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Zizzi unveils exclusive frozen lineup in collaboration with Morrisons across the UK

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M Haziq Pandit
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Zizzi

Zizzi, the Italian restaurant, has collaborated with Morrisons to introduce a range of frozen products under the Zizzi brand in the United Kingdom.

The collection, featuring 17 frozen items including pizzas, pastas, side dishes, and desserts, is now accessible in 208 Morrisons stores. These products are showcased collectively in a designated branded freezer section, streamlining the selection process for customers to easily pick their main courses, side dishes, and desserts.

Drawing inspiration from the well-loved dishes on the Zizzi menu, these items provide customers with the opportunity to savor the restaurant’s flavors in the comfort of their own homes.

Zizzi’s Innovative New Products:

The range comprises eight exclusive products available solely at Morrisons. Among the new additions are the Calzone Carne Piccante, Garlic Soul Breads, Chicken & Mushroom Risotto, and two Rustica pizzas.

The selection accommodates a variety of preferences, encompassing vegan choices. It includes five Rustica pizzas, each adorned with a drizzle of either chilli or basil oil, a hand-stretched Calzone, and seven pasta and risotto options, featuring Bucatini Meatballs.

Furthermore, the offering comprises two options: Garlic Soul Breads infused with garlic butter and two delectable desserts, featuring Salted Caramel Brownies.

Rachel Hendry, retail and grocery director at Zizzi, said, “Our ambition for Zizzi at home has always been to offer shoppers a full dine-in meal solution that gives them a choice of our premium restaurant-inspired dishes at an affordable price, so our launch into Morrisons brings this to life.”

“We have worked in partnership with Morrisons to deliver true innovation to its shoppers, so we’re excited to launch six completely new products within the 17-strong range. Our Garlic Soul Breads are so unequivocally Zizzi, and represent the little twists we bring to all our dishes.”

Tessa Ward, category director frozen at Morrisons, added, “We’re excited to partner with Zizzi to launch its frozen shop, which offers so much quality and choice for our customers. The 17-strong Zizzi range has something for everyone, with lots of innovation and at a price everyone will love. This is our biggest Frozen range change since 2019, and we’re sure it will be a hit with our customers.”

Continue Exploring: Finland’s Valio to enhance frozen product processing with €10 Million investment

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Restaurant booking platform TheFork announces exit from Australian market

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M Haziq Pandit
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TheFork

TheFork, a global online restaurant booking and review platform, will close its operations in Australia at the end of March.

Announcing the decision on its website, the company explained that the choice to discontinue its Australian operations had been made after “careful consideration.”

The company blamed the ongoing impact of the Covid-19 pandemic for its imperative to explore cost-cutting measures.

“We understand that this decision may come as a surprise, and we want to assure you that this was not a choice made lightly.”

“Due to the significant impact the pandemic had on the global economy, particularly the hospitality industry, we therefore had to implement certain cost measures, which includes a reduction of TheFork’s geographical footprint.”

Booking and Gift Card Policies at TheFork:

From March 31, the company’s local website and app will no longer be accessible, and customers were advised to redeem their Yums – points accumulated through its loyalty program – by this date.

“Once this date passes, any unused points will automatically expire and will become inaccessible.”

TheFork will accept restaurant bookings in Australia until its closure on March 31, and its gift cards will retain their validity for three years from the date of purchase.

Operating in 12 countries globally, including the UK, France, and Spain, TheFork’s website highlights a membership of over 55,000 restaurants.

Established in Australia in 2009, the business initially known as Dimmi was launched by local tech entrepreneur Stevan Premutico.

In 2015, TripAdvisor, the global review and booking platform giant, acquired Dimmi, leading to its rebranding as The Fork in 2019.

Following the sale of the business to TripAdvisor, Mr. Premutico proceeded to introduce the QR code restaurant ordering app, me&u.

Continue Exploring: OhWaiter joins Toast Partner Ecosystem, revolutionizing restaurant ordering systems

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Indian rice exporters face uphill battle in 2024 amid policy uncertainties and price challenges

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M Haziq Pandit
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Rice
Rice

Indian rice exporters are bracing for a challenging year ahead, marked by policy uncertainties and elevated local prices that hinder the normalization of rice exports from the country.

According to S&P Global Commodity Insights, the market continues to be influenced by the measures implemented by the Indian government in 2023, which include the prohibition of non-Basmati white rice exports, a 20 percent duty on parboiled rice exports, and a minimum export price of USD 950 per million tonnes (mt) for Basmati.

Despite global repercussions and multi-year high prices, indications suggest that restrictions are likely to persist at least until the first half of 2024.

The Indian government’s decision to curb rice exports was prompted by escalating domestic prices and the desire to ensure adequate supply for the country.

Continue Exploring: India prohibits non-basmati white rice exports amidst supply concerns

Most industry experts anticipate that the government won’t ease restrictions before the general election scheduled for April-May 2024.

El Nino’s Impact: Rice Production and Supply Complications

The fall in rice production during the 2023-24 kharif season, influenced by El Nino-induced dry weather conditions, further complicates the supply situation.

The US Department of Agriculture’s projection for total rice production in India for the October-September period is 128 million mt, down from 135.5 million mt the previous year.

Despite trade curbs, local rice prices have remained robust, leading the government to issue warnings to retailers. However, millers and exporters foresee a sustained high-price environment until the next kharif harvest season, driven by high procurement prices offered by certain state governments and strong demand from southern Indian states.

West Africa, a significant consumer of Indian rice, is expected to experience subdued demand due to price sensitivity. In 2023, anticipating export curbs, many buyers in West Africa imported large volumes of rice.

However, with restrictions now in place, buying has slowed, and high prices may further dampen India’s non-Basmati parboiled rice exports to the region.

While demand from Southeast Asia and some Gulf countries is expected to remain stable, exporters anticipate challenges in West Africa.

The steady demand for Basmati rice might face hurdles due to higher logistics costs and the minimum export price.

Despite shipping disruptions in the Red Sea, exporters believe that Basmati exports will adjust to the new reality without significant disruptions.

On a positive note, India’s rice stocks in the Food Corporation of India’s central pool stood at 56 million mt as of December 1, a 15 per cent YoY increase.

Despite concerns about sustained restrictions, the stock levels are well above the government’s buffer stock norm, providing hope for a potential relaxation of export constraints.

Exporters are optimistic that a slow start to procurement this season will eventually improve paddy availability for exports.

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Domino’s Pizza expands its presence in India with new store launch at Guwahati Airport

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M Haziq Pandit
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Domino’s

US-based pizza restaurant chain Domino’s has launched a new store in Guwahati at the departure terminal of Lokpriya Gopinath Bordoloi International Airport, a company official said on Sunday.

“Extremely delighted to share the opening of Domino’s store at Guwahati airport- departure terminal. Looking forward to fly high enough to reach the clouds with all the pizza lovers visiting our Domino’s store,” said Jatin Rai, head – franchise expansion and operations at Jubilant FoodWorks Ltd in a LinkedIn post.

Headquartered in Michigan, the multinational pizza restaurant chain was founded in 1960 by brothers Tom and Jim Monaghan.

Since 1995, Jubilant FoodWorks, an Indian food service company, has held the franchise rights from Domino’s Pizza Inc. to expand and manage the Domino’s Pizza brand in India, Sri Lanka, Bangladesh, and Nepal. The first Domino’s Pizza outlet in India was opened in New Delhi in 1996.

Domino’s Pizza’s Nationwide Presence:

Presently, the QSR (quick service restaurant) chain operates over 1,900 Domino’s restaurants across the country.

Continue Exploring: Domino’s Pizza takes on upscale pizzerias in India with premium offerings and hyper-localized approach

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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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