Dietary supplement innovator Setu Nutrition secures funding from notable HNIs and celebrities

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November 3, 2023

Setu Nutrition (SETU), a leading brand in the direct-to-consumer supplements industry, was established by Nihaal Mariwala and enjoys strong support from the Mariwala Family of OmniActive Health Technologies. The company has successfully raised significant funds through investments from High Net Worth Individuals (HNIs) and family offices, with notable participation from tennis legend Sania Mirza.

As a prominent contender in India’s swiftly expanding dietary supplement sector, SETU is dedicated to delivering clinical advantages through inventive formulations and offering a tailored customer journey. Its wide-ranging product array encompasses multiple sectors, including Beauty, Sleep, Weight, and Mind, with the objective of transforming the dietary supplement landscape in India.

SETU has set its sights on expanding its business thirtyfold in the upcoming five years by leveraging robust category and channel growth.

On this major milestone for SETU, Founder, Nihaal Mariwala, shared, “I am grateful for the support from our investors, who share a common vision of revolutionising the supplements category with novel products and a superior customer experience. We are experiencing a clear shift in consumers’ mindsets with increased awareness around preventive healthcare, and the path that SETU has adopted is futuristic. Our five-year strategy is centred around the expansion of personalised nutrition, direct-to-consumer channel experience, and clinically tested products in the dietary supplement category.”

This recent fundraising initiative also drew investments from prominent investors, such as Kate Dinshaw, Apurva Jain, Avinash Rajan, and the family offices of Dr. Kulin Kothari, Dr. Amit Maydeo, the Davda family, the Mody family, and the Bhogilal family.

Credence Family Office, a multi-family office founded by Mr Mitesh Shah in 2010, served as the sole advisor for the deal, highlighting their belief in SETU’s potential to establish market leadership. Nitesh Arora, Managing Director of Credence Family Office, said, “We believe that SETU is well poised to be a differentiated market leader in the nutritional supplements space, which is a fast-growing and multibillion-dollar market “.

SETU’s nutritional philosophy revolves around a fundamental principle: for science to be truly effective, it must be practical. Every product from the company is underpinned by extensive research and development, with the primary goal of aiding customers in addressing their health concerns.

Dedicated to providing clinical advantages and exceptional customer experiences, SETU strives to take the helm in India’s burgeoning $12 billion supplements industry. By reshaping the landscape of this category, SETU aims to establish itself as the go-to personalized supplement brand for Indian millennials and Gen Zers.

Make this Diwali sweeter than ever with Magnolia Bakery’s handcrafted gift hampers

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November 3, 2023

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Celebrate this Diwali in style as Magnolia Bakery illuminates your festivities with a delectable selection of thoughtfully crafted Diwali Gift Hampers. These delightful gift sets are ideal for spreading the festive spirit and adding a touch of sweetness to your celebrations. Whether you prefer to shop in-store or online, Magnolia Bakery welcomes you to make this Diwali special with a blend of sweetness and elegance.

Customers have the delightful opportunity to customize and assemble unique gift boxes using a delectable assortment of Magnolia Bakery’s desserts. With a plethora of tempting options to choose from, they can select from a variety of treats, including Chocolate Chunk Cookies, Magic Cookie Bars, Double Fudge, Sno-ball Cookies, Almond Biscotti Jar, Hazelnut Hand Pie, and more.

For an extra dash of excitement, there’s the option of a trio of Vanilla, Mocha, and Red Velvet Cheesecakes, accompanied by an enticing assortment of Icebox bars. These delectable gift hampers not only tantalize the taste buds but also boast of exquisite presentation. Each hamper has been thoughtfully designed to encapsulate the essence of Diwali, making them an ideal gift to spread love and joy during this festive season.

Just like all the desserts at Magnolia Bakery, everything is handmade freshly every day.

Dana Choga unveils exclusive Diwali Party Starter box with delectable kebabs

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November 3, 2023

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Dana Choga, the renowned epicurean hotspot celebrated for its exceptional Indian cuisine, is excited to introduce the Diwali Party Starter Box. This exclusive package guarantees a culinary treasure chest brimming with delectable tastes, ideal for elevating the festive spirit of your Diwali festivities.

Dana Choga’s Diwali Party Starter Box presents a delightful assortment of mouthwatering kebabs to suit every taste. Featuring a wide range of vegetarian and non-vegetarian tikka choices, customers can relish a diverse array of flavors and textures. For the ultimate customization, the Dual Box combines the finest offerings from both realms, enabling patrons to enjoy a fusion of meat and plant-based delights.

Treat yourself to a culinary masterpiece with Dana Choga’s Veg Box, featuring a sumptuous assortment for only INR 1190. Pick any four delightful choices from our menu, such as the succulent Paneer Tikka Shashlik, the fragrant Soya Afghani, the velvety Dahi Kebab, the savory Hara Kebab, and the tangy Soya Achari. Each mouthful is a symphony of tastes, ensuring a memorable gastronomic journey that beautifully encapsulates the spirit of Diwali celebrations.

Delight in a carnivore’s banquet with Dana Choga’s Non-Veg Box, priced at only INR 1490. Immerse yourself in a realm of sumptuous flavors by selecting any four enticing options from their menu, featuring the iconic Tandoori Chicken, the timeless Chicken Tikka, the fragrant Lasooni Chicken Tikka, the creamy Malai Chicken Tikka, and the savory Chicken Seekh Kebab. Every dish is artfully perfected, promising a gastronomic adventure that encapsulates the essence of taste in every single bite.

Craft your ultimate banquet with the Dual Box by selecting any 2 vegetarian and 2 non-vegetarian items to create the perfect combination, all at an enticing price of just INR 1390.

The Diwali Party Box is exclusively available for delivery, offering a hassle-free option for your festive celebrations. Orders can be made from the 25th of October to the 12th of November, between 11 am and 11 pm, providing you with ample time to prepare for your delightful Diwali gathering. Each box is thoughtfully curated to accommodate six people, making it a perfect choice for both intimate family gatherings and larger festivities.

To enhance your Diwali feast, Dana Choga provides enticing add-ons, including Dum Biryani, Dal Makhani, and Kesari Phirni. These supplementary choices offer an opportunity to indulge even more in the diverse and delectable flavors of Indian cuisine.

Dana Choga extends a heartfelt invitation for this Diwali, inviting guests to immerse themselves in the world of exquisite Indian kebabs. By elevating celebrations to unprecedented heights, the Diwali Party Starter Box seamlessly blends tradition with taste, and with every bite, it immerses you in the festive spirit.

Accor expands portfolio with 24th Novotel property launch in India

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November 3, 2023

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Accor, a renowned player in the global hospitality industry, has introduced its 24th Novotel establishment in India, marking the inauguration of Novotel Jaipur Convention Centre (NJCC). This exceptional property is poised to redefine the landscape of Indian hospitality, attracting discerning global business and leisure travelers as their preferred destination.

The hotel’s strategic location near the Jaipur Exhibition & Convention Centre (JECC) adds to its prestige, as the JECC is well-known as the foremost purpose-built, cutting-edge facility in South Asia for hosting exhibitions, conventions, and entertainment events.

Novotel Jaipur Convention Centre features a total of 226 contemporary and elegantly furnished rooms, designed to meet the diverse requirements of all guests. These rooms provide essential amenities, ensuring a serene and top-tier hospitality experience for every visitor. Situated in close proximity to Jaipur International, the hotel offers convenience and comfort for travelers.

“We are thrilled to announce the grand opening of the Novotel Jaipur Convention Centre in the vibrant city of Jaipur. This latest addition to our portfolio in India strengthens our commitment to delivering cutting- edge amenities and services. The Jaipur Exhibition Convention Centre represents a valuable expansion that is poised to fuel the growth of the Accor in India, further solidifying our position as a leading provider of large-scale exhibition and convention venues in the country,” said Puneet Dhawan, South Asia’s Vice-President Operations, Accor in India.

Novotel Jaipur Convention Centre extends a warm invitation to guests to indulge in a varied and delightful dining experience, boasting three distinctive dining venues, each promising an unforgettable culinary journey. Food Exchange, the multi-cuisine restaurant, features two exclusive open kitchens that seamlessly fuse global and local flavors in an elegant ambiance conducive to social interaction. For a more intimate setting, Ravanta offers a poolside dining experience amid a musical backdrop. Meanwhile, the Gourmet Bar provides a relaxed and welcoming space for enjoying trendy drinks, well-balanced meals, and coffee, making it the perfect spot to unwind at the bar.

“We are pleased to partner with Accor to manage and operate NJCC and JECC. Their expertise and global reach will act as a catalyst to put Jaipur on the International map and provide impetus to the hospitality sector in the state,” said Harimohan Dangayach, Chairman, Dangayach Group.

Myntra teams up with Simpl to bring 1-tap checkout convenience to shoppers

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November 3, 2023

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In a press release issued on Wednesday, the fashion e-commerce platform Myntra announced its collaboration with Simpl, a checkout network, to provide its customers with the convenience of 1-tap checkout.

Launched during the Myntra Big Fashion Festival, Simpl’s 1-tap pay is expected to not only enhance merchant conversions but also bring increased convenience to customers. This feature is poised to play a pivotal role in reshaping the customer experience, particularly focusing on convenience.

“To provide convenience and make the experience even more delightful, we are happy to bring Simpl’s 1-tap checkout. With Simpl, we find synergies in our collective vision of empowering thousands of our fashion brands in offering their products seamlessly to millions of customers across the country,” said Santosh Kevlani, vice president, banking, payments and cards at Myntra.

This marks Simpl’s first integration with an e-commerce marketplace.

“In our endeavour to empower millions of customers and small, medium and large merchants including D2C brands across the country, we are delighted to join hands with Myntra as we bring an added convenience of Simpl’s 1-tap this festive season,” said Nitya Sharma, founder of Simpl.

At present, more than 26,000 merchants nationwide choose Simpl’s checkout solutions.

Myntra offers a diverse selection of over 23 lakh styles from over 6,000 domestic and international brands, encompassing categories such as fashion, beauty, lifestyle, as well as home, luggage, travel, accessories, watches, and wearables.

Dabur reports 5% increase in net profit and 7% revenue growth for Q2 2023, announces INR 2.75 dividend per share

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November 3, 2023

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On Thursday, Dabur Ltd, an FMCG company, announced a net profit of INR 515 crore for the quarter ending in September 2023, reflecting a 5% increase from the INR 490 crore recorded in the corresponding period of the previous year.

The revenue from operations in the reporting period exhibited a 7% year-on-year growth, reaching INR 3,204 crore. Additionally, the Board has sanctioned an interim dividend of INR 2.75 per equity share for the fiscal year 2023-24.

The specified dividend’s record date has been set for November 10, and eligible shareholders will receive their payments on November 24.

The increase in revenue was primarily propelled by the consistent performance of both the home and personal care as well as healthcare segments. When measured in constant currency (CC) terms, the revenue growth amounts to 10.4%.

In the current quarter, the company has disclosed an EBITDA of INR 777 crore, reflecting a 7% year-on-year increase.

In the Indian market, the company’s prominent brands and products achieved remarkable growth, outpacing competitors in their respective categories and securing increased market share across 90% of the product range. Concurrently, the FMCG segment in India concluded the second quarter with a 3% increase in volume.

Dabur’s global operations maintained their robust growth trend, experiencing a substantial 23.6% increase in constant currency (CC) terms during the second quarter. Within the same quarter, the MENA business expanded by 18%, Egypt by 35%, and the Turkey business by an impressive 78%.

The company noted an increase in urban demand, driven by emerging distribution channels, in a sequential fashion.

“While the rural growth still lags urban demand, the gap has reduced. We are increasingly optimistic about the future as we are seeing green shoots of recovery in rural sentiments,” Dabur said in a statement.

In terms of product categories, Dabur’s digestive business, fueled by the consistent success of its flagship brand Hajmola, achieved an 18.1% growth in the second quarter, while the home care business experienced a 15.1% growth.

The Ayurvedic OTC and Ethicals segment expanded by 8.1%.

The recently acquired Badshah brand demonstrated a 16.4% growth in the quarter. On Thursday, Dabur’s shares were trading at INR 531.50 on the NSE, marking a 2.78% increase.

Over 80% of Indian retailers don’t perceive e-commerce as a threat to business: Report

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November 3, 2023

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online shopping — (Representative Image)

According to a study, the majority of Indian retailers who were surveyed do not perceive e-commerce as a threat to their business operations. Only 18 percent of respondents reported that their sales had been affected by online selling platforms. The industries with the most significant reliance on offline sales include FMCG & Retail (97 percent), Food & Beverage (95 percent), and Consumer Durable & Electronics (93 percent).

NowGrowth, a digital lender in India with a focus on MSMEs, conducted a survey involving over 3,000 Indian retailers and shoppers in more than 25 major cities. The findings revealed that home delivery continues to be a key concern for shoppers, as 60 percent of offline retailers reported receiving customer requests to initiate home delivery services.

Despite the widespread growth of online marketplaces, physical stores remain the preferred shopping method for Indians.

The primary factor driving the popularity of in-store shopping is the tangible experience of touching and feeling the products. Approximately 54 percent of people favor offline shopping because it provides a sense of assurance regarding the authenticity and quality of the products.

Roughly 50 percent of the respondents exhibit loyalty to their neighborhood stores, with multiple generations within a family frequently patronizing the same retailer, which fosters trust and familiarity. Additionally, 35 percent of Indians choose to shop at their local retailers to promote and support small businesses.

Over 70 percent of Indian shoppers highly value the family shopping experience in brick-and-mortar stores, and Indian retailers witness the highest foot traffic in their stores during special occasions, particularly festivals.

A mere 10 percent of Indian shoppers are exclusively making their purchases on online selling platforms.

This trend varies by generation, with 14 percent of Gen Z individuals shopping exclusively online. In contrast, this figure drops to just 5 percent for the Gen X population, and 11 percent of millennials make purchases exclusively through online channels.

Online shopping experiences a surge in activity during flash sales and periods when e-commerce platforms offer substantial discounts, with nearly 35 percent of shoppers opting for online shopping exclusively during these occasions.

Around 60 percent of retailers aim to prioritize physical stores in the future, leveraging digital tools to enhance in-store sales. Additionally, 7 out of 10 retailers are planning to open new stores as part of their strategy to bolster their physical presence.

Mamaearth’s IPO sees remarkable 7.61x oversubscription, fueled by strong demand from QIBs

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November 3, 2023

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Mamaearth, the direct-to-consumer (D2C) unicorn, saw a remarkable oversubscription of 7.61 times on the final day of its initial public offering (IPO) due to significant demand from qualified institutional buyers (QIBs).

Bids for 22 crore shares were submitted compared to the 2.89 crore shares available. Qualified institutional buyers (QIBs) contributed 82% of the total bids.

Out of the 1.57 crore shares available for the QIB category, it garnered bids for 18.11 crore shares, resulting in an oversubscription of 11.5 times. Notably, foreign institutional investors (FIIs) submitted bids for 14.88 crore shares.

Conversely, the non-institutional investors’ (NIIs) category experienced an oversubscription of 4.02 times by the close of the final day. Out of the 78.72 lakh shares available in this category, bids were received for 3.17 crore shares.

Nevertheless, it appeared that retail investors showed relatively modest interest in Mamaearth’s IPO. Their allocated portion was oversubscribed by a factor of 1.35, with bids coming in for 70.67 lakh shares, compared to the 52.48 lakh shares available for the category.

By the close of the second day, the retail investors’ portion was subscribed at 0.62 times, the QIBs quota saw an oversubscription of 1.02 times, and the NIIs portion had the lowest subscription at 0.09 times.

At the end of day 3, the subscription for the employees’ portion reached 4.88 times, with bids received for 1.65 lakh shares.

Mamaearth initiated its IPO on Tuesday, October 31, with the startup aiming to raise a maximum of INR 1,700 Crores at a valuation of $1.2 billion.

Mamaearth’s public offering consists of newly issued shares valued at INR 365 Crores and an offer for sale (OFS) component of 4.12 Crore shares. The IPO price range was established between INR 308 to INR 324 per share.

Established in 2016 by the husband-wife team of Varun and Ghazal Alagh, Honasa Consumer, the company behind Mamaearth, also offers a range of beauty and personal care brands, which include The Derma Co., Ayuga, Aqualogica, and Dr Sheth’s.

Following its listing, the company will mark the fifth new-age tech startup to go public this year, joining the ranks of ideaForge, Yudiz, Zaggle, and Yatra. Among these firms, the drone startup ideaForge achieved the highest subscription rate at 106 times. Upon listing, ideaForge shares debuted on the BSE with a remarkable 94% premium over the issue price.

Mamaearth posted a net loss of INR 151 Crores in FY23, primarily attributed to a one-time loss. This loss, combined with the substantial OFS portion in the public offering, has raised apprehensions in certain circles regarding the IPO’s performance.

There were also apprehensions among some analysts regarding the startup’s valuation.

Sapphire Foods India sees 43% plunge in quarterly profit due to sluggish pizza demand, adopts cautious stance on expansion

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November 3, 2023

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Sapphire Foods India, the operator of Pizza Hut restaurants within the country, disclosed on Thursday that its quarterly profit had declined more than anticipated due to sluggish pizza demand. The company also expressed a “cautious” stance regarding the expansion of additional outlets.

The net profit of the Yum Brands franchisee plunged by 43 percent to INR 153.4 million (USD 1.84 million) for the quarter ending on September 30, falling short of the analysts’ average expectation of INR 181.9 million, as reported by LSEG data.

Over recent quarters, the demand for pizzas has remained lackluster, influenced by major companies raising prices to align with increased costs of cheese and vegetables. Simultaneously, consumer preferences have shifted away from pizzas toward favoring fried chicken and burgers.

Sapphire reported a 20 percent decline in same-store sales at its Pizza Hut India restaurants during the second quarter. The company attributed this decline to challenging macroeconomic conditions, particularly the heightened competitive pressure within the pizza category.

Sapphire’s total revenue is bolstered by approximately 25 percent through its operations in Pizza Hut India.

The significant decline has also prompted Sapphire to reconsider its intentions to expand its portfolio of Pizza Hut restaurants.

“In the medium term, we will be cautious with our restaurant expansion plans while continuing to work on improving brand salience and product innovation,” Sapphire said.

Sapphire reported that same-store sales at its KFC restaurants in India remained unchanged, as customers reduced their meat consumption during specific festival periods.

Nevertheless, the company saw a 14 percent increase in revenue from its operations, reaching INR 6.43 billion, primarily attributed to the opening of 36 new restaurants in the quarter.

On a global scale, Yum Brands, the parent company of KFC and Pizza Hut, is grappling with reduced consumer foot traffic at a time when soaring inflation is eroding consumers’ purchasing power.

Sapphire’s shares, which also have a presence in Sri Lanka, plummeted by up to 8.8 percent following the results, in contrast to a 1 percent increase in the Nifty Smallcap 100.

Last month saw Jubilant FoodWorks, the Domino’s India franchisee, reporting quarterly earnings that defied expectations by being less diminished than anticipated. This was primarily attributed to the company’s cost-cutting initiatives, even as analysts continued to express concerns regarding the demand scenario.

Beyond Channels, Beyond Boundaries: How Omni-Channel Strategies Drive Business Expansion

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November 3, 2023

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Customers can now move between online and offline experiences with ease, and companies are beginning to understand that adopting an omni-channel strategy is essential to long-term success. Siloed marketing and sales channels are being phased out in favour of a more comprehensive approach that integrates the physical and digital worlds. In this piece, we’ll examine how omni-channel strategies are essential for business growth and help brands achieve new heights—they’re not just a fad.

The concept of omni-channel isn’t new, but it has gained unprecedented momentum in recent years. No longer is it enough to have a physical store and a website; consumers expect a cohesive and consistent experience across all touchpoints. Omni-channel, therefore, isn’t just about being present on multiple channels; it’s about creating a unified customer journey that transcends boundaries.

Seamless Customer Experience:

Omni-channel strategies aim to provide a seamless and consistent customer experience. Whether a customer interacts with your brand in-store, on a website, via mobile app, or through social media, they should encounter a unified brand identity and messaging.

Data-Driven Insights:

Omni-channel allows businesses to gather data from various sources, offering a 360-degree view of customer behavior. This data helps in understanding customer preferences and tailoring marketing efforts accordingly.

Cross-Channel Personalization:

With the right technology and data, omni-channel strategies enable businesses to personalize their interactions with customers. This personalization goes beyond mere product recommendations to understanding and addressing individual needs.

Enhanced Convenience:

Customers seek convenience, and omni-channel caters to this need. For instance, they can shop online, return items in-store, and check product availability through mobile apps—all seamlessly interconnected.

Expanded Reach:

Omni-channel doesn’t just refer to multiple online channels but also to physical stores. Businesses can expand their reach by opening new locations and integrating them into the omni-channel ecosystem.

Driving Business Expansion:

Omni-channel strategies are pivotal in driving business expansion, offering several key benefits:

Increased Revenue:

A seamless and convenient shopping experience boosts sales and customer retention. Businesses that adopt omni-channel strategies often report increased revenue.

Brand Loyalty:

Consistency across channels fosters brand loyalty. When customers receive a consistent and positive experience, they are more likely to remain loyal to the brand.

Market Penetration:

Omni-channel approaches allow businesses to enter new markets and demographics more effectively, as they adapt their strategies to cater to the preferences of these audiences.

Operational Efficiency:

Streamlined processes and data-driven decision-making lead to increased operational efficiency. This can translate into cost savings and better resource allocation.

In a world where customers expect seamless and convenient interactions with their favorite brands, omni-channel strategies are no longer a luxury but a necessity. Businesses that prioritize the integration of physical and digital channels into a unified, customer-centric experience are well-positioned to expand their reach, drive revenue growth, and build lasting brand loyalty. In a dynamic marketplace where boundaries between channels are blurring, adopting an omni-channel approach is the key to going beyond channels and boundaries and driving business expansion in the digital age.

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