Biryani By Kilo secures $9M in Series C funding, eyes expansion and break-even

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December 4, 2023

Biryani By Kilo (BBK), a cloud kitchen company, has secured $9 million (INR 72 crore) in its Series C funding round, with Alpha Wave Ventures leading the investment. This marks the company’s return to equity fundraising after a break of over two years.

According to regulatory filings sourced from the Registrar of Companies, Biryani By Kilo’s board has approved a special resolution to issue 18,086 Series C CCSP at a price of INR 39,800 per share, aiming to raise INR 72 crore or $9 million.

The Series C round was spearheaded by Alpha Wave Ventures with an investment of INR 28 crore. Additionally, Ivycap Ventures, Incred Wealth, and Clear Bridge Ventures contributed INR 16.5 crore, INR 8.2 crore, and INR 8.3 crore, respectively. The funding round also witnessed involvement from Vevek Ventures, DSP HMK Holdings, and various individuals who collectively injected INR 11 crore into the round.

After the recent funding, Alpha Wave’s stake will amount to 33.5%, while Ivycap Ventures, Incred, and Clear Bridge will possess 19.42%, 1.04%, and 1.05% respectively.

The firm has garnered approximately $55 million in total funding, which includes a Series B round of $35 million led by Falcon Edge in November 2021. According to estimates from TheKredible, the company is now valued at around INR 840 crore or $105 million post-allotment.

Biryani By Kilo has not yet submitted its financial statements for the fiscal year 2023. However, the company asserts a revenue of INR 300 crore for FY23 and anticipates achieving break-even in the initial quarter of FY24. In the preceding fiscal year, FY22, the company experienced a twofold increase in revenue from operations, reaching INR 133 crore, accompanied by a net loss of INR 42 crore.

It competes with Rebel Foods’ Behrouz Biryani and Biryani Blues, among other contenders in the market.

Former Karnataka CM Basavaraj Bommai launches men’s shirt brand ‘Kut For You’

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December 4, 2023

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On Sunday, Basavaraj Bommai, the former chief minister of Karnataka, unveiled the premium men’s shirt brand “Kut For You.” These shirts are crafted by women from his assembly constituency in Shiggaon, located in the Haveri district.

During the event, he additionally disclosed plans for a new facility in Shiggaon, stating that it would generate approximately 500 employment opportunities for women in the local community.

“This facility represents not just growth for us, but a chance to uplift even more lives,” Bharath Bommai said at an event marking the launch of the brand in Bengaluru.

“Our product offerings are not just about fashion, it is more about empowerment of women, Bharath Bommai, the former CM’s son, who advises the family-owned shirt brand, said.

The Shiggaon facility presently has a workforce of around 700 women, and Prabhanjan Apparels, the associate company of Kut For You, operates an additional modern unit in the nearby Davanagere, employing approximately 400 women. According to Bommai Jr, within a year, the combined workforce of both units is expected to reach around 2,000 women.

He further mentioned that Prabhanjan Apparels has been a supplier for various global brands. While Kut For You shirts will be exclusively sold through the brand’s portal in India, efforts are underway to make them accessible through online marketplaces in Europe, the US, the Middle East, and Australia.

Subway takes a leap towards sustainability with 100% recyclable platters in Australia and New Zealand

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December 4, 2023

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Subway is set to introduce 100% curbside recyclable platters, replacing the current plastic catering takeaway trays, in all of its restaurants throughout Australia and New Zealand.

As per an official statement, this initiative is expected to eliminate the equivalent of 26 garbage trucks filled with plastic from the environment annually.

Shane Bracken, Managing Director of Subway Australia and New Zealand, stated that this decision aligns with the brand’s goal of ensuring that 100% of its packaging is recyclable, compostable, or biodegradable.

“Packaging, in particular, plays a huge role in the choices we make towards our sustainability commitments. It’s critical that we’re considering the circular economy and how our packaging can be better designed for sustainability through its entire lifecycle, versus focusing only on the end product and how it is disposed of,” Bracken said.

Detpak, a division of the South Australian packaging company Detmold Group, will be producing eco-friendly catering platters for Subway establishments throughout Australia and New Zealand.

Developed and validated at Detpak’s LaunchPad R&D laboratory in Adelaide, South Australia, the innovative fiber-based catering platter is anticipated to contribute to the removal of 205 tonnes of plastic from the environment annually.

Sip on the aura of the 80s at LARRIKIN: Mumbai’s upscale bar that echoes the Godfather era

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December 4, 2023

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Mumbai gets a taste of the 1980s with its first premium neighborhood bar, LARRIKIN, inspired by the Godfather Era, creating a unique experience for patrons.

With a name reflecting playfulness, mischief, and wit, LARRIKIN introduces an intriguing element to the establishment. Nestled by the beach, it emerges as the ultimate destination for those in search of a unique experience.

The visionary entrepreneur Ankit Tamang, a second-generation owner and the mind behind this exceptional venture, is also the proprietor of the renowned China Gate Group.

“At China Gate, we’ve delved into a myriad of cuisines. Larrikin, on the other hand, springs from an understanding of contemporary preferences, shining a spotlight on the current trend of exceptional cocktails. Our thoughtfully curated menu seamlessly blends innovation with classics, mirroring the evolving palate of our patrons. Acknowledging a shift in dynamics, we’ve observed a growing preference for laid-back yet comfortable settings, coupled with exquisite cocktails and a premium dining experience,” he explained, emphasizing that Larrikin is their response to creating an environment where patrons can unwind in style, relishing both the artistry of mixology and the pleasures of refined dining.

The enchantment of their dimly lit, shadowy interiors significantly contributes to establishing the atmosphere. The ambient lighting fosters an intimate and welcoming aura that radiates warmth and elegance. Unique animal art installations gracing the walls narrate captivating stories, introducing a layer of depth and character to the surroundings, paying tribute to the region’s heritage, traditions, and distinctive identity. This amplifies the authenticity of the experience, fostering a sense of belonging and familiarity for patrons.

The bar showcases a selection of meticulously crafted cocktails influenced by local culture, curated under the expertise of renowned mixologist Chetan Gangan. They take pride in their premium cigar assortment, accompanied by a dedicated and spacious area where patrons can enjoy their cigars alongside an extensive array of single malt whiskies.

LARRIKIN’s culinary offerings take inspiration from European cuisine, showcasing imported prime-cut meats. Chef Dil Gurung has carefully curated a delightful array of dishes, meticulously prepared to gratify the most discerning palate.

The music choices are finely tuned to cultivate a relaxed and refined ambiance. In addition to that, LARRIKIN organizes weekly jazz nights, featuring live jazz performances that take the spotlight, offering patrons a dynamic and culturally enriched experience to further enhance their visit.

Bahri Group to roll out 30 Délifrance outlets in India within five years

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December 4, 2023

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Bahri Hospitality and Cuisines Pvt Ltd, a subsidiary of the Bahri Group, is planning to open 30 Délifrance outlets in India over the next five years, according to Hemant Bahri, the founder and Managing Director of Bahri Group.

The group is set to launch three store models in India, including an express model covering 450-500 sq.ft, a coffee and bakery model spanning 600-1,000 sq.ft, and a bistro model ranging from 1,200-1,500 sq.ft.

Talking about the CAPEX involved in each format, Bahri said, “The CAPEX involved in opening express store stands at INR 40-50 lakh, cafe and bakery will cost us INR 80-95 lakh, and the bistro format can be opened in INR 1.10-1.40 crore. We expect these outlets to reach the break-even point in the 15-18 months of operations.”

By the end of next year, the group plans to open a minimum of 5 stores in Delhi/NCR, with one already operational in the cafe and bakery format in Defence Colony.

“Out of 30 outlets, we plan to open 10-12 outlets in Delhi/NCR. Apart from this, we will be opening outlets in cities like Hyderabad, Bengaluru, Goa, Kolkata, and Punjab. We will be investing approx INR 20-30 crore to open 60 per cent of these outlets and the remaining 40 per cent outlets will be run by sub-franchise partners,” he stated.

To meet the online demand, the brand has partnered with Zomato and will also introduce its own delivery fleet for product distribution.

“We are confident that we can open one more outlet this fiscal and we expect 30-35 per cent of our revenue will be contributed by online,” he said.

In addition to this, Bahri Hospitality and Cuisines Pvt Ltd, holding the master franchise rights of Délifrance, a century-old French bakery, has committed an investment of Rs 9.5 crore for the establishment of a production unit in Delhi, spanning across an area of 8,000 sq.ft.

“We will expand the production facility in a phased manner and it can cater to pan-India supply. As of now, the first phase can cater to 30 to 35 outlets per day. We also have sub-franchise rights, however, initially we will be opening stores on our own,” he asserted.

Délifrance currently distributes its products to over 100 countries, with production units strategically located worldwide.

Celebrated Chef Fabio Trabocchi brings Italian flair to South Florida with new Fiolina Pasta House

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December 4, 2023

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Chef Fabio Trabocchi, known for the Fabio Trabocchi Restaurants, has opened a new dining venture, Fiolina Pasta House, in Boca Raton, Florida, USA.

Situated at Restaurant Row in the heart of Boca Raton’s midtown, the recently unveiled 7,000 square feet restaurant can host 182 patrons. It boasts an open exhibition pasta room, a kitchen with a mozzarella bar, a charcuterie station, a pantry, and a bar.

Additionally, there’s a showcase kitchen featuring counter seating and a refrigerated station dedicated to salads and desserts, highlighting Fiolina’s culinary expertise.

The recently opened eatery presents patrons with an extensive selection of both individual and family-style dishes crafted from locally sourced ingredients procured from nearby farms, fisheries, meat suppliers, and Italian goods providers.

Fiolina features a bar that extends from indoors to outdoors, offering a variety of classic cocktails and wines.

The establishment also boasts a selection of meticulously crafted Italian specialty cocktails, such as the Amalfi Lemon Spritz, Aperol Spritz, and Basil Cucumber Cooler Al Fresco, complemented by seasonal offerings that vary throughout the year.

The bar, spanning both indoor and outdoor spaces, showcases a 1,500 square feet patio adorned with red patterning and operable window walls.

Chef Fabio said, “Fiolina is not just an ode to Italian culinary heritage, but also a restaurant dedicated to South Florida and the wonderful community of Boca Raton, a city that Chef Fabio now calls home. It has been created as an instant classic: for people, celebration, gatherings, networking, and socialising with an Italian flair.”

India’s palm oil imports reach three-month high amid soaring discounts

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December 4, 2023

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In November, India witnessed a surge of over 20% in palm oil imports compared to the previous month. Refiners showed a preference for this tropical oil, attracted by substantial discounts in comparison to competing soyoil and sunflower oil, according to information provided by five dealers to Reuters on Monday.

Increased acquisitions by the largest importer of vegetable oils globally may contribute to reducing palm oil stocks in leading producers Indonesia and Malaysia, thereby providing support to benchmark futures.

India’s palm oil imports for November surged by 22% compared to the previous month, reaching 867,000 metric tons, marking the highest volume in three months, according to estimates provided by dealers.

Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, noted that the discount on palm oil compared to soyoil and sunflower oil has been expanding in recent weeks. This trend is prompting refiners to shift towards palm oil.

India’s overall edible oil imports for November increased to 1.13 million metric tons, a 13% rise from the previous month, propelled by elevated palm oil imports, according to dealers.

Rajesh Patel, managing partner at GGN Research, an edible oil trader and broker, mentioned that edible oil stocks in the country have surged to nearly record levels. This has led refiners to sell off port stocks before placing new orders.

The Solvent Extractors’ Association of India (SEA) reported that domestic stocks of vegetable oil increased to 3.1 million tons by November 1, compared to 2.45 million tons a year earlier. The association is expected to release data on November imports by mid-December.

In November, imports of soyoil increased by 7% compared to the previous month, reaching 145,000 tons. However, this figure remains significantly below the average imports of 306,000 tons in the last marketing year, as estimated by dealers.

According to Vipin Gupta, the chief executive officer of Dubai-based trader Glentech Group, soyoil imports have been decreasing over the last two months. This decline is attributed to unfavorable refining margins, a substantial premium over competing oils, and a rise in local supplies.

Dealers reported a 21% decrease in sunflower oil imports, reaching 122,000 tons, marking the lowest figure in 17 months.

India predominantly procures palm oil from Indonesia, Malaysia, and Thailand. In contrast, the country imports soyoil and sunflower oil primarily from Argentina, Brazil, Russia, and Ukraine.

Luxury tequila brand Don Julio makes its debut in India amidst growing trend of premiumization

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December 4, 2023

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Diageo has launched the Don Julio tequila brand in the Indian market to align with the growing trend of premiumization. Currently accessible in cities such as Haryana, Maharashtra, Chandigarh, and Goa, the company aims to expand its availability nationwide by the next quarter, as stated by Shweta Jain, Chief Business Officer – Luxury, Reserve & Craft, India & South Asia at Diageo.

The corporation intends to introduce the complete range of the tequila brand in India. Don Julio Blanco and Don Julio Reposado are currently accessible in Haryana, Chandigarh, Maharashtra, and Goa, with Anejo and 1942 set to be released starting December 18.

“India has seen a massive surge in desire for luxury consumption in recent years with the rise of a new class of luxury explorers who appreciate exceptional quality, and the arrival of Don Julio to India is a testimony to this,” she stated.

The company has no intentions of establishing a manufacturing facility for the brand in India. Production and bottling will take place in Mexico.

“Don Julio is geotagged and anything made outside of a region in Mexico cannot be called tequila,” she said.

In 2014, Diageo obtained ownership of the Don Julio brand from Casa Cuervo. This acquisition played a pivotal role in enhancing the brand’s worldwide footprint and expanding its audience.

“We have plans to expand our portfolio of tequila going ahead and we will be getting Casamigos, the other tequila brand, in India soon. We are not depriving the Indian consumer of any variety of choices that they would get to make from the Diageo portfolio anywhere else in the world,” she stated.

“We are also working with the cocktail bars across the country, big and small equally, to add a distinct flavour to margaritas and palomas with Don Julio at the heart of them,” she further added.

Currently, Diageo is engaged in the production, sale, and distribution of a premium brand portfolio that includes names such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, The Singleton, Royal Challenge, McDowell’s No1, Smirnoff, Ketel One, Tanqueray, Captain Morgan, and Godawan—an artisanal single malt whisky from India.

Apparel Group and Shoppers Stop team up to bring Bath and Body Works to India

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December 4, 2023

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In a significant development in India’s retail sector, the Apparel Group, a global fashion and lifestyle conglomerate, has entered into an exclusive collaboration with Shoppers Stop to introduce Bath and Body Works, one of America’s premier fragrance brands, to the Indian market. This strategic partnership marks a crucial milestone for Bath and Body Works as it ventures into the Indian retail landscape. Additionally, the collaboration introduces the innovative shop-within-a-shop retail concept at Shoppers Stop.

Shoppers Stop, renowned as India’s leading omnichannel destination for beauty and fashion, will feature Bath and Body Works’ first shop-in-shop at the bustling City Centre Mall in Salt Lake, Kolkata. This immersive retail experience offers a diverse array of Bath and Body Works’ signature products, ranging from body mists and shower gels to candles. The strategic move aligns seamlessly with Apparel Group’s vision to propel Bath and Body Works’ growth in India through the shop-in-shop format, catering to a new and vibrant market.

As beauty trends gain increased attention and international beauty brands become more accessible through online shopping, the Indian market is positioned for continuous expansion. Bath and Body Works, boasting nearly 40 stores across the country and a dedicated Indian website, has effectively established itself in the beauty industry. It has not only carved out a niche but also cultivated a loyal customer base, emerging as a prominent player in the thriving Indian beauty landscape.

“We are excited about the prospect of this alliance, which will enable us to introduce our brand Bath and Body Works’ products to a wider audience across India. We firmly believe that this collaboration will not only benefit both companies but also play a significant role in driving the growth of the Indian beauty market. As we embark on introducing more global brands into the market, we eagerly anticipate working closely with Shoppers Stop to foster mutual growth and success,” stated Abhishek Bajpai, CEO of Apparel Group India Pvt Ltd.

Biju Kassim, Customer Care Associate and CEO, Beauty at Shoppers Stop said, “At Shoppers Stop, customer satisfaction is our guiding principle and meeting the diverse needs of our customers remains our top priority. With the introduction of Bath and Body Works in our stores exclusively, we are set to enhance our beauty offering significantly. This launch in the city of Kolkata, with its beauty conscious community and rich cultural heritage perfectly aligns with our mission of delivering premium products from a renowned brand like Bath and Body Works to the beauty enthusiasts in the region.”

Committed to enhancing its brand portfolio in India, the Apparel Group acknowledges the rising demand for international beauty products among discerning Indian consumers. The strategic partnership between the Apparel Group and Shoppers Stop represents a formidable collaboration, strategically positioned to leverage the increasing demand for premium beauty products in the Indian market.

India set to outpace Spain & UK as Pepe Jeans’ largest market, says CEO Marcella Wartenbergh

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December 4, 2023

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Marcella Wartenbergh, the global CEO of Pepe Jeans, said India is poised to become its largest market in the next two years, outpacing its home country Spain and the UK. This growth is attributed to young consumers in India increasingly embracing Western-style clothing.

“We are witnessing rapid growth in India in comparison to more established markets, surpassing them in both sales and profit. Additionally, considering that Gen Z currently lacks substantial funds, it is predominantly millennials and Gen Y who will steer the market, and we must ensure that the brand aligns with their preferences,” remarked Wartenbergh. “A significant advantage for India is its proximity to suppliers, facilitating faster innovation processes.”

As a clothing retailer that also possesses the menswear brand Hackett, India stands out as the largest market in terms of volume, contributing to almost one-third of its global sourcing. Pepe India experienced a sales surge of over 50%, reaching INR 560 crore in the fiscal year ending March 2023, while its consumer revenue, as indicated by the price tag, surpassed INR 1,100 crore.

Nonetheless, menswear constitutes nearly 90% of the sales in India, a contrast to the 65% in Europe—a dynamic the company is now keen on altering. Pepe Jeans has set its sights on diversifying by expanding its offerings in footwear and women’s western wear, a sector currently dominated by global competitors such as Zara and H&M.

“We believe women are becoming much more modern in India driven by western influence, and are also playing an important role in business. If our women’s wear is just 30% of what we earn from men’s merchandise, the numbers will swell,” added Wartenbergh, who joined in 2019 replacing earlier CEO Carlos Ortega, a Spanish entrepreneur who still has a stake in the apparel and accessories group.

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