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Subway Opens 166th Store in Maharashtra, Mumbai Expansion!

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Subway Mumbai
Subway (Representative Image)

Subway News: The aroma of freshly baked bread and the allure of made-to-order sandwiches have found a new address in Mumbai’s bustling landscape as American sandwich giant recently inaugurated its latest outlet in Bandra East. The announcement came via a LinkedIn post by Subway’s Real Estate Manager, Harsh Rathi, who shared the news of the store’s opening with enthusiasm.

“Excited to announce Coco store no. 166 now live at Bandra East, Mumbai,” declared Harsh Rathi, shedding light on Subway’s latest addition to the Mumbai food scene.

Subway’s New Venture at Maharashtra:

This newest venture signifies Subway’s 166th establishment in Maharashtra, reinforcing the brand’s continued expansion across the state. Since its debut in India in 2001 with a pioneering store in Saket, New Delhi, It has persistently grown its footprint, establishing itself as a go-to destination for fresh and customizable sandwiches.

Subway
Subway (Representative Image)

Founded back in 1965 by Fred DeLuca and Peter Buck, It has evolved into an internationally recognized brand, boasting a staggering presence with over 37,000 stores sprawled across more than 100 countries. Its foray into Bandra East signifies not just a new store opening but also a strategic move to cater to the discerning taste buds of Mumbai’s diverse populace.

Company’s hallmark has always been its emphasis on fresh ingredients and the liberty it offers customers to craft their sandwiches to suit their preferences. This commitment to quality and personalization has been pivotal in Subway’s sustained success globally, and the Bandra East outlet aligns with this core philosophy.

The Mumbai expansion not only solidifies Subway’s presence in Maharashtra but also underscores its dedication to serving communities with nutritious, tailor-made meal options. As the city pulsates with energy and a myriad of tastes, Subway’s arrival in Bandra East aims to cater to the demands of both residents and passersby seeking a quick, wholesome bite.

Bandra East Outlet:

Subway’s Bandra East outlet not only symbolizes its exponential growth but also stands as a testament to its unwavering commitment to providing a diverse range of freshly prepared, healthy meal choices. This latest addition reinforces their reputation as a preferred destination for individuals seeking flavorful and nutritious on-the-go dining experiences in Mumbai.

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The company’s expansion in Maharashtra remains steadfast, ensuring accessibility to its famed sandwiches while staying true to its founding principles of freshness, variety, and customer satisfaction.

Subway’s footprint in Bandra East represents not just another store opening but an opportunity for Mumbai’s residents and visitors alike to savor the delectable delights that have made it a global culinary favorite.

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Flyrobe expands its offline footprint with grand opening in Belagavi

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Flyrobe Belagavi
Flyrobe Belagavi (Representative Image)

Flyrobe, the premier fashion rental service, recently opened its doors in the heart of Belagavi on October 29, 2023. This significant expansion underscores Flyrobe’s unwavering commitment to providing accessible and convenient fashion options to its customers, simplifying the journey to embrace sustainable and affordable fashion. The grand inauguration of this new location was graced by the esteemed Chief Guest, Shri Asif Raju Sait, Member of Legislative Assembly (M.L.A.), representing the Belagavi North Constituency.

Shri Asif Raju Sait, M.L.A., representing the Belagavi North Constituency said, “I am delighted to witness their dedication to enhancing the local fashion landscape. This new store not only underscores their passion for fashion but also represents a significant stride in elevating Belagavi’s style quotient. I applaud Flyrobe for their commitment to the community and eagerly anticipate the positive influence they will bring to our city.”

Flyrobe Belagavi Store Inaugration:

Dr. Lakshmi Khilari, the proprietor of the Flyrobe Belagavi store said, “I am thrilled to introduce Flyrobe to the residents of Belagavi. Our goal is to offer a distinctive and premium fashion experience that redefines personal style and sustainability.”

 
 
 
 
 
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A post shared by Aanchal Saini (@aforaanchal)

Aanchal Saini, CEO of Flyrobe, stated, “We are excited to bring the great experience to Belagavi, a city renowned for its rich culture. Our brick-and-mortar store will serve as a destination for fashion enthusiasts, presenting the latest trends and timeless classics. We believe that everyone deserves to look and feel their best, and we are here to assist you in achieving that. With Flyrobe, you can maintain an ever-evolving wardrobe without the hassle of purchasing new clothes. Our commitment to sustainability also ensures that you can embrace fashion while being environmentally conscious.”

Check some new Interesting Story: Subway Opens 166th Store in Maharashtra, Mumbai Expansion!

The rental process at Company seamlessly blends convenience with style. Customers have the option to rent their favorite fashion pieces for a 4-day duration, guaranteeing they are always prepared with the perfect outfit for any occasion. The store also provides a trial facility, allowing customers to ensure the outfit fits impeccably before taking it home. Additionally, Flyrobe offers free size customizations, ensuring that every garment is tailored to perfection for its wearer.

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Recode Studios Expands with Ludhiana Store, Eyes Nationwide Growth!

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Recode Studios
Recode Studios (Representative Image)

Recode Studios, a well-known player in the cosmetics sector, is excited to declare the grand debut of its 13th retail outlet in the lively city of Ludhiana, India. Spanning 250 square feet, this newly launched store represents the company’s second presence in Ludhiana. Since 2018, Recode has consistently showcased its resolute dedication to providing top-tier cosmetics.

Recode Studios – Ludhiana Store:

Dheeraj Bansal, Co-Founder of Recode Studios, stated, “Our journey began with a modest selection of products, and today, we take pride in offering a diverse range that caters to the individual preferences of each customer. Our mission is to make high-quality cosmetics readily available in every corner of India. This recent expansion is a testament to our dedication to ensuring that premium makeup is accessible to all.”

 
 
 
 
 
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In pursuit of its goal to launch 25 stores by the fiscal year 2023-24, Recode Studios has a lineup of upcoming store openings. These imminent locations comprise Mumbai, Chennai, Hyderabad, Jaipur, Indore, and Rudrapur. The strategic choices predominantly encompass tier 2 and tier 3 cities, such as Delhi, Amritsar, Raipur, Bilaspur, with each store necessitating a 20-lakh investment.

Check Out More News: Flyrobe expands its offline footprint with grand opening in Belagavi

Recode’s yearly sales have witnessed incredible growth, escalating from 25 lakhs in 2018 to 2 crore in 2019 and 2020, 5 crore in 2021, and further soaring to 15 crore in 2021 and 2022, and 26 crore in the fiscal year 2022-2023. However, the company’s ambitions extend beyond, aiming to reach 50 crore in the fiscal year 2023-24. Remaining dedicated to its mission of providing cosmetics to a diverse and extensive audience, Recode Studios warmly invites its customers to join them on their thrilling journey as they continue to expand their retail network.

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Sydney’s Burger Head chain shuts down due to Economic Strain and Rapid Growth

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Burger Head
Burger Head (Representative Image)

Burger Head, a cherished burger chain in Sydney, has officially ceased operations, closing its doors after nearly seven years in business. This decision was driven by the financial pressures stemming from rapid growth, surging inflation, and increasing interest rates, leading to the closure of its last two restaurant locations in Penrith and Botany on a recent Sunday.

Once boasting a total of four restaurants across various Sydney locations – Penrith, Botany, Casula, and Blacktown – alongside three food trucks, the burger chain had established a notable presence in the region.

Established in 2017, Burger Head made its debut in Penrith, founded by friends Joshua Deluca, Timothy Rosenstrauss, and Richard Borg.

The threesome, all in their early twenties, characterized themselves as “three young individuals with limited life experience but considerable kitchen expertise.”

Nonetheless, the business found itself grappling with insurmountable financial pressure, attributed to the soaring inflation, escalating interest rates, and the swift post-Covid expansion it undertook.

Rosenstrauss and DeLuca took to social media to announce their “heart-wrenching choice” to close the physical outlets of Burger Head.

‘And just like that, all good things must come to an end,’ they wrote on Instagram.

‘The past seven years have been nothing shy of an incredible journey of ups, downs, and everything in between, but unfortunately, we’ve decided to hang up the apron.

‘Although it’s been a sh***y 18 months, we’re still beyond proud of what we’ve accomplished in such a tough industry, in the toughest four years of it ever.’

The proprietors elaborated that “issues began to surface” as they endeavored to expand their business in the aftermath of the Covid pandemic.

Burger Head Sydney Closes Amid Rapid Growth

Within a mere span of 10 weeks in 2022, the duo inaugurated their Blacktown and Casula restaurants.

During that very year, Burger Head additionally launched a production kitchen situated in Wetherill Park.

The burger chain had plans to open a fifth store in Box Hill, but the owners ultimately decided to “withdraw” from the endeavor.

Looking back, Rosenstrauss and DeLuca expressed regret, stating, “If we had chosen to open just one of these stores and retained our existing prep kitchen, we would have had the necessary resources to successfully establish store number three and would still be in business.”

Burger Head Chain
Burger Head (Representative Image)

The owners also criticized Philip Lowe, the former Governor of the Reserve Bank of Australia, contending that he bore some responsibility for the business’s decline.

‘If you own any property or a business, there’s a good chance you know this fella and if you’re like us you have a voodoo doll of Mr Lowe,’ they said.

‘I feel for the pain that the interest rate rises [have] caused everyone because we’ve certainly felt it.

‘Many households have had to cut back on luxuries, which for many, is a meal out at your favourite burger joint.’

Read more Article: Recode Studios Expands with Ludhiana Store, Eyes Nationwide Growth!

However, the owners reassured customers they could still get their hands on their famous burgers and fried treats as Burger Head was pivoting to ‘just the trucks’.

‘I want to make it clear that this is not the death of Burger Head but merely a major pivot for us,’ they wrote.

‘Where we’ve been in the restaurant business with food trucks, we’re continuing on with just the trucks.

‘To be honest, we thought we wouldn’t make it past one year in business, so to say we got into our seventh year is f amazing!’

Burger Head made its debut in 2017 and gained significant popularity for its unique burger creations, featuring delights like the renowned Twisties burger.

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Curefoods Acquires Yumlane Pizza, Expands Portfolio!

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Curefoods
Ankit Nagori, Founder, Curefoods

Curefoods, a cloud kitchen startup, has completed the acquisition of Yumlane, a foodtech startup, for an undisclosed sum. With this strategic acquisition, Yumlane will harness the extensive network of Curefoods to enhance its exclusive pizza technology.

Established in 2016 by Hitesh Ahuja, Rueben Ghosh, and Rahul Kumar, Yumlane has created an exclusive technology platform for pizza and introduced the Yumlane Pizza cloud kitchen brand, along with a B2B business division.

The startup asserts its presence in 15 cities across India and boasts a clientele that includes prominent names such as Curefoods, Barbeque Nation, Frozen Bottle, and 7-11. It has garnered investments from renowned investors like Binny Bansal, Anupam Mittal, Orios Ventures, and RB Investments.

Commenting on the acquisition, Gokul Kandhi, chief business officer, CureFoods, said, “Their extensive B2B client network and their positioning as a value leader in the pizza category align strategically with our brand portfolio. we are excited to harness Yumlane’s potential as we work toward enhancing the pizza category as a whole.”

Curefoods and Yumlane Deal:

Curefoods’ association with Yumlane dates back to 2021 when it acquired the Yumlane Pizza cloud kitchen franchise rights for the South India market. Subsequently, in 2022, Curefoods acquired a 10% stake in the business.

Ankit Nagori founded Curefoods in 2020, and it is home to various brands, including EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle, among others. The startup asserts its presence in 15 Indian cities, operating more than 200 cloud kitchens and offline stores, offering a diverse range of over 10 cuisines.

Company appears to be actively expanding within the food industry. In July, it strategically invested in Hyderabad’s Millet Express, aiming to support the millet startup’s growth and broaden its reach among a larger audience for millet-based products.

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Subsequent to this investment, Curefoods secured a $37 million funding round, spearheaded by Binny Bansal’s Three State Ventures. At the time, They announced its intention to utilize the capital for geographical expansion and diversification of its brands, transitioning from its existing cloud kitchen business model into offline formats.

Within the Indian cloud kitchen sector, it directly rivals Rebel Foods, a company that expanded into the Saudi Arabian market in July.

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JSW Ventures Logs 2.7x Return, Sells Purplle Stake!

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Purplle
Purplle

JSW Ventures has successfully divested its stake in Purplle by selling it to the Manipal Education & Medical Group Family Office (MEMG). This strategic move has yielded an impressive 2.7x return on their initial investment from JSW Ventures Fund I.

In 2023, this marks the second consecutive secondary transaction for the online beauty marketplace. In May, JSW Ventures partially divested its stake in the company to the Abu Dhabi Investment Authority (ADIA), resulting in a 2x return for the venture capital firm.

JSW Ventures made its initial investment in Purplle during the company’s Series A round in 2016, using its Fund I. Notably, JSW has maintained its investment in Purplle through its second fund.

In June 2022, Purplle secured $33 million in funding during its Series E round, with investments coming from South Korea’s Paramark Ventures, alongside its existing backers including Blume Ventures, Kedaara, and billionaire Azim Premji’s Premji Invest. Following this round, the company achieved unicorn status, boasting a valuation of $1.1 billion.

JSW Ventures Founders:

Under the leadership of Manish Taneja, the company primarily operates as a marketplace, though it also features its own brand labels like “Good Vibes.” Its main competitor is Nykaa, a publicly traded company, while it faces indirect competition from broad-ranging marketplaces such as Amazon, Flipkart, and the Good Glamm Group, among others.

In the fiscal year 2022, Purplle’s revenue from operations increased by 71.6% to INR 219.88 crore from INR 128.15 crore in FY21. According to data from the intelligence platform TheKredible, the company witnessed a significant rise in losses, with a 3.9-fold increase to INR 203.63 crore in FY22. The firm has not yet reported its financial figures for FY23.

Check Out More News: Curefoods Acquires Yumlane Pizza, Expands Portfolio!

In the fiscal year 2022, Purplle’s revenue from operations increased by 71.6% to INR 219.88 crore from INR 128.15 crore in FY21. According to data from the intelligence platform TheKredible, the company witnessed a significant rise in losses, with a 3.9-fold increase to INR 203.63 crore in FY22. The firm has not yet reported its financial figures for FY23.

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CJ CheilJedang’s frozen rice sales surpass $74 Million in the US

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CJ CheilJedang
CJ CheilJedang (Representative Image)

South Korean food company CJ CheilJedang Corp. proudly revealed on Monday that their cumulative sales for frozen rice products, produced and distributed in the United States, have reached a remarkable 100 billion won ($74 million) for the current year. Furthermore, they anticipate this figure to surge beyond 130 billion won ($96 million) by the year’s end.

The surge in sales coincides with the company’s revenue tripling over the past four years, a growth trajectory that began when they acquired Schwan’s Company in 2019. This acquisition enabled them to establish a comprehensive nationwide cold chain distribution system in the United States.

Among their leading offerings are “Chicken with Korean BBQ Flavor,” “Vegetables with Kimchi,” and “Shrimp with Soy Garlic Flavor” fried rice, among other options. These delectable products are manufactured at Schwan’s Vermont facility and distributed through prominent retail outlets like Walmart, Kroger, and Target.

CJ CheilJedang Success:

The success of CJ CheilJedang’s frozen rice products in the US market can be attributed to their skillful adaptation of Korean food culture to suit the preferences of local consumers. The company has enriched the most favored fried rice varieties in the US, such as chicken, vegetables, and shrimp, by infusing them with Korean BBQ sauce, kimchi, garlic, and various other flavors.

Another contributing factor to this success is the growing consumption of rice-based processed foods in the United States. According to export data on rice-processed foods collected by the Korean Ministry of Agriculture, Food, and Rural Affairs last year, the US led the way with a remarkable 28.2% year-on-year surge in export value, claiming the largest share of this increase.

The sales of CJ CheilJedang’s frozen rice products, produced in South Korea and shipped to international markets, have experienced substantial growth. Over the past three years (2021-2023), the company’s frozen rice export value has consistently expanded at an average rate of 22% annually. Notably, the number of countries to which they export has grown from a mere seven in 2017 to a total of 17, now including nations like Taiwan and Vietnam.

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Going forward, CJ CheilJedang is set to intensify the distribution of its frozen rice products within pivotal countries’ major mainstream retail networks. As an example, in Australia, “Kimchi Cheese Rice Balls” will be accessible to consumers at Costco outlets starting this month.

“Considering the increasing popularity of K-food in the United States, we are making efforts to disseminate Korean food culture, such as creating a separate ‘Asian Food Zone’ in stores,” a CJ CheilJedang source said. “Following the success of dumplings in the US, we will focus on nurturing the processed rice category, including frozen rice, as the next-generation global strategic item.”

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SK Networks Invests $20.7M in BMSmile, becomes 2nd Largest Shareholder!

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SK Networks Co.
SK Networks Co. (Representative Image)

South Korean trading firm SK Networks Co. made a significant announcement on Monday as it confirmed the completion of its 28-billion-won ($20.7 million) investment in the domestic pet care startup BMSmile.

Through this strategic investment, SK Networks acquired a 10% ownership stake in BMSmile by purchasing 135,811 new shares, thereby becoming the second-largest shareholder in the company.

BMSmile stands out as the sole South Korean startup to fully integrate its corporate structure around the pet industry. Its flagship brand, Pethroom, has firmly established itself as a frontrunner in the K-pet market and engages in a diverse range of pet care-related ventures, encompassing pet litter, pet supplies, and pet technology. Additionally, the company boasts a subsidiary, “Wiggle-Wiggle,” specializing in design intellectual properties.

SK Networks Investments:

SK Networks made its investment decision based on the promising growth prospects within the pet care market. As reported by the Ministry of Agriculture, Food, and Rural Affairs, the South Korean domestic pet market achieved a size of 8 trillion won ($5.9 billion) in 2022, with a projected annual growth rate of around 10%. It is anticipated to expand to approximately 20 trillion won ($14.8 billion) by the year 2032.

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In 2022, the worldwide pet market expanded to a size of $368 billion. Furthermore, the Pet Humanization trend, which involves treating pets as integral family members, continues to grow. The average monthly cost of pet ownership has surged by 44%, rising from 91,000 won ($67.3) in 2018 to 131,000 won ($96.9) in 2023.

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Raymond-Godrej FMCG deal faces DGGI scrutiny over GST implications

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Raymond-Godrej
Raymond-Godrej (Representative Image)

The Directorate General of GST Intelligence (DGGI) is currently investigating a recent transaction where Raymond transferred its consumer goods division to a unit under the Godrej Group. Informed sources have disclosed that GST authorities have contacted Raymond Consumer Care Ltd (RCCL) and requested an explanation regarding the potential imposition of GST on the transaction value. Godrej Consumer Products Ltd (GCPL) acquired the FMCG business, along with the Park Avenue, KS, KamaSutra, and Premium brand names, through a slump sale in April 2023. In a statement submitted to the stock exchanges, Godrej Consumer Products Ltd, the acquiring entity, reported a payment of INR 2,825 crore for this acquisition.

Raymond-Godrej FMCG Deal

The DGGI is reportedly seeking clarification from GCPL regarding this issue as well. According to the sources, the DGGI’s Mumbai unit carried out an inspection at locations associated with Raymond as part of its inquiry. Section 67 of the CGST grants authority to an official to conduct inspections if there are grounds to suspect that an individual has concealed information to avoid paying taxes.

In response to an inquiry sent via email, a Raymond representative explained, “… please note that it was an inspection by DGGI in respect of the specified transaction and not a search. Further, we have provided suitable explanation along with the documentary evidence to the effect that the sale of business to GCPL on going concern basis, does not attract GST. Given the contours of the deal and basis the independent tax expert opinion sought by both the parties, the said transaction does not attract any GST as it was a slump sale of the business on going concern basis.”

Try more news here: Huxtaburger & Audio Technica to launch Japanese-Inspired Burgers!

As of the time of press, GCPL had not yet replied to an email.

The department maintains that the transaction is subject to an 18% GST obligation.

“Certain documents have been handed over by the company and the explanation is being studied,” said a person aware of the ongoing probe.

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Huxtaburger & Audio Technica to launch Japanese-Inspired Burgers!

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Huxtaburger
Huxtaburger (Representative Image)

Huxtaburger is collaborating with the technology brand Audio Technica to introduce two burgers infused with Japanese-inspired flavors.

Established by Hideo Matsushita, Audio Technica is a Japanese corporation specializing in the creation and production of professional-grade microphones, headphones, turntables, phonographic magnetic cartridges, and various other audio devices.

What Prompted Audio Technica to Collaborate with Huxtaburger?

Audio Technica partnered with Huxtaburger to commemorate the launch of their latest turntable, a legendary portable model originally introduced in 1979 under the name “Sound Burger.”

In accordance with this collaboration, They has crafted two fresh Japanese-inspired burgers: “Suzi,” featuring crispy chicken, pickled ginger, and yuzu mayo, and “Kenji,” showcasing miso beef and wasabi ketchup. These delectable creations are set to make their official debut in stores at the beginning of October.

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They will offer their Sound Burger-inspired burgers at all of their establishments across Victoria, New South Wales, and Western Australia.

Each individual who acquires one of these Japanese-inspired burgers through Huxtaburger’s loyalty program, ATE Rewards, will be entered into a drawing for a chance to win an AT-SB727 Sound Burger portable Bluetooth turntable. Audio-Technica is generously offering one record player giveaway at every Huxtaburger location.

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