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Gargi expands its presence in Pune with a second store opening, showcasing exquisite diamond collection

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Gargi

Gargi, a venture by P N Gadgil and Sons (PNGS), is further expanding its presence with the opening of its second store in the Wakad area of Pune. This expansion underscores the brand’s dedication to providing outstanding shopping experiences and an extensive selection of premium fashion jewellery, encompassing brass, 92.5 sterling silver, and their newly unveiled diamond collection.

Gargi’s expansion journey encompasses nine Shop-in-Shop stores across Mumbai, Nashik, and Bangalore, along with two group-owned shops in Pune and a franchise outlet in Vashi (Mumbai). Aditya Modak, Co-founder of Gargi by PNGS, conveyed enthusiasm about achieving this milestone, highlighting the brand’s commitment to reaching a broader audience and providing unique, top-notch jewelry.

Inspired by the esteemed ancient Indian scholar from the Ramayana era, Gargi personifies attributes such as beauty, honesty, style, fearlessness, and scholarship. Supported by the proficiency of P N Gadgil and Sons, Gargi upholds remarkable operational standards, a deep understanding of customer needs, and unwavering product quality.

Gargi has made a substantial impact on the Indian fashion jewelry industry, bringing innovation and quality to the forefront. Pursuing a strategy centered on growth, Gargi aspires to attain the milestone of becoming a 100-crore company in the coming two years, showcasing a dedication to excellence and ambitious expansion plans within the retail sector.

The recently inaugurated Pune store, coupled with the recent introduction of the diamond collection and the established presence in markets such as Nashik and Bangalore through Shoppers Stop, seamlessly aligns with Gargi’s objectives outlined in the annual plan for the financial year 2023-24.

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Nissin Foods Holdings to boost US presence with $228M plant in South Carolina

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SnackTeam
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Nissin Foods Holdings

Japanese instant noodle and ramen producer Nissin Foods Holdings has announced plans to invest $228 million in a new manufacturing plant in Greenville County, South Carolina.

The upcoming facility in South Carolina will mark the company’s third production site in the United States. Nissin Foods Holdings already operates plants in Gardena, California, and Lancaster, Pennsylvania.

Nissin stated that the investment will support the enhancement of its innovation pipeline, enabling it to better fulfill consumer demand.

Construction of the facility is scheduled to commence in December, with operations anticipated to begin in August 2025.

The 640,640 square foot facility will incorporate electric forklifts, solar panels, and EV charging points. According to the group, these initiatives are aimed at achieving carbon neutrality by 2050 and reducing carbon dioxide emissions by 30% by 2030.

The site will bring “hundreds of new jobs to the Greenville County community”, it said.

Nissin’s US portfolio includes the brands Cup Noodle, Hot & Spicy Fire Wok and Top Ramen.

The company’s other main markets in the Americas include Mexico and Brazil.

“For more than 65 years, our instant ramen products and brands have cultivated a loyal consumer base, which has fueled our relentless growth in the market,” said Michael Price, CEO and president of Nissin Foods’ US arm.

“With the south-eastern portion of the United States being a priority market for Nissin Foods, Greenville’s geographic accessibility, talented labour market, and competitive cost of living make it an ideal location for our new plant.”

Earlier this year, Nissin Foods set out plans to invest in its Lancaster plant. New manufacturing funding for its premium products at this facility grew by 15% as a result of the “unprecedented consumer demand” for its instant ramen goods.

Price added that having a third site “marks a critical turning point for Nissin Foods, solidifying our leadership position in the US market as we continue to grow the instant ramen category”.

In its latest financial statement covering 1 April to 30 September, Nissin Foods’ consolidated results included a 10.5% increase in revenue to Y350bn and 68.1% growth in core operating profit to Y48bn.

On a constant-currency basis, the group saw an 8.1% boost in revenue to Y342bn ($2.26bn) and a 63.4% increase in core operating profit to Y46bn.

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General Mills expands into pet supplements market with acquisition of Fera Pets, inaugurates growth equity fund for business ventures

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SnackTeam
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General Mills

General Mills has acquired a pet supplements business, marking the first purchase facilitated by the new “growth equity fund” of the US-based conglomerate.

The owner of Blue Buffalo pet food has acquired Fera Pets, a company specializing in the development and sale of supplements for dogs and cats.

A spokesperson from General Mills stated that their recently launched fund, announced on November 9 alongside the Fera Pets deal, is “dedicated to acquiring, scaling, and incubating businesses.”

The fund is part of a trio of units employed by General Mills for either investing in emerging businesses or cultivating its own products. These units are consolidated under a division known as Gold Medal Ventures.

301 Inc, previously functioning as the company’s innovation arm and later as its in-house investment vehicle, now serves as the deal-sourcing arm for the growth equity fund, as clarified by the spokesperson.

They added: “301 Inc will find passionate and driven founders, in or adjacent to General Mills’ current categories, with proven impact in the market. The growth equity fund is focused on acquiring, scaling and incubating businesses to accelerate their growth, providing them with access to General Mills’ talent and expertise, while remaining founder-led and independently operated.”

The spokesperson declined to comment when asked why General Mills wanted to set up the new fund when it had been using 301 Inc to make the investments.

They also refused to be drawn on the investment budgets the units have, or how many staff work within them.

Gold Medal Ventures’ third pillar is G-Works, set up in 2019 and through which the company develops and launches its own products.

Launches to have emerged from G-Works include “blood sugar friendly” snack brand Good Measure and lower net-carb pasta brand Carbe Diem.

Earlier this year, General Mills pulled another of G-Works’ products – the experimental non-cow milk cream-cheese brand – Bold Cultr from the market.

Dr. Michelle Dulake, a veterinarian and co-founder of Fera Pets, said the US-based company was “thrilled to join the General Mills family and embark on a new chapter of growth for our business”.

She added, “Fera Pets was created after recognising a lack of transparency in the pet supplement category and a gap in the market for a holistic approach to our pets’ wellbeing. With the support of General Mills’ scaling capabilities, we are looking forward to furthering our mission to create better lives for pets and their families.”

Fera Pets sells products including probiotic supplements and fish oil. Its products can be bought online, including through pet specialist Chewy, as well as through more mainstream retailers like Target.

Earlier this year, General Mills announced plans to close a pet-food plant in Iowa.

However, in March, the company set out plans to invest in its Blue Buffalo facility in Wayne County, Indiana.

The group’s recent investments in pet food have also included financial backing for US cat-food business Smalls.

In March, the New York-headquartered D2C start-up said it had raised $19m from investors including 301 Inc and the Mars-affiliated Companion Fund.

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SPC Samlip and H Mart collaborate to bring authentic Korean baked goods to the US

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SnackTeam
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SPC Samlip

On Thursday, SPC Samlip Corp, a subsidiary of South Korea’s food and bakery giant SPC Group, announced that it had signed a business agreement with H Mart, the largest Asian food distributor in the US.

H Mart, renowned for its distribution of Asian food and groceries in North America, manages a network of over 120 stores across the US, Canada, and the UK. In the previous year, the company achieved a revenue of 4.3 trillion won ($3.2 billion).

Given the increasing global fascination with Korean cuisine, the company aims to broaden its presence in the US market through collaboration with H Mart, focusing on the promotion of Korean baked goods.

SPC Samlip intends to collaborate with H Mart to jointly develop and distribute a variety of bakery items through H Mart’s channels. Additionally, there are plans to diversify the product range to include other food items in the future.

“Through a partnership with a global large-scale distribution channel, we will actively expand into the U.S. bakery market and advance our global business,” an SPC Samlip said. “With Korea’s premier bakery technology, we aim to lead trends and vigorously pursue the overseas market.”

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Grab Holdings achieves first-ever adjusted profit amid intense market rivalry

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SnackTeam
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Grab Holdings Ltd

Grab Holdings Ltd posted its first-ever adjusted profit, a milestone for the decade-old Southeast Asian ride-hailing and food delivery company working to convince investors of its earnings potential.

Following Grab’s announcement that its adjusted earnings before interest, taxes, depreciation, and amortization for the quarter ending in September reached US$29 million, the company’s shares saw a 3.1% increase in New York trading. Analysts, on average, had anticipated earnings of $9.5 million.

Since its establishment in 2012, the Singapore-based company has rapidly expanded throughout Southeast Asia, incurring increasing losses due to substantial spending on driver and user acquisition amidst fierce competition from rivals like GoTo Group and Sea Ltd. In response to slowing growth, Grab has shifted its focus to profitability and cost control, announcing in June its intention to trim over 1,000 jobs.

“Trends across Grab’s mobility and delivery segments are showing clear signs of improvement,” said Mark Mahaney, an analyst at Evercore ISI. “Further acceleration” is expected this quarter, he said.

The quarter saw a 61% increase in revenue, reaching $615 million. This growth rate has decelerated from the triple-digit rates observed in previous years, reflecting a trend where customers in the region are reducing spending to manage the impact of heightened inflation and interest rates.

The expansion of Grab’s customer base is accompanied by a slower-paced increase in demand. This is attributed to consumers becoming less inclined to pay for the convenience of ride-hailing and food delivery services amid a challenging macroeconomic climate.

Achieving profitability, even on an adjusted basis, represents a significant milestone in Grab’s endeavor to demonstrate to investors its capability to generate profits. Despite Grab’s leadership in Southeast Asia’s ride-hailing and delivery markets, it has not yet attained positive net income, as it continues to allocate funds to counter competition from rivals like Indonesia’s GoTo.

One of Grab’s upcoming objectives is to attain positive free cash flow, as stated by Chief Financial Officer Peter Oey in an interview. He anticipates this goal to be realized by the conclusion of 2024. Additionally, he mentioned that the gross merchandise value at Grab’s mobility business, representing the total value of goods and services sold, is expected to return to pre-pandemic levels by the end of this year.

Grab also announced a revised adjusted full-year loss projection of $20 million to $25 million, which is a reduction from the previously forecasted range of $30 million to $40 million in August. Concurrently, the platform achieved a record high in the number of monthly transacting users, reaching 36 million.

Grab, once regarded as one of Southeast Asia’s most promising startups, has witnessed a decline of approximately two-thirds in its shares since its public listing via a US blank-cheque company in late 2021. Nevertheless, there has been stabilization in share performance this year, attributed to narrowed losses, thereby surpassing its key regional competitors.

Last year, competitors Sea and GoTo cut thousands of jobs. In response, Grab expanded its offerings, incorporating subscriptions into its ride and delivery services as part of its strategy to attract a broader user base.

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Mohanlal joins hands with Craze Biscuits to take the brand to global market

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SnackTeam
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Craze Biscuits

Mohanlal has entered into a Memorandum of Understanding (MoU) to serve as the brand ambassador for Craze Biscuits, aligning himself with the company’s worldwide expansion endeavors. The announcement ceremony, which celebrated this noteworthy collaboration, was attended by Craze Chairman Abdul Azeez Chovanchery, Director Ali Ziyan, and Brand Strategist V.A. Shrikumar.

Mohanlal’s appointment as the brand ambassador marks a significant milestone for Craze Biscuits, making him the first in the company’s 38-year history to hold such a role.

Expressing his enthusiasm, Mohanlal shared his excitement about joining Craze Biscuits’ global journey, stating, “India has always been a remarkable land, offering exquisite tastes to global food adventures. I am thrilled to take the renowned flavors from India to the world with Craze Biscuits and bring pride to the entire nation.”

Abdul Azeez Chovanchery, chairman of Craze Biscuits, expressed his confidence in Mohanlal’s role in promoting Craze Biscuits. He remarked, “Lalettan is joining our mission to spread the taste of Craze Biscuits to the world. He has always been an ambassador of good taste. Lalettan will certainly be able to make Craze a world favorite.”

“Craze’ Cream Biscuits, the perennial favorite, will soon be available in various flavors,” said director Ali Ziyan.

After its acquisition by Azcco Global, Craze Biscuits, a brand with a substantial national following, has undergone a transformation to meet world-class standards. The company made a notable entry into the market by establishing Kerala’s largest food and confectionery factory, along with an international standard production facility in Kinaloor, Kozhikode. Notably, all 12 variants of biscuits introduced by Craze have achieved considerable success in the market.

Being the initial manufacturing venture in India by Azcco Global Group, Craze Biscuits has established business networks across GCC, Africa, and Southeast Asian countries. These biscuits stand out due to their incorporation of state-of-the-art technology and flavors crafted directly by internationally acclaimed food technologists.

At present, Craze Biscuits presents a varied selection of 12 variants, encompassing Choco Rocky, Bourbon, Caramel Fingers, Cardamom Fresh, Coffee Marie, Thin Arrowroot, Milk Crunch, Cashew Cookie, Butter Cookie, Fit Bite, along with 22 SKUs. Moreover, Craze Biscuits offers distinctive regional flavors from Kerala, such as Wayanad Coffee, Munnar Cardamom, and Cloves, ensuring a diverse array to suit a wide range of tastes and preferences.

Craze Biscuits is entering an exciting phase of growth, commencing with the first phase of exports to Saudi Arabia and later extending to European countries. Alongside their international endeavors, Craze strategically aims to set up food and confectionery manufacturing facilities in key biscuit production hubs across India, including Gujarat and Uttar Pradesh. Furthermore, the recent additions to the Craze product lineup, Bourbon and Choco Rocky, contribute to expanding their array of delectable offerings.

The brand ambassador commercials featuring Mohanlal will be recorded in Palakkad this month.

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Tata Consumer unveils Microwave Assisted Thermal Processing, setting new standards in RTE sector

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SnackTeam
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Tata Consumer Products
Tata Consumer Products (Representative Image)

Tata Consumer Products Ltd has achieved a significant breakthrough in the field of food processing with the introduction of Microwave Assisted Thermal Processing (MATS) technology to the Indian market. As pioneers in commercializing MATS technology in India through their subsidiary, TATA Smart Foodz Limited, TCPL is establishing a new benchmark for the Ready-To-Eat (RTE) category. Originating from the research of Prof. Juming Tang at Washington State University, USA, MATS is a patented and FDA-approved technology that delivers top-notch ambient shelf-stable food products, surpassing traditional thermal processing methods.

Although Retort technology is widely used in the food industry, MATS technology overcomes its limitations, offering an enhanced product experience in terms of color, texture, and taste. With its effective sterilization capabilities, MATS empowers formulators to create formulations with lower salt content compared to traditionally processed foods. In contrast to Retort technology, which frequently leads to quality degradation due to prolonged exposure to high temperatures, MATS minimizes exposure time, thereby preserving the integrity of the food.

Vikas Gupta, Global Head, R&D at Tata Consumer Products said, “Tata Consumer Products Ltd. is raising the bar in India’s food processing sector by being the first to introduce the commercialization and implementation of MATS technology. We see this as an opportunity to revolutionize the industry and set a new standard for food processing.”

The TATA Smart Foodz commercial MATS facility boasts cutting-edge processing capabilities, producing a varied selection of delectable Ready-To-Eat (RTE) ambient shelf-stable food products. The machinery is equipped with advanced control systems and data acquisition features, facilitating real-time monitoring and recording of operational parameters.

The integration of MATS technology by Tata Consumer Products Ltd. signifies a noteworthy achievement in the food packaging industry, holding the potential to enhance food quality, decrease waste, and create fresh business opportunities for the Ready-To-Eat (RTE) sector. Through the implementation of commercial MATS technology at TATA Smart Foodz Limited, an array of inventive food products, such as Ready-To-Eat pasta and noodles, has been unveiled in the Indian market. Furthermore, Tata Consumer is at the forefront of introducing a distinctive range of ambient, shelf-stable alternative meat products under the Tata Simply Better brand.

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Make Diwali extra special with Hershey’s Festive Moments Gift Packs!

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Hershey’s Festive Moments Gift Packs

As the festival of lights, Diwali, illuminates homes and hearts with joy, there’s no better time to blend the timeless traditions with a touch of modern sweetness. Enter chocolates—the decadent, velvety morsels that add a contemporary flair to age-old celebrations. Among the prominent names in the world of chocolates, Hershey’s stands out, and this Diwali, Hershey India brings you the Hershey’s Festive Moments Gift Packs, promising an immersive and personalized experience.

Wrapped in exquisite packaging, these Hershey’s Festive Moments Gift Packs redefine gifting during Diwali. From the classic Hershey’s Kisses to the indulgent  Hershey’s Exotic Dark, each pack is curated to deliver a melt-in-mouth chocolaty experience, combining the essence of tradition with a touch of luxury.

Personalized Gifting Experience:

What sets Hershey’s Festive Moments Gift Packs apart is the unique consumer immersive experience they offer. Each pack comes with a QR Code, inviting consumers on a journey to create a personalized Diwali experience. By scanning the code, consumers can fill in details to generate an Augmented Reality (AR) personalized wish. This heartfelt wish can then be shared over WhatsApp, adding an extra layer of thoughtfulness to the celebration.

A Symphony of Flavors:

The Hershey’s Premium Diwali Gift Packs cater to a variety of preferences and budgets. Here’s a glimpse of the delightful ranges available:

1. Hershey’s Kisses Festive Moments Carton Pack –  An ideal budget-friendly option for sharing nostalgia and sweetness with family and friends.

2. Hershey’s Kisses Festive Moments Tin Pack – A more premium choice, offering a larger quantity and a collectible tin for added elegance.

3. Hershey’s Kisses Shaped Tin Pack – A unique and visually appealing gift available through Omni Channel, perfect for making a lasting impression.

4. Hershey’s Bars Festive Moments Gift Box – Explore beyond Kisses with a diverse chocolate experience in a 200g gift box that offers great value.

5. Hershey’s Kisses Moments Gift Pack – A pocket-friendly choice for expressing best wishes in a compact and delightful way.

6. Hershey’s Kisses – A premium offering exclusively available at Reliance stores, perfect for discerning chocolate aficionados.

7. Hershey’s Exotic Dark Festive Moments Tin Pack – A sophisticated choice for dark chocolate enthusiasts, presented in a collectible tin.

8. Hershey’s Exotic Dark Festive Moments Pack – An affordable yet elegant option for those who savor the bold flavors of dark chocolate.

9. Hershey’s Exotic Dark Festive Moments Pack – A smaller but equally delightful gift, introducing the world of exotic dark chocolates without breaking the bank.

Hershey’s Diwali Gift Packs are available on various platforms, including Amazon and Blinkit. These delectable offerings promise to make your Diwali celebrations sweeter and more memorable.

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Raise a toast to Team India: Savor the Cricket World Cup with exotic cocktails

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SnackTeam
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RCB

As the Cricket World Cup season unfolds, the cricketing world is ablaze with unforgettable moments, from Virat Kohli’s consistent brilliance to Rohit Sharma’s pursuit of the sixes record, and the formidable duo of Shami and Bumrah on the bowling front. The excitement is palpable, and the victories against Australia, Afghanistan, Bangladesh, New Zealand, and arch-rival Pakistan have left fans jubilant, creating memories that resonate across the 1.4 billion hearts that beat for Team India.

To add a flavorful twist to these historic moments, we present a classic collection of cocktails, a toast to Team India’s champion spirit and victories. These drinks, incorporating the essence of Royal Challengers Bangalore with a dash of RCB, are the perfect companions for cricket enthusiasts as they savor each thrilling moment of the game.

Green Apple Martini: Sip in the Flavours of Victory

Celebrate in style with the Green Apple Martini, also known as Appletini. This sweet vodka-based cocktail harmoniously blends the crisp allure of green apples with the sophistication of vodka. Here’s how to create this winning concoction:

Ingredients:

  • Vodka of your choice – 45ml (1/2 ounce)
  • Mixer: ½ ounce Dash of RCB Green Apple Sour mixer
  • Fresh Lime juice – ¼ ounce
  • Fresh Green Apple slices for garnish

Preparation Time: 3 mins

Recipe:

  • Begin by chilling your martini glass in the freezer. Fill the cocktail shaker with ice cubes, pour the vodka, Dash of RCB Green Apple Sour mixer. 
  • Now for a zesty twist, add 1/4 ounce of fresh lime juice. Shake well for about 15 seconds.
  • Strain into the chilled martini glass. Add a final touch of elegance by garnishing with a fresh green apple slice to the rim of the glass. Serve and enjoy your masterpiece.

Whisky Sour: #PlayBold, Sip Bold

Experience the enduring appeal of simplicity and sophistication with the timeless Whisky Sour. Balancing the warmth of whisky with the zing of freshly squeezed lemon juice, this cocktail embodies the spirit of bold plays and sweet victories.

Ingredients:

  • Whisky of your choice – 45 ml
  • Mixer – ½ ounce Dash of RCB Whiskey Sour mixer
  • Freshly squeezed lemon juice – 3/4 ounce 
  • Orange slices for garnish

Preparation Time: 3 mins

Recipe:

  • Combine whiskey, freshly squeezed lemon juice, and Dash of RCB Whiskey Sour mixer in a shaker, and dry-shake for 30 seconds without ice. 
  • Add ice and shake again for 15–20 seconds, until well-chilled. 
  • Strain into a rocks glass over fresh ice, or into a coupe without ice. 
  • Finish with a garnish of fresh orange slices. 

The citrus aroma adds a subtle yet inviting fragrance to the drink. Take your first sip, and you’ll be transported to the heart of classic cocktail culture.

Cranberry Cosmopolitan: The Perfect Cricket World Cup Companion

Elevate your Cricket World Cup experience with a refreshing twist. The Cranberry Cosmopolitan cocktail is a perfect choice for match-watching gatherings and social events, infusing the classic cosmo with a delightful cranberry twist.

Ingredients:

  • Vodka of your choice – 45ml
  • Mixer: ½ ounce of Dash of RCB Cranberry Cosmopolitian mixer
  • Orange peel garnish for a touch of zest

Preparation Time: 3 mins

Recipe:

  • Grab a cocktail shaker and add in ice, vodka, and Dash of RCB Cranberry Cosmopolitian mixer. 
  • Secure the cocktail shaker lid and shake vigorously for 15 seconds. The chill and dilution will perfect the balance. 
  • Strain the mixture into your chilled favourite martini or cocktail glass. 
  • Garnish the drink by twisting a strip of fresh orange peel and dropping in the cocktail. 

And your drink is ready to be sipped and savored. This Cranberry Cosmopolitan cocktail can be dressed up using fresh limes, cranberries, or with refined sugar around the rim of the glass.

Paloma Gin Sour: Elevate Your Cricket Evenings

The Paloma Gin Sour, a delicious and revitalizing grapefruit highball, is a favorite for a good reason. This cocktail perfectly complements the vibrant and sophisticated spirit of cricket evenings.

Ingredients:

  • Gin or Tequila of your choice – 45ml
  • Mixer: 4 ounce of Dash of RCB Pink Paloma mixer
  • Pinch of salt
  • Pink grapefruit or a lime wheel for garnish

Preparation Time: 3 mins

Recipe:

  • In a cocktail shaker, add either tequila or gin as per your taste, and 4 ounce of Dash of RCB Pink Paloma mixer. This is where Paloma’s lively spirit meets the classic sophistication of a sour.
  • Add a pinch of salt to enhance the balance of flavours and shake with ice for 10-15 seconds. Strain your delightful cocktail into your chilled cocktail or rocks glass.
  • Garnish with a pink grapefruit or lime wheel. Enjoy your vibrant yet sophisticated blend!

With these easy-to-make, 3-minute cocktails, you can elevate your Cricket World Cup experience and share the joy of victory with friends, all while cheering for Team India in style.

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Home appliances startup Atomberg’s FY23 net loss surges 3.5X to INR 138 Cr despite significant revenue growth

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SnackTeam
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Atomberg

Atomberg Technologies, a manufacturer of home appliances, experienced a significant increase in its net loss, which more than tripled during the fiscal year ending on March 31, 2023. The Navi Mumbai-based startup reported a net loss of INR 138.35 Cr in the financial year 2022-23 (FY23), marking a 3.5X growth from the INR 39.3 Cr loss recorded in the preceding fiscal year.

The revenue from operations experienced a substantial increase, surging by 86.59% to INR 645.13 Cr in FY23 compared to INR 345.74 Cr in FY22. The total revenue, inclusive of other income, also saw a notable rise of 81.39%, reaching INR 649.04 Cr from INR 357.8 Cr in FY22.

Established in 2015 by Manoj Meena and Sibabrata Das, alumni of IIT Bombay, this startup specializing in home appliances produces energy-efficient fans and fan accessories that can be controlled remotely and through voice commands. Their product range encompasses ceiling, pedestal, wall, and exhaust fans, as well as mixer grinders and smart locks.

A significant portion of Atomberg’s revenue is generated through the sale of its products on its official website, as well as on prominent e-commerce platforms like Amazon and Flipkart. Additionally, offline retail stores also contribute to its overall revenue stream.

In its robust expansion phase, Atomberg witnessed a doubling of its total expenses to INR 787.39 Cr in the fiscal year under consideration, compared to INR 387.01 Cr in FY22.

It’s important to highlight that the startup has been enhancing both its production capacity and omnichannel capabilities. A notable example of this is the inauguration of a cutting-edge manufacturing unit in Bhamboli (Pune) in June 2022, involving an investment of INR 25 Cr. This facility is four times larger than its existing plant in Nerul, Navi Mumbai.

Aligned with its expansion strategy, Atomberg is actively reinforcing its human resources, as evidenced by the notable increase in employee costs. The startup’s employee benefit expenses surged by 3.4 times, reaching INR 137.13 Cr in FY23 compared to INR 40.11 Cr in the preceding fiscal year.

The cost of materials consumed by Atomberg increased by 69.3%, reaching INR 376.24 Cr in the fiscal year under consideration, as opposed to INR 222.13 Cr in the prior fiscal year. Simultaneously, the finance cost escalated to INR 5.58 Cr from INR 1.88 Cr in the preceding fiscal year.

From a unit economics perspective, the startup incurred INR 1.22 to generate each rupee from operations in FY23.

The EBITDA margin declined from -11.3% in FY22 to -21.31% in FY23.

Earlier in an interview, the founders of Atomberg expressed their aim to surpass the INR 1,000 Cr total revenue mark in FY24.

In its latest funding round, the startup secured $86 million in a Series C, with primary contributions from Temasek and Steadview Capital, alongside participation from Trifecta Capital, Jungle Ventures, and Inflexor Ventures. As of now, the startup has accumulated a total funding of $126.5 million.

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