ZOFF Foods, a prominent brand specializing in Indian spices, has announced its intention to go public through an initial public offering (IPO) within the next 4-5 years, according to Akash Agrawal, Co-Founder of ZOFF Foods.
Having achieved INR 53 crore in revenue in the previous fiscal year, the brand now has its sights set on reaching a revenue of INR 100 crore in the current fiscal year.
“We aim to be a INR 300 crore brand by 2025-26. Currently, our EBITDA profitability stands at 12-13 per cent and net profitability at 3-4 per cent. We have been able to gain a significant market share as the spices market is constantly growing and second, it is shifting from being an unorganised market to an organised market,” he stated.
“Apart from this, in the next 3-4 years, we are also eyeing to become the 3rd biggest national player in the spices category,” he further added.
Being an e-commerce-first brand, ZOFF Foods has established its presence across all major e-commerce platforms. Additionally, in the realm of general trade, the brand has permeated 10,000 GT stores spanning 10-15 states in India.
Currently, the brand generates 60% of its revenue from e-commerce, 20% from General Trade (GT), and the remaining 20% is attributed to institutional sales and wholesale channels.
“Going ahead, as we plan to expand our presence in GT and take the total count to 15,000 GT stores by this fiscal end and 50,000 stores by the next fiscal end, we are eyeing to raise INR 50 crore in series A at the valuation of upto INR 500 crore and we are looking at diluting 15 per cent of our equity as per the valuation,” he asserted.
“Along with the expansion, we will also be using these funds for marketing,” he further added.
Before this, the brand secured INR 1 crore for a 1.25% equity stake at a valuation of INR 80 crore during its appearance on Shark Tank India – Season 2.
In October, the brand expanded its product range to include dry fruits, and by February 2024, it intends to venture into the seasonings and condiments category.
“We do not manufacture dry fruits. We have tied up with a third-party vendor. We just procure, pack, and sell dry fruits and we will be following the same strategy for seasonings and condiments,” he stated.
For the current fiscal year, the brand anticipates that 15% of its revenue will be derived from the dry fruits category.
ZOFF Foods possesses a 3-acre spice manufacturing facility located in Raipur, Chhattisgarh.
“We have utilised just 40 per cent of the total capacity of our manufacturing capacity currently and it has the potential to do business of INR 300-400 crore,” he asserted.
In October, the brand expanded into the international market by establishing a partnership with Amazon USA.
Moving forward, with a comprehensive understanding of international markets, the brand intends to expand its presence into countries such as Canada, Australia, and Europe.
Nykaa, a prominent player in the beauty and fashion ecommerce sector, experienced a notable surge, with its shares rising by as much as 11% to reach INR 170.10 in Friday’s intraday trading on the BSE, marking an 11-month peak. Despite some retracement later in the day, the stock closed with a 9.5% gain at INR 167.75.
Unlike many new-age tech stocks that have seen substantial gains this year, driven by optimistic paths to profitability, Nykaa tells a different story. The stock faced subdued gains in the current year due to sluggish growth in its beauty and personal care (BPC) vertical and a decline in the fashion segment.
After the significant increase on Friday, Nykaa’s shares have entered positive territory for the year and have recorded an 8.4% year-to-date (YTD) gain.
Nykaa’s shares have been experiencing a robust upward trend since the previous week, triggered by the release of its Q2 FY23 earnings on November 6. Despite the modest growth in the company’s Beauty and Personal Care (BPC) business, the market has turned optimistic due to a resurgence in Nykaa Fashion.
In a year-on-year (YoY) comparison, Nykaa saw a 50% increase in net profit to INR 7.8 Cr in Q2, and sequentially, it rose by 44.4%.
In the quarter, the company’s overall gross merchandise value (GMV) rose by 25% year-on-year (YoY) to reach INR 2,943.5 Cr, with the fashion vertical outpacing the growth in the Beauty and Personal Care (BPC) segment.
Since the release of its results for the September quarter, the shares have surged by more than 19% in the past two weeks.
Following the publication of Nykaa’s results, there was a division of opinion on the Street, primarily due to the increasing competition in the Beauty and Personal Care (BPC) sector.
Certain analysts perceive the entry of Reliance and Tata into the market as a potential challenge to Nykaa’s growth trajectory. In contrast, JM Financial asserts that Nykaa is likely to maintain its competitive advantage as the favored platform for brand launches.
Despite broader market pressure on Friday, Nykaa’s shares experienced a rally. The increase in risk weights for unsecured loans by the RBI negatively impacted banking stocks and temporarily disrupted the broader indices’ resurgence, according to Vinod Nair, Head of Research at Geojit Financial Services.
Greater Than Gin is launching its second limited-edition coffee-infused gin, named “No Sleep,” available exclusively in Goa and for export to international markets.
The coffee-infused gin is set to make a comeback in stores across Goa and is now accessible in the United Kingdom, Germany, Italy, Singapore, and Taiwan.
Anand Virmani, Co-Founder, and Master Distiller at Nao Spirits underscores that in the craft spirits domain, uniqueness arises from a combination of creativity and unwavering commitment to achieving excellence.
In accordance with this philosophy, NAO Spirits’ distillers turned a cocktail experiment from 2017 into this refined limited-edition gin.
This iteration of No Sleep Gin is meticulously crafted, incorporating a dark roast cold brew made from 100% Arabica Coffee sourced from Chikmagalur and Coorg in Karnataka, India.
It’s worth mentioning that this gin is devoid of any added sugar or flavorings. No Sleep gin is best enjoyed with tonic water and an orange wedge, and it also serves as a versatile base for cocktails like the Negroni or the Espresso Martini, among other possibilities.
“The No-Sleep gin was only our second limited edition ever. It is one that has remained close to our hearts not only because it’s really good, but because it was our very own Jay Dhawan who came up with the idea. Since we stopped production, we have received numerous messages from across the country asking us to bring it back, and I’m happy to report that we have relented. It’s going to be exciting to see No-Sleep back on shelves in shops and at our homes,” said Anand Virmani, Co-Founder and Distiller of Nao Spirits.
Greater Than Gin is available in 11 states and 3 union territories across India and has expanded its presence to 11 other countries worldwide, with ongoing plans for further growth.
Since 2020, they have annually unveiled a limited edition gin, with the latest addition, Broken Bat Gin, being revealed in 2022 and currently available in Maharashtra, Goa, and Karnataka.
On Thursday, Italy prohibited the manufacturing and commercialization of lab-grown meat, citing health worries and a desire to protect its livestock sector, despite the fact that the European Union has not yet authorized its sale.
By enacting this law, Italy has become the first European Union member state to prohibit the production of cultivated meat, commonly known as lab-grown meat, derived from animal tissue cells.
After securing approval from the Senate and subsequently gaining the green light from the lower house of parliament, the law also prohibits the labeling of plant-based proteins as meat, imposing fines ranging from 10,000 to 60,000 euros ($10,900-$65,000) per violation.
Companies worldwide are seeking to commercialize plant-based meat alternatives, driven by ethical concerns surrounding industrial livestock farming and increasing awareness of environmental issues.
Livestock farming significantly contributes to the emissions of greenhouse gases on a global scale.
At present, cultivated meat is permitted for sale in Singapore and the United States, but not within the European Union, despite European companies actively securing funds for research in this emerging scientific field.
The European Union classifies lab-grown meat as a “novel food,” and therefore, any new product in this category would be subject to marketing authorization by the bloc.
The Italian legislation aims to “safeguard the national livestock heritage,” acknowledging its cultural, socio-economic, and environmental significance, while also ensuring a high standard of human health protection.
Furthermore, the legislation asserts its intent to safeguard the interests of consumers and their right to information regarding the food they consume.
On Thursday, Francesco Lollobrigida, the Agriculture Minister and a member of Prime Minister Giorgia Meloni’s far-right Brothers of Italy party, stated that cultivated meat “disrupts the virtuous relationship between land, man, and labor that has accompanied us for millennia and enabled us to sustain the land.”
The president of Coldiretti, Italy’s primary agricultural lobby, subsequently engaged in a physical altercation with two members of the More Europe party outside parliament, referring to them as “clowns” during their protest against the bill.
Coldiretti, the advocate for livestock farmers, has criticized what it labels as “Frankenstein” meat and contends that the law reflects a dedication to safeguarding the Mediterranean diet.
The lobby urged farmers to gather in front of parliament before the vote to “prevent a perilous deviation that jeopardizes wholesome eating and the future of Made in Italy food.”
However, opposition members accused the government of engaging in political maneuvering ahead of next year’s European elections and criticized it for hindering innovation and limiting consumer choice.
Stefano Vaccari, the head of the Democratic Party on the agricultural commission, criticized Lollobrigida, stating that he was involved in “propaganda” and asserting that the law did not align with the necessity to globally ensure healthy and nutritious food from sustainable and high-quality agricultural activities.
The Italian nonprofit, the International Organization for the Protection of Animals, condemned the law as futile.
“This ban is completely useless today, since cultured meat has not yet been approved for human consumption in Europe and therefore cannot be marketed,” it said, adding that if it is allowed in the bloc, Italy will not be able to prohibit it.
According to the Good Food Institute, 159 cultivated meat companies are currently operating in 32 countries. Investment in the sector has reached $2.8 billion worldwide, with 120 million euros raised in Europe last year, it said.
Domino’s Pizza Enterprises (Domino’s) is gearing up to introduce an e-bike equipped with an integrated pizza oven in Singapore.
The company stated that the recently developed Domino’s dxb e-bike has been meticulously crafted and designed to offer the “hottest, smoothest, and safest” experience for pizza deliveries.
Domino’s clarified that the pizza pod, equipped with temperature control, maintains the meals at 68°C to ensure optimal freshness.
The e-bike is set to debut in Singapore and will be progressively introduced in specific locations across Domino’s 12 markets.
Domino’s Pizza Singapore and Cambodia CEO Michael Chick said, “We are constantly seeking ways to elevate our delivery and customer experience. We know that it is also a food industry issue where customers often compromise on the quality of food for delivery convenience.
“We are thrilled that our latest Domino’s innovation will enable our customers to enjoy the freshest pizza dining experience in our store but in the comfort of their homes.”
Through the introduction of the new e-bike, Domino’s seeks to diminish its carbon footprint and play a part in initiatives aimed at fostering a greener and cleaner future.
Domino’s Group managing director and CEO Don Meij said, “For us, delivering the perfect pizza is more than just a job – it’s our core purpose and runs deep within our DNA.
“The dxb is the next exciting milestone in our quest to ensure your pizza reaches you in record time without compromising on quality or taste.”
Donatos Pizza, a fast-casual restaurant chain, has recently inked two development agreements for the establishment of new eateries in Louisville, Kentucky, and Orlando, Florida.
As an integral component of the company’s strategic expansion initiative, these new agreements will signify Donatos Pizza’s inaugural entry into the Louisville market and a noteworthy extension of its footprint in Orlando.
Under the first deal, Donatos will be establishing two restaurants in Middletown and Jeffersontown in Louisville.
The first restaurant site is anticipated to commence operations in 2024, while the opening of the second location is planned for a later stage.
Donatos Pizza president Kevin King said, “We are thrilled to reveal these new development deals, which mark a momentous step in our journey to bring the Donatos Pizza brand to more communities throughout the country.
“Entering the Louisville market and enhancing our presence in Orlando is a testament to the strength of our brand and the appeal of our unique pizza experience. We look forward to providing our famous Edge to Edge toppings and warm hospitality to these communities.”
Under the second agreement, Donatos is set to enhance its footprint in Orlando by introducing new restaurants in the Clermont or Hunters Creek area.
Donatos Pizza franchise development vice-president Jeff Baldwin said, “It’s an exciting chapter in the Donatos Pizza story as we continue our growth momentum, expanding into two great American cities.
“These cities are not only focus markets for growth but also share a deep appreciation for community and great food, which makes them strong additions to our brand’s ever-growing reach.”
Donatos Pizza currently operates more than 460 locations across 29 US states.
In celebration of International Men’s Day, Kalyan Jewellers has introduced its exclusive men’s jewellery line, Senhor. The launch campaign prominently features the renowned Amitabh Bachchan showcasing exquisite pieces from the newly unveiled men’s collection in a uniquely crafted presentation.
Derived from the Portuguese term for ‘sir’ or ‘gentleman,’ the Senhor collection skillfully combines contemporary style with classic design. This distinctive line caters to the modern man’s preference for meaningful accessories, effortlessly blending affordability with elegance. Positioned as an accessible range, the collection seamlessly integrates into the lifestyles of today’s consumers. It accentuates the growing trend of selecting men’s jewelry as cherished gifts, particularly during the ongoing wedding season in India.
Ramesh Kalyanaraman, Executive Director – Kalyan Jewellers said, “The new exclusive men’s jewellery collection redefines elegance and strength for the modern Indian male. Each design in the Senhor collection is a testament to the modern Indian male’s dynamic spirit and unique style. With an unwavering commitment to craftsmanship and quality, we continue to create timeless treasures that resonate with the bold and discerning consumer. Senhor unveils a new era of sophistication, where every piece tells a story of excellence and every jewel echoes the essence of masculinity.”
The Senhor collection showcases enduring pieces that celebrate the distinctiveness and fortitude of the modern man. It presents a varied array of textures, encompassing dual-tone elements and understated patterns. Ranging from gold to platinum, rose gold to white gold, and featuring diamond embellishments, the collection includes an assortment of neckpieces, chains, rings, and bracelets. Meticulously crafted, these designs aspire to achieve a harmonious blend of strength and style.
Guaranteeing quality and authenticity, the jewellery available at Kalyan Jewellers carries the BIS hallmark and undergoes rigorous purity testing. Customers are provided with the 4-Level Assurance Certificate, ensuring purity, complimentary lifetime maintenance, comprehensive product details, and transparent exchange and buy-back policies. This underscores the brand’s dedication to delivering the highest standards for its loyal clientele.
Anthm, the recently unveiled upscale bar and lounge, represents the pinnacle of culinary indulgence, providing a dining experience that flawlessly fuses inventive gastronomy with lavish surroundings. Encompassing a vast 45,000 square feet in Gachibowli, Hyderabad, Anthm establishes itself as a sanctuary for discerning food enthusiasts amid the lively streets of the city.
Established by Harsha Vadlamudi and Vidhatha Annamaneni, who serve as Co-Founders of Ironhill Hospitality, and crafted by the talented Architect Aamir and Hameeda Sharma from AANDH, the lounge embodies the reimagined concept of luxury envisioned by Tarun Chitturi, Sandeep Krishna Padala, Karthik Rao Vempati, Avaneendra Upadrasta, Vishal Reddy Mandadi, and C. Pruthvish Reddy.
Anthm aspires to establish a fresh benchmark in the industry by presenting patrons with a diverse fusion of culinary delights, an elegant ambiance, and top-tier spirits. Positioned as the foremost destination for food enthusiasts in search of a distinctive and elevated dining experience, Anthm boasts a meticulously curated menu crafted by a team of globally acclaimed chefs. The establishment captivates palates with a harmonious blend of flavors that transcend conventional cuisine boundaries.
Sandeep Krishna Padala, Co-Founder of Anthm said, “Our goal is to redefine the dining landscape by offering an unparalleled experience that transcends traditional boundaries. With a start in Hyderabad, we plan to take the Anthm concept and experience to several other cities in the next 12 months. Our commitment to culinary excellence for discerning patrons positions Anthm as a distinctive and sought-after brand in the evolving gastronomic landscape.”
From meticulously designed appetizers to indulgent main courses and luscious desserts, each dish at Anthm is a work of art, presenting a fusion of global culinary influences using the finest, freshest ingredients. The ambiance mirrors a seamless mix of modern aesthetics and timeless elegance, providing a sophisticated setting for a memorable dining experience. The lounge offers plush seating, ambient lighting, and tasteful décor, making it perfect for both celebratory occasions and intimate evenings.
Whether you’re a seasoned food enthusiast or an individual eager to venture into new culinary realms, Anthm welcomes you to indulge in the extraordinary.
Happie Curves, the Gurugram-based startup renowned for its expertise in plus-size innerwear and comfort clothing, has achieved a significant milestone by securing an angel funding of INR 20 Lakhs. This successful funding round resulted in a 30 percent equity dilution and was made possible through the support of two distinguished angel investors: Rikant Pittie, Co-Founder of EaseMyTrip, and Aparna Thyagarajan, Co-Founder and Chief Product Officer of Shobitam Inc. The initiation of this equity deal followed Happie Curves’ active participation in ‘Indian Angels,’ the pioneering OTT angel investment show.
Operating on a bootstrap model from its inception, the startup plans to deploy the recently acquired capital with a strategic approach. The primary objectives include expanding business operations, elevating brand value, and extending its reach to a broader audience throughout India. Happie Curves envisions establishing itself as the premier and most coveted brand in the plus-size/curvy category.
Sonal Somani, Founder, Happie Curves said, “I am thrilled to get the backing of two renowned Angels for my venture, whose investments in Happie Curves not just validates the huge promise and potential of my business idea, but also reaffirms and strengthens our belief that every woman deserves to be happy, and deserves to feel good from outside and within. And to enable that, diverse body type inclusive clothing is, of course, the way to go. Beyond the funding support, the immense experience and knowledge of these Angels will help us to learn valuable entrepreneurial lessons, grow, and be able to scale the brand rapidly and efficiently in the upcoming months and years. Getting support from these big stalwarts of the startup world itself is a huge achievement, and marks a significant milestone in our journey of taking Happie Curves to the next level of phenomenal growth.”
“Our biggest achievement to date is the widespread acceptance and love received by the brand amongst the country’s plus-size women – for so many of whom Happie Curves’ comfortable and trendy bralettes and lingerie items have emerged as a game-changer. Going forward, we will endeavor to reach out with our inclusive and stylish offerings to the TAM entirely by scaling the brand, and in the long run, ultimately striving to make it the numero uno brand in India for the curvy-plus-size community. In the process of doing that, Happie Curves will continue to innovate constantly, and we will never cease to embrace and celebrate ‘curves’ as we attempt to expand into new forms of comfort clothing and athleisure shortly,” added Somani.
The notable hurdle in the Indian plus-size intimatewear market is the scarcity of sizes, as many existing brands tend to overlook the plus-size segment. Happie Curves is committed to bridging this gap by presenting stylish fits tailored for curvy individuals. The brand offers a diverse selection of intimate wear, beachwear, swimwear, and more – all crafted in India using high-quality fabrics.
Spearheading Happie Curves as a solo force, Sonal Somani has steered the brand towards heightened acceptance and success. Leveraging her expertise in finance and law, combined with her background as a digital marketer, she has played a pivotal role. Initially focusing on metro cities and tier-II cities, the startup has organically garnered acclaim in numerous smaller cities across India, signaling a positive trajectory for the brand’s expansion.
In Kashmir, apple growers, especially those with Grade A produce, are in high spirits these days. Understandably, their harvest is now securing the most favorable market rates in a decade. Often referred to as the ‘fruit bowl’ of North India, Kashmir is witnessing premium prices for its apples across all fruit markets, thanks to a limited supply unable to match the growing demand.
As per apple growers, there has been a significant decline in apple production this year in both Kashmir and Himachal Pradesh, with the crop rate being 50 percent higher than the previous year.
“For the first time since 2007-08, apples are being sold at the best prices in Kashmir. The significant shortage of supply has caused prices to skyrocket,” said Mohammad Ashraf Wani, an apple cultivator in Kellar village of Shopian district, some 52 kilometres south of Kashmir. “A 20-30 percent drop in crop production this year in Jammu and Kashmir (J&K) as well as Himachal Pradesh, two major apple producing regions, has led to apple prices soaring in the market,” he said.
The apple production in Himachal Pradesh suffered a setback due to the havoc wreaked by this year’s monsoon in the state. The floods, a consequence of heavy rains, resulted in a staggering loss of INR 240 crore for Himachal’s apple industry. In contrast to the usual average of 8 lakh metric tonnes (MT) of apple production, this year saw a significant reduction, with only 3 lakh MT being produced.
Likewise, fluctuations in weather conditions in Kashmir impacted the crop at different stages of development, resulting in a reduction in output.
Wani, a trader and former president of the fruit market in Shopian, mentioned that apples from J&K and Himachal are not only predominantly sold domestically but are also exported to Bangladesh and Nepal.
“Such is the demand of our apples that every day, between September and November, 80-100 apple-laden trucks carrying 800 boxes of apples are transported to Delhi and other parts of the National Capital Region.”
According to official statistics, Kashmir annually exports approximately 18 lakh metric tonnes of apples, constituting 75 percent of India’s total apple production.
As stated by 55-year-old Wani, this marks the first instance where a 15 kg box of the Kulu delicious variety is being sold at INR 1,300-1,600, as opposed to INR 700-800 last year. Likewise, the 15 kg plain delicious variety is currently priced at INR 1,000-1,300, a significant increase from INR 400-600 last year.
Not far from Srinagar, in Sopore, hailed as Asia’s second-largest fruit market, the rates of grade A apples have doubled over last year.
“Two weeks before the A grade quality was sold at INR 1,300 to INR 1,400 per 15 kg box. This year, however, the rates started to decrease after apples from Iran entered the Indian market. However, the rates still are on the higher side as the Grade A quality is currently sold at INR 1,000 to INR 1,100 per 15 kg box against INR 500-600 per 15 kg box last year,” said Sopore fruit Mandi president Fayaz Ahmad Malik.
Suhail Ahmad, another apple grower from the Tral area of Pulwama district, mentioned that this year marks the first time growers have achieved record rates for their produce.
According to Manzoor Ahmad Mir, Deputy Director of Central Horticulture Planning and Marketing, the rise in rates for Kashmir apples is attributed not only to low production but also to advancements in the grading and packing of the fruit.
“This is the first time after nearly a decade that the rates of our crop have risen. We are seeing good demand in almost all the markets of the country, mainly in Kolkata, Ahmedabad, Bangalore and Chennai.”
Mir further stated that this year, the improved color of the fruit has contributed to increased demand and prices.
“Whenever there are fewer fruits on the tree, the colour of apples gets better due to proper sunlight exposure. The fruit density on a tree impacts the colour and overall quality of apples,” he explained.
Malik, the president of Sopore Fruit Mandi, added that the gains wouldn’t be significant for growers as a considerable portion of the fruit has been affected by scab. He further noted that the overall production this year was only 60 percent of the levels in previous years, with just 30 percent being A grade, while the rest fell into the C grade category.
“Prolonged erratic weather, coupled with hailstorm and use of substandard pesticides in apple orchards, have reduced production drastically this year,” he said.
Bashir Ahmad Bashir, president of the Kashmir Fruit Growers and Dealers Association, mentioned that while the rates for A grade apples are higher than in previous years, the output is comparatively low.
“Last year 21 lakh MT of apples were produced in J&K compared to 9 MT so far this year. A grower is getting good rates only for the A grade while the B and C grade apples either go to waste or are sold at cheaper rates,” said Bashir.
Over the last 15 years, Kashmir’s apple industry has faced substantial losses attributed to political instability, climate change, conventional farming practices, the impact of Covid-19, and the influx of Iranian and U.S. apples. Farmers lamented significant losses last year, primarily due to the frequent halting of fruit-laden trucks on the Srinagar-Jammu national highway.
Despite grappling with these challenges, the apple industry in J&K stands as the largest employment generator, involving 3.5 million people and contributing 9.5 percent to the union territory’s GDP.
To address the challenges facing Kashmir’s apple industry and compete with Iranian and American apples, Wani has proposed that growers redirect their focus towards high-density farming.
“The traditional apple trees in our orchards are 50-60 years old due to which our crop is not able to sustain current weather fluctuations. We need to introduce hybrid and climate-resilient varieties. Pesticide spraying should be done on the recommendations of horticulture scientists,” he explained.
It remains uncertain whether his suggestion will be taken into consideration. Currently, those who have harvested Grade A apples are experiencing satisfaction and contentment.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
