DeHaat diversifies agritech portfolio with strategic acquisition of Freshtrop Fruits’ export business

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November 14, 2023

DeHaat, a full-stack agritech marketplace, has entered into a business transfer agreement (BTA) with Freshtrop Fruits Limited. As part of this arrangement, DeHaat will absorb the export network and the grading, packing, and precooling centers, along with the associated manpower, from the Ahmedabad-based firm.

The collaboration positions both companies to enhance the fruit value chain in India by fostering closer connections with farmers, facilitating advanced technology transfer, and upgrading infrastructure, as outlined in the company’s press release.

Established by Ashok Motiani and his family, Freshtrop Fruits has been a prominent exporter of grapes, as well as other fruits such as pomegranates and mangoes, from India to supermarket chains in the UK, the European Union, and numerous other countries for over 25 years.

From the time of its establishment, Freshtrop Fruits has managed two pack house facilities in Maharashtra. The collaboration with DeHaat is set to commence its operations starting from the upcoming grape harvesting season.

DeHaat is a marketplace catering to the agricultural sector, offering a range of services including the distribution of high-quality agrarian inputs, advisory support, lending facilities, and market linkages for the sale of agricultural produce.

As of March 31, 2023, the company reports an expanded presence across 11 states, with over 10,000 DeHaat franchise centers actively serving 1.5 million farmers across 100,000 villages.

In FY23, DeHaat’s gross revenue surged by 54.2%, reaching INR 1,965 crore compared to INR 1,274 crore in FY22, as indicated by its annual financial statements filed with the Registrar of Companies (RoC). Notably, 98.5% of the total income was attributed to the revenue generated from the sale of agricultural products.

DeHaat has previously acquired companies such as FarmGuide, Vezamart, Helicrofter, and YCook.

Mahadev betting app case stirs up storm, Dabur Group’s top brass among accused

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November 14, 2023

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Dabur Group’s Chairman, Mohit V. Burman, and Director, Gaurav V. Burman, renowned figures in the Ayurvedic industry, have been implicated in the betting app FIR filed by the Mumbai Police on November 7. They are among the 31 accused, which includes Bollywood actor Sahil Khan and several unidentified individuals.

The Dabur Group has not reacted on the development so far and despite repeated attempts, no officials were available for comments.

The first complaint was lodged by a social worker Prakash Bankar with Matunga Police who claimed that thousands of people have been cheated of over INR 15,000-crore through the betting app.

The Matunga Police have registered the FIR invoking various sections of the Indian Penal Code, the Gambling Act, the IT Act and further probe in underway, even as many names continue to tumble out.

Simultaneously, the Mahadav app is also being probed by the Enforcement Directorate (ED) for its widespread influence among politicians, glamour personalities and now even corporates, sending shockwaves in these sectors.

Just ten days ago, acting on the ED’s plea, the Centre had blocked 22 illegal betting sites including Mahadev app, which was promoted and run by the Bhilai-based Sourabh Chandrakar and Ravi Uppal, plus other people, and has international links with allegations that huge sums of hush money was being siphoned off through the ‘hawala’ routes.

The issue first shot into prominence after the ED made a sensational claim that the Mahadev app had allegedly paid more than INR 500-crore to Chhattisgarh Chief Minister Bhupesh Baghel.

The matter is under investigations in Chhattisgarh currently in the midst of Assembly elections with allegations being hurled by leaders of the ruling Congress and opposition Bharatiya Janata Party.

Besides Sahil Khan, other Bollywood personalities who allegedly used or promoted the Mahadev app are under the scanner of the investigators since the past few weeks.

Annapurna Swadisht reports impressive financial surge, sets sights on rural retail expansion for continued growth

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November 14, 2023

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Annapurna Swadisht Limited (ASL), a Kolkata-based food and beverage company, has witnessed a remarkable upswing in its operational performance. Reporting a nearly 100 percent surge in revenue from operations, the company achieved INR 131.13 crore for the half-year ending September 30, 2023, compared to INR 65.61 crore in the corresponding period last year. Furthermore, ASL’s profit after tax also experienced substantial growth, registering a notable increase of 128 percent and reaching INR 6.56 crore during the same reporting period.

In the first half of the financial year 2023 (H1FY24), Annapurna Swadisht Limited (ASL) witnessed a substantial surge in its operating profit (EBITDA), marking an impressive increase of nearly 163 percent to reach INR 13 crore. This contrasts with the INR 4.95 crore reported in H1FY23. The company’s enhanced EBITDA margins of 9.92 percent during H1FY24 reflect a noteworthy improvement of 238 basis points compared to the previous corresponding period’s 7.55 percent. This positive shift is attributed to improved economies of scale, entry into high-margin products, and stabilized raw material prices.

Shreeram Bagla, MD, Annapurna Swadisht, said, “The increase in top line during the first half of this fiscal was primarily due to the addition of new capacities penetration into newer geographies along with better penetration in some of the existing markets.”

“We remain bullish about the Bharat story, which lies in India’s rural and semi-urban markets. We have been witnessing good traction in demand from these markets. With increasing per capita income, we expect demand to grow even further in the days to come. We have expanded our manufacturing capacity by setting up a new plant at Dhulagarh in West Bengal, which has already commenced operations. We look to strengthen our presence in the existing markets by ramping up our distribution footprint and rolling out more SKUs,” Bagla said.

Operating through a network of five proprietary manufacturing units and six contractual/leasing arrangements at diverse locations, ASL predominantly serves Tier III and Tier IV markets in Bihar, Jharkhand, West Bengal, Assam, Odisha, and Uttar Pradesh. The company boasts a comprehensive portfolio, featuring nearly 72 Stock Keeping Units (SKUs) spanning various categories. Its products are accessible through an extensive distribution network, reaching over 6 lakh retail touchpoints.

Listed on the NSE-SME platform in September 2022, ASL successfully generated approximately INR 65.43 crore by the end of September 2023 through a preferential issue of equity shares and warrants. Positioned for sustained growth, the company has strategically appointed GP Sah, the former CEO of the FMCG division of the CG group, as an Additional Director and Joint Managing Director. Mr. Sah will spearhead ASL’s expansion into new product segments, with a particular focus on the noodles segment.

ABD strides ahead in the IMFL space with eco-friendly expansion of Rangapur distillery

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November 14, 2023

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Allied Blenders and Distillers Limited (ABD) takes pride in the ownership and operation of its distillery located in Rangapur, Telangana. This facility is dedicated to the production of Extra-Neutral Alcohol (ENA), a vital raw material essential for the manufacturing of alcoholic beverages.

The company recently finalized a strategic expansion of its distillery, raising the annual capacity from 55 million liters to 65 million liters. The entire expansion was funded through internal accruals.

The ABD Rangapur distillery, spread over 74.95 acres with a built-up area exceeding 25,000 square meters, serves as a crucial source of direct employment for around 400 individuals and indirect employment for numerous farmers.

Ranked as the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third-largest IMFL company in India, based on annual sales volumes from Fiscal 2014 to Fiscal 2021, ABD occupies a prominent position in the industry.

Alok Gupta, MD of ABD said, “One of the core values at ABD is excellence in execution. The capacity expansion of our Rangapur distillery is a matter of great pride on account of the access to additional ENA but also because it has been done in a sustainable and environment-friendly manner.”

Demonstrating a strong commitment to sustainability, the ABD Rangapur distillery has achieved a 20 percent reduction in water consumption compared to the previous year through effective water recycling and an advanced water treatment plant. Additionally, the company has made significant investments in an alternative biomass fuel handling system, promoting the utilization of renewable energy sources within the distillery. Through the incorporation of high-efficiency equipment, rigorous process control measures, ongoing training programs to enhance personnel skills, and the adoption of best manufacturing practices, the overall plant performance has improved without increasing the effluent load. This expansion not only reflects ABD’s dedication to meeting the growing market demands but also underscores their responsible and sustainable business practices within the Indian distillery sector.

Costa Coffee teams up with UKG for revolutionary workforce management

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November 14, 2023

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Costa Coffee has collaborated with UKG, a workforce management specialist, to enhance its staffing and strategic labor planning choices.

Utilizing UKG’s AI-driven solution, Costa Coffee boosted staffing efficiency by close to 50% during the holiday season and experienced a subsequent 65% increase immediately afterward.

“The results we’ve experienced with UKG are tremendous. Store managers can accurately plan their staffing needs well in advance and make data-driven decisions, so our stores always have the right people with the right skills in the right place. This not only helps keep customers happy but ensures we have the ideal mix of employees, which creates a better experience for them, all whilst keeping us on budget,” said Katie Little, labor operations manager at Costa Coffee.

Upon implementing UKG Strategic Workforce Planning as its centralized solution for labor budgeting, recruitment planning, and productivity, Costa Coffee significantly enhanced its operational efficiency. By harnessing workforce management information and labor analytics from each cafe location, the coffee giant achieved more accurate forecasting of its 2022 holiday staffing requirements. This strategic approach enabled Costa Coffee to optimize and invigorate its existing workforce while staying on track with its budgetary goals.

“At one point, we had more than 300 different contract types for our workers. UKG helped us standardize that process, and we’ve seen the total number of contracts decrease substantially,” said Little. “Because we can more precisely plan staffing needs months in advance, we can take better care of our people by offering more hours to our full- and part-time employees and hiring fewer fixed-term workers. This cuts down on recruitment costs and helps us fill gaps to make timely hires when and where they are needed.”

Domino’s and Uber Eats partnership to kick off trial next year

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November 14, 2023

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Domino’s is set to initiate a trial of its collaboration with Uber Eats starting next year, as indicated in its most recent trading update.

As per Domino’s Pizza Group, the master franchisee for Domino’s in the UK, this decision follows the brand’s announcement of a worldwide partnership with Uber Eats.

Domino’s has revealed the opening of 45 restaurants in 2023, collaborating with 20 distinct franchise partners. This marks a change from the same period last year when 21 restaurants were opened, involving 13 different franchise partners.

Domino’s anticipates opening a minimum of 60 new restaurants by the year’s end, a notable increase from the 35 opened during the corresponding period last year. Additionally, the pizza brand has disclosed plans for the development of 45 new restaurants in 2024.

“We’ve continued to make great strategic progress to drive sustainable growth. As we look into next year, we see inflation stabilising and our focus will be on continued customer and order growth, as well as franchisee profitability. We remain confident that our resilient, asset-light business model will deliver further financial and strategic progress, and increased returns for our shareholders,” Andrew Rennie, CEO of DPG said.

Domino’s saw like-for-like sales increase by 3.7% in Q3 2023.

Alternative-seafood producers launch Future Ocean Foods, a global initiative for sustainable and innovative seafood solutions

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November 14, 2023

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Current Foods, FoodSquared, Revo Foods, and other producers of alternative seafood have collaboratively founded Future Ocean Foods, an organization dedicated to advancing and promoting this innovative food category.

Future Ocean Foods comprises 36 member businesses spanning 14 countries, including the United States, Canada, the United Kingdom, and Singapore.

Its stated aim is to “promote food security, human health, environmental sustainability and ocean conservation,” said the alliance in a statement.

The group’s member businesses are manufacturers with diverse portfolios encompassing “plant-based, fermentation, cultivated-food, and technology.”

A common denominator among members is that all “have received significant venture capital from the world’s leading food and climate investors and are already working with large legacy seafood companies to create sustainable food options”.

“Alternative seafood is a relatively nascent but fast-growing industry, helping to solve key challenges facing the growing global demand for protein,” said the industry group.

Marissa Bronfman, executive director of Future Ocean Foods, said, “This is an incredible moment in time for the future of food and our oceans. Alternative seafood offers us the opportunity to build a more delicious, nutritious, sustainable and ethical global food system.”

Members of Future Ocean Foods have developed alternatives to seafood, including whole-cut salmon fillets, sushi-grade tuna, smoked salmon, flaky white fish, shrimp, crab, and calamari.

The alliance expressed its desire to propel the alternative protein industry “beyond the burger and the nugget,” transcending North American dietary norms. The group emphasizes the significance of this shift, pointing out that “more than three billion people around the world rely on seafood as their primary source of protein.”

“There have been enormous recent developments in advancing the taste, texture, nutrition and price of seafood alternatives,” it said..

The industry organisation said that “invested capital into the space grew 92% from 2021 to 2022 and US retail sales grew 42% over a similar period,” without citing the source of data.

The relevance of this step is that global fisheries are predicted to collapse by 2048, “due to human-led destruction and climate change”, said the group.

“The global seafood industry is projected to surpass $700bn by 2030, however, wild catch and aquaculture simply cannot – and should not – fulfil this demand,” Future Ocean Foods said.

“As we prepare for a future population of ten billion people by 2050, the need for creating and scaling sustainable protein sources has never been more urgent.”

Jon Burton, a business unit director for marine protein at seafood giant Thai Union, told an industry conference recently that the biggest barrier to shoppers choosing alternatives to seafood is the health benefits they see in eating traditional seafood.

The Montana Group makes striking entry into lifestyle retail with the launch of Brands Unlimited in Noida

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November 14, 2023

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Food and beverages company, The Montana Group, marked its venture into the lifestyle retail sector on Monday with the grand opening of its flagship store, Brands Unlimited, in Noida.

According to the company, Brands Unlimited is poised to revolutionize the retail landscape by providing an unmatched assortment of luxury brands and products. The establishment boasts an extensive collection of premium brands encompassing sportswear, fashion, and accessories, all housed conveniently under one roof.

“We are dedicated to providing our customers with a one-of-a-kind shopping experience, offering a diverse range of premium brands and products that cater to their evolving tastes and needs…we have a pipeline of 15 stores over the next 3 years with a capital investment outlay of INR 100 crore plus,” said Monty Singh, Founder and Chairman of The Montana Group, as per the statement.

It was mentioned that the primary store would be located in the central area of Noida within the Gulshan One29 complex.

Manoj Madhukar, Founder & CEO of The Montana Group, said, “Brands Unlimited is more than just a store, it’s a reflection of our commitment to excellence and innovation. We are excited to introduce a wide array of premium brands in sportswear, fashion, and accessories, all under one roof.

“Our aim is to offer our customers a shopping destination that caters to their diverse preferences, from sustainable and vegan options to the latest in fashion and lifestyle trends,” he added.

Catering to those with a penchant for fashion, Brands Unlimited has unveiled an extensive selection of top-tier sportswear brands. This includes exclusive offerings from Nike, featuring the coveted Air Jordans collection, as well as the latest releases from Puma, Sketchers, Adidas, and Reebok. These offerings are tailored to meet the preferences of active lifestyle enthusiasts.

“An exciting addition to Brands Unlimited is the launch of the first Zouk offline store in North India, specializing in premium vegan women’s accessories, adding a touch of sustainability and elegance to the store’s offerings. Furthermore, the renowned Rare Rabbit range of apparel is now available, renowned for its unique style and quality craftsmanship,” the statement said.

Benu Sehgal, COO, Gulshan One29, shared her perspective on the project, stating, “Gulshan One29 was conceived as more than just a commercial complex. It was envisioned as a destination and community connect area that would offer an array of experiences.”

“With a mix of movies, food courts, restaurants, retail, premium supermarkets, and a large entertainment zone, it’s our endeavour to create a space where people can come together, not just for shopping but for a comprehensive lifestyle experience. Brands Unlimited is a significant addition to this vision, and we are thrilled to have The Montana Group as a partner in making this dream a reality,” she said.

OYO ramps up presence: Targets 35+ leisure markets with addition of 750 hotels in expansion plan

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November 14, 2023

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Hospitality technology firm OYO announced on Monday its plan to expand its platform by incorporating 750 hotels within the next three months across over 35 leisure markets. This strategic initiative is geared towards tapping into the festive and winter tourism season.

The company stated that a significant portion of the new hotels will be integrated under OYO’s premium brands, including Palette, Townhouse, Townhouse Oak, and Collection O.

OYO emphasized that its primary target markets for the addition of new hotels include Goa, Jaipur, Mussoorie, Rishikesh, Katra, Puri, Shimla, Nainital, Udaipur, and Mount Abu.

“Our expansion in these leisure markets also aligns with our mission to provide quality accommodations and memorable experiences to travellers. The influx of new hotels will not only boost tourism, but also provide employment opportunities for local communities,” OYO Chief Merchant Officer, Anuj Tejpal said.

Referring to a recent government report, OYO stated that the influx of foreign tourists to India in the first half of this year (January-June) has witnessed a 106% increase compared to the corresponding period in 2022.

“As we head towards one of the most important seasons for tourism, it is heartening to see the number of foreign travellers increase in India after the Covid lull,” Tejpal said.

The high season, which typically runs from October to January, sees an influx of both domestic and international tourists, making it a crucial period for the tourism and hospitality industry.

OYO said it has also introduced a stay now pay later (SNPL) option to provide travellers greater flexibility while planning their travels. SNPL provides customers with a credit limit of INR 5,000 which can be settled after 15 days of the stay.

Clensta breaks new ground in hair care with its Eggstreme range

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November 14, 2023

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In the relentless pursuit of combating the detrimental effects of pollution, heat, and chemical treatments on hair, Clensta, a pioneering personal care brand, introduces a groundbreaking solution with its new Eggstreme range. Recognizing the rejuvenating potential inherent in egg protein, Clensta seamlessly integrates this natural elixir into a comprehensive line of products. These formulations are meticulously designed not only to revitalize and nourish hair but also to foster the growth of eyelashes and eyebrows.

Partner and Investor, Parineeti Chopra said, “I’m very excited to introduce our customers to Clensta’s revolutionary Eggstreme range. We’ve taken the goodness of nature, deployed innovative technology, and backed our R&D with science to present these products to you. This range is packed with the goodness of eggs, rich in protein, biotin, and Vitamins A and E, which promote hair growth, and renewal and provide nourishment to the hair roots. I am confident that once people use these products, they will be hooked on them. Can’t wait for you all to try our protein-packed bottles.”

The Eggstreme range by Clensta, crafted with the potent advantages of egg protein, stands out as an exceptional and efficient solution for holistic hair care. This collection heralds a natural approach to tackle the challenges presented by contemporary hair care practices.

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