Delivery Hero to shut down tech hubs in Turkiye and Taiwan, re-evaluates workforce in Berlin

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December 19, 2023

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Germany-based online food delivery company Delivery Hero is set to close its global tech hubs in Turkiye and Taiwan.

Additionally, the company is considering reducing its workforce at its Berlin headquarters.

Delivery Hero in a statement said, “While we believe that this is a necessary step as our business enters the next stage of its maturity, it does mean we will be letting go of employees who have made many valuable contributions in their time with us.”

The company had previously implemented a 13% workforce reduction at its Berlin headquarters and global service roles earlier this month. The exact number of employees impacted by its latest decision has not been disclosed.

The company is prioritizing profitability and aiming to sustain the confidence of its investors, which has waned following a pandemic-induced surge.

In September 2023, there were reports suggesting that Delivery Hero explored options to partially divest its Asian business to the Singapore-based tech company Grab.

The initial report on the deal came from the German weekly business news magazine Wirtschaftswoche.

While the ultimate value of the deal is still being negotiated, Wirtschaftswoche’s report suggests that Grab might pay slightly over €1 billion ($1.07 billion) for the unit.

The food delivery company intends to divest operations under the Foodpanda brand in Cambodia, Laos, Malaysia, Myanmar, the Philippines, Singapore, and Thailand.

In July 2023, Delivery Hero completed the acquisition of the remaining 37% stake in its Saudi Arabian subsidiary, HungerStation, for €267.3 million.

HungerStation, linking over 10,000 partners with customers, has positioned itself as a prominent player in the region’s food delivery landscape.

In the fiscal year 2022, HungerStation recorded a revenue increase of 36%, reaching €609 million, and achieved positive earnings before interest and taxes, which include group costs exceeding €50 million.

Papa John’s unveils mouthwatering calzone-inspired Epic Stuffed Crust Pizza!

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December 19, 2023

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Papa John's - Cheesy Calzone Epic Stuffed Crust pizza

US-based pizza restaurant chain Papa John’s International has introduced its newest offering, the Cheesy Calzone Epic Stuffed Crust pizza.

The calzone-inspired stuffed crust is the latest addition to Papa John’s pizza offerings, complementing the existing choices of pepperoni and garlic varieties.

It becomes part of the menu alongside items like the Crispy Parm Pizza, Doritos Cool Ranch Papadia, and Oreo Cookie Papa Bites.

The Cheesy Calzone Epic Stuffed Crust pizza showcases fresh dough filled with a blend of mozzarella and garlic-herb ricotta, allowing for customizable toppings and an additional side of sauce for dipping.

Papa Johns International senior vice-president of menu strategy and product innovation Kimberly Bean said, “Papa Johns has made a name for itself in the stuffed crust game by continuing to innovate and offer new flavour combinations that deliver on the quality we’re known for.

“We know fans are looking for more indulgent, savoury flavours and deliciously surprising textures, so we can’t wait for them to get a taste of the newest spin on the Epic Stuffed Crust they love.”

Starting December 18, 2023, the latest menu addition will be exclusively accessible to members of the Papa Rewards loyalty program.

On December 26, it will be available nationwide in the United States, with a starting price of $14.99 for a one-topping pizza.

In 2024, Papa John’s is set to unveil a new addition to its menu, the Cheesy Calzone Papa Bites, as a fresh and flavorful side dish.

Loyalty members can access it starting January 22, while it will be available for all customers from January 29.

In August 2023, Papa John’s International introduced its Garlic Epic Stuffed Crust pizza across Canada.

The franchise operates in over 5,800 restaurants spanning 50 countries and territories.

Jubilant FoodWorks announces Suman Hegde as new Executive VP and CFO

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December 19, 2023

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Jubilant FoodWorks, the master franchisee for Domino’s Pizza and Dunkin’ Donuts, announced on Tuesday the appointment of Suman Hegde as the Executive Vice President and Chief Financial Officer of the company.

In a Tuesday meeting, the board of JFL approved the appointment of Hedge. Currently serving as the Vice President of Finance – Beauty, Wellbeing & Personal Care, South Asia, at the prominent FMCG manufacturer Hindustan Unilever, Hedge brings valuable experience to the role.

According to a statement from JFL, Hedge will officially assume the role effective March 1, 2024. JFL, serving as the master franchisee for renowned QSR brands like Popeyes and Hong’s Kitchen, provided this information.

Commenting on the development, JFL CEO & MD Sameer Khetarpal said, “As a leader, she brings high-quality experience in customer-first thinking, ability to partner with businesses and lead high-performing teams. The appointment is in line with the company’s strategic priority of building a solid yet diverse foundation of people and culture.”

Hedge brings more than two decades of experience and has occupied leadership roles within the finance domain.

She holds a Chartered Accountant designation and earned her MBA from the Jamnalal Bajaj Institute of Management Studies in Mumbai.

Within India, JFL manages a network of 1,888 Domino’s stores spanning 397 cities.

FirstCry plans to launch IPO, aims for a $500-600 Million funding round

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December 19, 2023

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After postponing its initial public offering (IPO) last year amidst volatile market conditions, omnichannel retailer FirstCry is reportedly preparing to submit its draft IPO papers in the coming days, according to insiders. The company’s objective is to secure funding in the range of $500-600 million through its upcoming public offering.

Although the valuation has yet to be officially determined, insiders familiar with the ongoing discussions suggest that it could be estimated at approximately $4 billion for the IPO.

“The draft red herring prospectus (DRHP) is likely to be filed with the markets regulator Sebi before December 29. The listing is expected to be post the general elections..,” said a person familiar with the matter who spoke on the condition of anonymity.

Following Nykaa‘s IPO in 2021, FirstCry is set to become the second Indian vertical ecommerce platform to go public. Headquartered in Pune, the company specializes in offering a range of products for children and mothers through both online and offline channels.

Ahead of its initial public offering (IPO) in August, three family investment offices associated with India Inc acquired stakes in FirstCry, totaling approximately INR 435 crore. The MEMG Family Office of Ranjan Pai (Manipal Group), Sharrp Ventures of Harsh Mariwala (Marico), and the DSP family office of Hemendra Kothari participated in the investment, primarily acquiring stakes from the company’s largest investor, SoftBank.

FirstCry is required to maintain its foreign shareholding below 51%, adhering to the ecommerce Foreign Direct Investment (FDI) regulations in the country. Notably, SoftBank is actively seeking to reduce its stake to below 26% to avoid being categorized as a promoter of the company.

Sources familiar with the matter revealed that Ola Electric, another company within Masayoshi Son’s SoftBank Corp portfolio, is set to submit its Draft Red Herring Prospectus (DRHP) in the upcoming days.

V&RO Hospitality and Mouni Roy unveil Badmaash in Lower Parel, promising a memorable fusion dining experience!

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December 19, 2023

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V&RO Hospitality, in partnership with Mouni Roy, has launched Badmaash at Lower Parel, Kamala Mills.

True to its name, Badmaash is a mischievous and playful homage to all things Indian. Infused with an unconventional and distinctive essence, the experience at Badmaash promises delightful surprises in every aspect – be it the cuisine, beverages, music, or overall ambiance.

Step into the lively world of Badmaash Kamala Mills, a sophisticated venue that envelops guests in a distinctive ambiance, seamlessly combining vibrant colors, daring patterns, and unrestrained energy with a touch of luxury.

The dining establishment provides cozy seating options, including booths and high tables. At its heart, the magnificent community table serves as a focal point, bringing everything together seamlessly.

The menu at Badmaash in Lower Parel takes a progressive approach to Indian cuisine and has been thoughtfully curated by Chef Ishant Khanna. Assisting him is Chef Japneet Singh, the Chef de Cuisine.

The varied menu pays homage to street food, local and regional recipes, a selection of home-cooked delicacies, and contemporary global influences, all infused with a hint of desi masala.

The diverse menu celebrates street food, local and regional recipes, some home-cooked delicacies, and contemporary global influences with a touch of desi masala.

Speaking about the launch, Dawn Thomas, Managing Director and Co-founder of V&RO Hospitality said, “We are excited to announce the expansion of Badmaash into a new location in Mumbai, building on the success and warmth received by other outlets in the country. Badmaash embodies the perfect blend of innovation, gastronomy, and vibrant energy.”

TasFoods expands portfolio with acquisition of Redbank Poultry

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December 19, 2023

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Australia’s TasFoods has bolstered its supply chain security through the acquisition of Redbank Poultry in Tasmania, as announced by the company.

TasFoods is set to invest A$1.3 million ($841,025) in acquiring Redbank Poultry’s plant, equipment, and assets, with an additional A$1.1 million allocated for the purchase of its product inventory. The company, located in north-west Tasmania, is actively involved in poultry rearing and supply.

In a filing with the Australian Securities Exchange on December 18, TasFoods said it would finance the deal with the A$11 million raised in August from the sale of the Betta Milk and Meander Valley Dairy brands to the Bega Group.

Redbank Poultry was acquired by the company’s wholly-owned subsidiary, Nichols Hatchery, operating within the Nichols Poultry business unit, which supplies chicken under the same brand name.

TasFoods also manufactures cheeses through Pyengana Dairy and, in October, entered the pet-food category with the launch of the Isle & Sky line of treats for dogs and cats.

“The acquisition of Redbank marks the next stage of our evolution to create a fully integrated poultry business,” TasFoods said.

“The acquisition of Redbank will enhance TasFoods supply-chain security whilst providing numerous operational elements, including creating an end-to-end poultry agricultural operation through the entire value chain.”

Redbank Poultry’s employees will be retained, although TasFoods did not provide specific numbers. The acquired business was set up in 1986 and was previously the exclusive supplier to Nichols Poultry.

“The Redbank acquisition will enhance the financial performance and stability of the Nichols Poultry business,” TasFoods added. It is projected to contribute around A$800,000 annually to EBITDA.

“On completion of the acquisition, Nichols Poultry and Nichols Hatchery will form a vertically integrated poultry business supplying premium chicken to the domestic market, significantly improving the foundations of the business for future growth,” TasFoods said.

In the first half, Nichols Poultry recorded revenue of A$22.4 million, marking a 17% growth compared to the corresponding period.

The TasFoods group reported revenue of A$38.2 million, reflecting an 11.8% increase. The dairy segment contributed A$15.5 million, representing a 5% rise compared to the previous year.

EBITDA shifted to a profit of A$1.1 million from a loss of A$1 million. Net income losses reduced to A$3.8 million from a A$5.4 million loss.

Mufti’s parent company, Credo Brands, secures INR 165 Crores from anchor investors

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December 19, 2023

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Credo Brands Marketing Ltd, the parent company of the denim brand Mufti, on Monday announced that it has garnered INR 165 crore from anchor investors ahead of its upcoming initial public offering.

The company allocated 58.9 lakh equity shares to 11 funds at INR 280 each, matching the upper limit of the price band, as indicated in a circular posted on BSE’s website.

Nippon Mutual Fund, HSBC Mutual Fund, JM Mutual Fund, Aditya Birla Sunlife Insurance, Kotak Mahindra Life Insurance Company, Bajaj Allianz Life Insurance Company, Integrated Core Strategies (Asia), Morgan Stanley Asia, SBI General Insurance Company, and Reliance General Insurance Company are among the participants in the anchor book.

Credo Brands’ inaugural public offering consists solely of an Offer for Sale (OFS) of up to 1.96 crore shares by the company’s promoters and other current shareholders.

The offering, priced in the range of INR 266-280, is set to be open for subscription from December 19 to 21.

At the lower and upper boundaries of the price range, the IPO is anticipated to raise INR 522 crore and INR 550 crore, respectively.

Fifty percent of the total issue size is allocated for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional buyers.

Investors have the option to bid for a minimum of 53 equity shares and in increments of 53 equity shares thereafter.

Credo Brands Marketing holds a prominent position among domestically originated brands in the mid-premium and premium casual men’s wear market within the country.

As of September 2023, Credo Brands Marketing has established its presence throughout India with a network of 1,807 touchpoints, comprising 404 exclusive brand outlets (EBOs), 71 large format stores, and 1,332 multi-brand outlets (MBOs).

Credo Bands experienced a 46 percent growth in revenue from operations, reaching INR 498.18 crore in fiscal year 2023, compared to INR 341.17 crore in the previous fiscal. Additionally, the profit after tax witnessed a remarkable surge of 117 percent, amounting to INR 77.51 crore in fiscal year 2023, up from INR 35.74 crore in the preceding financial year.

DAM Capital Advisors, ICICI Securities, and Keynote Financial Services serve as the book-running lead managers for the offering.

The company intends to list its equity shares on both BSE and NSE.

Michelin-starred restaurant SY23 to close down amidst financial crunch

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December 19, 2023

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SY23, the Michelin-starred restaurant based in the UK, will permanently close its doors on December 23, 2023, as confirmed by owners Mark and Rhian Philips in a recent statement.

The statement cited the closure of the restaurant as a response to the “unprecedented challenges posed by the current financial climate.”

Established in late 2019, the restaurant achieved notable success, earning recognition with Michelin stars as the best new opening of the year. Additionally, it garnered a jurors’ award and received a commendable 3 stars from the World of Fine Wine.

The restaurant procured its charcoal-cooked meat and fish from local sources. Nathan Davies, the head chef, gained prominence as a participant on the BBC’s show, The Great British Menu.

Davies has announced that he was quitting his role on his Instagram account and was quoted by Wales Online as saying, “Sad news today that I will be leaving SY23. I’ve enjoyed so much of my time here and want to thank my amazing team current and past for all their hard work for the past four years and thank the owners of the restaurant for the opportunity, I wish the restaurant all the success in the future.

“I’ll keep you updated with what I do next but I may be a bit quiet on here for a bit. After this, I’m going to spend some time in my workshop, the woods and the beach to refocus. Thank you to each and every one of the guests that’s made this dream come true and I look forward to cooking for you again somewhere new soon.”

After the announcement of Davies’ departure, Mark and Rhian subsequently declared the closure of the restaurant.

They stated, “We extended the opportunity to Nathan, our esteemed head chef, and Hollie to take on the business, but unfortunately they have chosen not to accept the offer at this time.”

Mark and Rhian secured a legal victory in June 2023, winning a lawsuit against insurance companies Zenith Insurance PLC and QIC Europe for compensation in a Covid-19 business interruption case.

The couple requested an insurance payout for the closure of their business during the pandemic, but their insurers declined the claim.

OhWaiter joins Toast Partner Ecosystem, revolutionizing restaurant ordering systems

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December 19, 2023

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OhWaiter, a hospitality technology developer, has joined the Toast Partner Ecosystem to empower restaurants in utilizing its text-to-order platform.

The platform introduces fresh ordering and customer engagement features. Through text interactions, the technology actively engages customers, facilitating the creation and completion of orders using Toast’s point-of-sale (POS) system.

It proves advantageous in hospitality settings with challenging access points, like guest rooms, golf courses, and pools, effectively reducing the necessity for staff presence in those areas.

OhWaiter serves as a valuable takeout solution, enabling customers to place orders directly from their mobile phones, thereby avoiding lengthy queues or wait times. Additionally, it accommodates orders received through text messages.

OhWaiter introduces an AI-driven text-to-order functionality designed for restaurants aiming to enhance customer engagement.

Upon activation, it has the capability to store a location’s phone number, allowing for convenient text-to-order functionality without the need for subsequent scanning.

The system can identify each customer, ascertain whether they are on or off the premises, and manage various aspects of their order.

OhWaiter chief operating officer and co-founder AJ Vernet stated, “AI-infused text-to-order channels are becoming a cost-effective way to connect directly with your customers and take their orders. OhWaiter acts like a perfect waiter every time, upselling items when appropriate.

“OhWaiter has no limit on the number of orders it can process simultaneously. We eliminate any unnecessary wait times or staffing challenges an operator will have while saving them money on commission since the customer is already acquired.”

Toast business development senior director Keith Corbin stated, “We are thrilled to welcome OhWaiter to the Toast Partner Ecosystem, and to offer Toast customers the ability to provide their guests order via text functionality with OhWaiter.

“By partnering with OhWaiter, customers can now unlock another way to drive guest visits, both repeat and new, by meeting them where they are.”

In early December 2023, Craveworthy Brands, a fast-casual and quick-service restaurant group, opted for Toast’s POS system for 50 more locations. This brought the total number of Craveworthy sites covered by Toast to 93.

German coffee giant Tchibo appoints Erik Hofstädter as new CEO

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December 19, 2023

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Tchibo, the German coffee roaster and retailer, has named Erik Hofstädter as its new chief executive. Formerly the general manager of Tchibo’s Austrian business, Hofstädter now leads the entire company, taking over from Werner Weber, who will transition to the supervisory board.

“We have found an excellent internal candidate to succeed me,” Weber said.

Before joining Tchibo, Hofstädter occupied key marketing positions at major companies including Coca-Cola, Red Bull, and the Swiss confectioner Lindt & Sprüngli.

“He is a high-profile marketing and sales expert who has made a great contribution in his three years as general manager of our Austrian company,” Weber added. “He will vigorously drive forward the initiated expansion of the business with his own input and ideas.”

Hofstädter said, “Tchibo is a very special company for me. Over the past three years, I have learned about the strength of the Tchibo system and helped to shape it. I look forward to contributing to the further development of the entire group in Hamburg with the knowledge I have acquired in Austria.”

Established in 1949, Tchibo runs approximately 550 coffee shops bearing its brand in Germany, with an additional 320 located across Austria, the Czech Republic, Hungary, Poland, Slovakia, Switzerland, and Turkey. The company also distributes packaged coffee products through grocery retail outlets, including prominent chains like Rewe.

In 2022, Tchibo recorded sales amounting to €3.25 billion ($3.55 billion) and had a workforce exceeding 11,300 employees.

Earlier this year, the German company announced plans to make a multi-million-pound investment in the production headquarters of its UK subsidiary, Matthew Algie.

Matthew Algie’s latest investment initiative at the Glasgow site will enable the company to roast over 2,500 tonnes of coffee each year.

The project will encompass the implementation of a new green bean handling and blending system, enhanced automation, upgraded conveying systems, and new packaging lines.

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