Soul Origin is launching a trio of new beverages in partnership with the renowned chocolate brand, KitKat.
The initial beverage in the trio is the Classic Choc Iced Blend, featuring a luscious chocolate taste harmonized with the crispiness of KitKat pieces. It is finished with a dollop of whipped cream and a sprinkle of chocolate. The second option is the Choc Caramel Ice Blend, crafted with Soul Origin’s distinctive chocolate and caramel sauces, adorned with whipped cream, chocolate sprinkles, and crushed KitKat.
Finally, there’s the Choc Mint Ice Blend. This refreshing beverage combines Soul Origin’s distinctive Chocolate Sauce, Peppermint, and the classic KitKat Original.
Last year, the brand joined forces for a collaboration, unveiling the limited edition Soul Origin Iced Crushers collection.
In addition to the latest beverage offerings, from December 8 to 15, all Soul Origin loyalty members have the opportunity to enjoy a KitKat-infused Iced Blend for just $5.
Shares of Honasa Consumer Ltd, the parent company of direct-to-consumer brands Mamaearth and The Derma Co, are currently in the red. This decline follows a substantial block deal that transpired shortly after the market opened on Tuesday (December 5th).
Around 2% stake of the company, or 62.90 lakh shares, changed hands in the block deal, valued at INR 238 crore.
Nevertheless, the identities of the buyers and sellers involved in the transactions remain undisclosed.
By 11:20 am, the shares were being traded at INR 379 each on the BSE, reflecting a 1% decrease from the previous closing price of INR 383.
Previously, there were reports indicating that Fireside Ventures, a venture capital firm, intended to sell a 1.9% stake in Honasa Consumer through various block deals. The venture capital firm aimed to divest 61 lakh shares at a price range of INR 368.7 to INR 384.1 per share.
The decision to divest the stake aligns with recent reports indicating that Honasa had accumulated excess stock with its offline distributors ahead of the startup’s public listing.
As per the reports, distributors in Maharashtra and Goa are currently grappling with a 90-day inventory burden, marking a substantial rise from the usual 30-day stock levels.
Mamaearth, the D2C unicorn, entered the Indian stock exchange on November 7, debuting on the NSE with an almost 2% premium. The shares were introduced at INR 330, reflecting a listing gain of INR 6 compared to the issue price of INR 324. Meanwhile, on the BSE, Mamaearth shares opened flat at INR 324.
Despite a promising beginning, the initial enthusiasm was tempered by market volatility, leading the stock to drop to a historic low of INR 256.10 on the BSE just four days later. Nevertheless, a positive turn of events ensued when the company unveiled its Q2 FY24 results, showcasing a significant rise in net profits.
In Q2, Mamaearth reported a Profit After Tax (PAT) of INR 29.4 Cr, marking a nearly 94% year-on-year (YoY) surge, and its operating revenue also saw a 21% rise to INR 496.1 Cr.
On November 23, shares of Honasa Consumer Ltd surged by 20% during intraday trading, reaching the upper limit and achieving a record high at INR 422.5 on the BSE, spurred by the company’s Q2 FY24 earnings announcement.
Swiss multinational Nestlé has announced plans to allocate 6 billion reais ($1.2 billion) for food and drink production in Brazil.
A series of investments is set to take place between 2023 and 2025.
These initiatives aim to promote “business growth, portfolio transformation, and operational efficiency” within Nestlé’s chocolate, coffee, pet food, and nutrition categories in the country. Nestlé’s nutrition business encompasses products such as infant formula and supplements.
When inquired about additional details regarding the investment, a spokesperson from Nestlé mentioned that the expenditure will also be directed towards expanding production capacity, constructing new processing equipment, and enhancing “innovation in products and packaging.”
Nestlé chose not to disclose the specific amount of funds allocated to each business area.
The company has not clarified the number of new jobs it plans to generate with the allocated funds.
Nevertheless, it verified that the previously announced $2.7 billion reais investment in its Brazilian chocolate and biscuit lines, disclosed in August, constitutes a portion of the overall $6 billion reais sum.
The funding alone was reported to be three times the sum invested in the country over the past four years.
The majority of the $2.7 billion reais was anticipated to be directed towards Nestlé’s facilities in Caçapava and Marília in São Paulo, as well as Vila Velha in Espírito Santo.
The Caçapava site is responsible for producing the KitKat brand, while the Marília plant is dedicated to biscuit manufacturing. Vila Velha serves as the production site for Garoto chocolates.
Nestlé expanded its presence in Brazil this year by acquiring a majority stake in the “high-end” national chocolate group, Grupo CRM.
In February 2022, Nestlé revealed a significant capital expenditure increase in the country, expressing its intention to invest over 1.8 billion reais that year in sectors such as production, technology, and distribution.
As per Nestlé’s annual report for 2022, the company operates 12 factories in Brazil, covering a range of sectors including milk and ice cream, beverages, pet food, confectionery, prepared dishes and cooking aids, as well as its nutrition and Health Science business.
The conglomerate in the food and beverage industry noted “robust double-digit growth” in its sales within Brazil during the initial nine months of 2023, with sustained momentum observed in confectionery and infant cereals.
In the Latin America region, organic growth rose by 10%, and reported sales exhibited a year-on-year increase of 5.7%, reaching SFr9.1 billion ($10.4 billion).
Indonesian coffee brand Tomoro Coffee has unveiled its first outlet in Shanghai, China.
The recently opened venue is situated in Qingpu E Link World Industrial Park, a pivotal logistics hub in Shanghai.
Tomoro Coffee is backed by ATM Capital, a Chinese-led venture capital firm headquartered in Jakarta, Indonesia. Specializing in the Southeast Asian market, ATM Capital provides support to Tomoro Coffee, whose name is inspired by ‘tomorrow,’ symbolizing the embrace of goodness and the aspiration for a brighter future.
With a current presence of over 200 outlets in Indonesia, the brand plans to expand further by opening an additional 400 outlets.
Last year, Tomoro Coffee announced its goal of reaching 4,000 outlets in Southeast Asia, with a growth focus on Vietnam, Malaysia, Thailand, and the Philippines.
Jubilant FoodWorks Limited, India’s leading foodservice company, is pleased to announce the successful implementation of India’s inaugural “No Antibiotics Ever” (NAE) policy in 2023 for managing the health of poultry birds.
This groundbreaking initiative emphasizes JFL’s commitment to food safety, animal welfare, and aims to address global concerns surrounding Antimicrobial Resistance (AMR).
Since November 2017, the company has been actively engaged in crafting an antibiotics policy with the purpose of combating the improper utilization of antibiotics in the procurement of poultry.
The successful implementation of the three specified stages has prioritized ethical standards by restricting antibiotic usage to therapeutic purposes overseen by veterinarians, thereby eliminating non-therapeutic use for the promotion of growth.
“‘Jubilant for All’ represents the Company’s commitment to creating long-lasting value that delights not only our customers but all those involved in the process. As the pioneer of instituting an NAE policy in the world of QSR, moving beyond antibiotics isn’t just a policy; it’s a resounding affirmation of our values and an essential step towards delivering high-quality, safe, and ethically sourced products to our discerning consumers,” said Avinash Kant Kumar, President – Value Chain Engineering, Hong’s Kitchen, International Business and CSR- of Jubilant FoodWorks Limited.
To achieve the “No Antibiotics Ever” goal, the company has instituted a robust Surveillance and Oversight System that spans across farms, slaughterhouses, and processing facilities.
Supervised by qualified veterinarians, this comprehensive system guarantees strict adherence to the antibiotic usage policy. Furthermore, the company has achieved a noteworthy feat in ‘Farm Traceability,’ demonstrating its commitment to conscientious sourcing and vigilant product monitoring.
Barista Coffee Company Limited has unveiled its winter special menu, showcasing a collection of beverages with warming flavors that embody the essence of the season.
The selection of beverages on the menu spans from Apple Pie Frappe to the Caramel Almond Praline Latte.
In addition to the winter drinks, Barista is highlighting the Signature Wrap Festival, offering wraps such as spicy Paneer Paprika, Chicken Rogan Josh, and more.
“We are delighted to bring innovations to our newly launched winter menu, a celebration of the holiday season and culinary creativity. We believe in creating experiences that go beyond coffee, and this season, we invite our customers to indulge in the warmth and flavor of our specially curated wrap festival,” said Rajat Agrawal, CEO of Barista Coffee.
The recently introduced beverages are now accessible at every Barista establishment throughout India. With a presence in 120 cities, the brand boasts over 390 outlets in both India and Sri Lanka.
Delhi-based ethnic wear retailer Meena Bazaar has launched its first retail store in Mumbai, as announced by a company official on social media. The new outlet is located at the Oberoi Mall in Goregaon.
“Thrilled to announce the grand opening of our first Meena Bazaar store in Mumbai, located in the prestigious Oberoi Mall Ltd,” said Manish Jeetwal, business head at Meena Bazaar in a LinkedIn post while sharing the images of the new store.
“Bringing with a rich tapestry of tradition, style, and elegance, we are delighted to open our doors and welcome the incredible community of Mumbai to explore the finest in ethnic fashion and timeless craftsmanship,” he added.
Founded in 1970 by Suresh and Vishnu Manglani, Meena Bazaar specializes in ethnic wear essentials such as lehengas, kurta sets, sarees, and suits.
The company began as a small store specializing in printed sarees. Today, it has expanded its presence to over 44 stores across more than 14 states in India, as mentioned on its official website. Notably, Meena Bazaar’s flagship store, spanning an impressive 10,000 sq. ft., is located in the heart of central Delhi’s Karol Bagh.
Prices of ragi, jowar, brown top, and other millet varieties have experienced a notable surge, escalating by 40% to 100% in just one year. This upward trend is fueled by the International Year of Millets campaigns, the entry of multinational corporations into this sector intensifying demand, and the disruption caused by erratic weather conditions affecting the supply chain.
The introduction of novel items such as pasta, noodles, and snacks made from millets, the incorporation of millets into breakfast cereals, and a growing preference for millet flour in its traditional form have collectively contributed to a surge in demand for millets, according to industry insiders.
Meanwhile, startups specializing in millet-based products, which have witnessed a doubling of their year-on-year growth, are grappling with challenges in securing an adequate supply of high-quality millets. This struggle is attributed to unpredictable weather conditions in millet-growing regions and a relatively lower production of millets compared to staple food grains like wheat and rice.
According to industry insiders, a drought in the Jowar-producing regions of Maharashtra, Karnataka, and Telangana, coupled with excessive rainfall in brown top crop areas in Andhra Pradesh, Karnataka, and Kerala, resulted in a decline in millet production and a subsequent increase in prices.
They noted that premium-grade jowar and ragi prices have risen by 150% and 45% compared to wheat, rendering them unaffordable for a significant number of consumers.
“Prices of all the millets have increased abnormally,” said Annapurna Kalluri, CEO of Sri Haritha Agro Food Products, which supplies millet-based meals to government schools, does contract manufacturing of value-added products of millet for other brands, and sells millet products under its own brand Avasya.
“Prices of millets see a jump of 15-20% every month and, moreover, undergo a lot of fluctuations. The availability is also limited,” she added.
Flyrobe, the premier fashion rental service in India, is making a bold stride in its mission to transform the fashion industry. The inauguration of an offline store in Surat marks a noteworthy achievement for Flyrobe, offering the dynamic city a distinctive and convenient avenue to embrace style through cutting-edge fashion rental services.
Aanchal Saini, CEO of Flyrobe said, “We are incredibly excited to bring Flyrobe’s innovative fashion rental experience to the vibrant city of Surat. Our goal is to empower individuals to express themselves through fashion without compromising on sustainability and affordability.”
The Surat establishment will present a wide array of high-quality clothing and accessories available for rental, designed to suit diverse occasions and preferences. Whether it’s elegant ethnic wear ensembles, jewelry, or accessories, patrons will enjoy access to a comprehensive collection thoughtfully curated to fulfill their fashion requirements.
Ankit Jindal, Franchise Owner of the Surat Store shared, “It’s a privilege to introduce Flyrobe to Surat, a city known for its rich cultural heritage and fashion-forward individuals. Our store aims to provide a seamless and delightful experience for customers seeking elegant, on-trend fashion choices.”
Flyrobe’s venture into Surat seamlessly aligns with its goal to democratize fashion, ensuring that high-quality designer wear becomes accessible to everyone. Concurrently, the brand persists in promoting sustainable fashion practices through its inventive rental services.
The spectacular inauguration not only represented a major achievement for Flyrobe but also delivered an unforgettable experience for fashion enthusiasts in Surat. The event showcased exclusive launch offers, thrilling giveaways, and the chance to personally explore the latest fashion trends.
B9 Beverages, the company behind Bira 91 beer and the owner of The Beer Cafe pub chain, is gearing up to secure INR 400 crore ($50 million) in new funding, according to sources familiar with the matter. The funds, contributed by both existing and new investors, are earmarked for business expansion. This marks the third fundraising round for B9 Beverages in the past 13 months. Noteworthy existing investors in the company include Japan’s Kirin Holdings, Sequoia Capital, and Sofina of Belgium.
“The deal is expected to be closed in the coming weeks, with all fundraise details having been finalised,” said one of the executives with direct knowledge of the matter.
CEO Ankur Jain of B9 Beverages and Rahul Singh, the founder and CEO of The Beer Cafe, chose not to provide any comments on the matter.
The capital infusion will be utilized to enhance production capacity and broaden the distribution reach of Bira 91’s diverse product lineup, encompassing craft, lager, and strong beer variants like Bira White, Gold, and Boom, in addition to cider ale and seltzers. The investment will also support the expansion plans for The Beer Cafe and Bira 91 Taproom chains, as indicated by the aforementioned executives.
Launched in 2015, Bira91 is currently distributed in over 1,000 towns and cities in two dozen countries. B9 Beverages has six breweries.
Over the last 13 months, Kirin Holdings Co. and MUFG Bank of Japan have individually invested a combined total of $80 million in B9 Beverages. These investments have placed the valuation of the beer maker in the range of $550-600 million.
In November last year, the Japanese beverage group Kirin Holdings increased its stake in Bira 91 to 20%, raising ‘570 crore from 10%, marking the beer maker’s most significant fundraising effort. This substantial infusion of funds facilitated the establishment of two new breweries and bolstered the global presence of the homegrown beer brand. Continuing this trend, in March of this year, Bira 91 secured a $10 million investment from Japan’s MUFG Bank Ltd. Notably, Kirin Holdings had previously invested $30 million in the Indian beer maker in 2021.
The recent fundraising initiative coincides with projections indicating a nearly twofold growth in the Indian beer market, expected to reach $10 billion within the next decade. This growth is anticipated to be driven by strong demand in out-of-home settings such as bars, restaurants, and hotels, along with the preferences of younger consumers. Additionally, factors contributing to this expansion include a changing retail landscape and the introduction of new flavors and innovations in craft beers. Remarkably, this surge is anticipated despite the heavy taxation in the Indian alcobev market and pricing regulations enforced by individual state governments.
Prominent companies in the sector comprise United Breweries, the producer of Kingfisher beer and owned by Heineken; Anheuser-Busch InBev, the owner of popular brands like Budweiser, Hoegaarden, and Corona; and Carlsberg, renowned for its Tuborg brand.
According to market research firm IMARC Group, the Indian beer market achieved a value of ‘41,470 crore in 2023. The company predicts a substantial growth trajectory, projecting the market to expand to ‘78,120 crore ($9.4 billion) in sales by 2032. This anticipated growth reflects a steady annual growth rate of 7.1% between the years 2024 and 2032.
In addition to a rise in festivities and social-cultural events, particularly post the Covid-19 pandemic, certain states have also reduced the legal drinking age. In markets such as Goa, Himachal Pradesh, Sikkim, and Puducherry, the legal drinking age is 18 years, whereas in regions like Delhi-NCR, Punjab, Kerala, and Maharashtra, it ranges between 21 and 25 years.
The Beer Cafe boasts a presence with 43 outlets strategically located in major markets including Delhi-NCR, Mumbai, and Bengaluru.
According to Bira 91’s estimates, it holds a 5% share of the total beer market and accounts for 11% of the premium segment.
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