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.
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, 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 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 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).
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.
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.
Coca-Cola India, a prominent player in the beverage industry, experienced a remarkable 57.15% increase in consolidated profits, reaching INR 722.44 crore during the fiscal year 2022-23. This significant growth was accompanied by a substantial 45% surge in revenue from operations, totaling INR 4,521.31 crore, as per financial data sourced from the business intelligence platform, Tofler. Notably, the company’s expenses for advertising and sales promotion also exhibited a robust rise, climbing by 52.05% to INR 1,122.11 crore during the financial year ending on March 31, 2023, compared to INR 737.97 crore in the preceding year.
The major cola company recorded a profit of INR 459.69 crore for the financial year ending on March 31, 2022, with its revenue from operations standing at INR 3,121.29 crore during that period.
Its supplementary income also witnessed a 23% increase, reaching INR 87.19 crore for the fiscal year concluding on March 31, 2023.
Coca-Cola India’s overall expenditures surged by 42.09% to INR 3,620.92 crore in FY23, compared to INR 2,548.19 crore in FY22.
On a consolidated basis, Coca-Cola India’s total earnings amounted to INR 4,608.51 crore in FY23, reflecting a robust increase of 44.36%. In the previous fiscal year, the total income stood at INR 3,192.17 crore.
The company, which boasts a portfolio of prominent brands in the Indian market, including Coca-Cola, Thums Up, Limca, Sprite, Maaza, and Minute Maid, is under the ownership of The Coca-Cola Company, a major U.S. beverages corporation headquartered in Atlanta.
When contacted, the company said, “This was driven by both volume growth and price-mix, and an overall increase in sales, primarily backed by affordable price points and demand across rural regions.”
The company strategically prioritized expanding its presence within the general trade channel, placing a significant emphasis on reaching out to rural markets.
“Our products are now available Now available in 4.5 million outlets up from 2.8 million outlets pre covid times,” the company stated.
The company maintains its commitment to connecting consumer passions with consumption occasions in order to foster stronger brand connections. This is achieved through digital storytelling and consumer engagement initiatives such as Sprite Joke in Bottle and Thums Up Stump Cam, among others.
“The Company increased advertising and marketing spending to ensure strong demand in the festive season and drive greater consumer engagement. The company has been driving the most significant marketing transformation in our history, focusing on digital-first engagement with consumers,” it said.
During the earnings call for the September quarter, The Coca-Cola Company’s CEO, James Quincy, announced that the company had achieved double-digit volume and top-line growth in India. This impressive performance has translated into value share gains over the past three years.
India is the fifth largest market for the Coca-Cola Company.
Besides, Coca-Cola also has a bottling unit – Hindustan Coca-Cola Beverages (HCCB) Private Ltd, which operates 16 plants.
According to Kantar, a prominent global research firm, there are signs of a positive shift in the fast-moving consumer goods (FMCG) sector. This comes as the demand for everyday groceries and essential items recorded a 7.2% year-on-year growth during the September quarter.
Data from the research firm indicates that sales volume increased by 6.2% in rural markets and 8.4% in urban areas compared to the previous year.
Marico, the manufacturer of Parachute and Saffola oils, reported a promising beginning to the second quarter, observing rising demand patterns in both rural and urban regions in July. However, the company noted a significant decline in overall sentiment, particularly in rural areas, during August and early September.
This was prompted by inadequate rainfall, coupled with a surge in food prices.
“We have seen some recovery since the second half of September and we are optimistic about a gradual pick-up in consumption, with the onset of festive season, range-bound retail and food inflation, and government spending between now and the elections,” Marico managing director Saugata Gupta told investors on an earnings call recently.
Kantar keeps tabs on both branded and unorganized products, which even includes bulk, unpackaged commodities. In contrast, Nielsen primarily focuses on monitoring retail sales, with a strong emphasis on the branded category.
Furthermore, Kantar’s data comes with a one-quarter delay, as it examines real household consumption by volume and the primary sales made by companies to their distributors.
The expansion in the consumer goods segment was aided by the comparatively low figures from the previous year and increased consumption of high-volume product categories, particularly food items like atta. Surprisingly, last quarter’s growth was even higher, despite all the festive days this year falling within the December quarter. This differs from last year when some occurred between July and September.
“With each passing quarter, the gap between urban and rural is diminishing. So, it wouldn’t be a surprise if, by the end of the year, both the regions are at par,” said K Ramakrishnan, managing director, South Asia, Worldpanel division, Kantar. “It appears we are at the beginning of a turnaround for the sector that has been under some stress for the past few quarters.”
He mentioned that atta, a frequently purchased high-volume category, can exert a substantial influence on the FMCG sector, particularly in light of the government’s provision of free foodgrains, which can impact overall data.
Although all segments showed growth, the food and beverages category spearheaded the quarterly expansion at 8.7%, primarily driven by the demand for snacking and convenience products. When excluding atta, the overall market still saw substantial growth, with an increase of 4.2%.
Tata Consumer said sales were better during the quarter than a year ago despite the rural market stress. “We have seen an effect of inflation and erratic monsoons; we have seen an uptick on MGNREGA (the rural jobs programme),” said Sunil D’Souza, managing director at Tata Consumer. “But, that said, we have seen a jump in two-wheeler sales of late. So, we remain cautiously optimistic out there. We have guided for a mid-single digit volume growth, and we are more or less inching towards that, coming towards (it) faster… than the previous phase.”
Referring to NielsenIQ data, HUL reported that the FMCG market volume increased by 8% in the September quarter. Urban areas witnessed a 10% growth in volume, while rural areas experienced a 7% growth.
Pune-based Sante Spa Cuisine has extended its reach by inaugurating a 1800-square-foot establishment in the prestigious BKC district of Mumbai.
This concept aims to advocate their fundamental principles, including vegetarianism, veganism, environmentalism, mindfulness, and minimalism, to the younger generation.
The brainchild of Sonal Barmecha and under the guidance of chef Shailendra Kekade, the BKC outlet offers an enticing array of both local and international wines and sangrias, perfectly complementing a diverse menu. This includes a wide selection of starters like southern-spiced cottage cheese, dim sums, and pizzas such as the Burrata Pizza, the Green Pizza, and the Tempeh Slider. The menu also boasts enticing entrées such as Organic Bajra Riso, the Grilled Cheese Steak, and an extensive variety of homemade pastas, among other tantalizing options.
The spa cuisine menu offers a wide range of freshly prepared options, including salads, nourishing smoothies, cold-pressed juices, and a diverse selection of starters and entrees. The juices are predominantly detoxifying and packed with chlorophyll and matcha for energy and refreshment. The appetizers, which range from ragi-based pizzas to a variety of well-balanced main courses, provide choices for vegan, gluten-free, amino-rich, protein-rich, and high-fiber preferences.
For beverages, the restaurant features various shakes crafted with soya, almond, coconut, and fresh A2 milk. Indulge in guilt-free desserts sweetened naturally with ingredients like organic honey, jaggery, and stevia. The meticulously curated menu caters to all age groups, from infants to senior citizens, ensuring a diverse culinary experience.
Notably, Santé incorporates neem wood crockery and cutlery, known for its antibacterial properties, enhancing the hygiene of the dining experience.
Barmecha said, “We embarked on our journey with Sante over eight years ago, with a vision to introduce wellness and nutritious food that not only nourishes but delights the palate. We are thrilled by the enthusiastic reception of our brand and are committed to leading the way in promoting holistic well-being and exceptional dining experiences worldwide. Our dedication to continuous innovation and improvement in the Sante experience is aimed at ensuring our patrons find it enjoyable. Furthermore, we aim to debunk the misconception that healthy food can’t be delicious and appealing, evident through the range of carefully crafted dishes and desserts. We are optimistic about the reception of this establishment.”
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