CJ Foodville, the food service subsidiary of South Korea’s CJ Group and the operator of bakery brand Tous les Jours, announced on Thursday that it secured an investment of 70 billion won ($54 million) from the private equity firm Arges Private Equity.
In August, Arges PE was selected as the preferred negotiator for securing investment in CJ Foodville. The company is valued at 500 billion won ($373 million) in this fundraising round.
To facilitate this investment, CJ Foodville conducted a third-party allotment of 1.29 million new shares to Arges PE. Arges PE now holds the position of the second-largest shareholder in CJ Foodville, possessing a 12.3% stake in the company.
CJ Foodville intends to use the newly acquired funds to strengthen the operations of its bakery chain “Tous les Jours” in North America.
The company achieved profitability in North America for five consecutive years until last year, following its transition to a profitable status in 2018.
In September, CJ Foodville announced its intention to build a new Tous Les Jours factory in Gainesville, Hall County, Georgia, USA. The facility is projected to have an annual production capacity exceeding 100 million items, encompassing Tous les Jours’ frozen dough and cakes.
Kent Ro, a pioneer in household RO purifiers, is expanding its product portfolio by venturing into the cookware segment. Drawing inspiration from the success of its Kuhl BLDC fans, Kent is poised to revolutionize the cookware industry with a strong emphasis on health and durability. Departing from conventional materials, Kent’s cookware lineup introduces triply and hard-anodized offerings, seamlessly combining the advantages of stainless steel and aluminum.
In a market predominantly dominated by steel, aluminum, and non-stick choices, Kent’s Healthy Cookware stands out with its innovative design. Constructed from Tri-Ply, stainless steel, and hard-anodized materials, it guarantees swift and consistent heating, featuring an aluminum layer for insulation from direct food contact. The initial lineup encompasses essential kitchen utensils like pressure cookers, kadais, pans, and tawas.
Kent remains dedicated to promoting health, consistent with its overarching philosophy across various product categories. Operating three state-of-the-art manufacturing plants, the company actively supports the “Make in India” initiative. Mahesh Gupta, Chairman of Kent, emphasizes the company’s commitment to innovation and delivering health-focused solutions to households in India.
With a commanding 40 percent market share in the RO segment and strong growth in BLDC ceiling fans, Kent foresees a significant 25-30 percent overall expansion, driven by its growing product portfolio. Venturing into cookware not only reiterates Kent’s dedication to domestically manufactured products but also underscores its intention to provide products uniquely tailored for the Indian market.
According to market research firms, the Indian kitchenware market, valued at $1,668.01 million in 2022, is positioned for expansion. It is expected to achieve a projected Compound Annual Growth Rate (CAGR) of 3.01 percent between 2023 and 2029, reaching a value of $1,992.45 million. Key factors driving this growth include an uptick in consumer consumption, a rise in per capita income, and an expanding population across diverse regions.
After his first cabinet meeting on Wednesday, Mohan Yadav, the newly appointed chief minister of Madhya Pradesh, declared a ban on the open sale of meat and eggs.
“After the implementation of food safety rules, guidelines have been issued by the Government of India on the sale of meat and fish in the open. They will be strictly followed,” MP CM Yadav said while addressing a press conference in Bhopal.
Chief Minister Yadav stated that a campaign, involving the food department, police, and local urban bodies, will be launched to enforce the ban on the open sale of meat and fish from December 15 to 31.
Holding his first cabinet meeting after taking the oath of office, CM Yadav also issued a directive prohibiting the use of loudspeakers at religious places beyond permissible decibel levels.
A flying squad will be set up in each district to oversee the sound levels emanating from loudspeakers and DJ systems in religious establishments.
Furthermore, the cabinet resolved to elevate a minimum of one government college in each district to the status of a ‘PM College of Excellence,’ furnished with contemporary amenities like smart-class seminar halls and hostels, as per the chief minister. In the effort to address crime, Yadav directed police officials to ensure that individuals committing new offenses while on bail have their bail revoked and are incarcerated.
Governor Mangubhai C. Patel administered the oath of office to BJP’s recent selection, Mohan Yadav, on Wednesday at Bhopal’s Lal Parade Ground. Joining the ceremony, Rajendra Shukla and Jagdish Devda took their oaths as deputy chief ministers, while former Union Minister Narendra Singh Tomar was sworn in as the Assembly Speaker.
Prime Minister Narendra Modi, Union Minister Amit Shah, BJP President JP Nadda, and other BJP and allied parties’ state Chief Ministers, among others, were present at the venue.
Tim Hortons, the Canadian coffeehouse and restaurant chain, announced the opening of its 25th store in Punjab, according to a post by a company official on social media. Situated at The Outlet Village in Sangrur, this new highway store signifies Tim Hortons’ sixth presence in the state.
“Hello from Sangrur, Punjab as Tim Hortons India opens its 25th restaurant,” said Ravi Makwana, chief marketing officer at Tim Hortons India in a LinkedIn post.
“Was great to be in the mild winter of Punjab to open the 25th Tim Hortons in India. The love of our customers to the brand keeps increasing with every opening. Big thanks and grateful to the Tims mates working behind the counter day in day out to provide the signature Tim Hortons love and care,” he added.
Tim Hortons marked its entry into the state in January 2023, debuting with its first store at Sarabha Nagar in Ludhiana. The company then continued its expansion with subsequent openings in Mohali, Patiala, Bathinda, and Tehsil.
In August 2022, the cafe chain made its Indian debut by opening two outlets in the National Capital Region (NCR). The brand entered India through an exclusive master franchise agreement with AG Café, a joint venture entity jointly owned by the retail conglomerate Apparel Group and Gateway Partners, an emerging markets alternative investment manager.
At present, the coffee retailer has established its presence in cities such as Bengaluru, New Delhi, Chandigarh, Pune, Gurugram, Noida, Ludhiana, and Mumbai, contributing to the creation of over 500 direct employment opportunities, as mentioned in a previous press release.
Founded in 1964 by Canadian hockey players Tim Horton and Jim Charade, Tim Hortons is a multinational coffeehouse and restaurant chain headquartered in Toronto. Globally, the operations of Tim Hortons are overseen by Restaurant Brands International Inc., boasting a presence in over 5,100 restaurants across 15 countries.
Udaan, a B2Becommerceunicorn headquartered in Bengaluru, has secured $340 million in its Series E funding round. The funding was spearheaded by M&G Prudential, a savings and investment firm based in the UK, and saw continued participation from Lightspeed Venture Partners and DST Global, existing investors in the company.
In the Series E funding round, a blend of new equity investment and the conversion of existing debt (convertible notes) into equity took place.
“Udaan plans to use these funds to further strengthen customer experience, market penetration, and strategic vendor partnerships, and to reinforce long-term supply chain and credit capabilities,” the B2B unicorn said.
The unicorn mentioned in a statement that regulatory approvals are required for the funding round.
Earlier, media reports in October suggested that Udaan was in discussions with M&G Prudential to lead an equity round. However, these reports indicated that the round was likely to be a down round, with the startup poised to secure funding at a valuation below $2 billion.
In its statement, Udaan did not disclose details regarding its post-money valuation or the amount of fresh equity infusion.
In January last year, Udaan raised $200 million through a debt financing round by issuing convertible notes to five new investors, among them Tor Investment, Arena Investors, and M&G.
Meanwhile, in today’s issued statement, Udaan said it is well-funded and on course to achieve profitability in the next 12-18 months, during which it is also aiming to go public.
Vaibhav Gupta, cofounder and CEO of Udaan, said, “Series E round strengthens our balance sheet and fully funds our business plan. It enables our continued journey of growth and profitability, positioning us well to be public-market-ready in the next 12-18 months. The regional-operated design will get us closer to our customers and make our operations more agile and efficient.”
The funding round follows a significant restructuring of its operations conducted by the startup a few months ago. In September, Udaan integrated the Essentials business, encompassing FMCG, staples, and pharma categories, with the Discretionary business, covering general merchandise, lifestyle, and electronics categories.
Discussing its new strategy, Udaan mentioned that it has observed ‘robust and consistent validation’ of its business approach centered around multi-category clusters.
“The company is now reinforcing it with a regional cluster-led operating organisation that enables strong execution capabilities, while promoting ownership and accountability at the regional level, to drive sustainable growth,” it added.
In FY23, the B2B ecommerce unicorn experienced a 43% decrease in its operating revenue, contracting from INR 9,897.3 Cr in the previous year to INR 5,609 Cr.
Established in 2016 by Gupta, Sujeet Kumar, and Amod Malviya, Udaan facilitates supply chain and logistics operations with a focus on B2B trade. It asserts its ability to facilitate daily deliveries spanning over 1,000 cities and 12,500 pin codes through udaanExpress.
Udaan has secured $1.8 billion in funding, with support from backers such as Lightspeed, Microsoft, and Tencent.
Tata Capital is exploring the acquisition of approximately 13% ownership in the high-end domestic fashion label Rare Rabbit, valuing the stake at $300 million. This strategic move is aimed at tapping into the purchasing power of India’s affluent consumer base, according to three sources with knowledge of the situation.
As the financial services division of the Tata conglomerate, valued at $144 billion and engaged in diverse industries from salt to aviation, Tata Capital is expressing investment interest in Rare Rabbit. This move aligns with a broader trend in the industry, where competitors like Reliance, led by billionaire Mukesh Ambani, are also showing a growing inclination towards premium fashion offerings.
According to the three sources, Tata has engaged in discussions with Rare Rabbit and is currently in the process of conducting due diligence. This follows the issuance of a term sheet proposing an investment of up to $40 million, aiming to secure a stake in the specialized fashion brand renowned for its men’s shirts and other apparel.
Manish Poddar, the founder of Rare Rabbit, and Tata Capital have chosen not to provide comments on the matter.
The individuals familiar with the matter opted to remain anonymous since the discussions are confidential.
Established in 2015 by the Indian family-run business Radhamani Textiles, Rare Rabbit offers a range of products, including shirts, jeans, jackets, and sneakers. The pricing spans from as low as $20 to the higher end, reaching $80, making it accessible to a broad spectrum of Indian consumers. The company conducts sales through online platforms and maintains a presence with 90 retail outlets across India.
In recent years, India’s fashion and apparel industry has attracted significant attention from both domestic and international brands, including names like Tommy Hilfiger and Japan’s Uniqlo. Retail giants such as Reliance and the Tata Group have capitalized on this trend by operating retail chains that cater to the thriving middle-class segment, offering a range of mid-priced clothing through outlets across the country.
The current discussions regarding the stake sale represent Rare Rabbit’s inaugural external fundraising initiative.
A local Indian private equity fund, A91 Partners, is reportedly considering a stake in the company and is in competition with Tata for a potential deal, as indicated by the three sources. A91 declined to provide any comments on the matter.
Emami Group has enlisted the services of McKinsey & Co to pinpoint 2-3 promising sectors for potential entry, such as packaged essentials like flour, rice, sugar, and salt, as well as ready-to-eat meals, ready-to-cook options, gourmet packaged foods, and kitchen appliances. Additionally, the group expresses interest in divesting the Frank Ross pharmacy chain, contingent on receiving a favorable valuation. This strategic move aims to sharpen the focus on higher-margin ventures and to explore acquisition prospects within the paper business, as highlighted by Aditya V Agarwal, the group’s promoter director.
Agarwal mentioned that there are intentions to initiate an initial public offering (IPO) for Emami Agrotech, the group’s edible oil and packaged food business. This plan is contingent on the business achieving sustained profitability, although its performance was affected in the last fiscal year and the current year due to the global volatility in edible oil prices.
As the group reaches its 50th anniversary, there is a strategic shift towards prioritizing consumer-facing ventures. The emphasis will be on fast-moving consumer goods (FMCG), edible oil, healthcare products, and packaged food, leveraging the group’s established expertise in these domains. The majority of future capital allocation will be directed towards these areas.
“Once McKinsey & Co identifies the opportunities, the group will foray into those since we need new growth vectors and also provide opportunities for the third generation of the family members to build businesses,” said Agarwal. Six third generation members, who are in their 20s, have already entered the business as trainees.
The Emami Group has evolved into a conglomerate with a valuation of INR 30,000 crore. The flagship FMCG business, managed by Emami Ltd, accounts for INR 4,000 crore, while Emami Agrotech contributes INR 18,000 crore. Notably, 60% of Emami Agrotech’s revenue is derived from the packaged oil and food sector, with the remaining portion attributed to institutional sales of edible oil to other FMCG companies.
At present, the group operates a Frank Ross pharmacy chain comprising more than 250 stores, generating a turnover of INR 500 crore and yielding a profit of approximately INR 15-20 crore.
“The online pharmacy firms want a hybrid model and we would be open to sell the business if somebody gives a good value,” said Agarwal.
In commemoration of its 50th-year milestone next year, the group is establishing an experience center, crafted by the specialty firm Eka Resources, and introducing a fresh logo, skillfully designed by the London-based agency Evolve.
Founded in 1974 by RS Agarwal and RS Goenka, the business started with the brand Moon Wind. Later in the same year, it expanded its product line under the Emami brand, venturing into categories such as talcum powder, vanishing cream, and cold cream.
Over time, the company has acquired several firms and brands, including Himani, Zandu, Kesh King, Crème 21, Dermicool. Additionally, it has strategically invested in start-ups such as The Man Company, TruNativ, FurBall Story, and Alofrut.
Wipro Consumer Care and Lighting is entering the direct-to-consumer (D2C) arena with its global brand Bio-essence, utilizing e-commerce platforms and soon launching its own webstore. Additionally, the company plans to grow its emerging food business by introducing ethnic ready-to-cook breakfast items and South Indian snacks.
In 2012, the company acquired Bio-essence, Singapore’s foremost skincare brand with significant market presence in Taiwan and Malaysia. Wipro aims to capture the premium segment in India for the brand, focusing on areas such as facial care, cleansers, moisturizers, and toners, as stated by Neeraj Khatri, Chief Executive of Wipro Consumer Care-India.
“We are running a pilot on D2C with Bio-essence which is currently sold through some of the platforms. We have strong R&D capabilities in skin care so we can make it a success story,” he said.
Simultaneously, Wipro is exploring investments in FMCG start-ups via Wipro Consumer Care Ventures. The venture recently introduced its second fund with a corpus of INR 250 crore earlier this month. The initial fund, amounting to INR 200 crore, facilitated 10 investments.
“Wipro Ventures will take minority stake in emerging spaces and D2C brands, provide strategic input and guidance, but will not take full control,” said Khatri.
Regarding the food segment, Khatri mentioned that Wipro plans to introduce ethnic breakfast options and South Indian snacks, such as murukku and banana chips, targeting predominantly unorganized markets.
“The opportunities are bigger in foods than toilet soaps. We are also looking at acquisitions in spices such as blended and pure,” he said. Wipro has undertaken two food acquisitions recently in Kerala.
Wipro Consumer Care, known for its proactive approach to acquisitions, has successfully concluded 15 acquisitions over the past two decades, with three of them completed in the last 12 months. The most recent acquisition involved the purchase of three soap brands – Jo, Doy, and Bacter Shield – from VVF Limited earlier this month.
Khatri noted that the company has successfully achieved profitable growth for all its acquisitions. This success has instilled confidence in the board to continue pursuing an aggressive inorganic growth strategy. For example, Wipro has expanded the Chandrika brand sixfold since acquisition, Glucovita by nine times, Unza by seven times in the last 14 years, Yardley has witnessed a growth of 15 times, and Canway has grown in just three years.
“This year the growth rate will be lower since price growth is not there and it’s entirely driven by volume growth. While the second quarter has been better than the first, the second half of the fiscal definitely looks better,” he said.
The Indian Railway Catering and Tourism Corp. (IRCTC) is strategizing to broaden its presence in non-railway catering ventures. The corporation has entered into agreements with diverse government and autonomous entities to establish catering units.
“With aggressive plans to further mark its signature in catering business and customising to the requirements of clients, IRCTC has already signed MoUs (Memorandum of Understanding) with various government and autonomous bodies, including defense establishments,” a company release said on Wednesday.
The company is currently in the process of launching an additional 15 catering units nationwide as part of its endeavor to establish itself as a leading brand in hospitality and catering, stated the MiniRatna public sector unit.
IRCTC offers catering, tourism, and ticket-booking services for Indian Railways. Additionally, it has expanded its services to include e-ticketing for bus travels and flights.
During the September quarter, the company achieved its all-time highest net profit, reaching INR 294.67 crore.
The catering segment generated revenue of INR 431.5 crore, while online ticketing contributed INR 327.5 crore, together constituting three-quarters of the total revenue of INR 995.3 crore.
Avani is set to assume the role of an independent director within the company. Through this designation, Curefoods intends to enhance the level of expertise and leadership available.
“We are extremely elated to have Avani Davda as one of our board members. This collaboration marks the growth of our team and advisors on the board. Avani’s expertise and years of experience in the F&B industry adds a fresh perspective of thought and direction to the brand and its strategy. I am very happy to have Avani on board and I look forward to a long-term, fruitful association with her towards achieving great success,” shared Ankit Nagori, Founder, Curefoods.
Avani Davda is an accomplished executive with two decades of experience and a demonstrated track record in the Food & Beverage industry. As a prominent figure, Avani presently holds positions as an independent director for several esteemed brands, such as Mahindra Logistics and JSW Paints. Furthermore, she plays a role as a strategic advisor to Bain Advisory Network and has previously served as the Managing Director and CEO of Godrej Nature’s Basket Ltd.
Previously, as the first and youngest CEO of Tata Starbucks Limited, Avani also held the distinction of being one of the youngest CEOs across the entire Tata Group. Her influential career mirrors a blend of strategic foresight, operational excellence, and a pioneering spirit.
“It is a great prospect to be on board with one of India’s leading houses of F&B brands, and I thank the team for this opportunity. I am excited to be part of a very dynamic team, and to further unite to make the most of our expertise of the industry. I hope to take the brand to newer heights in the coming year, 2024,” added Davda.
Avani’s affiliation with Curefoods signifies a notable milestone for the brand, particularly as the company plans to bring aboard additional experts to its leadership board in 2024 and formulate strategic plans for the future. The company remains committed to prioritizing the brand’s growth, expanding into the offline restaurant category, and ensuring overall preparedness for an IPO.
Avani stands out as the sole Indian to be included in Fortune and Food & Wine’s list of the ’25 most groundbreaking women.’ This list recognizes individuals who are transforming the way we approach and contemplate food.
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