Flipkart-backed agritech startup Ninjacart gears up for expansion with major office lease

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November 15, 2023

Ninjacart, an agritech startup, has secured a lease for 1,037 seats from the flexible office space provider Indiqube in Bengaluru as part of its efforts to expand and streamline its operations.

The emergence of this development coincides with the Flipkart-Walmart-backed company’s pursuit of profitability, while simultaneously exploring expansion into new sectors under the leadership of a new chief executive.

“As we embark on the journey of consolidating and expanding our office space within the flexible office environment, we embrace the collaborative spirit that fuels innovation. This strategic move not only enhances our operational efficiency but also fosters a dynamic ecosystem for creativity and growth,” said Sharath Loganathan, co-founder, Ninjacart.

Originally founded as a fresh produce supply chain entity in Bengaluru, Ninjacart has transformed into an online marketplace that connects farmers, traders, retailers, exporters, and importers through its trading platform.

The company has conveyed its confidence in achieving growth ranging from two and a half to three times this year. Additionally, it announced plans to raise funds in the upcoming year to support and drive further expansion.

The agritech company revealed a gross merchandise value of approximately INR 1,600 crore, with 60% stemming from fulfillment business and 30% from new offerings.

Founded in 2015, Ninjacart has garnered $377 million (approximately INR 3,100 crore) in funding from investors including Tiger Global Management LLC, Accel, and Infosys co-founder Nandan Nilekani. In its most recent funding round, it successfully raised around $145 million (INR 1,200 crore) from Flipkart and Walmart, achieving a valuation of $815 million (INR 6,780 crore).

Flexible office spaces are increasingly being embraced by occupiers as they prioritize the establishment of operational efficiencies through a distributed work model.

“Flexible workspaces essentially provide businesses with the infrastructure and resources they need to work efficiently, without the burden of long-term leases and high setup costs,” said Arpit Mehrotra, managing director, office services, South India, Colliers India.

Colliers India, a firm specializing in professional real estate services, facilitated the transaction for Ninjacart’s premium office space.

“We have seen the demand for 1,000 plus seats at flex workspaces has become the new normal as compared to an average of 500 seats before the pandemic, led by unicorns, among other factors,” said Mehrotra.

Industry estimates indicate that the flexible office segment experienced a threefold increase in size by March of this year compared to the preceding three years. In the first half of 2023, the segment witnessed the leasing of 4.5 million square feet of office space in major cities, reflecting a 25% year-on-year growth. Colliers reports that this growth was particularly notable in Bengaluru, Pune, and the Delhi-National Capital Region.

Ninjacart has diversified its operations into emerging sectors like commerce and fintech, with the goal of strengthening the agricultural value chain for farmers, traders, retailers, importers, and exporters. The company currently employs around 1,300 individuals and operates in 70 locations, with ambitious plans to extend its presence to 200 cities and towns within the next year.

KFC plans major expansion in CEE region and India with milestone restaurants

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November 15, 2023

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KFC restaurants — (Representative Image)

KFC is gearing up for an expansion in the Central & Eastern Europe (CEE) region and India with plans to inaugurate significant milestone restaurants in Bucharest, Romania, and Haryana, India.

The upcoming restaurant in Bucharest will mark the brand’s 1,000th establishment in the Central and Eastern European (CEE) region. It features state-of-the-art kiosks, digitized drive-throughs, enhanced e-commerce platforms, and utilizes artificial intelligence informed by data.

KFC is striving to establish itself as the premier quick-service restaurant (QSR) brand in the Central and Eastern European (CEE) region. As a key element of its global expansion strategy, the company has set a goal to open 100 stores each year.

In India, KFC is gearing up to launch its 1,000th store, situated in the state of Haryana at DLF Cyber Hub in Gurgaon, before the end of 2023.

The Indian franchise partner, Devyani International Limited, with a partnership spanning over two decades with KFC’s parent company, Yum! Brands, will be inaugurating the 1,000th restaurant.

KFC Global CEO Sabir Sami said, “As one of the fastest-growing retail brands in the world, our growth is driven by our passion to lead with inclusivity, build with purpose, drive system sales and grow our brand in every market that we operate.

“I’m humbled by these achievements and see this as an opportunity to celebrate the incredible work of every business partner and team member as we continue to share the joy of our best-tasting fried chicken with more of the world.”

The restaurant brand has announced that it opens a new store somewhere in the world every 3.5 hours. By 2024, it aims to make an entry into its 150th country.

With a global presence, KFC presently runs over 29,000 restaurants, contributing to the creation of almost one million jobs worldwide.

KFC Global chief development officer Nivera Wallani said, “While we’re a global brand, we aim to meet the unique needs and expectations of our guests on a local level, ensuring that restaurants are designed to connect with the local community and feel paired with menus that resonate with the local culture and flavours.”

New WHO report suggests certain ultra-processed foods can boost well-being!

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November 15, 2023

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A World Health Organization (WHO) report has determined that certain ultra-processed foods (UPFs) can be beneficial for individuals’ well-being.

The Consumption of Ultra-Processed Foods and Risk of Multimorbidity of Cancer and Cardiometabolic Diseases report, produced by the WHO’s International Agency for Research on Cancer and the University of Vienna, has suggested that processed foods such as bread and cereal reduce the risk of multiple long-term conditions – multimorbidity – due to their fibre content.

UPFs have garnered extensive criticism due to their associations with obesity, heightening the likelihood of heart disease and diabetes.

In a recent statement, Filippa Debentencourt-Juul, a post-doctoral fellow appointed by the provost at New York University, shared findings from various studies on UPFs. She revealed, “I discovered a notable correlation between the proportion of processed foods in the diet and the prevalence of overweight and obesity, abdominal obesity, as well as elevated BMI and waist circumference.”

The WHO study, which involved over 266,000 participants across seven European countries, highlighted that consistent consumption of items like sausages and sugary drinks increases the likelihood of weight gain. However, it emphasized the significance of avoiding a blanket condemnation of all ultra-processed foods.

It said, “Among UPF sub-groups, associations [with health issues] were most notable for animal-based products and artificially and sugar-sweetened beverages. Other sub-groups, such as ultra-processed breads and cereals and plant-based alternatives, were not associated with risk.”

Nevertheless, the authors were cautious in emphasizing the overall harm that UPFs can inflict.

“In this multinational European prospective cohort study, we found that higher consumption of UPFs was associated with a higher risk of multimorbidity of cancer and cardiometabolic diseases,” the report said.

Highlighting the scale of UPF consumption, the report said, “The availability and consumption of ultra-processed foods has increased worldwide and represents nowadays 50–60% of the daily energy intake in some high-income countries and middle-income and low-income countries are following suit.

“Fresh or minimally processed foods are being increasingly replaced by higher proportions of UPFs in the diet, raising concerns about their long-term health effects.”

The report defines UPFs as products manufactured industrially, consisting of deconstructed and modified food components reassembled with various additives. Typically, UPFs include mass-produced packaged breakfast cereals, biscuits, reconstituted meat products, instant noodles, as well as soft and/or sweetened carbonated drinks.

The research findings were released in the medical journal, The Lancet.

E20 Investment acquires majority stake in Turkish seafood giant Lucky Fish

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November 15, 2023

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United Arab Emirates-based E20 Investment has recently obtained a majority stake in the Turkish fish processing enterprise, Lucky Fish.

Mediterra Capital Private Equity, a Turkish firm, formerly held the majority ownership of the sea bream and bass processing company.

Established in 1986, Lucky Fish has a workforce of approximately 450 individuals. The majority of its food sales, roughly 97%, come from exports.

E20 expressed anticipation in utilizing its global expertise and resources to assist Lucky Fish in expanding its market reach and strengthening its position.

Sultan Al Jaberi, group CEO of E20, said, “We are thrilled to announce our investment into Lucky Fish, the leading value-added exporter of sea bass and sea bream from Turkey to Europe. This strategic investment is in line with our investment thesis of investing in sustainable companies operating in the agribusiness sector.

“Lucky Fish’s dedication to quality and responsible practices mirrors our own values, making this partnership an exciting and promising venture.”

Lucky Fish CEO İsmail Aksoy said, “This strategic investment by E20 Investment marks an important milestone in our growth story. With the support of E20 Investment, we are confident that we will be able to grow globally by adding new countries to our target markets as well as increasing our capacity.

“E20 Investment has given great importance to our capability of delivering premium seafood products to consumers in the developed markets of Europe. I am sure that E20 Investment’s sector expertise and resources will provide us with new opportunities.”

The headquarters of the fish company is located in Izmir, while its processing and fish feed production facilities are situated in Aydin and Mugla.

Danone teams up with Else Nutrition to expand plant-based infant formula in Europe

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November 15, 2023

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Danone, the renowned French dairy company, has entered into a collaborative agreement with Else Nutrition, a Canadian provider of plant-based infant formula products.

Vancouver-headquartered Else has announced in a statement that, following Danone’s completion of extensive due diligence, the two companies have signed a letter of intent outlining a “multi-stage collaboration, subject to the finalization of certain commercial terms.”

In the initial phase of the project, the Canadian company specified that the collaboration involves entering into a license agreement. This agreement entails the inclusion of Else’s products in Danone’s specialized nutrition portfolio, with manufacturing, marketing, and commercialization responsibilities undertaken by the prominent French dairy company.

According to a spokesperson from Else, “Danone will produce the products it will commercialise in Europe initially but there is potential for expansion into other markets.”

Established in Israel in 2018 by industry veterans in the infant-formula sector, Else made its debut in the European market with a launch in the United Kingdom earlier this month.

CEO Hamutal Yitzhak said, “the UK represents our first entry into the lucrative European market and we expect to enter additional European countries in the near term.”

He added, “Moreover, Europe is an ideal market for our products given consumer preferences and trends towards healthy and nutritious plant-based options, especially for their children.”

Else said that after the first stage of the project, the two companies will “negotiate other opportunities beyond product commercialisation”.

The spokesperson said this means “other business or scientific mutual activities besides licensing the toddler product in Europe.”

The company stressed this “is not an acquisition of Else at this point”, adding “it’s a collaboration agreement for the Europe market, with an agreement to discuss other activities and geographies that may be negotiated in the future”.

Else, which uses a co-manufacturer, said the deal does not at present impact its business in North America or other countries outside of Europe.

It said the parties anticipate signing the definitive agreement by the end of Q1, 2024.

Danone, which owns plant-based alt-dairy brands including Alpro and Silk, has increased its exposure to the category in recent years through acquisitions and investment.

In 2021, it acquired US plant-based products provider Earth Island, which specialises in faux-cheese and mayonnaise.

And in April this year it invested in Israel-based animal-free dairy start-up Imagindairy.

Danone refrained from providing comments on the collaboration agreement with Else upon contact.

Pulmuone enhances production efficiency with expansion of California noodle facility

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November 15, 2023

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On Wednesday, Pulmuone, a South Korean food company, revealed its expansion of the fresh noodle production facility in Gilroy, California, USA.

With the plant expansion, the company has increased its annual production of Asian noodles to 24 million units (190 grams per pack). This strategic move is a direct response to the growing local demand for these popular products. Notably, alongside tofu, Asian noodles stand out as the cornerstone of Pulmuone’s business in the US.

The Asian noodle constitutes a fundamental product, contributing to approximately one-third of Pulmuone’s overall sales in the US. Upon the company’s entry into the US market in 2015, the landscape was predominantly occupied by low-end dried noodles. Pulmuone introduced high-quality refrigerated noodles, known for their convenience in preparation. Over the years, the company has experienced remarkable growth, with its annual sales of Asian noodles in the US surging 6.3 times from 2017 to the previous year.

Previously, Pulmuone relied on exporting semi-finished products, including fresh noodles, with Pulmuone Foods USA responsible for their assembly and sale. The recent establishment of the Gilroy facility has transformed this dynamic, enabling local production. This shift is anticipated to streamline operations, reduce logistics expenses, and contribute to increased profitability.

The Gilroy facility exemplifies modern efficiency, featuring complete automation from the mixing stage to packaging. Additionally, it incorporates state-of-the-art temperature control systems that adhere strictly to the rigorous guidelines set by the US Food and Drug Administration (FDA).

Having kicked off its expanded operations with Teriyaki stir-fried udon last month, Pulmuone Foods USA intends to extend its production to encompass five varieties of fresh noodles, including Tonkotsu Ramen.

Pulmuone’s range of Asian noodle products is available in over 300 Costco stores across the United States.

In November 2021, Pulmuone expanded its tofu production line at the Fullerton plant in Western America to 9,300 square feet. This expansion doubled its maximum monthly production capacity and resulted in a 38% increase in tofu production.

Quench acquires Neighbors Coffee, expanding premium point-of-use offerings

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November 15, 2023

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Quench, a company owned by Culligan, has announced the acquisition of Neighbors Coffee.

Established in 1985, Neighbors Coffee operates as an office coffee supplier and service provider located in West Park, Florida.

The acquisition highlights the growing role of coffee in the company’s portfolio and supports its “goal of providing commercial customers with the broadest array of premium point-of-use offerings,” said Ryan Hartley, VP of corporate development for Quench.

David Santana, owner of Neighbors Coffee, added, “Quench is the benchmark when it comes to customer service. When the time came to pass our legacy on, Quench was the natural choice.”

“With its unparalleled product line that also includes water coolers, ice machines and sparkling water dispensers, Quench is uniquely equipped to support the many breakroom needs of our customers.”

The details of the transaction were not made public.

Nestlé and Kellogg team up to launch breakfast-inspired coffee creamer

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November 15, 2023

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Nestlé has partnered with Kellogg to launch a breakfast-inspired coffee creamer under the Coffee Mate and Eggo brands.

Coffee Mate x Eggo’s waffles with maple syrup-flavoured creamer features notes of “toasty” waffles, rich maple syrup and butter.

Leonardo Aizpuru, Nestlé’s VP of brand marketing for the beverage division and business unit, said, “Coffee Mate fans know that we’re dedicated to bringing new, sought-after and unexpected flavours to our limited-time offerings to add an exciting twist to their daily coffee routines”.

“Breakfast flavours, particularly maple, are amongst the top requested – and as breakfast and coffee go hand-in-hand, we thought no better pairing than Coffee Mate and Eggo.”

Available for a limited time, the new creamer will be offered at retailers nationwide starting January 2024, priced at $4.69 per 32-ounce bottle.

In September, Nestlé and Kellogg announced the launch of their line of breakfast-inspired milk.

Diageo unveils exciting addition to Gordon’s gin lineup with Sugar Plum Gin Liqueur

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November 15, 2023

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Diageo has broadened its range by introducing a new gin variation, the Sugar Plum Gin Liqueur, within the Gordon’s gin brand.

The gin liqueur has been crafted to achieve a harmonious balance, skillfully combining the botanical essence of Gordon’s classic gin with the luscious sweetness of plums. This meticulous process results in a uniquely jammy, lightly spiced flavor profile, complemented by a rich purple hue.

Crafted with a 20% alcohol by volume (ABV), this beverage is designed to cater to the growing desire among consumers to craft bar-quality drinks in the comfort of their homes, particularly during the winter months. This shift is evident, with over half of the UK’s cocktail enthusiasts now choosing to enjoy their drinks within the cozy confines of their homes.

Hazan Aydin, head of Gordon’s and Pimm’s at Diageo GB, said, “Gordon’s is always looking at ways to provide something new and exciting for consumers and brand loyalists to explore. We have been growing our Gordon’s family over recent years with a range of successful flavour expressions and we’re thrilled to be introducing Gordon’s Sugar Plum Gin Liqueur to the market this festive season. The innovation arms retailers with a unique twist on the classic Gordon’s spirit and is the perfect flavoursome tipple to elevate those at-home occasions.”

The new spirit will be hitting the shelves of major UK retailers this month, offering consumers the opportunity to acquire it at a recommended retail price (RRP) of £14.

British dairy sector to scale new heights as govt launches Dairy Export Programme

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November 15, 2023

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The Dairy Export Programme aims to facilitate the expansion of UK agri-businesses by capitalizing on emerging export prospects and tapping into international markets for their goods, supported by a comprehensive array of export assistance.

The Dairy Export Programme is a direct result of £1 million in funding from the British government. As part of a more extensive package of government support for agriculture, food, and drink, this initiative encompasses a £2 million investment aimed at bolstering the Department for Business and Trade’s (DBT) global tradeshows and missions program. Collaboratively executed with industry stakeholders and the Food and Drink Export Council, these efforts strive to fortify the growth and international presence of the relevant sectors.

The program is set to offer diverse and tailored assistance to businesses, offering educational sessions on enhancing export capabilities, identifying new markets, and engaging in trade promotion activities. These activities encompass an inward buyer trade mission and a UK Dairy Showcase.

Additionally, specialized resources will be allocated in key markets to specifically assist in promoting dairy exports, and there will be ongoing market intelligence support to enable businesses in seizing opportunities abroad.

Malcolm Offord, Minster for Exports said, “Growing the agri, food and drink sector is key to growing our economy, and I am delighted to launch the Dairy Export Programme which will help businesses grasp exciting new opportunities around the world.”

The UK dairy sector stands as one of the premier in the world, recognized for its ambition and innovative practices.

The Dairy Export Programme will enhance the robust support already provided to the sector by DBT. Additionally, food and beverage companies will receive assistance through DBT’s Export Support Service, Export Academy, UK Export Finance, and a network of International Trade Advisers.

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