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US frozen food company Harvest Food Group appoints Amit Pandhi as new CEO

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Amit Pandhi
Amit Pandhi

Harvest Food Group, a frozen food producer based in the United States, has named Amit Pandhi, former CEO of Velocity Snack Brands, as its new Chief Executive Officer.

Earlier this year, the Illinois-based company located in Naperville was acquired by the U.S. private-equity firm Industrial Opportunity Partners.

Pandhi’s most recent operational role involved serving as the CEO of Velocity Snack Brands, a U.S.-based snacks business, where he oversaw a portfolio of brands, including Popchips.

As per Pandhi’s LinkedIn profile, he occupied the role from October 2019 to December 2022. Before that, he served as the President and CEO of Arctic Zero, a low-calorie frozen dessert maker, for a span of nine years.

Harvest Food Group’s Chairman, Norman Young, emphasized that Pandhi possesses a “demonstrated history of fostering growth and innovation in the food industry.”

Harvest Food Group provides frozen vegetables, fruits, grains, legumes, and herbs to food manufacturers. Additionally, the company serves foodservice operators and engages in co-packing and private-label contracts.

“HFG makes incredible products across so many verticals and I look forward to building upon its long history to grow our private label, foodservice, contract manufacturing, branded and ingredient businesses,” Pandhi said.

“I also look forward to deepening our relationships with existing customers, from the largest retailers and best global food companies, as well as serving the most innovative emerging brands in frozen,” he said.

Jason Eckert, who co-founded HFG in 1999 will move from his role as president to board member. He said, “Amit will infuse a new source of energy and expand the vision for what HFG can become. His experience in building organizations and maximising growth and profitability will help position Harvest Food Group to tackle the challenges that our industry faces heading into the future.”

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Fat Tiger expands its footprint with a new outlet at Ardee Mall, Gurgaon

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Fat Tiger

Gurgaon-based Fat Tiger, a Quick Service Restaurant (QSR) chain, marked a significant milestone with the launch of its new outlet at Ardee Mall in Gurgaon on Wednesday, as detailed in a recent company statement.

As per the official company statement, the menu at Fat Tiger features a varied array of dishes encompassing burgers, momos, and pasta. Moreover, the restaurant caters to a broad spectrum of dietary preferences by providing vegetarian options.

“We are incredibly excited to introduce our newest outlet in Ardee Mall, Gurgaon,” said Sahil Arya, Founder, Fat Tiger.

“We strive to offer our patrons exceptional food experiences, and this expansion allows us to share our culinary passion with even more food enthusiasts in the region,” added Arya.

The management of the chain is overseen by Sahaj Chopra, the brother of Bollywood actress Parineeti Chopra.

Boasting a presence in more than 35 locations across India, Fat Tiger anticipates rapidly establishing itself as the preferred choice for both food enthusiasts and families alike.

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Deliveroo venturing into non-food retail, aiming to boost growth and diversify offerings

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Deliveroo
Deliveroo (Representative Image)

Deliveroo, the British food delivery firm, has announced its foray into the non-food retail sector. The company is venturing into areas such as toys, electronics, and other merchandise with the aim of stimulating growth, following the reiteration of its 2023 profit forecast.

Competing with Just Eat Takeaway.com and Uber Eats across Europe, the Middle East, and Asia, the company has introduced “Deliveroo Shopping” on its app. This feature enables customers to purchase non-food items, including D.I.Y. products, through a collaboration with hardware supplier Screwfix.

As Deliveroo ventures into these new categories, the company, with its platform hosting 162,000 restaurants and 20,000 grocery sites, and a network of delivery riders, will encounter growing competition from its shareholder, Amazon.

The American company possesses a 14.13% ownership stake.

Deliveroo anticipates a mid-teens percentage growth in its gross value transaction (GTV) annually in the medium term. The company has reiterated its projection that its earnings margin, as a percentage of GTV, will exceed 4% by 2026.

“There continues to be significant headroom for growth,” Deliveroo’s chief executive Will Shu said in a statement ahead of an investor day on Wednesday.

For its 2023 full-year, the company said it continued to expect adjusted core earnings between 60 million and 80 million pounds.

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Swiggy’s food delivery sales soar 17%, hits $1.43 Billion GMV in first half of FY24: Prosus

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swiggy
Swiggy (Representative Image)

Swiggy’s investor Prosus, in its financial filing, highlighted a significant milestone for Swiggy’s core food-delivery business. The platform experienced a robust 17% growth, delivering a noteworthy gross merchandise value (GMV) of $1.43 billion in the first half of FY24.

“This was led by a rise in transacting users that drove double-digit order growth and inflation in AOV,” Prosus said.

“Core food-delivery EBITDA losses in 1H24 shrunk 89 per cent, led by improvements in contribution margin and operating leverage. In combination, this reflects customer willingness to pay for convenience and restaurant willingness to advertise for growth,” it added.

Prosus, with a 32.7% stake in Swiggy, reported a decrease in trading losses to $208 million.

Trading losses in the first half of the previous year were $321 million.

The company further stated that its quick-commerce business achieved rapid advancement, attributing the growth in orders to increased customer adoption. Additionally, basket sizes demonstrated notable expansion, surpassing the rate of inflation.

The company reported a 19% increase in Instamart’s store count by the end of June, contributing to a substantial 63% growth in its Gross Merchandise Value (GMV).

“With the platform focused on gaining scale and moving towards profitability in the 25 cities where it operates, Instamart’s first-half contribution losses fell by around 75 per cent,” Prosus stated.

“Broader product selection, densification of the store network and faster delivery times have continued to aid customer acquisition and retention,” it added.

Last month, US-based investment company Invesco elevated Swiggy’s valuation to about $7.85 billion.

Read More: Swiggy’s valuation skyrockets 42% to $7.85B following Invesco’s review

In May, Invesco reduced Swiggy’s valuation within its holdings to approximately $5.5 billion.

Read More: Investment firm Invesco lowers Swiggy’s valuation again, marking it down to $5.5 Billion

According to a newly-published disclosure, Invesco said that “it considers the valuation of similar public companies as a factor when reassessing the value of its private investments”, reports TechCrunch.

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PMGKAY gets 5-year extension: Cabinet allocates INR 11.8 Lakh Crore for free foodgrain distribution

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food grain
(Representative Image)

The Union Cabinet has given its nod for the continuation of the Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY), ensuring the provision of free foodgrain to the economically disadvantaged for an additional five years, with a budgetary allocation of INR 11.8 lakh crore.

Addressing a press conference, Union Minister of Information and Broadcasting, Anurag Thakur, stated on Wednesday that the Centre is extending the PMGKAY scheme. The initiative will provide 5 kg of free foodgrain per month to 81 crore impoverished people for another five years, starting from January 1, 2024.

The Minister also announced that PM Janman scheme has been approved which will cost INR 24,100 crore out of which INR 15,300 crore will be funded by Centre and remaining by states.

The scheme will provide basic facilities including housing, road connectivity, piped water, mobile medical units, solar street lighting, mobile towers.

The scheme will be implemented in 18 states and is expected to benefit 28,16,000 tribals.

Thakur also said that proposal for setting up the 16th Finance Commission has been been cleared and the terms of reference include share of central taxes between Centre and states.

The 16th Finance Commission will be for the period of five years from April 1, 2026-31.

He said there will no shortage of funds or food for Garib Kalyan Anna Yojana for over five years. The scheme will cost the government nearly INR 11.8 lakh crore over the next five years, but he emphasised that this amount is not a fixed number.

Thakur referred to this is an effort by the Prime Minister to ensure the poor people have food security and don’t have to worry about their basic needs.

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Nestle bets big on Asia: Eyes significant coffee market growth in India and China

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Nestle
Nestlé (Representative Image)

Nestle SA views India and China as crucial coffee markets, expressing optimism about the potential for significant growth in coffee consumption in these highly populous nations, as stated by the global head of strategy.

“We have a really strong footprint in Asia and we are really bullish about those markets that have very low per capita consumption,” Philipp Navratil, head of Nestle’s coffee strategic business unit, said in an interview in Vietnam’s Dak Lak province. “China is really a big focus, and India is a big focus.”

In Asia, Nestle is involved in instant coffee activities, particularly in Vietnam, the largest producer of robusta beans globally. Earlier this year, futures for this variety in London reached a record high due to concerns about supply constraints. The impending El Niño is anticipated to result in drier conditions in the coffee-growing regions.

According to Navratil, the Philippines and Thailand hold strategic importance as key markets for the Swiss company specializing in Nespresso and Nescafe, encompassing both soluble and ready-to-drink products. Additionally, he highlighted Pakistan and Africa as other regions poised for significant growth in consumption.

“In India, China, sub-Saharan Africa, there’s 4 billion people that drink less than 20 cups per year” on average, Navratil said. There’s an opportunity “to really build coffee markets out of those huge populations,” he said.

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Innovist raises $7 Million in series A funding led by Amazon Smbhav Venture Fund

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Innovist
Rohit Chawla, Sifat Khurana, and Vimal Bhola, Co-Founders, Innovist

Innovist, the overarching organization behind direct-to-consumer (D2C) brands Bare Anatomy and Chemist at Play, secured $7 million in its Series A funding round, with Amazon Smbhav Venture Fund taking the lead.

Several investors, including 72 Ventures, the family office of Nykaa founder Falguni Nayar, and former KKR India head Sanjay Nayar, as well as Accel India and Sauce.vc, were reported to have participated in the funding round, according to multiple media sources.

According to the reports, the startup plans to utilize the newly acquired funds for product innovation, expanding its market presence, and strengthening its team.

Established in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist specializes in personal care products. Presently, it operates three brands – Bare Anatomy, Chemist at Play, and SunScoop. The startup employs an omnichannel approach for the distribution of its products.

Last year, Innovist secured $3.5 million in its pre-Series A funding round, led by Accel Partners and 72 Ventures, building on the $2.5 million it had raised in 2021.

Including the latest round, the total amount of funding raised by the startup is estimated at over $13 million.

Innovist competes with the likes of WOW Skin Science, mCaffeine, Mamaearth, and numerous other personal care D2C brands in the country.

In 2021, Amazon launched its first $250 million venture fund, the Amazon Smbhav Venture Fund, with the intention of investing in early-stage Indian startups. Until earlier this year, the fund had already invested in five companies across sectors such as financial services, healthcare, and consumer tech.

In May, the D2C menswear startup XYXX secured $13.5 million in its Series C funding round, with leading participation from the Amazon Smbhav Venture Fund. Other companies in the fund’s portfolio include The Good Glamm Group, M1 Xchange, Fitterfly, and more.

According to analysis, the ecommerce landscape in India is anticipated to become a $400 billion opportunity by 2030. Within this, the beauty and personal care market is projected to reach $28 billion, experiencing a Compound Annual Growth Rate (CAGR) of 27% from 2022 to 2030.

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TRG stakeholders approve £506 Million buyout by Apollo Global Management

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Wagamama
TRG is the owner of UK-based Wagamama

The shareholders of The Restaurant Group (TRG), a British chain of restaurants and pubs, have approved the proposed acquisition by Apollo Global Management, a US-based private equity company.

The deal garnered approval from 93.5% of shareholders, leading to the company’s transition to a private entity.

In a statement, the group said, “In total, at the court meeting, 93.46% by value of scheme shareholders (as against a threshold of 75%) and 75.59% in number (as against a threshold of at least 50%) voted to approve the scheme. In total, at the general meeting, 93.53% by value of TRG shareholders (as against a threshold of 75%) voted to pass the special resolution to implement the scheme, including the amendment of TRG’s articles of association.”

The announcement of the transaction, valued at £506 million ($620 million), was made in October 2023.

Apollo committed to providing TRG stakeholders with a cash payment of 65 pence per share, representing a 34% premium over the stock’s closing price of 48 pence per share on October 11, 2023.

The anticipated closing date for the deal is December 21, 2023.

At the time of the deal’s announcement, TRG chairman Ken Hanna said, “As a result of ongoing positive management actions and the margin accretion plan we announced in March this year, the group has recovered well from the challenges of the pandemic and the cost of living crisis. This is evidenced by the continued strength of our trading performance versus the broader hospitality sector and the share price increasing 55% this year.”

As reported by Reuters, the agreement comes in the wake of financial instability at TRG, leading to demands for a change in leadership from both activist investors and shareholders.

It is reported that Apollo has been contemplating TRG for an extended period.

TRG’s portfolio includes brands such as Wagamama, the Brunning & Price pub chain and a concessions business. The company has more than 400 restaurant sites in the UK.

In September 2023, TRG agreed to sell its loss-making leisure unit to the Big Table Group.

The sale included restaurant brands Frankie & Benny’s and Chiquito. The business had 75 eateries after TRG closed 40 of its sites during 2023 following weak business.

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Saltbae Burger’s global expansion continues with a 24/7 restaurant at Istanbul Airport

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Saltbae Burger

Saltbae Burger, a brand owned by Turkish chef and entrepreneur Nusret Gökçe, has announced the opening of its restaurant at iGA Istanbul Airport.

This marks a significant milestone in the brand’s initiatives to extend its global footprint within the next three years, leading up to 2026.

Situated in the airport’s premium area, Saltbae Burger will operate 24/7, offering its distinctive burgers, snacks, and beverages.

The restaurant brand said in a statement, “Saltbae Burger’s menu will elevate the dining experience throughout the airport and make the food quality that Nusr-Et is well known for accessible to a more mainstream audience.

“Whether in a hurry or seeking a moment of indulgence, the inviting bar and seating area accommodate every pace. Crafted with the finest ingredients and offering tantalising bites, Saltbae Burger’s commitment to excellence is evident in every dish.

“Chef Nusret Gökçe’s dedication to culinary brilliance shines through, with every aspect of the burger menu creating a memorable dining experience.”

Nusret Gökçe is also the proprietor of the Nusr-Et Steakhouse brand.

Nusr-Et Steakhouse is established both in the United States and various other regions worldwide.

It runs 29 establishments spanning seven countries and 13 cities, including Abu Dhabi, Ankara, Beverly Hills, Bodrum, Boston, Dallas, Dubai, Istanbul, Las Vegas, London, Miami, Mykonos, and Riyadh.

The Guardian reported that in June 2023, the Saltbae Burger in New York City closed its doors, only three years after its initial opening.

The restaurant commenced operations in Manhattan in February 2020, mere weeks before the onset of the Covid-19 pandemic.

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Actor Akshara Singh announced as brand ambassador for Citykart’s 100th mall in Bihar

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Akshara Singh

Citykart, a leading value fashion retailer in India specializing in family fashion across tier-II, tier-III, and tier-IV cities, proudly announces the appointment of Bhojpuri sensation Akshara Singh as the face of their 100th shopping mall in Bettiah, Bihar. Known for her roles in films like “Tabadala,” “Shubh Ghadi Aayo,” and “Dabang Damad,” Akshara Singh brings a touch of glamour to the celebration.

Citykart has continuously broadened its retail footprint throughout Northern India, reiterating its dedication to delivering budget-friendly and fashionable family attire. The inauguration of the 17,000 sq. ft store in Bettiah represents a substantial stride for the brand, symbolizing a noteworthy milestone in its journey since 2016.

With the objective of becoming a central hub for fashion and style, this extensive store provides a varied selection of clothing, accessories, and household items. As Citykart persists in its upward trajectory, this landmark establishment in Bettiah, the second in the city and the 35th in Bihar, underscores the brand’s commitment to ensuring fashion is within reach for everyone.

Vikas Jodhani, Cluster Manager, Bihar, Citykart Retail said, “Opening our largest-ever shopping mall in Bettiah is a moment of pride. It showcases our rapid expansion and our commitment to bringing fashionable and affordable clothing to residents of tier-II, tier-III, and tier-IV cities in Northern India.”

Akshara Singh, reflecting on her association with Citykart, said, “Being part of Citykart’s milestone moment in Bettiah, Bihar, is an honor. The brand’s commitment to affordable and stylish family fashion resonates with me. I invite everyone to explore Citykart’s wide range of fashion and join in the joy of fashion with the Bettiah community.”

Transforming into a preferred destination for festive and wedding shopping, Citykart Retail launches enticing promotions alongside a winter collection. Striving to attain noteworthy sales figures during the festive season, the brand plays a pivotal role in generating employment for 700-1000 individuals, experiencing substantial growth in tier-II, tier-III, and tier-IV cities.

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