Megastar Foods Ltd, a food processing company, intends to generate INR 42.38 crore by issuing preferential shares. The funds raised will be utilized to pre-pay existing debt and fulfill future financial needs.
As per a regulatory filing on Thursday, the board of the company has sanctioned the creation, issuance, offering, and allotment of up to 1.3 million shares with a face value of INR 10 each on a preferential basis. These shares will be offered to promoters, non-promoters, and shareholders in the public category.
The company will seek shareholders’ approval during the extraordinary general meeting.
“The proceeds of the preferential issue will be utilised for prepayment of borrowings of the company, meeting future funding requirements, working capital and other general corporate purposes of the company,” the filing said.
The preferential issue of equity shares will be offered at a price of INR 326 per share, with the company aiming to raise INR 42.38 crore through this issuance.
Megastar Foods operates a wheat processing facility in Punjab, with a turnover of INR 304.40 crore in the preceding year.
CaratLane, a jewellery startup owned by Titan, witnessed a remarkable surge in its operating revenue, surpassing the INR 2,000 Cr milestone in the fiscal year 2022-23 (FY23). The new-age jewellery brand, headquartered in Tamil Nadu, experienced a significant 73% increase in operating revenue, reaching INR 2,169 Cr during FY23, compared to INR 1,255.6 Cr in the preceding fiscal year, driven by escalating demand.
Established in 2008 by Mithun Sacheti and Srinivasa Gopalan, CaratLane is a versatile brand with a presence in both India and the United States, specializing in the production and sale of jewellery items through various channels.
In FY23, the business revenue from the United States held steady at INR 8.68 Cr.
Taking into account additional income, the overall revenue surged by 73%, reaching INR 2,187.8 Cr in the fiscal year, compared to INR 1,264.6 Cr in the preceding year.
Despite the increase in revenue, CaratLane experienced an 8% decline in net profit, falling to INR 82 Cr in the current fiscal year from INR 89.2 Cr in the previous financial year.
Experiencing a 69% surge, the total expenditure reached INR 2,068.5 Cr in FY23, compared to INR 1,225.9 Cr in the previous fiscal year.
As a jewellery brand, CaratLane’s most significant expense was the cost of procurement, which includes the sourcing of gems. The procurement cost witnessed a 66% increase, reaching INR 1,404.5 Cr in FY23, compared to INR 845 Cr in the previous fiscal year.
Employee expenditures surged by 51%, reaching INR 135.4 Cr in the reviewed year, up from INR 89.6 Cr in FY22, signifying an expansion in the startup’s workforce.
Marketing and promotional expenditures for CaratLane experienced a 75% surge, reaching INR 172 Cr in FY23, as compared to INR 98 Cr in the preceding fiscal year.
The EBITDA margin grew to 9.75% in FY23, showing an expansion from 6.86% in the previous fiscal year.
In August this year, Titan, a Tata Group-owned company, augmented its stake in CaratLane by an additional 27.18%, bringing its total ownership in the jewellery brand to 98.28%. This strategic move, valuing CaratLane at over INR 17,000 Cr ($2 Bn), marked the startup’s entrance into the unicorn club.
Last month, the Competition Commission of India (CCI) gave its approval for Titan’s acquisition of an additional stake in CaratLane.
In 2016, Titan initially acquired a controlling stake in the jewellery brand.
In addition to contending with established jewelry brands like Senco Jewellers, Kalyan Jewellers, and Malabar, CaratLane faces competition from contemporary brands such as BlueStone and GIVA. Despite the competitive landscape, CaratLane holds a larger market share compared to its new-age counterparts, thanks to its early entry into the market.
Among its contemporary competitors, GIVA disclosed an operating revenue of INR 165 Cr in FY23, accompanied by a net loss of INR 45.2 Cr. In the same fiscal year, BlueStone reported sales amounting to INR 770 Cr, with a reduced loss of INR 167.2 Cr.
Following a surge in sales, Nando’s, the fast casual chain, is set to enhance its presence in the UK with the opening of 14 new restaurant venues in the 2023-2024 financial year.
Excluding South Africa, the peri-peri chicken chain has achieved profitability for the first time since the onset of the Covid-19 pandemic.
Nando’s Group chief executive Rob Papps stated, “The macro-economic outlook for 2024 remains uncertain but we are continuing to invest for the future with further menu innovation, enhancements to our digital capabilities and new restaurant openings planned in all our markets, including 14 in the UK.”
Revenue saw a nearly 20% increase, rising from £1.06 billion in the previous year to £1.27 billion ($1.61 billion) in the current year.
The rise was credited to a robust rebound in consumer demand and the addition of more restaurant openings.
For the year ending on February 26, 2023, Nando’s Group Holdings disclosed an operating profit of £17 million, marking a significant improvement from the £1.2 million operating loss reported in the preceding year.
The group has successfully navigated the challenges posed by cost pressures, although it anticipates these pressures to persist as a substantial impediment throughout the remainder of 2023-2024.
Papps added, “The 2023 financial year saw Nando’s deliver a steady recovery to pre-pandemic sales and a return to operating profit driven by strong consumer demand for our flame-grilled peri-peri chicken supported by our brand and customer proposition.
“Despite the improved sales performance, cost pressures including higher energy, labour and food prices remained a challenge.”
During August 2023, Nando’s PERi-PERi introduced its fresh summer menu in the United States, showcasing an updated iteration of its PERi-charged bites.
The updated menu was introduced to all Nando’s establishments in Washington DC, Virginia Beach, Chicago, and Houston. Additionally, the chain has intentions to debut its new menu in Dallas, Texas.
The Nando’s PERi-PERi menu features offerings such as the spicy chicken kale caesar, PERi ranch crunch, a rainbow vegetarian bowl, and a PERi chicken rainbow bowl.
The national federation of fast-moving consumer goods distributors has reported that subdued demand during the festive season has resulted in distributors struggling with surplus stocks.
“Contrary to expectations, Diwali witnessed subdued enthusiasm for the FMCG sector. Post-Diwali sales have historically been low. Particularly hard-hit segments are chocolates, confectionery and biscuits, followed by beauty, and cosmetics,” said Dhairyashil Patil, national president of All India Consumer Products Distributors Federation (AICPDF).
The majority, accounting for 90%, of total FMCG sales is comprised of general trade.
The federation, representing over four hundred thousand distributors nationwide, stated that the supply chain is currently dealing with an abundance of surplus stocks, requiring distributors to make substantial investments.
“Managing these funds has become increasingly difficult, exacerbated by mounting pressure from companies for primary sales. Distributors, in turn, have stocked up the retail trade, but low offtake during the festive season has left retailers distressed,” Patil said.
Distributors noted that the gift pack segment within these categories has experienced the greatest impact, resulting in an excess inventory overflow among retailers.
The sales of soaps and detergents have also been subdued, and distributors report that the beauty and cosmetic sector is undergoing its most severe downturn.
This trend is causing a significant rise in the average closing stocks for distributors, reaching 25 to 30 days, in contrast to the previous average of 7 to 15 days, as reported by the distributors federation. Additionally, the average market credit period is expanding to a range of 15 to 25 days, compared to the earlier 7 to 15 days.
Patil mentioned that these factors have added to the complexity of the market situation during a period that is conventionally viewed as a profitable season.
Tata Consumer Products (TCP), the conglomerate overseeing the primary food and beverage ventures within the Tata Group, has announced the appointment of Ashish Goenka as the Group Chief Financial Officer. This decision aligns with the company’s commitment to building a forward-looking organization and strengthening its overall capabilities.
In his new role, Ashish will take on the responsibility of leading the Integrated Finance function, which involves supervising group accounts and finance, managing investments, overseeing capital structuring, forecasting, and budgeting. Moreover, he will offer strategic guidance to the company, formulating and implementing annual, mid-term, and long-term growth plans for the organization. His scope of responsibility will extend to encompass Strategy and M&A, Legal, Secretarial and Compliance, Investor Relations and Communications, Internal Audit, as well as Risk Management functions. Based in Mumbai, he will directly report to Sunil D’Souza, the Managing Director and CEO of Tata Consumer Products.
Drawing upon more than twenty years of experience in the finance domain, Ashish is making a transition from his current position as President and CFO at Jubilant Foodworks Limited. His prior senior leadership roles encompass positions held at Hindustan Unilever and Bharti Airtel.
Sunil D’Souza, MD, and CEO of Tata Consumer Products said, “We are excited to welcome Ashish to the leadership team at Tata Consumer Products. A strong Integrated Finance function aligned with the company’s strategic objectives will be critical in enabling Tata Consumer’s journey to becoming a best in class FMCG company. Ashish’s expertise will help us further strengthen and build future capability for the function.”
The statement additionally recognized the retirement of L Krishnakumar from Tata Consumer Products on October 31st, 2023, expressing gratitude for his two-decade commitment to constructing and strengthening the Finance function. Krishnakumar played a crucial role in the company’s evolution from a single-category, single-country tea entity to its present status as a broad-ranging, multi-country, multi-category Fast-Moving Consumer Goods (FMCG) player. Krishnakumar will remain in the capacity of a Senior Advisor until March 31st, 2023, and Ashish will collaborate closely with him during this period to ensure a smooth transition.
Max Fashion, a renowned global value fashion brand, commemorates 17 years of its presence in India, boasting a network of over 480 stores. The brand’s success is deeply entrenched in its core values of affordability and trendsetting styles, democratizing fashion clothing accessibility. As Max continues to capture the share of mind in India’s value fashion sector, it adapts to the ever-changing needs of its target audience, which has grown to 35 million and beyond. Max Fashion is now poised to establish new benchmarks in the apparel market, cultivating a robust connection with the style-conscious youth demographic.
Pallavi Pandey, VP, and Head of Marketing at Max Fashion stated, “Max has always been driven by a vision to democratize fashion, and our growing position in the market is a testament to the trust and loyalty customers have shown towards the brand over the years. We are very excited about the evolving and rapidly transforming Indian market. The opportunities in our market are immense, and we continuously strive to deliver the latest fashion trends at affordable prices to everyone in the family.”
Pioneering innovation, Max Fashion consistently elevates its prowess in providing a cutting-edge shopping experience. Transitioning from brick-and-mortar to the digital realm through its e-commerce platform, maxfashion.com, and mobile application, the brand stands out with its extensive social presence, amassing a following of over 1 million youth on Facebook and Instagram. Embracing an omnichannel strategy, Max guarantees a smooth shopping journey, integrating features such as e-kiosks and convenient click ‘n’ collect services at its stores.
Leading the way in international fashion trends, Max consistently updates its clothing line, unveiling fresh styles every 45 days to cater to its diverse audience. Adapting to evolving trends and consumer preferences, the brand has introduced new fashion verticals, presenting a diverse range from the Shirt Shop to Lingerie and even baby clothes. A recent addition to Max Fashion’s offerings is its sustainable product line, known as “Max Cares.”
Witnessing a notable surge in customer loyalty and a continually expanding base of new shoppers each year, Max remains dedicated to responsible fashion. Actively participating in initiatives aimed at minimizing environmental impact, advocating for ethical sourcing, and contributing to community development, the brand stands out as a shining example of evolving and socially responsible fashion in the retail landscape.
Little Caesars, a multinational pizza chain headquartered in the United States, has revealed the launch of a new establishment in Leesburg, Georgia.
Situated at 1385 US Highway 82W, the new establishment will feature Little Caesars’ cutting-edge retail technology, catering to high-output guest self-service takeout.
The Leesburg branch of Little Caesars will provide a menu featuring popular items such as Hot-N-Ready pizza, Crazy Bread, Caesar Wings, and the recently introduced Stuffed Crazy Bread.
Franchisee Anthony King from Nibble Nation will be overseeing the operations of the new restaurant.
King said, “Alongside the convenient Hot-N-Ready products our guests know and love, they will now find three state-of-the-art Pizza Portals. As a result, this store will extend the satisfying Hot-N-Ready experience to people like myself who love to use apps to order ahead.
“Guests will enjoy fully customisable pizzas prepared just for them, ensuring their orders are waiting in the portal as they step into the restaurant.”
In addition to managing the new restaurant in Leesburg, King will be overseeing his fifth Little Caesars establishment in the Albany metro region. This location will distinguish itself by showcasing the capabilities of a digitally advanced self-service strategy.
Little Caesars has a presence in the United States as well as 28 other countries and territories, with its restaurants strategically positioned.
During November 2023, the chain reintroduced its Stuffed Crust Pizza in celebration of the holiday season. The Stuffed Crazy Crust pizza is now presented to guests with a unique twist, blending various flavors and textures.
In a statement, the company said, “The Stuffed Crazy Crust Pizza takes Little Caesars classic Stuffed Crust pizza, oozing with melted cheesy goodness, and tops the crust with Little Caesars’ signature Crazy Crust topping – a mouth-watering blend of garlic-infused buttery richness adorned with a sprinkle of parmesan.”
Kormotech, a pet-food producer headquartered in Ukraine, is dedicating €60 million ($65.4 million) to enhance and expand its manufacturing facility located in Lithuania.
The manufacturing plant situated in the city of Kėdainiai marked Kormotech’s inaugural facility beyond Ukraine, inaugurated in 2020 with a €15 million investment. The 4,500 square-meter site presently boasts an annual production capacity of 20,000 tons, set to rise to 25,000 tons upon the project’s fulfillment.
Kormotech, a provider of branded and private-label cat and dog food, outlined a four-stage expansion plan for the Kėdainiai facility, spanning from 2025 to 2028. During this period, the company anticipates hiring an additional 200 workers in Lithuania, augmenting the existing workforce of 70 over the next five years.
“We consider Lithuania our second home market. While we plan to build new production facilities in Ukraine once the war is over, Lithuania currently serves as our gateway to the world,” CEO Rostyslav Vovk said in a statement.
“The plant has proven to be a reliable support system, consistently operating at full capacity and bridging the gaps when our Ukrainian plants experience disruptions. We are committed to expanding our facilities in Lithuania further with the construction of four additional production stages by 2028.”
Situated in the Lviv region in the village of Prylbychi, Kormotech’s factory in south-west Ukraine specializes in the production of wet and dry pet foods, boasting an annual capacity of 20,000 tons.
Established in 2003, the company manufactures brands such as Optimeal, Club 4, My Love, and Master. Kormotech has a global reach, exporting its products to Europe and Asia, as well as select countries in South and North America, and the Middle East.
Andrii Berezyuk, the director for Kormotech in Lithuania, added, “Since the start of our Lithuanian operations, both our production and sales goals have been achieved and exceeded, and we hired twice the number of employees originally planned.
“This successful experience, along with the smooth construction of our factory, favourable conditions in the Free Economic Zone, support from Invest Lithuania, and our well-established network of partners and suppliers, has led us to the decision to expand the facility in Lithuania.”
Kormotech anticipates the inauguration of the initial production line at Kėdainiai in 2025, with three more lines scheduled to be integrated throughout the project, culminating in 2028.
Ripple Foods recently secured $49 million in its most recent funding round, according to an SEC filing. This comes approximately two years after the California-based plant-based protein company successfully concluded its oversubscribed Series E funding, raising $57.28 million with leading contributions from S2G Ventures, Ajax Strategies, and Bloom8.
In 2014, Adam Lowry and Dr. Neil Renninger established Ripple Foods with the vision of utilizing yellow peas as the main protein source for a range of flavored plant-based beverages. Over time, the company has introduced an assortment of non-dairy milk, protein shakes, and, more recently, an unsweetened milk tailored for children.
Laura Flanagan remains at the helm as CEO of Ripple Foods, and this investment positions the company among the relatively few women-led businesses receiving substantial VC funding. The SEC filing additionally identifies Chuck Templeton, managing director of S2G Ventures, as a new director for Ripple Foods. He assumes the board seat previously held by the company’s former CFO, David Cooper, who departed in June 2022.
According to FABID, a data aggregator in the food and beverage industry, Ripple Foods has garnered a cumulative funding of $268 million to date. This includes continued support from its previous investors such as TAO Capital, Siddhi Capital, Prelude Ventures, Khosla Ventures, and GroundForce Capital (formerly known as PowerPlant Partners).
The recent fundraising efforts by Ripple Foods are anticipated to heighten competition within the global dairy alternatives market, projected to experience a Compound Annual Growth Rate (CAGR) of 12.6% between 2023 and 2030, with an estimated value of $29 billion. In the United States, the company faces direct competition from other well-funded entities in the non-dairy sector, including notable players such as Oatly, Califia, and NotCo. Notably, NotCo recently introduced a plant-based mac ‘n’ cheese through its joint venture with Kraft Heinz.
ABCL, a contemporary independent brewing company dedicated to crafting top-tier products using premium ingredients, has unveiled BlockBuster Ultra Lager and Blockbuster Ultra Strong Beer in Jharkhand.
Blockbuster Ultra Lager presents a pilsner-style brew characterized by a light and crisp flavor profile, all while keeping a low calorie and carbohydrate content, making it an ideal choice for those looking for a lighter beer option.
BlockBuster Ultra Lager, showcased in a vibrant golden hue and adorned with a creamy white foam, is an intricately crafted offering designed for beer aficionados. This beer is offered in both cans and bottles for your convenience.
Blockbuster Ultra Strong stands out with its bold flavor and elevated alcohol content, delivering a powerful drinking experience. This beer emerges as the preferred choice, challenging conventional perceptions of the characteristics a strong beer can offer.
“We’re excited to bring BlockBuster Ultra Lager and Blockbuster Ultra Strong Beer to Jharkhand, expanding our craft beer offerings. The tremendous response to BlockBuster Strong has inspired us, and with this new endeavour, we aim to elevate the beer experience in Jharkhand. Proudly contributing to the vibrant beer culture, we look forward to creating memorable moments with every sip. We are truly a ‘Made in India’ brand. At American Brew Crafts, we are proud to be at the forefront of the craft beer movement, and our commitment to quality and innovation drives us to bring new variants for beer lovers,” said Sri Nagendra Tayi, Chief Executive Officer, of American Brew Crafts Pvt Ltd.
American Brew Crafts manufactures its beer in two state-of-the-art breweries equipped with the latest German technology.
BlockBuster beer is the result of thorough research dedicated to the art of brewing exceptional beer, incorporating carefully selected premium malts.
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