaccurate information provided by the company.

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Indian coffee exports set to soar by 10% in 2024, fueled by global price rally and European demand

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M Haziq Pandit
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Coffee
Coffee (Representative Image)

India’s coffee exports are set to increase by 10% in 2024, driven by a global price rally. According to industry officials, European buyers are willing to pay premiums to boost their purchases from the country, contributing to this anticipated rise.

Renowned for its tea production, the South Asian nation is also the eighth-largest global contributor to coffee cultivation. Primarily specializing in robusta beans, utilized in instant coffee production, the country also produces select batches of the pricier arabica variety.

“The demand for Indian coffee, particularly robusta beans, is strong due to firm global prices resulting from production issues,” said Ramesh Rajah, president of the Coffee Exporters’ Association of India, predicting a rise in exports this year of up to 10%.

The price of robusta coffee is currently hovering close to its highest point in a span of at least 15 years. This surge is attributed to expectations that Vietnam, the world’s largest producer, will yield less in the 2023/24 season compared to the previous one.

India exports the majority of its production, with Italy, Germany, and Belgium being the primary destinations for the three-quarters of its output.

Premiums Soar for Indian Coffee Despite Production Shortfall

Normally, Indian coffee attracts a premium over the global benchmark owing to its cultivation under shade, meticulous hand-picking, and sun-drying process. However, this year, exporters note that premiums are exceptionally elevated, primarily attributed to a shortfall in production.

According to a dealer from a global trade house based in Bengaluru, coffee exports in 2024 are anticipated to increase to 298,000 metric tons, surpassing the previous year’s figure of 271,420 tons.

Due to robust demand, Indian robusta cherry is currently securing a premium of nearly $300 per tonne above London futures, as mentioned by the source.

Although there is a positive trend in export demand, traders are in a holding pattern, awaiting an increase in supplies. The anticipation is that a rise in supplies could potentially lead to a reduction in local prices, as mentioned by the dealer.

M. M. Chengappa, a coffee grower from Kodagu in the leading coffee-producing state of Karnataka, mentioned that the current robusta harvest is nearly 20% complete. However, recent disruptions in growing areas due to rainfall have posed challenges in the ongoing harvesting process.

According to the state-run Coffee Board, India’s production is projected to increase to 374,200 tons in the ongoing 2023/24 season, commencing on Oct. 1, compared to the previous year’s 352,000 tons. Despite this estimate, farmers argue that the impact of rainfall is constraining the potential for higher production.

“Torrential unseasonal rain in the last few days, along with the rains in December, has caused a lot of fruit droppings,” said Chengappa.

Harvesting is experiencing a slowdown due to a shortage of labor, even with offers of higher wages, according to exporter Rajah.

“Global prices are rising, but Indian farmers’ income is not rising in the same proportion due to higher production costs. They need to spend more on inputs and wages,” Rajah said.

Continue Exploring: Starbucks CEO bullish on India’s coffee market, targets 1000 cafes by 2028

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The Souled Store elevates customer experience through collaboration with Simpl for seamless 1-Tap checkout integration

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M Haziq Pandit
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The Souled Store

Fashion brand The Souled Store has joined forces with fintech startup Simpl to enhance its e-commerce platform, offering customers an improved experience, as announced in a press release on Tuesday.

Through this collaboration, customers can conveniently utilize Simpl’s 1-Tap Checkout to access a vast array of official merchandise on The Souled Store platforms. The fashion brand anticipates that this integration will lead to a reduction in transaction failures, cash-on-delivery transactions, and product returns.

Speaking of the partnership, Vedang Patel, co-founder of The Souled Store, said, “We are delighted to partner with Simpl to offer a 1-Tap Checkout for lakhs of our merchandise to over seven million of our customers across the country. With Simpl, we find synergies in our collective vision of empowering customers through greater convenience online in a quick and seamless manner.”

The Souled Store’s Market Growth and Gen Z Focus

Over 90% of The Souled Store’s sales originate from its proprietary e-commerce platform. With a specific focus on the Gen Z and millennial customer demographic, the company witnessed a remarkable fivefold growth compared to the average business during the Black Friday sale in November of the previous year. The most sought-after items were within the winter wear categories, with oversized t-shirts and denims following closely behind in demand.

Nitya Sharma, founder and chief executive officer, Simpl, said, “Fashion e-commerce marketplaces and Direct-to-Customer platforms are becoming the primary retail channels for new age customers who are looking for a more convenient and hassle-free way of accessing products online. We are delighted to partner with The Souled Store, which is one of the early movers in the D2C space, to enhance the checkout experience of millions of their customers across the country.”

Simpl has witnessed over a 70 times increase in transactions in the last one year, the release added. Over 26,000 merchants and millions of customers across the country opt for Simpl’s Checkout options.

Continue Exploring: Myntra teams up with Simpl to bring 1-tap checkout convenience to shoppers

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Ayouthveda appoints Bollywood actor Genelia Deshmukh as first Indian brand ambassador for face care range

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M Haziq Pandit
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Ayouthveda

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.

Continue Exploring: SHISEIDO appoints Bollywood star Tamannaah Bhatia as its first brand ambassador for skincare range in India

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Apis India eyes INR 500 Crore topline by FY 2024-25, unveils aggressive expansion plans in food segment

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M Haziq Pandit
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Apis India

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.

Continue Exploring: Indian FMCG sector eyes robust growth in 2024 amidst favorable market conditions

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

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M Haziq Pandit
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MyMuse

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%.

Continue Exploring: D2C ayurveda brand Kapiva hits INR 114 Crore revenue milestone in FY23, eyes global reach

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Patanjali foods hits 52-week high: Share value surges over 5% to reach new peak

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M Haziq Pandit
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Patanjali Ayurved
Patanjali Ayurved

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.

Continue Exploring: Patanjali Foods targets INR 1,000 Crore sales in masala segment, eyes new growth frontiers

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Reliance’s Campa strikes major BCCI sponsorship deal, edges out Coca-Cola and PepsiCo

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M Haziq Pandit
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Campa
Campa

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.

Continue Exploring: Reliance Retail to challenge Coca-Cola and PepsiCo with global expansion of Campa

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