GRM Overseas recently divested over 3 percent of its holdings in GRM Foodkraft Pvt. Ltd. (“Foodkraft”), a subsidiary of GRM Overseas Ltd. specializing in the Indian food market, to Sauce.vc, a venture capital fund with a consumer-centric focus. The transaction amount remains undisclosed. In addition, Sauce.vc has procured an extra 1 percent stake from other existing shareholders.
Commenting on the investment Atul Garg, MD, GRM Overseas said, “We are delighted to welcome Sauce.vc as a strategic investor. We look forward to deriving substantial advantages from the wealth of experience and a demonstrable history of creating new-age brands by the Sauce team. Our goal is to evolve our brands into distinguished names in their respective product categories. We also intend to work with the Sauce team to identify emerging areas for launching new brands in packaged foods and to explore deepening our presence in digital channels including e-grocers, quick commerce, and e-commerce. Sauce’s investment aligns with our commitment to rapidly scale and diversify our product portfolio.”
Manu Chandra, Founder & Managing Partner, Sauce.vc said, “Foodkraft has a strong legacy and established strengths in supply chain and distribution in packaged foods and staples. We aim to utilise this deep know-how and wide distribution reach to launch new food brands in promising new categories. The business is a key addition to our diverse portfolio of investments and we would like to play an enabling role to help it achieve its mission.”
Under its 10X Shakti Brand, the company offers an assortment of products, including basmati rice sold under brands such as 10X Zarda King XXL, WHEAT FLOUR (Atta), Besan, Daliya, Suji, Poha, and more.
10X Ready-to-cook product kits, including popular options like Hyderabadi Biryani and One Pot Moradabadi Biryani, have gained significant acceptance in the markets.
GRM Foodkraft is actively present in both online and offline retail, as well as the direct-to-consumer (D2C) segment. With a network of over 52 Distribution Centers (DCs), it caters to a vast network of over 160,000 Kirana stores.
Domino’s Pizza, the leading pizza chain in India, has given a fresh makeover to its delightful selection of gourmet pizzas known as Viva Roma. This enticing new lineup of pizzas provides a luxurious gourmet flair, enhancing the overall dining experience for consumers.
The enhanced Viva Roma collection introduces five premium pizzas, adorned with a medley of delectable toppings, including sumptuous cheeses like Bocconi, Mozzarella, Cheddar, and Spicy Ghost Pepper. Complemented by a sauce crafted from the finest tomatoes of Italy, these pizzas boast flavorful toppings and delightful garnishes, all resting on a crisp thin-crust base to create a truly appetizing Italian Gourmet pizza experience. Domino’s, building upon the success of the original Viva Roma range, has painstakingly curated an updated menu that mirrors the evolving tastes and preferences of its discerning customer base. The revitalized Viva Roma selection stands as a testament to Domino’s unwavering commitment to delivering exceptional quality and innovation in every slice.
Sandeep Anand, EVP and CMO Domino’s Pizza said, “As a brand, we are constantly pushing the boundaries when it comes to innovation in pizzas. Keeping in tune with this spirit of Domino’s, we are delighted to announce the unveiling of our much-loved revamped Viva Roma range of Pizzas. Domino’s Viva Roma range focuses on premium ingredients, bold taste, and authentic Italian flavors; we believe the revamped range will redefine pizza indulgence and delight our loyal customers.”
The invigorating new selection exemplifies menu diversification and is set to enhance the overall pizza experience for consumers. Alongside this delightful launch, the new Viva Roma range comes with an exciting surprise—Domino’s is literally transporting people to Rome with its thrilling “Ticket To Rome” contest. To participate, contestants are required to share an image of their Gourmet Pizza Bill from Domino’s along with an Italian word that captures the essence of the pizza-eating experience. Based on participation, two fortunate winners will each receive a one-way ticket to Rome. The contest is scheduled to go live on December 10, 2024.
The revamped range is available for order at Domino’s restaurants in Delhi-NCR, Mumbai, Bangalore, Chennai, Pune only, or through the Domino’s app with an enticing offer of Flat INR 300 off on a minimum order value of INR 1500.
Skippi, the ice popsicle brand, is aiming to achieve a revenue of INR 100 crore in the next financial year 2024-25, as stated by Ravi Kabra, the company’s co-founder.
After its feature on Shark Tank India last year, the brand noted a 100-fold surge in sales. Comparing last year’s fiscal sales with those of the current year, Kabra mentioned that the company has witnessed a growth of 40-50 percent.
In the last fiscal year, the brand recorded a revenue of INR 30 crore. Looking ahead, it has set its sights on exceeding INR 70 crore in the current fiscal year. The company is currently in a profitable position and underscores its dedication to maintaining a focus on the profitability of its business.
In terms of overall revenue contribution, the brand revealed that approximately 70-80 percent of its revenue is derived from general trade outlets, which include mom-and-pop stores, kirana shops, and general stores. Modern trade outlets account for 7-10 percent of its revenue, while the remaining share comes from international markets, social commerce, and e-commerce platforms such as Amazon, Flipkart, Swiggy Instamart, Zepto, and Blinkit.
Additionally, it has partnered with the fintech company Cred to expand its business reach.
Speaking on the brand positioning and pricing strategies, Kabra said, “We are very well positioned with a product range from INR 10 to INR 30 price points that are not heavy on consumers’ pocket. We have created a fun category and I think it will continue to grow in the coming years.”
The brand stated that, leveraging its current pricing strategy, it has successfully expanded its presence in the tier 2 and 3 markets.
On the recent product launches and entry into the FMCG category with cornsticks, Kabra shared, “Our product launches are very competitive in terms of pricing. And we are also looking at a volume scale to reach a net profit of 15-18 percent in the food and beverages space.”
Moreover, the brand disclosed its current presence at 22,000 outlets and anticipates doubling this figure, aiming for coverage at 55,000 outlets by the conclusion of the fiscal year.
Discussing its manufacturing process, Skippi mentioned that it produces its ice popsicles at its manufacturing facility in Hyderabad. Additionally, it relies on contract manufacturers to outsource the production of cornsticks and cream rolls.
In order to broaden its reach and meet the growing demand of consumers nationwide, Skippi is planning to establish a larger facility in Hyderabad.
Earlier, it secured $133,894.80 from Shark Tank India in exchange for a 15 percent equity stake. Currently, the company is actively seeking additional funding to support similar expansion initiatives.
At present, Skippi distributes its products through online marketplaces and rapid commerce channels, which include Amazon, Flipkart, Swiggy Instamart, Zepto, and Blinkit. The brand has also partnered with the fintech firm Cred to extend its outreach to more consumers.
Furthermore, the brand has established its footprint in international markets, including the UAE, Kuwait, Qatar, New Zealand, Canada, Fiji Islands, and others. Recognizing a substantial opportunity for exports to various global markets, the brand intends to proceed with a measured approach for international expansion, prioritizing scaling efforts in the domestic market initially.
Home décor brand Nestasia has announced the opening of its first offline store in North India, located in the heart of Delhi. Following its launch in Bengaluru (Bangalore) last month, the brand is on track to realize its vision of establishing 20+ stores by 2024. This 580 sq. ft. outlet, strategically positioned in DLF Avenue Mall, Saket, New Delhi, represents a significant step forward in Nestasia’s accelerated nationwide expansion.
Inspired by a carefully curated global contemporary design philosophy, the store presents a distinctive aesthetic characterized by a neutral white color palette accented with gold elements. This combination creates a tranquil backdrop for the products and fosters a serene atmosphere for customers. The minimalistic floor plan, sculptural display units, and arch-infused gondolas seamlessly blend refined elegance with a touch of moderate minimalism, ensuring that the products take center stage. Adding another layer of character, earthy tones of oakwood and marble-finished tables complement the overarching white and gold scheme. The store celebrates both form and functionality, with each product meticulously designed to embody the three fundamental pillars of Nestasia’s QUB (Quality, Utility, and Beauty) model.
The Delhi store showcases a diverse range of approximately 1100 products spanning seven categories: Dining, Kitchen, Decor, Soft Furnishings, Bath, Bags, and Stationery. Within these categories, there are top-performing sub-categories such as drinkware, glassware, bakeware, office essentials, decor accents, vases, frames, and more. The decor collection introduces themed assortments like Nest Modern, Nest Jungle, and the exclusive premium decor and gifting collection, Nest Luxe, featuring items like candle stands and display pieces. In anticipation of the upcoming holidays, the store has thoughtfully displayed its latest pieces from the limited-edition Christmas collection as the focal point.
Aditi Murarka, Co-Founder of Nestasia said, “Delhi-NCR has been our biggest market for online sales. Hence, it was a natural choice to pick Delhi as our location for offline expansion. Starting our North India offline story with Delhi and a prominent location like DLF Avenue makes it a very exciting first in hopefully many more to come within the next few months. With its rich catchment, high traffic, and curation of brands, our first store at DLF Avenue offers an ideal opportunity or platform for a brand like ours (Nestasia) to take off, seeking greater awareness and discoverability. We aim to launch our latest collections and provide exclusive in-store offers to shoppers to experience the brand first-hand. The next few stores are to come up in Gurugram, Noida, and Delhi itself. To provide a seamless experience for Nestasia shoppers, we hope to blend the ease of shopping online with the touch and feel of offline.”
Nestasia has achieved an impressive conversion rate of over 80 percent from in-store customers, and the Average Order Value in offline transactions exceeds that of online orders by 30 percent. The physical stores feature a contemporary and minimalist design, strategically crafted to accentuate the products as the central focus. The brand currently prefers smaller stores, especially for mall locations, to ensure a robust rent-to-revenue ratio. The brand aims to achieve a 2000+ SPSF (sales per square feet) across stores. Despite the current stores occupying an area between 500 and 1000 square feet, the brand is actively exploring the potential of larger-format stores in the future. By the close of 2024, Nestasia aims to derive 20 percent of its revenue from offline stores.
In the fiscal year 2022, Nestasia concluded with a net revenue of INR 21.8 crore and anticipates achieving EBITDA positivity in fiscal year 2024.
HairOriginals, a direct-to-consumer (D2C) brand specializing in hair extensions and wigs, has successfully concluded its pre-Series A funding round, securing a total of $2.75 million (approximately INR 23 crore).
The funding round consisted of two phases. In the initial phase, the startup garnered $1.25 million from investors such as Anicut Capital, Kesh Kala Family Office, Lets Venture, Dexter Angels, JITO Angel Fund, Pankaj Chaddah (Zomato’s ex-cofounder), and Ahana Gautam (Open Secret’s founder) in December of the previous year. In the subsequent phase, it secured an additional $1.5 million from the same group of investors.
The newly acquired funds will be utilized by the startup to expand its presence in the Indian market, establishing advanced experience centers in 25 major cities.
Established in 2019 by Jitendra Sharma, HairOriginals specializes in ethically sourced real human hair, crafting extensions and DIY wigs. The brand provides non-surgical alternatives to enhance hair volume, length, and vibrant appearance, avoiding damage caused by chemical treatments or coloring.
Operating via its experience centers, the brand presently serves customers in 12 Indian cities, including Gurugram, Mumbai, Bengaluru, Chennai, Lucknow, Ahmedabad, and Surat.
Additionally, there are plans to enhance marketing initiatives and expand the network of partner salons across various locations.
“The global market size of the human hair extension and wig market is over $14 Bn. Despite India being the world’s only ethical source and a major provider, most manufacturing techniques are concentrated in China. This is why we have made it our mission to make natural and top-quality hair products in India for the world,” Sharma said.
He mentioned that the recent expansion of HairOriginals serves as a pivotal step in fortifying its brand presence in the domestic market, with anticipated benefits for its global positioning.
The startup competes with companies like Nish Hair and Ind Natural Hair.
Analytical findings indicate that the fashion segment holds the largest share in the D2C ecosystem in India and is projected to reach $43.2 billion by 2025.
Hector Beverages, the company behind the popular beverage brand Paper Boat, experienced a 71% increase in its net loss, reaching INR 90.6 Crores during the financial year 2022-23 (FY23). This contrasted with the INR 53 Crores net loss recorded in FY22, primarily attributable to increased cash burn.
Despite a 56% increase in revenue from operations, reaching INR 504 Crores in the fiscal year under review from INR 324 Crores in FY22, the startup’s bottom line suffered a setback.
Established in 2010 by ex-Coca-Cola executives Neeraj Kakkar and Neeraj Biyani, Paper Boat specializes in offering fruit-based beverages with unique Indian flavors like aam panna (raw mango) and jaljeera (spicy, tangy lemonade). In addition to its diverse beverage range, the company also provides dry fruits and wholesome snacks, including chikki and aam papad.
In December 2022, Biyani departed from the company and subsequently introduced a new skincare brand called Asaya.
The primary source of revenue for Paper Boat stems from product sales. In the fiscal year 2022-23, the company generated INR 474.9 Crores from the sale of fruit juices and INR 28.7 Crores from food items.
Considering other sources of income, Paper Boat witnessed a 56% increase in its total income, reaching INR 508.5 Crores in the fiscal year under review, compared to INR 325.1 Crores in the previous fiscal year.
Corresponding to the expansion of its revenue, Paper Boat experienced an increase in total expenses, reaching INR 599.1 Crores in FY23, up from INR 378.1 Crores in the preceding fiscal year.
The procurement of stock-in-trade increased to INR 205.2 Crores in FY23, up from INR 149.4 Crores in FY22, while the cost of material consumed rose to INR 182.3 Crores from INR 93.6 Crores in the preceding fiscal year.
Employee benefit expenses increased by 30%, reaching INR 54.7 Crores in FY23 compared to INR 42 Crores in FY22. These costs encompass salaries, PF contribution, gratuity, and other related expenditures.
Renowned for its campaigns evoking nostalgia, the startup allocated INR 13.2 Crores to advertising and sales promotion in FY23, marking an 11% increase from the INR 11.9 Crores spent in FY22.
Hector Beverages is supported by notable backers including Sofina Ventures, Catamaran Ventures, and A91 Emerging Fund. In its latest funding round in 2022, the startup secured INR 400 Crores ($50.1 Million) from Lathe Investment Pte Ltd, a company owned by the Singapore-based sovereign fund GIC.
In the Indian food and beverage (F&B) market, Paper Boat competes with Lahori and Raw Pressery. It also competes against FMCG giants such as Dabur, ITC, Pepsico, and new-age startups including Beyond Water and Coolberg.
The F&B industry in the country has been growing significantly and is projected to reach a market size of $156.25 billion by 2026.
As the new year approaches, both visitors and residents of Prayagraj are gearing up to relish sizzlers, street food, mocktails, and various other delicacies at the floating air-conditioned restaurant situated on the Yamuna River. Additionally, a slipway, designed for the movement of boats to and from the water, is currently under construction.
In addition to the floating air-conditioned restaurant, visitors will also have the chance to enjoy rides on six-seater speed boats and 30-seater catamaran hulls on the Yamuna River. Chief Minister Yogi Adityanath is likely to inaugurate Uttar Pradesh’s first floating restaurant on the riverbank of the Yamuna.
Senior Manager, Uttar Pradesh State Tourism Development Corporation (UPSTDC) , DP Singh said, “ The food lovers and visitors are all set to enjoy a one-of-a-kind dining experience at the state’s first ever floating restaurant from the last week of this month. The floating restaurant has unique interiors with special light arrangements as well as advanced induction stoves to prepare meals, and visitors will be served all sorts of street foods, sizzlers, state’s different cuisine, mock tails etc.”
Singh, meanwhile, said “ The UP’s first floating restaurant will undoubtedly boost Sangam city’s place on the tourist map of the country”. nBesides, visitors will also be able to enjoy ride on speed boats, catamaran hulls and motor boats”. The UPSDC has also brought a total of six 6-seater speed boats, two 30 seaters catamaran hulls, 10 motor boats as well as two rescue boats.
Singh, however, pointed out “ The floating restaurant, speed boats, catamaran hulls etc will be one of the major sites in the city in terms of promoting tourism, not only for the denizens of the Sangam city but also turning a major attraction for visitors during Maha Kumbh 2025,” .
The catamaran hulls feature removable chairs and have the capacity to host parties of up to 150 people. Additionally, arrangements can be made for pre-wedding shoots. The construction of the floating restaurant is undertaken by a Mumbai-based company, utilizing a floating pre-fabricator structure that spans an area of 204 square meters.
The restaurant boasts full air-conditioning and panoramic glass panels, providing customers with a captivating view of the river’s scenic beauty as they savor their favorite dishes. Illumination throughout the restaurant is achieved through LED panels, and advanced firefighting equipment has been installed for safety measures.
To ensure stability for the floating restaurant, various equipment such as heavy-duty sinkers, stability counterweights, specialized marine-grade anchors, heavy-duty chains, wires, ropes, chemical concrete anchors, shackles, and more are employed.
Saudi Arabia-based restaurant software services provider Blink has secured $2.1 million in a seed funding round, aiming to fast-track its growth in the restaurant technology segment.
Participating in the funding round were notable companies such as 500 Global and Global Founders Capital, along with existing investors like Orbit Startup/SOSV.
Orbit Startup’s managing general partner William Bao Bean stated, “There are many common challenges shared by different countries within emerging and frontier markets.
“We backed Sair and the team because they have what it takes to scale cross-border and create a regional leader by digitising traditional micro and SMEs, taking them online and direct to consumers.”
Founded in 2020, Blink assists restaurants in the Middle East, North Africa, and Pakistan (MENAP) by facilitating order processing through its dedicated online ordering channels.
Blink’s system enables restaurants to boost profit margins and reduce reliance on delivery aggregators.
The software-as-a-service company has aided over 1200 restaurants throughout the MENAP region, handling in excess of eight million direct orders.
In 2023, the technology company handled 4.5 million orders for its partner restaurants, achieving an annual recurring revenue surpassing $0.5 million.
Blink co-founder and CEO Syed Sair Ali stated, “Restaurants today are struggling with dependence on food delivery aggregators more than ever.
“Post-Covid, with the sharp increase in the habit of delivery, more than 90% of orders are coming through aggregators, where restaurants lose on average a 20% margin. Not to mention their inability to access valuable customer data, prohibiting them from any future marketing relationship.
“Our meaningful work has allowed restaurant brands to win back up to 40% of their aggregator orders through their direct ordering channel, increasing their profitability by 30%.”
La Madeleine, the fast-casual restaurant chain, has unveiled its plan to further expand its footprint in the US.
Qualified candidates will have the opportunity to explore new franchising options with the French restaurant.
La Madeleine chief operating officer Christine Johnson stated, “We are excited to introduce our high-quality and unique French fare into new cities across the country by extending our franchise opportunities.
“For over 40 years, la Madeleine has been a beloved franchise concept. We eagerly look forward to welcoming new partners who will open cafés and introduce new guests to cherished brand classics like Croque Monsieur, Quiche Florentine and, of course, our famous Tomato Basil Soup.”
The company’s focus will be on qualified franchise candidates in Arizona, Colorado, Florida, Kansas, North Carolina, Ohio, Pennsylvania, Tennessee, Utah, and Virginia.
Efforts to expand are in progress, aiming to introduce new cafes from one coast to the other.
La Madeleine will present a variety of prototypes—including traditional, petite, self-contained kiosks, or inline formats—to its franchise candidates.
Every conventional La Madeleine café spans between 3,500 square feet and 4,500 square feet, providing space for 25 to 30 part-time and full-time employees.
The headquarters team will provide comprehensive support to all franchise candidates, covering areas such as real estate, construction, marketing, operations, purchasing, and technology.
La Madeleine franchise development senior director Mark Ramage stated, “Expanding into these states allows La Madeleine to ignite a new passion in entrepreneurs seeking growth opportunities with a progressive and relevant brand.
“As we continue to modernise our franchise concept for the next generation and new guests to come, our goal is to attract multi-unit franchisees with restaurant experience who will embrace our culture and strive to deliver an exceptional dining experience.”
La Madeleine, founded in 1983, presently runs over 90 locations in the United States and various international markets.
Indications from an industry survey suggest that food and beverage manufacturers in the UK are gaining confidence in their future prospects.
As per the most recent State of the Industry Report from the UK trade body, The Food and Drink Federation (FDF), respondents recorded a “net confidence score” of 6% in the third quarter. This marked the first entry into positive territory since the second quarter of 2021.
The FDF reported that the “outlook confidence score” for the fourth quarter of the year stands at 16%, indicating that businesses are predominantly optimistic and anticipate a period of stability. Over half of the respondents expressed the belief that conditions would “remain the same” during this quarter.
The federation stated that 41% of businesses aimed to increase their capital expenditures in the coming 12 months, aligning with the 41% intending to sustain their current spending levels. Meanwhile, 18% anticipated a decline in capital expenditures.
Over the last two years, there has been a notable decline in investment in food and drink production in the UK.
According to data from the Office for National Statistics, food and drink business investment saw a 36% decrease in the first half of 2023 compared to the same period in 2019. Additionally, it was 16% lower than the figures reported in the first half of 2016.
In contrast, investment in various other business sectors in the UK increased by 6% in the first half of this year when compared to the same period in 2019, and by 7% compared to the corresponding period in 2016.
More than 80% of manufacturers indicated that they were focusing on innovation to stay competitive in a challenging market.
This trend coincides with ongoing changes in UK consumer behavior, as 73% of businesses observed an increasing demand for more affordable products attributed to the rising cost of living.
During November, the national Competition and Markets Authority censured the grocery sector for exacerbating food and drink inflation. The authority asserted that in specific product areas, 75% of manufacturers had raised prices at a pace surpassing their costs.
While there was a 1.2% year-on-year increase in food manufacturing growth in the third quarter of 2023, the findings from the FDF indicate that certain sector areas have experienced setbacks.
The dairy sector experienced the most significant yearly contraction, with a decline of -4.5%. Following closely were fish, fruit, and vegetables, with a decrease of -4.3%. The grain mill and starches sector saw a modest decline of -1.1%, while the meat industry showed a slight increase of 0.4%.
The growth in non-alcoholic drink production declined by -4.1% in comparison to the third quarter of 2022 and registered a further decrease of -5.8% when compared to the second quarter of the current year.
The Food and Drink Federation (FDF) anticipates a 3.9% rise in production costs and a 2.7% increase in prices in the coming year.
Several factors may contribute to cost increases in the near future. These include the varied effects of weather conditions, reduced utilization of fertilizers, elevated energy prices, ongoing conflicts in Ukraine and the Middle East, and upcoming regulatory changes.
Approximately 70% of companies expressed unease regarding upcoming packaging regulations, with 65% stating concerns related to carbon footprint and achieving net-zero targets.
Thirty-nine percent of respondents indicated apprehension regarding HFSS regulations and the Windsor Framework.
Considering these apprehensions within the industry, the FDF has called for “appropriate and efficient regulations” to enhance the business environment and prevent the unnecessary escalation of costs.
Commenting on the findings, Balwinder Dhoot, director of sustainability and growth at the FDF, said, “With grocery volumes declining, manufacturers prioritising new product innovation is a way to maintain competitiveness and drive growth. The rise in confidence for the food and drink industry is a sign that market conditions have stabilised. However, there are still huge challenges that face the sector.”
Dhoot urged the UK government to endorse policies that foster increased investment in the sector, emphasizing its crucial role in building a sustainable and resilient food supply chain that supports growth and is essential for a robust economy.
He added, “We saw some positive signals in the Autumn Statement and welcomed the announcement on full expensing, but any benefits will be more than undone by planned regulation that will hit our sector in the coming year.”
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