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Ethnic wear brand Neeru’s expands its footprint with a grand store opening in Andhra Pradesh

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Neeru’s
Neeru’s

Ethnic wear retailer Neeru’s recently unveiled a new store in Andhra Pradesh, as shared by a company official on social media. Spanning 7000 square feet, this standalone store is positioned at JN Road, Rajahmundry.

“Adding another feather to the cap! Neeru’s now at JN Road, Rajahmundry,” said Avnish Kumar, managing director at Neerus Ensembles Pvt. Ltd. in a LinkedIn post while sharing the images of the new store.

This three-story establishment features an impressive 85-foot frontage to the property.

The store presents an extensive selection of items, encompassing sarees, lehengas, gowns, and bridal wear collections for women. Additionally, it features dedicated sections for men’s and children’s wear.

Established in 1971 in Hyderabad by the mother-son pair Basant Kaur and Harish Kumar, Neeru’s saw its inaugural retail store, Neeru Emporium, open in 1979. The expansion continued with the establishment of Neeru’s Textiles in 1983, focusing on manufacturing and wholesaling fabrics to over 1000 retailers across the country.

Presently, this retailer possesses 52 exclusive brand outlets (EBOs) and 49 multi-brand outlets (MBOs) situated nationwide. Among them, over 20 stores grace various locales in Hyderabad, such as Banjara Hills, King Koti, Jubilee Hills, Somajiguda, Dilsukhnagar, Himayatnagar, Nagarjuna Hills, and Kukatpally.

The company maintains a presence in more than 25 cities across India, spanning locations like Hyderabad, Mumbai, New Delhi, Thiruvananthapuram, Pune, Gurugram, Khanpur, Bangalore, Chennai, Noida, Lucknow, Raipur, Vijayawada, Visakhapatnam, Tirupati, Nizamabad, Rajahmundry, and Guntur.

Additionally, it has a retail presence through major retail chains in India, partnering with the Landmark Group and Reliance Retail.

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Pepe Jeans leverages GoKwik’s network to boost cash-on-delivery reach in India

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Pepe Jeans London
Pepe Jeans London (Representative Image)

The UK-based fashion brand Pepe Jeans London has teamed up with the e-commerce platform GoKwik to extend its cash-on-delivery reach across India and decrease return expenses, as per a company statement released on Tuesday.

Pepe Jeans and Gokwik have joined forces to expand the company’s digital footprint, broadening the cash-on-delivery service to cover a wider array of postal codes. By leveraging Gokwik’s extensive network intelligence, which reaches over 100 million shoppers, Pepe Jeans is striving to reduce the number of undeliverable cash-on-delivery orders.

“Cash on delivery is a distinct preference for the majority of Indian consumers, and this preference brings with it the intricate issue of RTO,” said Manish Kapoor the CEO and MD of Pepe Jeans India.

The statement emphasized that Cash on Delivery (COD) holds significant appeal in India and plays a vital role in achieving sustained business growth.

Gokwik is renowned for its data-driven intelligence solution, which assesses customers’ behavior based on 200 parameters and computes the likelihood of order returns. Gokwik asserts that its solution has rescued brands by saving over 130 crores.

“We are constantly committed to building solutions that help eCommerce brands grow at a high speed yet sustainable pace,” said Chirag Taneja, Co-Founder & CEO of GoKwik.

Established in 2020, Gokwik is a forward-thinking entity that leverages data and technology to develop a comprehensive solution suite aimed at empowering eCommerce and direct-to-consumer (D2C) brands, enabling them to achieve significant business growth. Pepe Jeans, originally founded in Portobello, London, United Kingdom in 1973, made its foray into the Indian market in 1989.

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Tata Consumer Products announces merger of wholly-owned subsidiaries, strengthening its FMCG portfolio

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Tata Consumer Products
Tata Consumer Products (Representative Image)

On Tuesday, Tata Consumer Products Limited (TCPL), a prominent player in the FMCG sector, announced that its board of directors has granted approval for the merger of its wholly-owned subsidiaries, which include NourishCo Beverages Limited, Tata SmartFoodz Limited, and Tata Consumer Soulfull Private Limited, with the main company. This decision was communicated through a regulatory filing by TCPL.

According to the filing, the designated date for the scheme is April 1, 2024.

The recipient company, TCPL, previously acquired and held all the equity shares issued by the transferring companies—NourishCo Beverages Limited, Tata SmartFoodz Limited, and Tata Consumer Soulfull.

In accordance with the share purchase and investment agreement established on February 2, 2021, TCPL has acquired all the optionally convertible preference shares of Tata Consumer Soulfull Private Limited (previously identified as Kottaram Agro Foods Private Limited) (“TCSPL”) from its previous promoters.

Consequently, Tata Consumer Products now owns the complete share capital of all three transferring companies, including TCSPL. Given that TCPL is the parent company holding all shares in the share capital of the transferring companies, it is not permitted to issue or allocate any new shares to itself in connection with the merger. As a result, no new shares will be issued by TCPL as part of the amalgamation.

The scheme is contingent upon obtaining essential statutory and regulatory endorsements, including approval by the esteemed National Company Law Tribunal in accordance with Sections 230 and 232 of the Companies Act, 2013. This proposal is designed to be advantageous for both the transferring and transferee companies and is expected to deliver favorable outcomes for shareholders, creditors, employees, and all relevant stakeholders.

Tata Consumer Products Limited primarily operates in the field of producing, promoting, distributing, and selling consumer goods. The company offers a wide range of products within the food and beverage sectors, encompassing items like tea, coffee, water, edible salt, spices, protein-based foods, ready-to-eat and ready-to-drink beverages, along with various other consumer products. These products are marketed under well-known brands such as Tata Tea, Tetley, Tata Salt, Tata Sampann, and more.

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Tata Consumer Products reports 6.55% dip in quarterly profit despite robust domestic growth

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Tata Consumer Products
Tata Consumer Products (Representative Image)

On Tuesday, Tata Consumer Products Ltd (TCPL) announced a 6.55 percent decrease in its consolidated net profit for the September quarter, with earnings totaling INR 363.92 crore. This dip comes despite robust growth in its domestic operations. In comparison, the company had reported a net profit of INR 389.43 crore during the July-September quarter in the previous year, as disclosed in a regulatory filing by TCPL, formerly known as Tata Global Beverages Ltd.

During the quarter under review, the company’s revenue from operations increased by 11.02 percent, reaching INR 3,733.78 crore, compared to INR 3,363.05 crore in the corresponding period from the previous year.

In the September quarter, the total expenses for Tata Group’s FMCG division amounted to INR 3,318.18 crore, marking a 9.8 percent increase.

In the September quarter, TCPL’s total revenue surged by 12.71 percent, reaching INR 3,823.61 crore.

On Tuesday, Tata Consumer Products Ltd’s shares closed at INR 900.60 each on the BSE, marking a 0.81 percent increase from the previous closing price.

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Arya.ag partners with Fortune Rice to revolutionize crop monitoring and boost agricultural sustainability

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Arya
Arya.ag

Arya.ag, India’s largest and only profitable grain platform, is proud to announce a strategic collaboration with Fortune Rice Limited aimed at advancing crop monitoring capabilities for the agricultural industry. This partnership will utilize Arya.ag’s cutting-edge satellite surveillance product in tandem with Fortune Rice’s agricultural expertise to enhance the monitoring and growth of paddy crops.

Within this partnership, Fortune Rice Limited will furnish information regarding 2000 acres of monitored farmland. Arya.ag will offer in-depth perspectives on crop health and growth trends, equipping farmers and agribusinesses with data-powered tools for making informed decisions.

Read More: Agritech startup Arya sets sights on doubling profits and 70% revenue growth, aiming for INR 500 Crore in FY24

A pivotal aspect of this partnership involves the incorporation of Arya.ag’s Artificial Intelligence and satellite surveillance technologies to grant access to extensive datasets, intricate maps, and a secure Application Programming Interface (API) tailored to streamline data retrieval. This integration will enable real-time monitoring and analysis of subscribed districts, villages, and blocks, providing a more profound insight into crop performance. It will facilitate the early identification of irregularities in the monitored farmland, allowing for prompt action in terms of irrigation, fertilization, and pest control to enhance operational efficiency and crop yield. Moreover, this user-friendly mobile application will be the conduit for these advancements.

“We are excited about our collaboration with Fortune Rice, which represents a significant step towards optimizing crop management,” said Anand Chandra, Co-Founder and Executive Director of Arya.ag. “Together, we will transform the way farmers and agribusinesses monitor and manage their crops, ensuring food security and sustainable agricultural practices.”

Jai Kumar Gupta, Executive Director at Fortune Rice Limited, stated, “We are delighted about our collaboration with Arya.ag which represents a big step towards modernizing agriculture. Through this collaboration, we will be able to monitor and improve the performance of our paddy crops by utilizing cutting-edge technologies. We hope to promote sustainable agriculture, assure food security and provide farmers with useful data-driven insights.”

Fortune Rice’s dedication to leveraging cutting-edge technology seamlessly aligns with Arya.ag’s mission to transform agriculture with data-driven solutions. This partnership represents a noteworthy achievement in the pursuit of a more sustainable and productive agricultural industry.

Arya.ag, India’s largest and rapidly expanding integrated grain commerce platform, has revolutionized the grain commerce value chain by eradicating trust deficits. Its disruptive PAN India platform provides value to all stakeholders by granting access to high-quality produce, products, and services. With a continually expanding network spanning 425 districts across 21 states, 11,000 warehouses, and a grain volume of USD 2.5 billion, Arya.ag assures quality supply to buyers and ensures timely and equitable payments to sellers and service providers. Additionally, the platform seamlessly incorporates finance solutions to maximize value for both sellers and buyers, facilitating an annual finance volume exceeding USD 700 million.

Read More: Arya.ag revolutionizes agricultural lending with blockchain-based loans, ensuring transparency and trust in grain commerce

Fortune Rice Limited, a prominent firm, has been a key player in rice manufacturing and exportation since 2005, seamlessly combining excellence and innovation. The company specializes in providing both basmati and non-basmati rice, focusing on the production of top-tier rice varieties. Across the years, Fortune Rice has garnered an outstanding reputation nationwide, solidifying its position as a trusted and esteemed name within the industry.

Lately, the company has been devoted to cultivating paddy in close collaboration with ground-level farmers, adhering to the rigorous international food safety standards of the European Union (EU) and the United States, among others. This dedicated emphasis has enabled us to guarantee that our products meet the most stringent levels of quality and safety, satisfying the demands of discerning customers.

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Agri-Fintech Ayekart teams up with CCL Products to empower tribal farmers in Araku Valley

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Ayekart

Ayekart, a prominent Food and Agri-FinTech integrated digital platform, is collaborating with CCL Products (India) Ltd., a well-known Instant Coffee Manufacturer, to drive impactful changes in the lives of indigenous tribal farmers residing in the scenic Araku Valley of Andhra Pradesh. This partnership marks a progression of Ayekart’s ongoing efforts in the region over the last few years. The primary objective of this collaboration is to uplift the coffee farming community by equipping them with necessary tools and resources, thereby enhancing their livelihoods.

Ayekart’s collaboration with these tribal farmers began in 2021 through the FPO – Visakha Manayam Farmer Producer Company Limited. Extensive training programs for the farmers focused on modern production and processing techniques were conducted. These programs included the utilization of baby pulpers, proper drying techniques on elevated platforms, accurate measurement of moisture levels, and digital weighing of produce.

The collaboration between Ayekart and Visakha Manayam Farmer Producer Company Limited has brought about a significant positive change in the lives of indigenous tribes in the Araku Valley. It has empowered these farmers with the knowledge and resources necessary to attain fair prices and enhance their livelihoods. As a direct outcome of these initiatives, around 1,000 farmers have witnessed increased income and an improved quality of life during the previous coffee season.

Ashutosh Singh, COO and Co-Founder of Ayekart remarked, “We are elated to have successfully conducted extensive GAP (Good Agricultural Practices) training, encouraged collective bargaining and value-addition initiatives with the local tribal farmers through Visakha Manayam Farmer Producer Company Limited. By equipping these farmers with modern techniques and resources, we are helping farmers achieve higher yields and are also improving their income and preserving their unique heritage. Moreover, our collaboration is a testament to our dedication to sustainable development and improving the livelihoods of those in need. We believe that together, we can make a meaningful and lasting impact in Araku, fostering a brighter future for the local communities.”

On the partnership with CCI, Mr Singh further added, “We are excited to partner with CCL in our shared commitment to uplift the tribal farming communities in Araku. The collaboration between Ayekart and CCL stands as a testament to the transformative power of partnership and innovation in improving the lives of small-scale farmers.”

The Araku Valley is celebrated for its cultivation of Arabica Parchment and cherry coffee, which serves as the main source of income for the indigenous tribes living in the area. Despite the region’s fertile lands, dedication to organic farming methods, and the exceptional quality of its coffee, the farmers have faced persistent challenges in securing fair pricing and economic stability. Their vulnerability has often been exploited by intermediaries and local traders, resulting in minimal income to sustain their families.

Praveen Jaipuriar, CEO of CCL Products (India) Ltd., expressed, “At CCL, we believe that businesses are responsible for uplifting the communities. Our collaboration with Ayekart in Araku Valley reflects our commitment to sustainable development, and we are proud to contribute to empowering these dedicated tribal farmers.”

Boasting a three-decade legacy, CCL Products (India) Ltd stands as one of the world’s premier and most refined instant coffee manufacturers. The company has adeptly constructed a business founded on principles of integrity, unwavering commitment, a customer-centric approach, and a steadfast dedication to maintaining the industry’s utmost standards.

The upcoming coffee season, expected to commence in November, is set to begin a bit earlier than usual this year. To show support for the farmers and mark this occasion, Ayekart and CCL have distributed tarpaulins and baby pulpers. These crucial resources, provided generously by CCL as part of their CSR activity and other ongoing initiatives, aim to assist the farming community.

Ayekart stands as India’s pioneering integrated supply chain finance platform, dedicated to catering to the requirements of the food and agri value chain. It empowers conventional businesses with both technological and financial support, all while preserving and amplifying trust within their ecosystem through the provision of efficiency and convenience. The platform is in harmony with the government’s vision to bring about transformative change in the MSME and Retail sectors by “Empowering Traditional Businesses,” thus fostering transparency and credibility throughout the entire ecosystem.

In acknowledgment of its leadership and innovative contributions in the Banking, Financial Services, and Insurance domains, Ayekart has earned the prestigious title of “Best BFSI Brand 2023” from The Economic Times.

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SLMG Beverages opens new Coca-Cola bottling facility in Amethi, plans to invest INR 700 Crore

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coca cola
Coca-Cola

SLMG Beverages, a key bottling partner of Coca-Cola India, unveiled its latest facility in Amethi, Uttar Pradesh on Tuesday. The company has outlined its intent to invest a significant sum of INR 700 crore in this venture. The inauguration of this cutting-edge bottling facility in Trishundi, Amethi, was graced by the presence of Uttar Pradesh Chief Minister Yogi Adityanath, alongside Union Minister and Amethi MP Smriti Irani.

“SLMG plans to invest about INR 700 crore in this plant with a total direct and indirect employment of nearly 650 people in the area,” a joint statement said.

Additionally, the plant is projected to generate 2,000 indirect employment opportunities in the area, positively impacting the local community, it further stated.

Featuring six production lines, the facility will manufacture beverages spanning sparkling, juices, and water categories while incorporating sustainable packaging solutions.

At present, SLMG Beverages operates seven facilities distributed across Uttar Pradesh, where it produces over 4 crore bottles per day through its bottling operations.

“The Trishundi bottling plant is poised to play a pivotal role in meeting the growing demand for Coca-Cola products, in Uttar Pradesh, Uttarakhand, Bihar, and Madhya Pradesh,” it said, adding, the plant has a line that produces ASSP (Affordable Small Sparkling Pack) which has been specifically introduced for India and has a plastic reduction of approximately 35 per cent in the 250 ml pack.

SLMG Beverages Chairman and Managing Director S N Ladhani said, “When Coca-Cola re-entered the Indian market 30 years ago, we produced the first Coca-Cola bottle in India and are proud to continue The Coca-Cola company’s legacy and widen our reach to consumers across the region.”

Sundeep Bajoria, VP India Franchise at Coca-Cola India, said, “The investments being made by SLMG are one of the steps towards laying the groundwork towards our goal of expanding capacities, and our leading portfolio of brands that positions us to win in the marketplace.”

Coca-Cola India has 13 bottling partners in India, which operates about 40 bottling plants in the country.

Besides, Coca-Cola India has its own bottling arm Hindustan Coca-Cola Beverages (HCCB) Ltd. It bottles more than half of Coca-Cola’s overall volumes in India through its 16 plants.

India is the fifth largest market for Coca-Cola.

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Mamaearth IPO receives lukewarm response, subscribed 0.13 times on day one

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Mamaearth, the D2C unicorn, experienced a tepid response to its initial public offering (IPO) on the first day, as the issue was subscribed only 0.13 times.

According to BSE data, the issue garnered bids for 3.625 million shares, while there were 28.8 million shares on offer.

The portion designated for employees took the lead, with an oversubscription of 1.98 times by the end of the day. Employees submitted bids for 67,344 shares, surpassing the 34,013 shares available.

In contrast, the retail quota received a subscription of 0.34 times on the first day, as retail investors bid for 1.782 million shares, while 5.224 million shares were available. Qualified institutional buyers (QIBs) followed with bids for 1.543 million shares, compared to the 15.5 million shares offered, resulting in a subscription of 0.10 times for the QIB portion.

The non-institutional investors (NIIs) quota witnessed limited interest, with a subscription of 0.03 times. Out of the 7.872 million shares allocated for NIIs, they placed bids for 232,000 shares on the first day.

The IPO is scheduled to conclude on November 2.

The beauty and personal care brand has set the IPO price band between INR 308 to INR 324 and is aiming to raise up to INR 1,700 crore in capital at a valuation of nearly $1.2 billion through the market debut. On Monday, the company secured INR 765.2 crore from anchor investors through the allocation of 2.36 crore equity shares.

Read More: Honasa’s Mamaearth IPO attracts INR 765.2 Crore from anchor investors ahead of IPO launch

Also Read: Mamaearth IPO to open on October 31, price band announced at INR 308 to INR 324 per share

Mamaearth’s IPO consists of a primary offering of INR 365 crore worth of shares and a secondary component involving the sale of 4.12 crore shares.

Established in 2016 by the couple Ghazal and Varun Alagh, Honasa Consumer, the parent company of Mamaearth, offers a variety of beauty and personal care products under different brand names, including Aqualogica, The Derma Co., and Ayuga. The company also manages salons under the BBlunt and Dr. Sheths brands, distributing its products through both online marketplaces and traditional retail channels.

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Healthtech startup Sugar.fit raises $11 Million in Series A funding to revolutionize diabetes management in India

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Shivtosh Kumar & Madan Somasundaram
Shivtosh Kumar & Madan Somasundaram

Sugar.fit, a healthtech startup, recently secured $11 million in Series A funding, with MassMutual Ventures leading the round. Additionally, the funding round witnessed active participation from previous investors, including Cure.fit, Tanglin Venture Partners, and Endiya Partners.

With the newly acquired funding, the healthtech startup plans to broaden its product range, establish a physical presence, and expedite research and development efforts in the realm of diabetes management. These strategic moves will contribute to the expansion and enhanced growth of the brand.

Madan Somasundaram, Co-Founder and CEO of Sugar.fit said, “We are more committed than ever to help people with Type 2 and pre-diabetes manage and reverse their condition. This investment will enable us to further enhance our technology and expand our reach across India, ultimately helping more people take control of their diabetes and improve their health.”

In 2021, Madan Somasundaram and Shivtosh Kumar co-founded Sugar.fit, a healthtech company with a mission to holistically manage and potentially reverse Type 2 and pre-diabetes. Their approach is rooted in science and driven by data, providing users with a comprehensive digital health experience.

Sugar.fit offers an all-encompassing diabetes care program that integrates a range of devices, including continuous glucose monitors, fitness trackers, and health diagnostics. Additionally, it provides convenient access to diabetes specialists and health coaches.

In 2021, Sugar.fit secured $10 million in seed funding. Since then, the startup has experienced remarkable growth, boasting an impressive 8-fold increase in paid subscribers. Over the past 18 months, it has successfully catered to over 25,000 users on its platform.

As per a recent report released in the Lancet earlier this year, an estimated 101 million individuals in India, constituting approximately 11.4% of the nation’s population, are presently living with diabetes. Moreover, findings from a health ministry survey indicate that around 136 million people, approximately 15.3% of the population, might be living with pre-diabetes. Therefore, the startup could potentially play a pivotal role in tackling the diabetes epidemic in India.

Last month, Doceree, a healthtech SaaS startup, raised $35 million in its Series B funding round, with Creageis as the lead investor. Simultaneously, Zivov, another healthtech startup based in Delhi NCR, is in advanced negotiations to secure approximately $5 million in its Pre-Series A funding round.

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Delhi’s beer consumption dips by 38% this summer, lags behind neighboring states and national growth

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Beer
(Representative Image)

According to sources in the Delhi liquor industry, the volume of beer consumption this summer was smaller compared to the previous year.

They highlighted a substantial decline and negative growth of approximately 38% from April 1 to September 30, 2023, in contrast to the corresponding period from the prior year. In the initial six months of the 2022-23 financial year, residents of Delhi consumed nearly 70 million liters of beer, yet during the April to September period in the current fiscal year, this consumption reduced to only 43 million liters.

Larger states like West Bengal and Karnataka recorded double-digit growth, while Delhi’s neighboring states, Uttar Pradesh and Haryana, experienced a slight decrease in summer sales.

Industry insiders ascribed the adverse growth to “supply-related challenges” and the unavailability of specific brands. The Delhi government’s excise department pointed out that comparing the sales figures to those of 2022, a year when liquor discounts were prevalent, was an unfair assessment.

In Delhi and other northern Indian states, the beer sales typically begin to rise in March and reach their peak during June when the temperature consistently climbs to 40-42 degrees centigrade. As the festival season kicks in during September and October, there is a transition from beer to stronger spirits.

From April to July 2023, beer sales declined by 42-52 percent, which reduced to 22 percent in August. However, in September, it rebounded with an impressive 84 percent growth.

In 2022, the liquor industry in the capital witnessed significant upheaval in September when the Delhi government opted to abandon the new excise policy of 2021-22 halfway through and revert to the previous system.

AB InBev, a prominent beer manufacturer, acknowledged that the sales for September this year showed positive results, primarily due to a low base in the previous year. Nevertheless, it noted that the beer industry throughout the country was experiencing high single-digit growth, except in Delhi.

“Availability of premium brands across off-trade channels or shops remains a challenge in Delhi, making consumers go to nearby urban centres such as Gurgaon and Noida. This is totally divergent to the wide availability across on-trade channels in hotels, restaurants, bars and clubs in the city,” said AB InBev’s India spokesperson.

Presently, the city boasts a network of approximately 630 government-owned retail shops, along with more than 900 hotels, clubs, and restaurants that offer liquor services.

According to industry insiders, there are several factors contributing to the sluggish sales, including limited variety, brand prioritization, the absence of chilled beer in shops during the peak season, smaller store capacities resulting in lower stock, and companies redirecting their products to states offering more favorable profit margins.

In the height of summer, beer accounts for more than one-third of the overall alcohol sales.

Vinod Giri, director-general of the Confederation of Indian Alcoholic Beverage Companies, said, “Beer consumption is driven by availability of chilled bottles as most Indians don’t stock beer at home. Since many shops in Delhi had no chillers this summer, it affected availability of cold beer and hence purchase, especially impulse and unplanned ones,” Giri said.

“Supply of some popular beer brands was far from adequate, which also affected overall sales. Frequent policy changes made companies wary of stocking up in Delhi,” he said.

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