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Bengaluru-based B2B marketplace Captain Fresh raises $13.25 Million in Series C extension

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M Haziq Pandit
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Captain Fresh
Utham Gowda, Founder, Captain Fresh

Captain Fresh, a Bengaluru-based B2B marketplace for seafood, has secured $13.25 million in an extended Series C funding round. This additional funding comes after a four-month gap for the company.

As per regulatory filings from the Registrar of Companies, the board of Captain Fresh has approved a special resolution to issue 1,102 Series C6 compulsory convertible preference shares at an issue price of INR 9,98,399 each, amounting to a total of INR 110 crore ($13.25 million).

Captain Fresh’s Key Investors:

The funding round was spearheaded by Nekkanti Sea Foods, a seafood exporter based in Andhra Pradesh, contributing INR 50 crore or $6 million. Following closely, Shakti Finvest Pvt Ltd invested INR 30 crore in the same tranche.

The remaining amount of INR 27.46 crore and INR 2.50 crore was invested by Ravi Shankar Pemmasani and Shibu Mathai, respectively. This suggests an ongoing funding round, and the company might secure additional funds in the process.

Significantly, the company has raised the fresh capital at the same premium, and its current valuation stands close to INR 3,970 crore. To date, the company has raised around $150 million, including a $20 million funding as a part of its Series C round in September 2023.

Read Other Articles: B2B seafood startup Captain Fresh raises $20 Million in Series C funding for European and US expansion

Captain Fresh operates as a farm-to-retail platform specializing in animal protein, including fish, seafood, and sheep. The company directly sources its products from agents or farmers and distributes them through B2B, B2R, and B2B2C channels. In addition to its presence in India, Captain Fresh has established operations in the US, Dubai, and Madrid.

After the allotment process, Utham Gowda, the CEO and founder of Captain Fresh reduced his ownership stake to 19.20%. Nekkanti Sea Foods, Shakti Finvest Pvt Ltd, and Ravi Shankar Pemmasani acquired stakes of 1.26%, 0.76%, and 0.69%, respectively. Matrix Partners holds the largest external stake in the company, with a 13.44% ownership.

According to TheKredible, Captain Fresh experienced a nearly fourfold increase in gross revenue, reaching INR 817 crore for the fiscal year ending March 2023. However, its losses also rose by 2.6 times, amounting to INR 294 crore during the same period.

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

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M Haziq Pandit
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Liquor
(Representative Image)

Chhattisgarh Chief Minister Vishnu Deo Sai has announced that his government has decided to declare January 22 as a “dry day” in light of the consecration of the Ram temple scheduled to take place in Ayodhya on that day.

“As you all know that from December 25 till January 2, we have been observing ‘good governance’ day. Ram Raj has been the model of our good governance,” Sai told reporters on Tuesday evening.

“We are fortunate that Chhattisgarh is Lord Ram’s ‘nanihal’ (the place of Lord Ram’s maternal grandparents) and it is also fortunate that ‘pran pratistha’ of Ram Mandir in Ayodhya will take place on January 22,” he said.

There is happiness all over Chhattisgarh. The state’s rice millers association has sent 300 metric tonnes of aromatic rice to Ayodhya for the ceremony and cultivators from the state will also dispatch vegetables to the city in Uttar Pradesh, the CM said.

Festive Atmosphere in Chhattisgarh:

There will be a festive atmosphere across the state on January 22. Like Diwali, ‘diyas’ (earthen lamps) will be lit on the day, he said.

“The state government has decided that there will be a dry day in the entire state on January 22,” Sai said.

According to research scholars, Lord Ram had passed through several places located in Chhattisgarh during his 14-year exile from Ayodhya.

Chandkhuri, a village located 27 km from Chhattisgarh capital Raipur, is considered as the birthplace of Mata Kaushalya, mother of Lord Ram.

The ancient Mata Kaushalya temple situated in the village was given a magnificent look during the previous Congress government in the state.

Read Other Articles: Advance hotel bookings restricted in Lucknow ahead of Ram Temple consecration

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VRO Hospitality raises $10 million in bridge funding round, plans extensive growth

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M Haziq Pandit
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Safdhar Adoor (Co-Founder & Director), Sharath Rice (Co-Founder & Director), Dawn Thomas (Co-Founder & CEO)
Safdhar Adoor (Co-Founder & Director), Sharath Rice (Co-Founder & Director), Dawn Thomas (Co-Founder & CEO)

VRO Hospitality, India’s swiftly growing F&B fine dining chain, announces the successful closure of a $10 million bridge round in funding in a mix of Equity & Debt. This funding round was led by Axis Bank, one of the largest private sector banks in India, and Gruhas, backed by Nikhil Kamath, along with the participation of UC Inclusive.

In addition to the primary investors, other participants in the bridge round included NB Ventures, Kunal Shah (Cred), and Actress Mouni Roy, among others. This recent injection of funds will bolster VRO Hospitality’s commitment to expanding the brand throughout India and establishing new standards in the fine dining ecosystem by delivering unparalleled guest experiences. The investment will play a crucial role in enhancing operational reach, expediting product development, and reinforcing its standing as a key player in the industry.

Expressing enthusiasm, Dawn Thomas, Co-Founder and CEO, VRO Hospitality, said, “We are thrilled to have the continued support and trust of our investors as we embark on this transformative journey. This funding round marks a pivotal moment for VRO Hospitality, empowering us to amplify our efforts in redefining the hospitality experience through innovation and unwavering commitment to excellence.”

Commenting on the investment, Abhijeet Pai, Gruhas, commented saying, “Post-Covid the hospitality sector has witnessed an exponential growth and rightfully so VRO Hospitality has expanded across key markets in India. This successful bridge will help VRO Hospitality accelerate growth, expand its reach, and further solidify its position as a reputable brand & disruptor in the dining industry.”

VRO Hospitality Sets Sights on Nationwide Expansion:

VRO Hospitality possesses upscale lounges and restaurants in various cities, including Bengaluru, Mumbai, Goa, Kochi, Kolkata, Hyderabad, and Ooty. Among their prominent brands are Badmaash, Mirage, Plan B, Taki Taki, Los Cavos, Cafe Noir, One Night in Bangkok, Tycoons, Hangover, and Nevermind. Engaging in a comprehensive expansion initiative, VRO is actively pursuing both national and international growth, with flagship brands like Badmaash, Cafe Noir, and Taki Taki leading the way into unexplored territories under the VRO banner.

Read Other Articles: VRO Hospitality’s PlanB chain grows to 16 outlets across India, including four new Bengaluru spots

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Goa advances with GI tags for fish curry rice and traditional bread varieties

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M Haziq Pandit
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Fish Curry

The Goa State Intellectual Property Corporation has spearheaded the effort to record and safeguard geographical indication (GI) tags for iconic Goan culinary delights. This includes the celebrated Goan fish curry rice, along with traditional bread varieties such as pao, poie, and uno.

Deepak Parab, the facilitation officer for the GI tag, confirmed that the documentation procedures are underway for the much-loved fish curry rice and the assortment of local breads. Parab stressed the importance of gathering suggestions and insights from locals and members of the restaurant industry to ensure a comprehensive and accurate representation of these cultural staples.

“We have started the process to obtain the GI tag for Goa’s iconic dish, the fish curry rice, and for traditional Goan bread varieties such as pao, poie, and uno. Our goal is to include valuable inputs from Goans and individuals in the restaurant sector,” he said.

Seeking input from locals is a pivotal stage in the documentation process, as the Intellectual Property Corporation aims to encapsulate the essence, historical significance, and distinctive characteristics of these culinary treasures deeply embedded in the cultural roots of the Goan community.

Read Other Articles: 5 Best Konkani Foods to taste when you are in Goa

The GI tagging doesn’t just seek to acknowledge and safeguard the authenticity of these traditional dishes; it also protects against misrepresentation. By engaging with and respecting the cultural legacy and gastronomic heritage of Goa, the procedure guarantees that these culinary specialties are accurately credited to their geographical origin, thereby contributing to the conservation of Goan culinary heritage.

Recent GI Tags in Goa:

Goa recently obtained GI tags for cashew feni, mancurad, Harmal chilli, bebinca, khajem (sweet), Myndoli banana, cashew kernel, seven-ridge okra, Khola chili, and more.

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Aloo Baingan ranked 60th among the world’s worst foods, according to Taste Atlas

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M Haziq Pandit
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Aloo Baingan

In India, ask anyone about the vegetables they dislike, and the prompt response will likely include Karela and Baingan. These two veggies are commonly disliked by people of all age groups. Baingan, or brinjal, is a purple-colored vegetable known to contain several nutrients and is used to prepare various dishes. While dishes like Bharta and Chokha made with this vegetable are appreciated, Aloo Baingan has recently been labeled as one of the “Worst-rated foods in the World.”

Aloo Baingan: 60th in Global “Worst-rated Foods” List:

Recently, the online food portal Taste Atlas unveiled the “Top 100 worst-rated foods in the World,” and Aloo Baingan secured the 60th position on this list. This gravy dish is crafted with potatoes, brinjal/eggplant, onions, tomatoes, ginger-garlic paste, a blend of spices, and a finishing touch of coriander leaves. Typically enjoyed with Tawa Roti, the dish received a modest rating of 2.7 out of 5. Many Indians might beg to differ with this ranking, as a significant number of us take delight in savoring this flavorful gravy dish.

The top spot was claimed by ‘Hakarl’ from Iceland in the list of worst-rated foods, and it is crafted from cured shark meat subjected to a three-month fermentation process. This dish carries a strong and pungent taste, served on a toothpick alongside a local spirit known as ‘brennivin.’ Those experiencing it for the first time may find it unappealing. Despite being a beloved delicacy among the locals in Iceland and considered a national specialty, tourists generally do not relish it. The high ammonia content in this dish, capable of causing choking, contributes to its reputation as the worst-rated.

Although Iceland claimed the first position, the second spot on the list belonged to the Ramen Burger from the US. This unique dish involves crafting a burger using a bun made of ramen noodles, filled with a meat patty. The third place was secured by Yerushalmi Kugel from Jerusalem, a casserole dish featuring noodles mixed with caramelized sugar. This sweet delicacy is particularly cherished during well-known Jewish holidays.

Read Other Articles: Indian classic ‘Rajma Chawal’ earns global acclaim, ranks high on Taste Atlas’ Finest Bean Dishes List

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DMart’s Q3 standalone revenue surges by 17.18%, reaching INR 13,247.33 Crore

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M Haziq Pandit
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DMart
DMart

Avenue Supermarts Ltd, the owner and operator of the retail chain DMart, announced a 17.18 percent rise in its standalone revenue from operations, reaching INR 13,247.33 crore in the third quarter ending on December 31, 2023. In the same quarter the previous year, the company recorded revenue from operations amounting to INR 11,304.58 crore, as per the quarterly update provided by Avenue Supermarts.

“Standalone Revenue from operations for the quarter ended (QE) December 31, 2023 stood at INR 13,247.33 crores,” said Avenue Supermarts in a regulatory filing.

DMart’s Operational Strength:

As of September 30, 2023, the total count of stores amounted to 341.

Owned and promoted by Radhakishan Damani and his family, DMart sells essential home and personal products in various markets, including Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab, and Rajasthan.

Read Other Articles: Dmart’s online sales surpass INR 2,000 Crore milestone, but losses widened to INR 194 Crore in FY23

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Tea production in India declines by 6.18% to 127.12 Million Kilograms in November 2023

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M Haziq Pandit
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Tea
Tea

Tea production in the country has decreased by 6.18 percent to 127.12 million kilograms in November 2023. As per the data from the Tea Board, the production in the corresponding month of the previous year was 135.49 million kilograms.

In North India, particularly in Assam and West Bengal, the production volume was at 106.23 million kilograms (mkgs), down from 114.18 mkgs in the same period the previous year.

The production figures for November 2023 in South India were lower, standing at 20.89 million kilograms (mkgs), compared to 21.31 mkgs in the same month of 2022.

Tea from Small Growers Outpaces Gardens:

Continuing the trend, small growers’ production surpassed that of organized gardens in the month under review.

In November 2023, as per Tea Board data, small growers yielded 67.50 million kilograms (mkgs) of tea.

The Tea Board had issued notifications about plucking restrictions during the winter months to maintain the quality of bushes.

In Darjeeling and tea estates situated at higher elevations, the deadline for plucking green leaves was December 11, 2023. Meanwhile, for the Dooars and Terai regions in North Bengal, it was extended until December 23.

Read Other Articles: Tea production soars with 12.06% surge in October, hits 182.84 Million kg

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Thailand implements tax cuts on alcoholic beverages and nightclubs in bid to boost tourism

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M Haziq Pandit
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alcohol
(Representative Image)

Thailand has announced yet another measure to boost tourism in the country. The cabinet of Thailand has given the green light to a tax cut on alcoholic beverages and entertainment venues.

The sanctioned measures comprise a reduction in taxes on wine from 10% to 5% and the complete removal of taxes on spirits, which were previously set at 10%. Furthermore, the excise tax on entertainment venues will be slashed by half, decreasing from 10% to 5%. These tax modifications, as detailed by government spokesperson Chai Wacharonke, will remain effective until the end of this year.

The decision comes after Thailand’s move in November to extend the operational hours for entertainment venues, permitting them to remain open until 4 am. This extension is intended to cater to nighttime enthusiasts and enhance the country’s appeal to tourists.

Thailand’s Visa Waiver for India & Taiwan:

Thailand also announced a visa waiver for travelers from India and Taiwan last year, effective from November 2023 until May 2024. During this time, tourists can stay in Thailand for up to 30 days. India has become Thailand’s fourth-largest source of tourism, with approximately 1.2 million arrivals this year, following Malaysia, China, and South Korea.

According to the most recent government data, Thailand received a cumulative total of 22 million visitors, contributing 927.5 billion baht (approximately $25.67 billion) to the country’s economy from January to October 29. The visa waiver for Indian and Taiwanese travelers aligns with Thailand’s strategy to attract more tourists and revive its crucial tourism sector.

Read Other Articles: Lufthansa elevates dining experience for Indian travelers with specially-crafted Indian food options

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Myntra’s net loss jumps 31% to INR 782 Crores in FY23, sales touch INR 4,375 Crores

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M Haziq Pandit
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Myntra
Myntra

Flipkart-owned fashion ecommerce marketplace Myntra experienced a notable increase in its net loss, soaring over 30% in the financial year concluded on March 31, 2023. During the fiscal year 2022-23 (FY23), the Bengaluru-based e-commerce platform posted a net loss of INR 782.4 Crores, reflecting a significant rise of 31% compared to the INR 597.6 Crores reported in the previous fiscal year.

Myntra operates a fashion marketplace that facilitates third-party sellers in showcasing and selling their products to customers. Functioning as a marketplace service provider, the company derives its revenue primarily from transaction fees paid by vendors. Additionally, Myntra earns income through its logistics services, advertising services, and consultancy services. Notably, the platform has ventured into retailing products under its own label.

Myntra’s operating revenue recorded a remarkable 25% increase, reaching INR 4,375.3 Crores during the year under review, up from INR 3,501.2 Crores in the previous fiscal year. Considering other income, Myntra’s total revenue also saw a 25% rise, amounting to INR 4,509.2 Crores compared to INR 3,609.9 Crores in FY22.

Myntra’s Expenditure Overview in FY23

The total expenditure increased by 26%, reaching INR 5,290.1 Crores in the year under review, as compared to INR 4,206.9 Crores in the previous fiscal year.

The startup allocated 2,165.7 crore INR for procurement, marking a 22% rise from the 1,770 crore INR in FY22. Notably, Myntra possesses various private labels like Mast & Harbour, Harvard, Invictus, Moda Rapido, and Roadster.

In FY23, nearly 40% of Myntra’s operational revenue was dedicated to advertising. The advertising costs surged by 36%, reaching 1,758.8 crore INR, compared to 1,298 crore INR in FY22.

Employee costs saw a 21% rise to INR 631.8 Cr in FY23 from INR 522.5 Cr in the previous fiscal year. This category includes expenses related to employee salaries, gratuity, and other employee welfare benefits.

The startup’s EBITDA margin declined to -16.4% in FY23, compared to -15.75% in FY22.

To enhance its outreach, Myntra has been intensifying its emphasis on Tier-II and III cities. In a recent interview, Myntra CEO Nandita Sinha mentioned that 40% of international brand orders on the platform originated from these cities.

In addition to bringing new brands on board, Myntra has been introducing fresh features and verticals such as Myntra Minis and FWD. This strategy aims to enhance user experience and appeal to GenZ customers.

Myntra competes with Reliance-owned AJIO, Nykaa Fashion, and Tata CLiQ.

Read Other Articles: Myntra hits 60 Million monthly users, 75 Million new app users milestone amidst festive season boom

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French dairy giant Danone sells US organic dairy assets to Platinum Equity

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M Haziq Pandit
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Danone

French dairy conglomerate Danone has offloaded its US-based Horizon Organic and Wallaby units to the local investment firm Platinum Equity for an undisclosed sum.

The owner of the Alpro and Activia brands said that the disposal is part of its Renew Danone turnaround strategy, announced in March 2022. The strategy includes the disposal of what CEO Antoine de Saint-Affrique described at the time as “under-performers.”

Announcing the deal today, Danone mentioned that the organic dairy units make up approximately 3% of its global revenues. The company plans to retain a minority stake in the business.

De Saint-Affrique said, “As part of our Renew Danone strategy, we committed to a portfolio review and asset rotation for businesses that fell outside our priority growth areas of focus to drive value creation.

“Today marks an important milestone in delivering this commitment, while giving the Horizon Organic and Wallaby businesses the opportunity to thrive under new leadership.

“This sale, once completed, will allow us to concentrate further on our current portfolio of strong, health-focused brands and reinvest in our growth priorities.”

The Colorado-based organic units, specializing in the production of milk, yogurt, creamers, butter, and cheese, were initially considered for sale around this time last year. Danone stated that these units had a “dilutive” impact on sales growth and were undergoing strategic review.

De Saint-Affrique said at the time, “Both Horizon Organic and Wallaby are strong, much-loved brands with compelling growth opportunities. That said, seen through the lens of our renew strategy, which requires us to stay disciplined in how we allocate our resources, they fall outside our priority growth areas of focus.”

Danone acquired the Horizon Organic unit as part of its $12.5 billion acquisition of the US group WhiteWave Foods in July 2016. This deal effectively doubled its size in the US market.

In October, Danone increased its revenue guidance for 2023, citing the success of the Renew turnaround strategy.

Danone’s Future Plans and Portfolio Optimization:

The company stated that it anticipates like-for-like sales growth to reach 6-7% this year, a revision from the earlier estimate of 4-6%.

De Saint-Affrique said at the time, “Eighteen months after the launch of Renew Danone, the benefits of our strategy are starting to show. This quarter is the seventh consecutive quarter of delivery, with sales up 6.2% on a like-for-like basis.”

Danone reported a three-month revenue of €6.9 billion (then $7.3 billion) following a 6.2% increase in third-quarter like-for-like sales. This surpassed the analyst consensus, which had anticipated a 4.7% rise.

In December, Danone disclosed discussions about the potential sale of its French baked goods business, Michel et Augustin, to the Belgian holding company CTH Invest, which is associated with Ferrero.

Read Other Articles: Danone teams up with Else Nutrition to expand plant-based infant formula in Europe

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