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Swiggy lays groundwork for mega IPO launch; taps top banks for key advisory roles

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swiggy
Swiggy (Representative Image)

Food delivery giant Swiggy is in the process of shortlisting seven investment banks to act as advisors, as the Softbank-backed firm prepares for the launch of one of the most eagerly awaited IPOs in 2024, as reported by multiple industry sources with insights into the matter.

One of the individuals revealed that Kotak Mahindra Capital, Citi, and JP Morgan are expected to have been selected for key senior roles in the deal.

Another source mentioned that Bofa Securities, Jefferies, ICICI Securities, and Avendus Capital could potentially join the eventual IPO syndicate.

Three additional individuals also disclosed details regarding the suggested roster of seven investment bankers.

The five individuals mentioned above shared this information under the condition of anonymity.

Immediate responses from Swiggy and the investment banks were not obtainable at the time of our inquiry.

On September 12, reports indicated that Swiggy, in collaboration with PayU, had conducted presentations to choose advisors for their upcoming domestic listings.

The report from September 12 also indicated that the estimated size of the Swiggy IPO might fall within the vicinity of $1 billion.

“A confidential filing of the DRHP (draft red herring prospectus) is targeted for March 2024. If all goes well and market conditions are favourable, the IPO is likely to be launched in July-August,” the report further added.

It’s important to note that the Swiggy IPO is still in its early stages, and no definitive decision has been made regarding the scale or the timing of the IPO launch.

Moreover, in November 2022, SEBI introduced the concept of confidential filings. This practice, commonly observed in US markets, enables the issuer company to maintain the confidentiality of its offer document through the pre-filing process until it finalizes its IPO strategy. Tata Play (formerly known as Tata Sky), the direct-to-home platform, became the inaugural company to submit confidential documents to SEBI for its IPO.

During its most recent disclosed funding round in January 2022, Swiggy secured $700 million at a valuation of $10.7 billion. Following two consecutive markdowns, investor Invesco appraised Swiggy at approximately $5.5 billion, while Baron Capital estimated it at around $7.3 billion. Additionally, Swiggy has received investments from entities such as Alpha Wave Global, Qatar Investment Authority, and Prosus.

The present market capitalization of Swiggy’s publicly listed counterpart, Zomato, stands at INR 1,08,189 crore.

Crucially, Swiggy disclosed that its food delivery division achieved profitability during the March quarter of FY23 when considering all corporate expenses, except for employee stock option (ESOP) costs.

Read More: Swiggy’s strategic initiatives pay off as food delivery business turns profitable

In a blog post dated May 18, Swiggy’s Co-founder and CEO, Sriharsha Majety, stated that the company’s quick commerce division, Instamart, is poised to achieve contribution-margin break-even in the coming weeks. Contribution margin break-even is a common metric utilized by e-commerce firms to indicate the profitability of their operations on a per-order basis, encompassing variable expenses like logistics while excluding fixed costs and marketing expenditures.

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Barista and Fudr team up to launch reward-based ordering app

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Fudr

Fudr, the Food and Beverage Software as a Service (F&B SaaS) platform, has announced a strategic partnership with Barista.

Through this partnership, Barista plans to launch a rewards-oriented food ordering and payment application in the third quarter of 2023.

Fudr has also inked a deal with Massive Restaurants, owned by Zorawar Kalra, which oversees more than 20 well-known brands such as Farzi Cafe, Pa Pa Ya, and Louis Burger, to create a comprehensive super app for all their F&B ventures.

Moreover, Ohris, a well-established F&B chain headquartered in Hyderabad, has teamed up to introduce an app dedicated to self-pickup, ordering, and loyalty programs customized for their specialty coffee brand, Qaffiene.

“I am happy to share that we have signed up a mandate with Fudr for developing our loyalty app considering the proactive approach of the team and detailed insights provided during the shortlisting process. We are excited to launch our loyalty app soon with the Fudr team and I am sure this will enable more seamless interactions with our guests and create a more rewarding environment for them as they engage with us across multiple stores,” said Rajat Agrawal, CEO, Barista Coffee.

Fudr, founded by a group of technology and marketing professionals, including Aayush Khandpur, Prem Lokesh, Shobhit Marwah, and Akshat Khandpur, specializes in helping F&B brands in India build their app ecosystems.

They accomplish this by utilizing their SaaS-based application builder stack, which seamlessly integrates with point-of-sale (POS) and payment systems.

“Fudr is not merely an app but an investment in the future of restaurant chains. In this AI-driven era, we believe technologies should focus on direct connection with their customers, rather than going through aggregators. That’s why we’re creating a Unified Restaurant Interface (URI). It’s a hub for all customer interactions and acts as a flywheel, using past data to continually refine and personalise experiences. With our strategic partnership with Barista, we aim to elevate the brand presence and cultivate meaningful connections along with maximising customer satisfaction & loyalty,” said Aayush Khandpur, Co-founder & CEO, Fudr.

Through these collaborations, Fudr seeks to establish a robust digital infrastructure customized for medium and large restaurant brands. Their objective is to support these brands in adopting advanced technological solutions for launching their own apps, improving customer engagement and retention, and decreasing their dependence on the dominant duopoly of food aggregator apps.

Over the past year, Fudr has experienced continuous growth, catering to over 20 restaurant chains across India. Their strategy involves onboarding an additional 150 restaurant brands over the next 18 to 24 months.

Fudr has plans to broaden its global presence by venturing into significant markets such as South East Asia and the MENA regions. Simultaneously, they aim to diversify their platform offerings into other rapidly growing sectors within India, including direct-to-consumer (D2C), salons, and wellness.

According to industry analysis, the Software-as-a-Service (SaaS) market in India is on an impressive growth path, with forecasts suggesting it will reach an annual recurring revenue (ARR) of $50 billion by the year 2030.

This would signify an almost quadruple expansion from its current scale. The SaaS landscape in India is unquestionably progressing and maturing, even in the current market conditions.

This expansion provides FUDR with a significant market opportunity to leverage and establish its presence.

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Half of European meat consumers cut down on meat, new survey reveals

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Meat

According to a consumer survey conducted by Smart Protein, over half of European meat consumers have reduced their yearly meat consumption.

This figure marks a 5% increase from the level recorded in 2021.

Conducted by the NGO ProVeg in collaboration with the University of Copenhagen and Ghent University, the Smart Protein survey concentrated on assessing attitudes toward the consumption of plant-based food. It compiled feedback from 7,500 consumers across Austria, Denmark, France, Germany, Italy, the Netherlands, Poland, Spain, the UK, and Romania.

When analyzing the factors that contributed to the decrease in meat consumption, 47% of consumers mentioned “health” considerations as their primary motivation. Following closely, environmental concerns accounted for 29%, and animal welfare for 26% of the cited influences.

Health reasons were particularly prominent among consumers in Romania and Italy, while environmental considerations played a significant role for those in Denmark and the Netherlands. For people in Germany and the Netherlands, animal welfare held the most significance.

The most substantial decline in meat consumption was observed in Germany, Italy, and France, with nearly 60% of respondents indicating that they had reduced the amount of meat they consume.

In 2022, meat consumption in Germany reached its lowest point in more than 30 years.

The number of flexitarians decreased by 3% compared to the previous year’s report, with slightly over a quarter of Europeans embracing this dietary choice in 2022. Notably, Germany led with the highest proportion of flexitarians, standing at 40%.

The most favored choices among plant-based food and beverages were legumes, with 57% of respondents stating that they included them in their diet at least once a week. Following closely were “plant-based alternatives,” with 28% of respondents reporting regular consumption.

Legume-based substitutes had the lowest consumption rate, with only 17% of respondents incorporating them into their diets.

Over 40% of consumers expressed their intention to “increase” their consumption of plant-based products, with the primary motivating factors being the products’ good taste, health benefits, and affordability.

According to the researchers, trust in plant-based alternatives has risen, with nearly half of the survey participants stating that they now have greater trust in these products compared to three years ago. When asked to explain this shift, the most commonly cited reasons were that these products are considered safe for consumption, accurately labeled, and reliable.

When queried about their trust in plant-based alternatives, consumers indicated that they found plant-based protein to be the most reliable core ingredient, followed by cultivated meats and dairy, and proteins derived from fungi.

Despite the increase in trust, over 60% of participants expressed a desire for “greater transparency in product certification.”

The majority of plant-based alternatives are enjoyed within the confines of one’s home, as 60% of individuals reported purchasing plant-based foods from supermarkets.

Approximately 62% of respondents expressed their willingness to support tax exemptions for foods aligned with environmental and health values. Consumers in Italy, Spain, and the UK exhibited the strongest endorsement for policies that could promote increased adoption of plant-based diets.

Commenting on the survey results, Jasmijn de Boo, CEO of ProVeg International said, “Increasing numbers of people are choosing to reduce their meat intake and policymakers and industry can use this knowledge to make respective decisions on the production and promotion of plant-based foods.”

According to a market report by GlobalData, the global plant-based food and beverage market is projected to attain a value of $94.2 billion in 2023 and is anticipated to experience a compound annual growth rate (CAGR) of 7.2% from 2023 to 2027.

The category of meat alternatives has faced sales challenges in certain advanced markets in recent quarters, notably in the United States.

In the UK, there have been companies that have gone under. In August, LoveSeitan, the plant-based business behind the Facon Bacon brand, had ceased operating.

Another UK startup, The Meatless Farm Co., went out of business in June. This loss-making alternative meat company, established in 2016, entered into administration, but its brand was rescued when VFC Foods, a fellow company, stepped in as the buyer.

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F&B giants face legal complaint for ‘misleading’ recycling claims on plastic water bottles in Europe

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plastic water bottles

Environmental and consumer advocacy groups have lodged a legal grievance against Coca-Cola, Nestlé, and Danone, alleging the dissemination of deceptive statements on plastic water bottles marketed throughout Europe.

The European consumer protection entity Bureau Européen des Unions de Consommateurs (BEUC), with backing from ClientEarth and the Environmental Coalition on Standards (ECOS), has issued an official notification to the European Commission and the Consumer Protection Cooperation Network, citing the three major food and beverage corporations for “alleged extensive violations of consumer protection laws.”

The legal grievance asserts that the plastic bottles are never entirely composed of recycled materials.

The UK environmental nonprofit organization ClientEarth contends that the statements frequently encountered on plastic water bottles are often inaccurate in substance. The group maintains that claims like “100% recycled” or “100% recyclable” can mislead consumers into believing that bottles can be effortlessly recycled in a never-ending, circular process.

Legal experts argue that these assertions, frequently bolstered by “green” visuals and generic environmental slogans, can potentially deceive consumers into perceiving single-use bottles as an environmentally responsible option.

They maintain that the bottles are never composed entirely of recycled materials, and their recyclability hinges on various factors, including the existing infrastructure.

In alignment with BEUC’s complaint, ClientEarth has requested companies to discontinue the use of deceptive assertions that could dissuade consumers from making environmentally responsible decisions, such as opting for a reusable water bottle. This call aims to motivate food and beverage industry leaders to transition away from the detrimental single-use plastic business model and promote “deplastification.”

Rosa Pritchard, plastics lawyer at ClientEarth, said, “The evidence is clear – plastic water bottles are simply not recycled again and again to become new bottles in Europe. A ‘100%’ recycling rate for bottles is technically not possible and, just because bottles are made with recycled plastic, does not mean they don’t harm people and planet.”

A spokesperson from Danone said, “At Danone, we strongly believe in the circularity of packaging – and will continue to invest and lead the campaign for better collection and recycling infrastructure alongside our partners. We have also made real progress on our journey to reducing single use plastic and virgin plastic use in parallel (-10% in absolute since 2018).”

A spokesperson from Coca-Cola Great Britain said, “We’re working to reduce the amount of plastic packaging we use, and we’re investing to collect and recycle the equivalent of the packaging we use. We only communicate messages on our packaging that can be substantiated, with any relevant qualifications clearly displayed to enable consumers to make informed choices. Some of our packaging carries messages to drive recycling awareness, including whether our packages are recyclable and if they are made from recycled content.”

They continued, “We have an ambitious goal to collect and recycle a bottle or can for each one we sell by 2030, and we support well-designed ‘Deposit Return Schemes’ across Europe which we know can help us get our packaging back. We also aim to have 25% of all our volume sold globally in refillable/returnable glass or plastic bottles, or in refillable containers used when consuming from dispensed solutions. We’re making progress to help eliminate waste, and we know more must be done. We will continue to invest to advance our ‘World Without Waste’ packaging goals.”

A Nestlé spokesperson added, “We work hard to reduce the amount of plastic packaging we use; to lead investments and support packaging circularity alongside partners, and to communicate clearly with consumers who want to make informed choices. Nestle has reduced its amount of virgin plastic packaging by 10.5% since 2018, and we are on track to get to one-third less virgin plastic by the end of 2025.”

Should the European Commission concur with the complaint, it has the authority to orchestrate a synchronized reaction involving national consumer agencies. This may encompass requesting the companies to address the issue or levying fines within their respective countries.

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Lacoste unveils new store in Bengaluru’s Phoenix Mall of Asia, expanding its Indian footprint

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Lacoste

Lacoste, the French clothing brand, has announced the opening of a new store in Bengaluru, Karnataka, as disclosed by a company official in a LinkedIn post on Wednesday.

“Another addition to the Garden City Bengaluru…Mall of Asia now open” said Abhishek Raj, COO of Lacoste India in a LinkedIn post.

The store can be found within the recently inaugurated Phoenix Mall of Asia situated in Bengaluru.

Currently, the company has over 40 exclusive stores in India, with five of them located in Bengaluru.

Despite being one of the pioneers to enter the Indian market three decades ago, the French casualwear giant Lacoste has adopted a cautious strategy, having opened approximately 40 stores in the country during this period. However, Lacoste is now poised to take a more assertive stance, with plans to inaugurate around 50 standalone stores in the country over the next five years.

Established in 1933 by the renowned French tennis player René Lacoste and his co-founder, André Gillier, Lacoste is a French clothing brand recognized as the first in the world to prominently display its logo on its apparel.

Presently, the company boasts a global presence with more than 1,000 stores and 15,000 sales points across 98 countries. Additionally, its products are accessible through 32 online stores worldwide.

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CaratLane hits a major milestone with 250th store opening in India

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CaratLane
CaratLane (Representative Image)

CaratLane, the omni-channel jewellery brand, has achieved a notable milestone by expanding its retail footprint to 250 stores across 100 Indian cities. The company proudly shared this accomplishment on social media alongside the inauguration of its newest store in Gujarat. The 250th outlet now stands in Sargasan, Gandhinagar, Gujarat.

“We are thrilled to announce we are now 250 stores strong in 100 cities across the country just in time for Diwali! This journey has been nothing short of extraordinary, and it’s all thanks to our incredible team and the support of our loyal customers,” the jewellery retailer said in a LinkedIn post on Friday.

Throughout the current year, CaratLane has been in a phase of dynamic expansion, exemplified by its successful opening of over nine stores in October. These new establishments have been strategically positioned in diverse locales such as Bengaluru, Gandhinagar, Udaipur, Chennai, Darbhanga, Patna, Nellore, New Delhi, and Asansol.

In 2008, Mithun Sacheti and Srinivasa Gopalan founded a Chennai-based jewelry brand. Initially, they launched it as an online brand, specializing in a wide range of jewelry items, including rings, earrings, bracelets, bangles, and solitaires.

During July 2016, the Tata Group made a significant investment in the company via its subsidiary Titan. Following this development, in September 2018, the retailer introduced “Shaya by CaratLane,” a silver jewelry brand affiliated with CaratLane as part of the Tanishq Partnership.

At the end of the fiscal year (FY) 2023, the company achieved impressive results, surpassing INR 2,000 crore in revenue. It reported a revenue of INR 571.24 crore for FY 2023, demonstrating a substantial growth of 56.7% over Q4 FY22, as per a previous filing.

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Haldiram’s inaugurates first branch at Hyderabad airport, furthering nationwide growth

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Haldiram's
Haldiram's (Representative Image)

Haldiram’s has inaugurated its first outlet at the Hyderabad International Airport, as announced by a company official in a LinkedIn post on Tuesday.

“Haldiram’s Opening Today!! @ Hyderabad International Airport,” said Amol Ramteke, head of business development at Haldiram Foods International Ltd.

Ganga Bishan Agarwal established Haldiram’s in Bikaner, Rajasthan, in 1941. The company achieved total sales amounting to INR 9,215 crores in the fiscal year of 2023.

The company inaugurated a food court in Mumbai just last week.

Read More: Haldiram’s expands presence in Mumbai with grand opening of a vibrant food court

As of September 2023, the company boasts a network of more than 250 outlets, with 120 located in the North and 135 spread across South and Central India.

Presently, the company maintains 1,000 distributors for its packaged products and is present in more than 7 million retail outlets.

Haldiram’s initiated its export to the USA in 1993, marking its first venture into an international market. The company further expanded globally by establishing its inaugural factory outside India in the United Kingdom in 2016.

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Hong Kong restaurants turn to takeaways for revenue boost amid lingering economic challenges

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food delivery
(Representative Image)

According to Deliveroo’s Q3 2023 Restaurant Confidence Index, Hong Kong restaurants are increasingly depending on food delivery platforms to adapt to tough economic conditions.

The survey, carried out between October 2nd and 13th, indicates that 71% of the restaurants surveyed reported contentment with their overall business performance in Q3. This satisfaction comes despite a general decline in satisfaction levels attributed to a slower-than-anticipated economic recovery.

The study underscores the essential role food delivery platforms play in maintaining restaurant revenue.

Around 50% of survey participants noted that food delivery platforms account for 10% to 30% of their revenue, and nearly 20% stated that takeaway orders constitute over one-third of their earnings. Additionally, two-thirds of those surveyed anticipate food delivery to be as significant as dine-in for Q4, and 17% anticipate its importance to increase in the future.

The survey also identified a favorable shift in the labor shortage scenario, as 50% of restaurants reported no labor shortages in Q3, indicating an improvement from the previous quarter. Moreover, even with the government’s Enhanced Supplementary Labor Scheme in place, over 70% of restaurants continue to prioritize local hiring.

While government initiatives, like extended operating hours, are aimed at bolstering the night economy, more than 90% of the restaurants in the survey have chosen a cautious “wait and see” approach and do not plan to implement these changes. Additionally, there has been a decline in optimism regarding the economic outlook for Q4, with only 28% of respondents expressing optimism, compared to 49% in the previous quarter.

The report highlights that 83% of the restaurants included in the survey view food delivery as equally vital as before, recognizing its significance in boosting profits.

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Amazon rolls out first 100% electric last-mile delivery fleet in India

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Amazon EV fleet

Ecommerce giant Amazon has made a significant stride in India by launching its last mile fleet program with an exclusive fleet of 100% electric vehicles (EVs), marking a global first for the company. This initiative aims to aid over 300 Delivery Service Partners (DSPs) in conducting customer deliveries without producing any tailpipe emissions.

After experiencing success in North America and Europe, Amazon’s worldwide last-mile fleet initiative is expanding its reach to India. The program will introduce custom-designed electric EVs tailored to offer Delivery Service Partners (DSPs) convenient access to dependable, high-quality zero-emission vehicles for their last-mile delivery operations.

The introduction of the India fleet precedes the Diwali festival, and additional electric three and four-wheel vehicles will be gradually incorporated in the future.

In India, the program offers Delivery Service Partners (DSPs) access to tailored EVs designed for last-mile deliveries. It encompasses maintenance, charging, and parking facilities. These vehicles come equipped with advanced safety features, enhancing the safety of Amazon’s delivery partners and the neighborhoods they serve. Additionally, the data generated by these vehicles enables Amazon to optimize deliveries, ensuring both safety and punctuality.

“We are committed to be net-zero carbon by 2040, and decarbonising our delivery network is an important part of getting us to that goal,” said Abhinav Singh, VP of Operations, Amazon India.

Tom Chempananical, director of Global Fleet and Products, at Amazon, said, “These vehicles will raise the bar for last-mile delivery services, helping us deliver packages to our customers safely, reliably and efficiently.”

The ecommerce giant has strategic plans to gradually incorporate a substantial portion of last-mile delivery vans into its program over the next two years, with the ultimate goal of including all such vans. As part of the initial phase, the company has introduced specially equipped Mahindra Zor Grand three-wheeler EVs for Amazon’s last-mile deliveries.

The Mahindra Zor Grand is an eco-friendly electric three-wheeler meticulously crafted for streamlined last-mile logistics. Featuring a spacious 170 cubic feet delivery box and a robust 400kg payload capacity, it proves to be an ideal choice for managing daily shipments, particularly in regions with subpar air quality.

Amazon has introduced a fleet of more than 6,000 electric vehicles for package delivery across 400+ cities in India, with a target to expand this fleet to 10,000 by the end of 2025.

This progress is in accordance with the government’s initiatives aimed at encouraging electric vehicle (EV) adoption in India, contributing to the reduction of carbon emissions.

In October, India achieved a notable milestone with over 70,000 electric two-wheeler registrations, signifying four months of continuous growth. According to Vahan data as of October 31, these registrations experienced a month-on-month increase of 9.8%, totaling 70,248 units.

International corporations are placing a strong emphasis on ESG (Environmental, Social, and Governance) considerations, leading to an increased commitment to promoting the adoption of electric vehicles (EVs).

Flipkart, Zomato, and Swiggy have forged partnerships with multiple EV manufacturers to expedite the integration of electric vehicles (EVs) into their logistics fleets.

For instance, the rival of Amazon, Flipkart, has announced its plan to deploy 25,000 EVs by 2030 in a move to electrify its fleet.

Likewise, Swiggy has collaborated with the Taiwanese battery-swapping solutions provider, Gogoro, to advance the use of electric smart scooters for last-mile deliveries throughout India.

Lately, India has witnessed the emergence of numerous cleantech startups that are introducing innovative solutions to support the nation’s clean energy objectives. Among these startups are names like 75F, Ace Green Recycling, CleanMax Enviro Energy Solutions, GPS Renewables, ION Energy, and others.

Amazon is proactively investigating low-carbon fuels, adopting energy-efficient advancements, and channeling investments into renewable energy initiatives as part of its strategy to curtail emissions stemming from electricity production. In a recent development, the e-commerce behemoth unveiled a 198-megawatt wind farm located in Osmanabad, Maharashtra, India. This announcement signifies Amazon’s 50th renewable energy endeavor in the country, elevating its total capacity to over 1.1 gigawatts.

The company’s objective is to completely sustain its worldwide operations using 100% renewable energy by 2025.

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Beauty brand WishCare secures INR 20 Crore in funding led by Unilever Ventures for global expansion and R&D

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WishCare
WishCare (Representative Image)

Kolkata-based beauty brand WishCare has secured INR 20 crore in its first institutional round, led by Unilever Ventures.

According to a press release from WishCare, the funds will be directed towards enhancing research and development efforts, particularly in creating highly effective products. The aim is to venture into both the domestic and global markets.

Established in 2019 by Stuti Kothari, Ankit Kothari, and Ayush Kothari, WishCare specializes in a wide array of haircare and skincare products, including bond repair hair treatments, hair growth serums, face serums, sunscreens, and active-infused body lotions.

WishCare is dedicated to providing consumers with sustainable, distinctive, and hassle-free solutions for their needs. The company places a strong emphasis on clean and efficient formulations, eco-conscious packaging, and meaningful social initiatives.

WishCare asserts that its current Annual Recurring Revenue (ARR) is at INR 85 crore, having quadrupled over the past 12 months, all the while maintaining a double-digit EBITDA.

The company’s products are accessible across over 15 marketplaces, including Nykaa, Amazon, FlipKart, Purplle, Myntra, and their direct-to-consumer (D2C) website. Additionally, the company claims to have a customer base exceeding 1 million.

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