AJIO introduces AJIOGRAM, a content-driven D2C retail platform

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November 2, 2023

AJIO, the prominent fashion e-commerce platform in India, has introduced AJIOGRAM, an interactive online retail space emphasizing direct-to-consumer (D2C) strategies. With this launch, AJIO aims to bolster Indian fashion startups that disrupt norms with their innovative offerings and forward-thinking methods.

Accessible via the AJIO app, AJIOGRAM is striving to partner with 200 unique indigenous D2C brands within the coming year. This initiative will provide customers with a broad spectrum of choices, encompassing streetwear, fast fashion, artisanal craftsmanship, minimalistic aesthetics, understated luxury, and eco-conscious, sustainable fashion.

Vineeth Nair, CEO of AJIO, expressed, “The emerging generation of shoppers looks for more than just a product; they seek a brand with a vision and a purpose. In recent years, the Indian D2C revolution has given rise to numerous brands that excel in innovative and conscientious fashion. AJIOGRAM will unite these brands under one roof, facilitating their expansion and growth while capitalizing on AJIO’s seamless shopping experience. With this initiative, we aim to empower the next 100 fashion startups emerging from India.”

AJIOGRAM serves a clientele that craves fashion aligned with their individuality and passions. They are drawn to niche brands that prioritize a sense of purpose and curate limited-edition items. These discerning customers delve deep into the brands they support, embracing the brand’s values, narrative, community engagement, and societal contributions. AJIOGRAM was conceived with this foundational insight, aiming to furnish customers with a shopping experience enriched by compelling content.

Pallavi Desai, Co-Founder of Creatures of Habit, shared, “As a content-focused startup, we hadn’t listed our products on a marketplace until now due to the lack of space to convey our story. We chose to partner with AJIO because they provide brands with a platform to engage with customers through the content they create, thereby contextualizing their products and making it easier to connect and communicate with customers.”

AJIOGRAM presents an exclusive collection of premier brands, featuring names like Urban Monkey, Supervek, Quirksmith, KRÁ Life, Creatures of Habit, Cecil, Truser, Fancypants, MIDNIGHT ANGELS BY PC, Monks of Method, Crafts and Glory, and many more.

Nikunj Lotia, popularly known as BeYouNick, YouTuber and Founder of KRÁ Life , “I am thrilled to launch my brand, KRÁ, on AJIOGRAM. As an artist and founder of a homegrown streetwear brand, I’m impressed by how the platform has thoughtfully curated a showcase of remarkable brands, providing a space for emerging fashion entrepreneurs to directly connect with customers. The user experience on AJIOGRAM epitomizes the content-consumption ecosystem I am a part of, and I am confident that customers will embrace this fresh format for discovering new products.”

UNIQLO makes grand debut in Faridabad with the launch of its 13th store in India

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November 2, 2023

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UNIQLO, the esteemed Japanese worldwide fashion retailer, is delighted to announce the launch of its most recent establishment in Faridabad. This opening signifies UNIQLO’s entry into Faridabad, establishing the 8th branch in the Delhi NCR area and the 13th store across the entirety of India. Nestled within The Mall of Faridabad, the fresh outlet brings UNIQLO’s celebrated shopping ambiance to the residents of Faridabad, presenting a wide-ranging array of LifeWear – recognized for its top-tier quality, meticulous design, and practical clothing.

“We are excited to bring LifeWear to customers in Faridabad and look forward to our partnership with the newly-opened The Mall of Faridabad. The new store will have something for every member of the family, and we look forward to providing the community with our thoughtfully designed, high quality, and functional apparel that makes people’s lives better,” said Tomohiko Sei, Chief Executive Officer, UNIQLO India.

UNIQLO at The Mall of Faridabad strategically occupies the mall’s ground floor, boasting a spacious sales area covering 8,000 sq. ft, all thoughtfully arranged on a single level. The store proudly displays UNIQLO’s iconic red branding and high ceilings, ensuring its visibility from the mall’s entrance, captivating customers as they step inside. Beginning at 11:00 am on Friday, December 15, 2023, the store eagerly awaits customers with exclusive promotions on Fall/Winter items, including Ultra Light Down Jackets, Fleece Jackets, HEATTECH, Smart Ankle Pants, and more.

Within the store’s confines, patrons will encounter UNIQLO’s LifeWear collection, which draws inspiration from the necessities of everyday life. This line is available in a diverse array of colors and styles, catering to all age groups and encapsulating Japanese values of simplicity, quality, and durability. The store will offer year-round essentials and the entire Fall/Winter 2023 product selection for men, women, kids, and babies. This encompasses inventive and utilitarian items like Ultra Light Down and HEATTECH apparel, in addition to products meticulously crafted from premium fabrics such as denim, fleece, flannel shirts, cashmere, and more.

Reliance Retail’s Yousta brand makes grand entry into Karnataka with new store debut

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November 2, 2023

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Yousta

Reliance Retail, the leading retail powerhouse in India, has introduced its newest Yousta store on Lingadagudi Road in Karnataka. Following successful ventures in Telangana, Chhattisgarh, Kerala, and Maharashtra, Reliance Retail’s fashion brand aimed at the youth is debuting in Karnataka. Since its launch in August this year, Yousta has been swiftly extending its presence across India.

Also Read: Reliance Retail expands presence with two new Yousta stores in Kerala and Chhattisgarh

Yousta is committed to delivering stylish and cost-effective fashion options for the younger demographic. It offers an exhilarating and budget-conscious shopping experience, featuring a wide selection of fashionable clothing, all priced under INR 999, with the majority of items available for less than INR 499.

The Bijapur location will showcase an extensive array of fashionable outfits, unisex and character-related products, along with regular additions of fresh fashion items from Yousta’s unique “Starring Now” collection every week.

This establishment will offer a modern shopping experience enriched with convenient tech features. These amenities encompass QR codes for effortless access to information, self-service checkout counters for speedy transactions, and charging stations for electronic devices.

Apart from its dedication to providing budget-friendly and fashionable attire, Yousta is deeply committed to community involvement. The store has joined forces with a non-profit organization to empower customers to donate their old clothing, which will be utilized for community-oriented initiatives. This endeavor fosters a spirit of generosity and prolongs the utility of wearable garments in an eco-friendly manner.

Spice tech firm Growcoms raises $3.5 Million in funding led by JSW Ventures and Arali Ventures

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November 2, 2023

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Spice tech firm Growcoms has just secured $3.5 million in a new funding round, with co-leadership from JSW Ventures and Arali Ventures, and the continued support of existing investor InfoEdge Ventures.

Growcoms had previously secured a $1 million investment from InfoEdge Ventures. It’s worth noting that this marks the first foray into the Agritech sector for both JSW Ventures and Arali Ventures.

According to a press release from Growcoms, the company intends to utilize the newly acquired funds to strengthen its product portfolio and enhance its technology infrastructure. These efforts aim to develop essential capabilities for facilitating traceability in exports and adding value to the spice industry.

Established in 2020 by George Kurian Kannanthanam, Narendranath P, and Bibin Mathews, Growcoms is dedicated to enhancing the spice value chain. Their goal is to optimize production capabilities, empower farmers, and deliver traceable spices to global markets using a digital approach.

**Narendranath P, George Kurian Kannanthanam, and Bibin Mathews – Founders of Growcoms**

Growcoms reports that over the past two years, it has significantly expanded its operational footprint. The company now maintains sourcing hubs in all major spice-producing regions, collaborates with verified suppliers to enhance the transformation of spices into value-added products, and meets the demands of global markets.

At present, the company serves a diverse customer base, including food companies, flavor houses, FMCG (Fast-Moving Consumer Goods) enterprises, and seasoning brands.

Indigram Labs provided incubation to Growcoms in 2021.

Orchid Hotels expands its portfolio with the opening of IRA in Nashik, elevating hospitality in the region

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November 2, 2023

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Kamat Hotels India Ltd has announced the opening of IRA by Orchid Hotels in Nashik, signifying the growth of their newly introduced upper mid-tier hotel brand. This latest inclusion in the IRA brand follows the prosperous establishment of comparable venues in Mumbai and Bhubaneswar earlier this year. It underscores The Orchid Hotel Group’s commitment to transforming guest experiences in Nashik, further solidifying their imprint on the region’s hospitality landscape.

This carefully chosen location guarantees convenience and accessibility, offering 32 elegantly appointed rooms complete with modern amenities.

Furthermore, the hotel includes two dining venues: ‘Makeba,’ providing an outdoor culinary experience, and ‘Crossroads,’ catering to formal dining suitable for families and corporate events. These establishments offer a diverse menu comprising authentic Indian and continental cuisine.

“We are thrilled to unveil our third IRA by Orchid Hotels, with two more on the horizon by this year-end in Sambhaji Nagar and Ayodhya. Our rapid portfolio expansion has been met with tremendous enthusiasm from our loyal guests, spanning decades. What’s truly gratifying is the growing interest from those considering the upgrade of their hotels or embarking on new ventures with the Orchid brand. They’re drawn to IRA, inspired by what they’ve witnessed in Mumbai, and particularly with this exciting addition in Nashik. We have been receiving immensely positive feedback from our guests and stakeholders, and the future of IRA looks very bright,” said Vishal Kamat, Executive Director, Kamat Hotels India Ltd.

The latest extension to the IRA brand in Nashik is poised to become a preferred option for travelers in search of a peaceful weekend getaway or those embarking on religious pilgrimages to destinations such as Trimbakeshwar, Kumbh Mela, Kalaram Temple, renowned vineyards like Sula, and various other attractions.

In addition, the establishment caters to eco-conscious travelers by offering electric vehicle (EV) charging stations for enhanced convenience.

MiniKlub expands its footprint in Rajasthan with the grand opening of ninth store in Kota

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November 2, 2023

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MiniKlub, a leading brand specializing in babywear in India, is delighted to declare the opening of its ninth store in Kota, Rajasthan. This momentous event represents a significant stride in the brand’s continuous growth. Following the prosperous launch of MiniKlub stores in Dausa, Jhunjhunu, and Bhilwara, this strategic expansion underscores the brand’s steadfast commitment to evolving into a complete retail hub for parents.

MiniKlub’s product range includes a diverse selection of necessities for infants, baby attire, kids’ fashion, footwear, toys, travel gear, baby care items, and more, all easily accessible in a single location. This latest store is poised to emerge as a go-to destination for families with children ranging from newborns to 8 years of age within the town.

Anjana Pasi, Director of MiniKlub said, “We are delighted to introduce MiniKlub’s exceptional product range to Kota, Rajasthan. Our brand has consistently upheld its commitment to providing a diverse selection of safe and comfortable apparel and non-apparel items for children aged from newborns to 8-year-olds. We eagerly anticipate becoming a trusted shopping destination for families not only in Kota but also in the surrounding areas.”

Established in 2013, MiniKlub, operating within the First Steps Babywear conglomerate, has swiftly transformed into an omni-channel brand with a significant footprint across more than 450 multi-brand stores, prominent e-commerce platforms, and exclusive brand outlets, available in both physical and digital formats.

With a remarkable presence of 58 exclusive brand stores spanning 26 cities, MiniKlub has experienced outstanding growth. Enveloped in the essence of childhood, the brand places utmost emphasis on creating products that prioritize the comfort and safety of infants. Furthermore, MiniKlub takes pride in its commitment to sustainable manufacturing practices while delivering top-quality items to the market. The company’s operations extend to over 450 multi-brand outlets and it maintains a robust presence on well-known e-commerce platforms such as Amazon, Myntra, Flipkart, and Ajio. MiniKlub further expands its reach throughout India via its dedicated e-commerce platform, miniklub.in.

Adani Wilmar Limited surges with 18% year-on-year volume growth in H1 2024, eyes expansion in food business

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November 2, 2023

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Adani Wilmar Limited delivered a strong performance in the recent quarter, showcasing an impressive 18 percent year-on-year volume growth in the first half of 2024 and an 11 percent year-on-year growth in the second quarter of 2024. This remarkable growth can be attributed to factors such as increased consumer demand, favorable pricing of edible oils, efficient supply chain management, and successful branded sales in both edible oil and food categories. Despite these positive developments, there was a 13 percent year-on-year decline in sales revenue for both H1’24 and Q2’24, primarily driven by a significant correction in edible oil prices.

In spite of the challenges faced in the edible oil segment, the company maintained its growth momentum. The Edible Oil segment witnessed a 4 percent year-on-year increase in volumes during Q2’24, and branded sales recorded an impressive 12 percent year-on-year growth. This growth was primarily driven by the strong brand equity of Sunflower oil and mustard oil. Additionally, the Food and FMCG segment, which includes products such as wheat flour, rice, pulses, besan, sugar, poha, and soap, continued to perform exceptionally well, with segment revenues growing by 26 percent year-on-year in Q2’24 and 27 percent year-on-year in H1’24.

During Q2’24, the Food and FMCG segment accounted for 10 percent of the total sales revenue and 18 percent of the sales volume. The company is targeting an increase in the contribution of the food business to around 30 percent of the total sales volume in the upcoming years. This growth in the domestic food business has been substantial, primarily powered by the presence of strong brands like Fortune and Kohinoor.

The industry essentials business posted an impressive 25 percent year-on-year growth in Q2’24, driven by strong performance in the Castor and Oleochemical segments. Nonetheless, the company’s profitability was impacted by losses incurred in the edible oil segment, largely stemming from divergent trends in spot and future prices.

Angshu Mallick, MD and CEO, Adani Wilmar Limited said, “We continued the growth momentum across all the business categories, amidst the challenging environment in the edible oils segment. The Company gained market share across most of the edible oil and food categories, given the immense focus on expanding our direct reach and rural town coverage. We see a huge potential for packaged oils and foods in the rural markets. Today, 30 percent of our sales comes from rural towns, wherein more than 70 percent population resides. In the past 6 months, we have added over 13,000+ towns, and we will continue this growth. The out-of-home consumption continues to grow with our HoReCa business showing volume growth of over 50 percent+ on a QoQ basis. The revenues from the branded products under the Food and FMCG segment have been growing consistently at 40 percent+ YoY in the past 8 quarters. We are also simultaneously building our branded exports business, where we see potential to serve the Indian diaspora abroad. Given the importance of health and wellness in today’s era, I am pleased to share that the company launched Brown Rice under premium Kohinoor brand. While the profitability in edible oils were impacted consecutively for the second quarter, we believe that the abnormality will soon reverse.”

Frozen foods tech platform FroGo raises $1.15 Million in seed round led by Inflection Point Ventures

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November 2, 2023

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Frozen foods tech platform FroGo recently raised $1.15 million in a seed round led by Inflection Point Ventures. This funding round also saw the active participation of notable investors such as Ritesh Agarwal, Ankit Nagori, Desai Ventures, FAAD network, and others.

In a press release, FroGo announced that the funds will be directed towards expediting its growth journey, including the expansion of its presence to 50 dark stores in four cities and the development of technology featuring fully integrated temperature monitoring.

Established in March 2022 by Mira Jhala, FroGo drives the distribution and retail of frozen food. The company’s goal is to leverage the advantages of heightened adoption, enhanced customer convenience, and reduced mobility. FroGo boasts an expansive network of dark stores throughout India, facilitating unified distributorship and optimizing operations across various demand channels.

Mira Jhala, Founder, FroGo, says, “Over years of running food tech businesses in both B2B and B2C domain, I have seen the frozen food category grow massively. Several frozen foods are becoming staples in Indian households. Consumers are moving rapidly to online, and manufacturers have a great bouquet of frozen food products which they want to deliver to the end consumer. But the supply chain is broken – with melted, destroyed, substandard food being delivered with limited choices available to consumers. I see both stress and an opportunity for the frozen foods category. With FroGo – Frozen is delivered Frozen, via end-to-end zero-temperature-loss platform for frozen foods. We offer consumers a large variety of choice and a wider distribution to manufacturers, hence creating a win-win. I launched FroGo in 2022 with a vision of creating the largest frozen food retail and distribution for India. We are excited to partner with elite investors to realize this vision with velocity.”

Ivy Chin, Partner, Inflection Point Ventures, says, “While the demand for frozen food is growing and has a substantial market potential,what needs significant attention is the cold chain Industry. Forgo is disrupting the frozen food ecosystem by addressing the challenges faced by the industry with their temperature monitoring platform. It ensures temperature maintenance of products and assured quality of food products at their doorstep without compromising the nutritional value. We believe the vision of Forgo will change the perception of the frozen food taste in the Indian market and will re-define frozen food supply chain in India in the coming years.”

Operating from Gurugram, the startup prides itself on maintaining more than 15 dark stores in the Delhi-NCR region. These facilities collectively handle over 7,000 orders per month for a variety of frozen food items.

Leading participants in the Indian frozen foods market encompass McCain India Pvt Limited, Venky’s (India) Limited, Mother Dairy Fruit and Vegetable, Godrej Tyson Foods Limited, Al Kabeer Group, and Innovative Foods (Sumeru).

Sustainable packaging startup Fibmold secures $10M funding led by Omnivore and Accel

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November 2, 2023

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Param Gandhi and Vaibhav Garg, Co-Founders of Fibmold

Fibmold, a startup focused on sustainable packaging, has successfully obtained $10 million in funding from a round spearheaded by Omnivore and Accel.

Established in October 2022 by Param Gandhi and Vaibhav Garg, Fibmold specializes in the production of environmentally friendly molded fiber packaging items designed to replicate the versatility of rigid plastics.

The startup claims that its packaging items are created from natural fibers like bamboo, bagasse, husk, wheat straw, and even recycled paper, customized for their intended uses. These items are completely recyclable and biodegradable by nature. Fibmold argues that by embracing its sustainable packaging solutions, businesses can shift away from the use of single-use plastics.

The company highlights that although China dominates in the manufacturing and export of advanced molded fiber packaging, the industry in India is currently in its early stages of development.

Commenting on this, Co-Founder Gandhi said, “The sustainable packaging industry is a $300 Bn opportunity. At Fibmold, we aim to assist brands globally in transitioning to eco-friendly packaging alternatives and ultimately eliminate their reliance on single-use plastics.”

Expanding on this, Garg mentioned that sustainable packaging holds the potential to substitute single-use plastics due to its equivalent performance, competitive costs, and rapid market entry.

This marks Omnivore’s second investment from its $150 million Omnivore Agritech & Climate Sustainability Fund.

In India, Fibmold competes with Cirkla, which secured $3 million in funding in September to scale its operations and fortify its sales team and technological innovations.

According to an IMARC study, the Indian green packaging market is projected to achieve a 7.24% compound annual growth rate (CAGR) by 2028.

Sustainability has emerged as a vital focal point for businesses across all industries, propelling the expansion of startups that provide sustainable solutions.

In August, the mining giant Vedanta unveiled its intentions to back more than 100 startups that offer sustainable solutions within the framework of the third installment of Vedanta Spark.

Furthermore, in June, Avaana Capital successfully raised $70 million for the initial closing of the Avaana Climate and Sustainability Fund.

Amidst global volatility, Britannia Industries revamps strategy focusing on urban markets

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November 2, 2023

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Britannia Industries, a leading player in the FMCG sector, has expressed apprehensions about evident indications of a slowdown in the rural economy. During its earnings conference call, the company revealed that its product portfolio is currently more focused on urban markets, with urban sales being approximately 1.3 times higher than rural sales.

This past Wednesday, the company reported a 19% year-on-year (YoY) increase in its consolidated net profit for the quarter ending in September, reaching INR 588 crore, exceeding the projections of analysts.

“We delivered a good performance in a challenging environment on the back of 2 years of high inflation. Our potential in rural areas continues to remain high and, hence, expansion in rural distribution continued despite reported rural slowdown,” said Varun Berry, Vice Chairman & Managing Director of Britannia Industries.

Britannia has implemented price reductions for certain pivotal brands and stock-keeping units (SKUs), resulting in a noticeable market share rebound. Despite the reported rural economic slowdown, Britannia has maintained its expansion in rural distribution. However, the persisting conflicts in the Middle East and Russia have contributed to ongoing volatility in global commodity prices.

“As a market leader, the onus is on us to increase prices,” said the company. Britannia will correct the pricing once commodity prices soften.

“We are being watchful of the situation and its impact on our business. Our strategy will remain focused on driving market share while sustaining profitability,” Berry said.

Britannia, which also sells cakes and breads, posted a 1.2% increase in its revenue from operations, reaching INR 4,433 crore ($532.6 million). Nevertheless, this figure fell short of analysts’ estimates of INR 4,543 crore, as per LSEG data. Notably, the FMCG major’s operating margin also witnessed a significant rise of 343 basis points, reaching 19.68%.

“As the commodity started to soften this quarter, we have seen pricing activity by competition in certain categories,” said Managing Director Varun Berry, adding that Britannia cut prices in some of its key brands to increase its market share.

Analysts have noted that the recovery in rural demand for packaged foods during the quarter fell short of expectations, primarily due to elevated food prices. However, they anticipate an upswing in demand in the current quarter, driven by a delayed festive season.

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