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.
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.
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.
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.
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.
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.
Livpure has reported a groundbreaking 70% growth in the E-commerce sector during the first six months of FY 24, solidifying its position as a premier choice among the top-branded water purifiers in India. This significant surge underscores Livpure’s unwavering commitment to excellence and consumer satisfaction, showcasing its resilience and resonance in the market.
During the festive season, Livpure has achieved an impressive 50 percent overall growth in the first half of the financial year, showcasing the brand’s strong presence in the market. The notable accomplishment in the E-commerce sector, encompassing Water Purifiers and Sleep-related products, emphasizes Livpure’s ability to address the changing needs of online consumers seeking quality-driven solutions.
General Trade also achieved significant success, with a robust 40 percent growth, further strengthening Livpure’s broad appeal. The Chimney range, introduced just three months ago, quickly attained a top-four position on Flipkart, highlighting its rapid acceptance among consumers. During the festive sale, Livpure secured the No. 1 volume position among branded water purifiers, emphasizing its dominant market presence and the trust consumers have in the brand.
Rakesh Kaul, Managing Director for Livpure, stated, “The festive season has always been a crucial period for us, and this year’s outstanding 70 percent growth in the E-commerce sector validates the trust consumers place in Livpure. Our strategic focus on delivering quality water purifiers and related products has resonated well with customers, reflecting in our robust performance across multiple segments.”
Livpure’s commitment to innovation, quality, and customer satisfaction remains a driving force behind its rise in the market. As the brand widens its product portfolio and reinforces its presence across diverse channels, Livpure remains steadfast in delivering dependable water purification solutions to consumers.
United Breweries, a significant beer manufacturer and a subsidiary of the Amsterdam-based HEINEKEN group, is launching Heineken Silver Draught Beer in India.
For the first time, Heineken is launching draught beer in the Indian market, with the aim of providing consumers a premium, smooth-tasting beverage tailored for social occasions.
During the first launch phase, Heineken Silver Draught Beer will be accessible in upscale bars and pubs throughout Mumbai, Thane, and Pune in Maharashtra. There are plans for expansion into Karnataka in the fiscal year 2024.
“We are thrilled to introduce Heineken Silver Draught Beer to the discerning consumers in India, aligning with our commitment to cater to evolving preferences. In response to consumer insights, we recognise the demand for a superior and refreshing beer experience,” said Vivek Gupta, MD and CEO, United Breweries Ltd , a part of the HEINEKEN company.
Heineken Silver, a malt brew made entirely from natural ingredients, delivers a pleasantly refreshing, smooth, and easily enjoyable lager featuring a crisp, subtle finish. This particular variant has already received significant acclaim in our international markets, and we are confident that it will strike a chord with the emerging generation of beer enthusiasts in India, he emphasized.
Formulated by experienced master brewers using exclusively natural ingredients, including Heineken’s A-yeast and 100 percent malt, Heineken Silver Draught Beer features the freshest and smoothest taste. The company asserts that this guarantees an elevated drinking experience, providing discerning consumers with an unparalleled, perfectly balanced blend of taste and freshness.
Jacqueline Van Faassen, Head of International Premium Portfolio at Heineken India, said, “The introduction of Heineken Silver Draught Beer in India marks a significant expansion of our product portfolio, offering consumers a unique and refreshing world class drinking experience deeply rooted in Heineken’s brewing legacy and expertise.”
The stocks of the foodtech giant Zomato experienced a notable rally, climbing over 4% to reach the day’s peak at INR 119 on the BSE during Wednesday’s session. This surge propelled the company’s market capitalization beyond INR 1 lakh crore.
Zomato witnessed a surge in its shares following a trading activity where the company’s stocks were transacted at an average price of INR 112 per share, resulting in a total transaction value of INR 3,326 crore.
The participants involved in the transaction, including both buyers and sellers, remain unknown at this time.
Nevertheless, according to reports, Alipay Singapore Holding, a subsidiary of the Chinese e-commerce giant Alibaba’s affiliate, Ant Group, was exploring the sale of its complete 3.44% stake in the online food delivery company through a block deal.
Zomato shares began trading with a 2% increase, opening at INR 116.15 compared to the previous day’s closing price of INR 113.80 on the BSE following the block deal buzz.
In recent months, Zomato witnessed foreign institutional investors (FIIs) selling stakes as the one-year lock-in period for investors who obtained shares through the company’s initial public offering (IPO) came to an end.
Last month, it was reported that Japanese tech investor SoftBank planned to offload a 1.1% stake in Indian foodtech major Zomato for at least INR 1,023.6 crore ($123 million). In August, the tech investor sold 1.16% of its stake in the foodtech major for a cumulative sum of INR 947 crore.
In August, investment firm Tiger Global also exited the foodtech giant Zomato by selling 12.24 crore shares worth INR 1,123 crore, amounting to a 1.44% stake.
Zomato reported its second consecutive profitable quarter, with profit after tax surging to INR 36 crore during the September quarter of the financial year 2023-24 (FY24). This was an 18-fold increase from PAT of INR 2 crore in the preceding quarter.
Meanwhile, Zomato and Swiggy, the duo, reportedly received notices for a cumulative goods and services tax (GST) worth around INR 1,000 Cr, which is the 18% tax levied on the total amount collected by them as delivery fees ever since they started offering food delivery services.
In the dynamic landscape of the restaurant industry, where innovation is the key to survival, Explorex has emerged as a trailblazer, reshaping the dining experience for both businesses and consumers. Founded in 2020 by a visionary team led by Mainak Sarkar, Explorex has quickly become a force to be reckoned with, providing a comprehensive, cloud-based software solution that addresses the evolving needs of the restaurant sector.
Mainak Sarkar, Co-Founder, Explorex
Bridging the Gap: From Eatables to Explorex
The journey of Explorex began with the launch of Eatables, an early foray into enhancing the restaurant dining experience through QR codes. Despite facing challenges during the onset of the COVID-19 pandemic, the setback became a catalyst for Explorex’s evolution. Mainak Sarkar reflects on the experience, stating, “The closure of Eatables deepened our insight into the industry, allowing us to pinpoint the underlying issues we aimed to resolve.”
In 2020, Explorex was launched, building on the lessons learned from the earlier venture. The company’s mission revolves around democratizing technology and providing innovative tools for more efficient business operations in the hospitality sector. Backed by notable investors, including Y Combinator, Super Angels, Twitch, and Fitbit, Explorex has witnessed remarkable growth, boasting a 115% increase in Gross Merchandise Value (GMV) processed between February 2023 and July 2023.
In the current business landscape, the absence of a comprehensive, cloud-based software solution has posed a significant challenge for restaurant owners. Explorex steps in to address this gap with an all-encompassing ecosystem that includes order management, operational supervision, online delivery coordination, secure payment processing, detailed reporting and analytics, guest identification, and re-engagement strategies.
Mainak Sarkar emphasizes, “The strength of Explorex lies in its unifying power, consolidating all critical functions into a single, user-friendly platform.” This holistic approach has led to a 40% decrease in table turnover times and a 30% upsurge in the average bill size. Explorex stands out by offering simplicity, modular flexibility, and seamless integration, setting it apart from other market players.
Competing in a Tech-Driven Landscape: Explorex’s Distinctive Strategy
In a competitive landscape where technology giants are making strides in the restaurant industry, Explorex distinguishes itself through a carefully crafted and proven business strategy. The company’s unique ecosystem approach seamlessly integrates essential tools required to operate a restaurant, catering to businesses of all sizes.
Mainak Sarkar notes, “Our commitment to continuous innovation drives us to consistently offer practical solutions to the operational hurdles experienced by our partners.” Explorex’s dedication to providing a reliable and comprehensive solution positions it as the preferred choice for brands seeking technological excellence in the market.
Explorex places a strong emphasis on risk mitigation and a customer-centric approach. Utilizing powerful data analytics, the company identifies and manages risks in the restaurant industry by examining market trends, consumer preferences, and operational performance. Real-time reporting and analytics empower restaurants to monitor key performance indicators and address concerns proactively.
Mainak Sarkar explains, “Explorex not only reduces risks for restaurant owners but also enhances the overall dining experience, ultimately establishing itself as the industry standard in restaurant innovation.”
Pricing Structure and Revenue Model: Prioritizing Restaurant Success
Explorex adopted a unique pricing strategy, initially not charging for its SaaS products and later redesigning its approach to make the product available at a low price. The upfront setup cost, combined with a per-transaction Merchant Discount Rate (MDR), reflects Explorex’s commitment to aligning pricing with the restaurant’s business activities, making the services both reasonable and directly related to success.
Expanding Presence: From Metro Cities to Tier 2 and Tier 3 Markets
While Explorex is headquartered in Bangalore, its impact extends beyond metro cities to Tier 2 and Tier 3 markets. Mainak Sarkar highlights the company’s significant presence in cities like Bangalore, Mumbai, and Chennai, and its growing traction in non-metro cities like Vellore and Kargil. The company is strategically testing the waters in Goa to explore compatibility with its services.
With a remarkable GMV growth rate of 115%, Explorex aims to rapidly expand its presence across both metro and non-metro cities, catering to the diverse needs of restaurants across India.
Future Vision: Explorex’s Role in Shaping the Industry
As the restaurant industry evolves, Explorex envisions a future centered around customer-centricity, personalization of the dining experience, and a focus on health and sustainability. Mainak Sarkar predicts, “Technology is one way that restaurants may personalize the eating experience,” emphasizing the role of data analytics and machine learning in helping restaurants optimize operations and improve offerings.
Explorex aims to be at the forefront of this technological integration, helping restaurants analyze data on customer behavior and sales to make informed decisions. The company positions itself as a key player in driving the industry toward greater innovation, sustainability, and customer satisfaction.
Looking ahead, Explorex’s ultimate goal is to be ubiquitous, sharing the burden of the majority of restaurants in the country. With plans to extend operations across India, raise payment volumes, and implement a reliable acquisition strategy, Explorex aims to solidify its market position as a leader in restaurant innovation.
Mainak Sarkar shares, “Between February 2023 and July 2023, the total GMV handled climbed by about 115%, making us one of the restaurant industry’s fastest-growing companies.” Explorex’s commitment to constant innovation and addressing the evolving needs of restaurant owners positions it as a driving force in shaping the future of the restaurant industry.
In recognition of its groundbreaking technology, Explorex has already won the Times Business Award for “Best Ecosystem Solution in the Restaurant Industry,” solidifying its position as a key player in the industry.
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