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Beauty brand Pilgrim reports 4x revenue growth in FY23 to INR 76.46 Crore

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Pilgrim

Pilgrim, the direct-to-consumer (D2C) personal care brand, reported a substantial increase in operating revenue for the fiscal year 2022-23. The revenue surged to INR 76.46 crore, marking a significant fourfold rise from the INR 16.89 crore reported in FY22.

Despite reporting a net loss that more than tripled to INR 23.06 crore from INR 7.53 crore in the corresponding period, the company, backed by Fireside Ventures, attributed this increase to a substantial rise in expenses. According to the statutory filing with the Registrar of Companies (RoC), expenses ballooned to INR 99.95 crore in FY23 from INR 24.72 crore in FY22.

During the fiscal year 2023, Pilgrim’s marketing expenses surged to INR 52.50 crore, a significant increase from the INR 11.83 crore recorded in FY22. Notably, the marketing expenditure in FY23 accounted for 68% of the operating revenue of this Mumbai-based company.

As per a collaborative study conducted by Redseer Strategy Consultants and Peak XV Partners, the beauty and personal care (BPC) market in India is anticipated to surpass global counterparts, exhibiting a compound annual growth rate (CAGR) of 10% from 2022 to 2027. The projection indicates that the market is poised to achieve a size of $30 billion during this period.

Pilgrim competes with prominent beauty and personal care (BPC) players such as Mamaearth, Purplle, Sugar Cosmetics, Myglamm, and Mcaffeine. It also contends with a variety of emerging direct-to-consumer brands that have flourished in this space.

Established in 2019 by Anurag Kedia and Gagandeep Makker, alumni of IIT, Pilgrim secured $20 million in funding in September through a funding round led by Vertex Ventures Southeast Asia and India.

In the same funding round, existing investors Fireside Ventures and Narotam Sekhsaria Family Office also participated. Approximately $14 million of the overall funding was generated through a primary share sale, with the remaining amount attributed to a secondary transaction. During this period, the company expressed its goal of reaching an annualized revenue run rate (ARR) of INR 1,000 crore by 2025.

Pilgrim had additionally announced its intention to inaugurate five exclusive outlets by the year’s end, strategically located in cities such as Mumbai, Chennai, Bengaluru, and New Delhi.

As of September, Pilgrim’s offline footprint encompassed the availability of its products in 300 partner stores specializing in beauty and personal care (BPC) products.

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Nestroots secures INR 3 Crore in pre-seed funding, charts roadmap for global expansion

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Nestroots

Nestroots, the home decor and lifestyle brand, announced on Tuesday that it has raised INR 3 crore in a pre-seed funding round, as revealed in a press release.

Beyond Seed Singapore spearheaded the funding, with Bestvantage Investments skillfully managing the investment, and the involvement of Arjun Vaidya, a prominent D2C investor at Marquee.

According to the announcement, the funding will be allocated to bolster the brand’s online visibility and facilitate its expansion into the global markets of the US, Canada, and UAE over the next five years.

“Looking forward, over the next five years, we plan to showcase the richness of Indian design with international aesthetics, offering premium designs at accessible prices”, said Chhavi Singh, founder and CEO Nestroots.

Additionally, the brand seeks to increase its physical presence through shop-in-shop (SIS) and multi-brand outlets (MBO).

“This significant investment propels Nestroots towards new heights. It strengthens our financial foundation and fuels our ambition to be the foremost destination for home decor,” said Shekhar Godiyal, co-founder and COO, Nestroots.

Founded in 2016, Nestroots is a domestically originated home decor brand that can be found on various e-commerce platforms such as Amazon, Pepperfry, and Myntra. With the objective of distinguishing itself in India’s expanding $32 million home decor industry, the brand anticipates the market to reach $39.44 billion by 2027, demonstrating a compound annual growth rate (CAGR) of 4.18 percent.

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6 Must Try Plant Based Meat Brands In India

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Plant Based Meat Brands

Plant based meat is taking over the food industry in full swing- from restaurants and fast food chains, to frozen meat alternatives, the market is abound.

While switching to plant based meats has become monumental, like any other food product, choosing between the vast variety of brands becomes a task, specially when we’re not so well versed with the know-and-how of the product.

If you’re new the world of plant based meat, here’s everything you need to know

There are multiple factors that contribute to the decision making process including, your choice of meat, health and nutrition factors, price point and variety in taste and flavours. These are some of the best choices for you to try:

Good Dot

Good Dot Plant Based MeatThey are one of the leading brands for plant-based meat in India, offering a range of curries, to stir-fries and wraps. They believe that the primary reason people eat meat is for its taste, and by creating a product that not only replicates the taste of meat but also aligns with ethical, healthier, and environmentally sustainable principles as an alternative to animal meat, individuals would readily enjoy the switch. They specialise in making traditional Indian recipes cruelty free and vegetarian with their cooking kits, like Eggless Bhurji and Unmutton Keema Kits.

Imagine Meats

Imagine Meats Plant Based Meat

Imagine Meats, founded by the celebrity couple Ritesh Deshmukh and Genelia D’Souza, claims the taste, smell and feel just like the real chicken and mutton. Additionally, despite undergoing various processes and containing additives, these products are free from MSG, food coloring, preservatives, and dairy, while providing a protein content ranging from 6.6g to 17.67g per 100g, depending on the chosen product. You can choose from a variety of frozen plant-based meat snacks like non-meat chicken nuggets, burger patties, keema, hot dog sausage and more.

Wakao

Wakao Plant Based Meat

Wakao is India’s first plant based meat brand based in Goa, that makes its products using the superfood- Jackfruit, which is also ethically grown and sourced. All their products are hygienically processed and packaged and offer a shelf life of one year.

Greenest

Greenest Plant Based Meat

Greenest, established under Upstablish Food Technologies Private Limited is a food tech company working to address the fast-growing protein and nutritional needs of India.
Their products at Greenest are popular for their expertise in making Indian snacks like a variety of different flavours in Shami Kebabs, Keema Samosas, and Amritsari Keema. They also offer their products to suit the modern taste acquired by kids and adults alike in dishes like momos, spring rolls and nuggets.

Evo Foods

Evo Plant Based Meats

While most brands are focused toward plant-based meat, Evo, apart from the usual products, has come up with a unique solution for eggs. They are making bottled liquid eggs using Moong, Chickpeas and Peas. One bottle of liquid egg is the same in protein density as a chicken egg, with zero cholesterol, and fewer calories. Their liquid eggs can be used to make omletted, scrambled eggs and every dish you can imagine with eggs. The only drawback is the price point, but for days you’re looking for that extra dose of vegan protein, this is your best solution.

Mister Veg

Mister Veg Plant Based Meat

While, like most other brands, Mister Veg is offering plant based products in chicken and mutton, they also have great alternatives for those looking for plant based meat options in fish. Their products are extremely pocket friendly, and easy to cook up!

Plant based meat is the new environmental superhero, and is taking over the market one product, one initiative and one brand at a time. There are more vegan restaurants in every fast growing city, and people are embracing the change gracefully, while welcoming the new switch in their own homes. My advice is- Don’t say NO, until you’ve tried it!

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From instant noodles to mangoes: Swiggy Instamart unveils fascinating 2023 trends

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Noodles

As we approach the end of 2023, Swiggy Instamart has unveiled its yearly ‘Quick Commerce Trends’ report, revealing intriguing insights into consumer habits.

A Jaipur resident made 67 orders in a single day, while a Delhi resident astonishingly spent INR 12,87,920 on groceries in a year. According to Swiggy Instamart, the individual from Delhi managed to save INR 1,70,102 on his annual grocery expenses.

Another order from Delhi featured a total of 99 items, with the majority being chips, chocolates, and cookies.

The highest single order, valued at INR 31,748, was placed by a user from Chennai. This purchase included coffee, juice, cookies, nachos, and chips.

Curious about the most frequently ordered items? Swiggy disclosed that onions, tomatoes, and coriander leaves maintained their status as the most commonly ordered trio across all orders.

Bengaluru boasts the country’s most ardent mango lovers, surpassing the combined mango orders of Mumbai and Hyderabad.

In September, the highest volume of condom orders was registered. If you’re curious about the most commonly ordered items accompanying condoms, surprisingly, onions took the lead, followed by bananas and chips.

In the realm of snacks, Makhana emerged as the clear winner with an impressive 1.3 million orders. As for the most searched items on the app, milk took the lead, followed by curd and onions.

In terms of specific days, the demand for chips reached a remarkable peak on November 19, with a delivery of 1,39,874 packets. On October 15, a substantial 1,90,418 units of milk were ordered.

On August 12, 5,893 condom packets were delivered, and on September 6, a significant 21,591 units of butter were delivered. October 2 recorded the sale of 82 tonnes of tomatoes, while on May 21, 36 tonnes of mangoes were ordered. On July 30, a substantial 61 tonnes of onions were ordered.

According to Swiggy, its delivery personnel covered a distance of 29,95,13,538 kilometers this year. The fastest delivery was accomplished in Delhi, where a packet of instant noodles was delivered in just 65 seconds!

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Swiggy partners with Simpl to elevate checkout experience with 1-Tap ordering

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Swiggy
Swiggy

Swiggy, the renowned on-demand convenience platform, has joined forces with Simpl, a prominent checkout network. This collaboration aims to introduce a seamless one-tap checkout experience for millions of customers across various services, including food delivery, Swiggy Instamart, and soon, on Dineout and Swiggy Genie.

The significance of this partnership is heightened as the demand for Swiggy’s on-demand services surges, especially during the festive holiday season characterized by Christmas and New Year’s Eve celebrations. The presence of five weekends in December is anticipated to amplify the demand for services from food and hyperlocal delivery companies substantially.

Through this collaboration, customers nationwide will gain the ability to effortlessly place orders from Swiggy’s extensive network of over 2.9 lakh restaurant partners. Additionally, they can conveniently access a myriad of products offered by Swiggy Instamart, all while taking advantage of Simpl’s one-tap functionality to access other services from Swiggy.

An increasing number of customers today are seeking convenience while transacting online with food and hyperlocal delivery sectors among their top choices. As these services are also availed multiple times in a day, it necessitates the need for a quick and convenient checkout to enhance customer experience. Simpl, as a customer-focused organisation, has been the preferred choice of millions of customers and this partnership with Swiggy is intended to bring greater convenience and trust to our combined customer base in the upcoming holiday season. It will also help strengthen our presence in this space where convenience is becoming a real differentiator,” said Nitya Sharma, founder and chief executive officer of Simpl.

At present, numerous prominent enterprises and rising Direct-to-Customer (D2C) merchants in the food and hyperlocal delivery sector are providing Simpl’s one-tap checkout to millions of customers nationwide. In the past two years alone, Simpl has observed a remarkable 75% surge in transactions related to food and beverages, as well as hyperlocal categories, coupled with a notable 48% rise in the number of users engaging in transactions.

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

“Our mission is to offer unparalleled convenience and an elevated experience to our customers across the platform – from search to checkout and delivery. With Simpl’s 1-Tap Checkout integrated into our platform, especially ahead of the holiday season, millions of customers across the country will be able to access their food, and home needs, and dine out seamlessly,” said Anurag Panganamamula, vice president- revenue and growth, Swiggy.

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Tata Consumer Products eyes growth with a slew of innovative FMCG launches

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Tata Consumer Products
Tata Consumer Products

Tata Consumer Products, a leading player in the Fast-Moving Consumer Goods (FMCG) sector, is set to broaden its portfolio with a focus on introducing cutting-edge products. These innovative offerings are poised to become key drivers of business growth. Notably, the second quarter of the fiscal year 2024 saw an impressive innovation-to-sales ratio of 5 percent.

The company has introduced a range of innovative products such as Apple Cider Vinegar, Sampann Vermicelli, Simply Better Cold Pressed Oils, Soulfull Ragi Bites Choco Sticks, Sampann Gulab Jamun Mix, Sampann Walnuts and Seeds, Sampann Saffron, Tata Gluco Plus Sports Drink, Filter Coffee Decoction, Say Never! Energy Drink, Tata Tea Gold Vita Care Tetley Digest, and Immuno Chai.

“We need our ranges to be more relevant to our consumers. We will expand and want to be careful and learn what is sticking, take smaller circles, and grow them deep. We have a very limited portfolio on Tata GoFit right now, including apple cider vinegar and limited protein ranges, and we are seeing that they are having some traction with consumers. We will launch a franchise in medium term runway,” said Deepika Khattar Bhan (President – Packaged Foods at Tata Consumer Products).

In the second quarter, Tata Consumer Products witnessed a 16 percent increase in revenue and a 6 percent growth in volume for its Indian foods business.

“There are low levels of branded penetration that are opening up a lot of opportunities. We continue to remain focused on categories that are new for branded penetration and you are seeing our aggressive foray with some fun. We are looking at, new branded penetration categories like vital staples. The products are within the Sampann portfolio, which is also responding very well for us. It is a really important space for us. We want to balance our tomorrow, which refers to the two brands we started with, Gofit and Simply Better, where we’re also experimenting. It helps us stay ahead of the curve in learning spaces that are new and evolving for consumers,” she said.

As of the second quarter, Tata Consumer Products has a presence in 1.5 million outlets, contributing to a total outreach of 3.8 million outlets within its distribution network.

“We are looking at how we can go a level deeper and build distribution in smaller towns. Our total reach has doubled since September 2020. We are looking to reach deeper in the country, both through pure distribution as well as by ensuring that there is better depth building through spilt routes in the large towns,” added Deepika Khattar Bhan.

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Madras Mandi expands its reach in Chennai, opens new store in Neelankarai

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Madras Mandi
Madras Mandi

Madras Mandi, a prominent name in the fresh produce industry and a cherished online farmers’ market in Chennai, proudly announces the opening of its fifth store in Neelankarai, Chennai. This strategic move not only signifies growth but also underscores Madras Mandi’s steadfast commitment to providing the community with the highest quality fresh produce. With a selection of 250+ fresh varieties, the new store introduces enticing products from curated brands like Farmley, Umami Brews, Pataakha Foods, and Andhra Deli, enhancing the shopping experience with unique offerings.

Nestled in the well-known East Coast Road, a distinctive locale in Chennai, the recent establishment functions as a central hub strategically designed to enable prompt delivery services to nearby regions such as Adyar, Besant Nagar, Thiruvanmiyur, and beyond. This expansion is geared towards improving accessibility for customers in these areas and fostering connections beyond. The grand opening celebrations, complete with exclusive promotions, live sampling sessions, and a ceremonial ribbon-cutting, underscore Madras Mandi’s appreciation for its customers and dedication to strengthening community ties.

“Madras Mandi’s fifth store opening is not just a celebration of growth; it’s a testament to our unwavering commitment to providing the community with the freshest, highest quality produce. As we expand our footprint, we invite our customers to join us in this culinary journey, celebrating not just a store but the collective vibrancy of a community that values and savours the richness of life in every bite,” said Prashanth Vasan, CEO, Madras Mandi.

In line with Madras Mandi’s enduring vision, the inauguration of the store emphasizes the brand’s dedication to quality, freshness, and active community involvement. In expressing gratitude to its users and the community, Madras Mandi underscores the significance of community support. The launch event extends an exclusive invitation to loyal customers, reaffirming the brand’s commitment to community engagement. The opening of the new store symbolizes Madras Mandi’s unwavering dedication to quality, accessibility, and fostering community connections, marking a continued journey of delivering the finest in fresh produce.

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Jaypore opens 24th store in Dwarka, showcasing unique Indian craftsmanship

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Jaypore

Jaypore, the renowned artisanal lifestyle brand operating under Aditya Birla Fashion and Retail Limited (ABFRL), has introduced its newest retail establishment in Dwarka, Delhi, establishing the 24th store within Jaypore’s extensive network. Beyond being merely a retail venue, this store situated in the heart of Dwarka serves as a tribute to the intricate tapestry of Indian craftsmanship, presenting a distinctive viewpoint on the country’s vibrant creative heritage.

Spanning 1350 square feet, the store invites visitors to immerse themselves in the diverse realm of genuine Indian crafts. It offers a thoughtfully curated environment showcasing handcrafted attire for both men and women, along with exquisite home décor, jewelry, and accessories.

The interior decor of the store mirrors the vibrant handmade culture of India, embellished with meticulous detailing and warm color palettes. Displays within the store feature ancient artisan techniques like the Khadi warping wheel, encapsulating the brand’s commitment to showcasing the inherent creativity ingrained in each piece.

Sooraj Bhat, CEO – Ethnic Business, Aditya Birla Fashion and Retail Limited stated, “The inauguration of Jaypore’s artistic venture in Vegas Mall, Dwarka, is a source of pride for us. This establishment is not merely a store; it is a vibrant canvas that displays the grace of Indian craftsmanship. At Jaypore, we extend an invitation to everyone to delve into and immerse themselves in the narratives woven into each creation.”

The Dwarka store not only expands Jaypore’s retail presence but also stands as evidence of the company’s dedication to crafting a comprehensive and visually delightful shopping experience that honors the diverse and intricate artistry of India.

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Brand Studio Lifestyle announces strategic expansion into Middle Eastern e-commerce

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Brand Studio Lifestyle

Brand Studio Lifestyle (BSL), a prominent fashion company based in Bangalore boasting a diverse portfolio featuring popular brands like Highlander, Tokyo Talkies, Vishudh, Ketch, and Locomotive, has expanded strategically into the Middle East e-commerce market. This significant move aligns with BSL’s global expansion plan, making the company’s brands accessible to consumers across UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, and Oman.

Established in 2015, Brand Studio Lifestyle has experienced steady expansion over the last eight years, attaining an impressive compounded annual growth rate (CAGR) of 38 percent. Known in India for its contemporary and Gen Z-centric fashion trends, the company is now extending its reach into the Middle East through partnerships with prominent e-commerce platforms such as Styli, Noon, Namshi, and Centerpoint, all based in the UAE.

The Middle East’s burgeoning interest in the Direct-to-Consumer (D2C) e-commerce segment, notably among the tech-savvy, trend-focused, and social media-influenced younger generation, presents a lucrative opportunity for BSL.

Shyam Prasad, CEO, Brand Studio Lifestyle said, “We are excited to announce our foray into the e-commerce market in the Middle East countries. At Brand Studio Lifestyle, we strive to offer trending fashion options to customers worldwide. Our home-grown fashion brands are now available to fashion enthusiasts in the Middle East. Our expansion into the flourishing GCC e-commerce market is in line with our objective of providing a diverse range of fashion choices to our global clientele. Our vision to deliver on-trend fashion through a robust fashion supply chain ecosystem is still the driving force behind our global expansion.”

Nirmal Jain, CEO, Styli (Landmark Group) said, “We are excited to partner with Brand Studio Lifestyle to bring its fashion forward and Gen Z centric portfolio of brands to consumers in the Middle East. We look forward to growing this partnership over the long term and continue to offer consumers the best in global fast fashion.”

BSL’s strategic entry into the UAE market signifies the first step in its global aspirations. With a focus on Gen Z-led fashion consumers, the partnership with popular e-commerce platforms positions BSL for a significant presence in the Middle East market. The company envisions enhancing its offerings by adding more relevant categories and products in the future, with plans to further expand its presence in South and Southeast Asia and European markets.

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Zudio expands its reach in Gujarat, opens first store in Palanpur

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Zudio

Zudio, the value retail fast fashion chain of the Tata Group, recently marked its entry into Palanpur, Gujarat, with the opening of its first store. The store is conveniently located at S9 Imperial, within the confines of a mixed-use project in Palanpur, as shared in a social media update.

“Happy to announce opening another Zudio store @S9 Imperial at Palanpur, Gujarat,” said Rashmi Patel, Director, DRC Multi Project Private Limited on LinkedIn.

The newly-opened store in Palanpur marks Zudio’s first establishment in the city, contributing to its total of 72 stores across Gujarat. Ahmedabad takes the lead with 25 Zudio outlets, holding the distinction of hosting the largest number of stores in the state.

In addition to Palanpur and Ahmedabad, Zudio has established its presence in various other cities across Gujarat, including Gandhinagar, Rajkot, Anand, Bharuch, Bhavnagar, Gandhidham, Godhra, Jamnagar, Mehsana, Nadiad, Sanand, Surat, Vadodara, and Vapi.

Zudio, a fashion brand owned by Tata Trent, a subsidiary of the Tata Group, opened its first store in India in September 2016 at Commercial Street, Bengaluru. As of now, its website reports a total of 453 Zudio stores across the country.

Earlier this year, Zudio announced its plan to open 130 stores in the year 2023.

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