Indian Angel Network appoints Sarika Saxena as Managing Partner of IAN Alpha Fund

News

By

-

October 20, 2023

Indian Angel Network (IAN) has appointed Sarika Saxena to serve as the Managing Partner of its venture capital fund, IAN Alpha Fund.

With over 25 years of experience in the finance industry, Saxena previously held the position of General Manager for Strategic Investments (Private Equity) at HT Media. Her investment portfolio encompasses a diverse range of companies across consumer, technology, fintech, and edtech sectors, spanning both domestic and international markets.

Before her role at HT Media, Sarika Saxena also had professional experience at VBHC and National Commodities Management Services Ltd, among other organizations.

Commenting on Saxena’s appointment, IAN Co-Founder Raman Roy, said, “We are thrilled to welcome Sarika Saxena as the new Managing Partner of IAN Alpha Fund. Her exceptional insights, extensive industry expertise, and unwavering commitment to early stage investing makes her a perfect addition to the top class team of current Managing Partners… “

According to the statement, Saxena has played a key role in facilitating early-stage investments amounting to $100 million and has managed assets under management (AUM) of approximately $300 million.

“I am truly honoured to be a part of IAN, an esteemed organisation that has consistently led the industry as a pioneer for an impressive 16 years. I am excited to join the prestigious IAN leadership team and I look forward to utilising my domain expertise, extensive global network, and multifaceted experience to drive the IAN Alpha Fund’s success, both in India and on the international stage.” Saxena said.

Established in 2022 with a fund size of INR 1,000 crore, IAN Alpha Fund represents the second fund within the IAN series. Earlier this year, it made an undisclosed investment in B2Badda, a B2B marketplace specializing in industrial goods and services.

IAN is a prominent player in the Indian startup ecosystem with a portfolio of over 200 startups. Among its noteworthy investments are Spinny, Wow! Momo, and Zypp Mobility. It stands as one of the most active angel networks in the country, fostering growth and innovation in the startup space.

Myntra’s Big Fashion Festival records 460 Million customer visits, Indian wear demand surges 2.2-fold

News

By

SnackTeam

-

October 20, 2023

0

Myntra, the e-commerce company specializing in fashion and lifestyle, announced on Thursday that it tallied approximately 460 million customer visits during its recently concluded Big Fashion Festival, which was part of the festive season sale.

Myntra reported that the Indian wear category experienced a 2.2-fold surge in demand compared to typical business-as-usual days.

“Myntra’s marquee festive fashion event, the Big Fashion Festival (BFF), concluded its biggest edition by far witnessing about 460 million customer visits,” Myntra said in a statement.

This was the fourth edition of BFF where sellers at Myntra offered access to over 23 lakh styles while scaling up the selection by over 50 per cent from the previous edition, the statement said.

Some of the leading metros driving demand during BFF were Bengaluru, New Delhi, Mumbai and Hyderabad.

The platform also witnessed discerning customers with an appreciation for premium and trendy fashion from Tier 2 and 3 regions, fuelling the festive fervour with around 42 per cent of the demand originating from these regions.

“Lucknow, Patna, Indore, Guwahati, Bhubaneshwar, Dehradun, Jammu and Siliguri were among the top cities and towns in the non-metro regions,” the statement said.

Rasayanam redefines wellness with their new range of health-boosting Ayurvedic juices

News

By

SnackTeam

-

October 20, 2023

0

Rasayanam, a prominent name in the world of Ayurvedic wellness, is excited to announce its latest range of health and immunity-boosting products. Meticulously formulated to support individuals in their journey towards natural holistic well-being, this trio of juices is set to revolutionize our approach to health. These offerings provide effective solutions for weight management, blood glucose control, and overall vitality.

Slim Trim Juice: Put an end to the eternal struggle with weight management with this innovative creation. Using a cold-pressed technique, it skillfully blends 15 remarkable Ayurvedic herbs, including Harad, Daru Haridra, Curcumin, Beetroot, Garcinia, Aloe vera, Trikuta, Chitrak Mool, Gudmaar, Green Tea, Giloy, Amla, Gokshura, Moringa, and Bach. These ingredients have been meticulously combined to facilitate accelerated and sustainable weight loss.

GlucoCare Juice: Simplify the task of effectively managing blood glucose levels. This meticulously crafted elixir incorporates potent components such as Jamun, Karela, Gudmar, Vijyasar, Methi, Neem, Amla, and Banaba. With a daily morning intake of just 30ml of GlucoCare Juice, you can stimulate natural insulin production within your body, reducing the reliance on alternative insulin. Regain control of your diabetes journey and experience an overall boost in health and vitality with Rasayanam’s GlucoCare Juice.

Pure Amla Juice: Rasayanam’s Pure Amla Juice, featuring twice the concentration of Vitamin C, emerges as the ultimate elixir for promoting lustrous hair, radiant skin, and enhanced immunity. Responsibly sourced from Francis Amla, this juice serves as a rejuvenating tonic for hair, nails, skin, and overall well-being, courtesy of its antioxidant properties and high Vitamin C content. By choosing Rasayanam’s Pure Amla Juice, individuals can unlock the natural potential of Amla and embark on a journey toward a healthier, more vibrant version of themselves.

Rasayanam continues its unwavering dedication to Ayurvedic principles, uniting age-old wisdom with modern methodologies to provide products that promote a harmonious connection between the mind, body, and spirit. Each of these three juices reflects the meticulous craftsmanship of Ayurvedic experts, guaranteeing safety, effectiveness, and a holistic approach to well-being.

Gopal Snacks preps for IPO with boost of INR 100-200 Crore from 360 One Asset, Axis Fund, and White Oak

News

By

SnackTeam

-

October 20, 2023

0

Gujarat-based Gopal Snacks is in the process of preparing for its planned initial public offering in 2024. As part of this, it has attracted a secondary stake investment from a consortium composed of 360 One Asset, Axis Alternative Investment Fund, and White Oak Capital Management, as disclosed by two undisclosed individuals familiar with the transaction.

The pre-IPO transaction is valued at approximately INR 100 crore to INR 200 crore, with the funds earmarked to fulfill obligations stemming from a loan acquired by the founders in the previous year, as indicated by the aforementioned sources.

In December 2022, an article in Mint revealed that the founder Bipin Hadvani secured a debt of INR 490 crore from JM Financial for the purpose of acquiring his younger brother’s ownership stake in the company.

360 One Asset and Gopal Snacks have officially verified their pre-IPO investment in the company, although they have refrained from disclosing any further particulars.

“Our thesis is based on investing in strong market-leading brands that grow consistently along with profitability. The company has a strong focus on high quality and quantity at the right price and shown consistent growth with high profitability,” Sameer Nath, chief investment officer, head, Private Equity, 360 One Asset said in a statement.

Axis and White Oak have not promptly replied to a comment request.

360 One Asset, formerly known as IIFL Private Equity under IIFL Wealth and Asset Management Ltd, had previously made a successful investment in Bikaji Foods from its pre-IPO fund, resulting in favorable returns.

Gopal Snacks has also enlisted the services of two merchant banks to facilitate its readiness for a public listing. The company is actively working on filing a draft red herring prospectus in the upcoming months, with the timing of the listing contingent on market conditions, according to the first source mentioned.

“It is aiming to list before March 2024, as the market conditions may become harder after that because of the elections. A 2024 IPO is expected,” the second person added.

During an interview in December, Hadvani expressed the company’s ambition to pursue a public offering valued between INR 800 crore and INR 1,000 crore.

Additionally, as mentioned by the individuals quoted above, the funds generated from the IPO will be used to settle the remaining debt.

As per one of the sources mentioned, Gopal Snacks recorded approximately INR 1,400 crore in revenue for the fiscal year 2023, with a post-tax profit of around INR 113 crore.

Amongst other snack manufacturers, Bikaji Foods joined the public market in November 2022, while Prataap Snacks, known for its Yellow Diamond brand, made its debut on the stock exchange in October 2017.

Originally founded in 1991 as Gopal Gruh Udyog, the company, headquartered in Rajkot, rebranded itself as Gopal Snacks Pvt. Ltd in 2009. With a presence spanning Gujarat, Rajasthan, and Maharashtra, the company operates seven manufacturing plants. Gopal Snacks, boasting a workforce of over 4,000 employees, has the capacity to produce a remarkable 10 million packets daily. Their distribution network extends across 11 states, facilitated by a network of 750 distributors and over 700,000 retailers, as detailed on their website.

Dairy brand Parag Milk Foods appoints Rahul Kumar Srivastava as its new COO

News

By

SnackTeam

-

October 20, 2023

0

Dairy brand Parag Milk Foods has appointed Rahul Kumar Srivastava as its new Chief Operating Officer (COO), the company announced in a press release on Thursday.

With a remarkable three decades of experience in the industry, Srivastava has previously held the position of Managing Director at renowned brands like Amul and Lactalis India.

Commenting on Srivastava’s appointment, Devendra Shah, chairman, Parag Milk Foods, said, “Mr. Rahul Kumar’s exceptional expertise and unparalleled proficiency in the dairy realm align perfectly with Parag Milk Food’s vision.”

In his new capacity, Srivastava will spearhead the company’s strategy for achieving profitable growth while actively exploring market opportunities within the dairy-FMCG sector and addressing the increasing global demand for nutrition.

“We are confident that with his leadership, the company will continue to deliver sustainable higher business growth,” Shah stated.

Founded in 1992, Parag Milk Foods operates a range of brands including Gowardhan, ‘Pride of Cows,’ Go, and Avvatar. The company asserts its extensive reach, encompassing over 500,000 retail touchpoints, 29 depots, and more than 500 super stockists.

Chrome Asia Hospitality announces big expansion plans, eyeing 12 new concept dining outlets by 2025

News

By

SnackTeam

-

October 20, 2023

0

Pawan Shahri, Co-Founder, Chrome Asia Hospitality

Mumbai-based Chrome Hospitality is making a bold move into the concept restaurant sector, aiming to open 12 outlets by 2025 with an investment of INR 35 crore, as revealed by a senior executive.

Earlier this year, the company had ventured into the boutique hospitality sector with Bhumi Pednekar.

With Gigi, Chrome Asia Hospitality will place a strong emphasis on incorporating fresh local produce, seasonal seafood, and cheeses sourced globally, as well as showcasing locally grown brands from across India.

“We have always aimed to expand our footprint beyond the threshold of conventional dining. We want to deliver more and more unique concepts that excite our customers, and Gigi is our latest attempt at doing just that,” said Pawan Shahri, Co-Founder, Chrome Asia Hospitality.

The hospitality industry in India is witnessing rapid growth, fueled by an increasing demand for innovative and improved concepts.

“We aim to scale Gigi globally. By 2025, we aim to open five new outlets across metros and select global locations starting with Dubai. By 2025, we will be investing close to INR 35 crore in brand Gigi with an ROI close to 30% on each outlet,” said Shahri.

Earlier this year, Chrome Asia Hospitality unveiled its expansion strategy, envisioning the addition of five new brands across various formats, and a concurrent enhancement of the existing brands’ market presence.

The company had declared its intention to invest INR 50 crore in the fiscal year 2023-24 to introduce five new brands and open eight additional outlets.

“Chrome Asia Hospitality has delivered the finest of restaurants over the past few years and we are thrilled to be a part of their journey with Gigi Mumbai,” said Afsana Verma, Investor, Gigi Mumbai.

Established by Pawan Shahri, Dhaval Udeshi, and Nikita Shahri, Chrome Hospitality has firmly established itself in Mumbai’s all-day casual dining scene. Under the Chrome Hospitality umbrella, the brand has successfully developed 100,000 square feet of hospitality space in India and launched five new restaurants in Mumbai.

Quick delivery platform Blinkit’s revenues soar even as losses escalate in FY23

News

By

SnackTeam

-

October 20, 2023

0

Zomato-owned quick delivery platform Blinkit witnessed an 8.2 percent rise in losses, with figures climbing from INR 996.7 crore in FY22 to INR 1,078.9 crore in FY23, as reported by the media on Thursday.

According to Entrackr, delivery and associated fees accounted for 29.2 percent of the overall expenses.

“This cost elevated 2.4X to INR 565.8 crore in FY23 from INR 235.9 crore in FY22. Its employee, advertising, rental, and outsourcing manpower costs drove its overall expenditure to INR 1,939 crore in FY23,” the report said.

As per the statement submitted to the Registrar of Companies (RoC), Blinkit reported a remarkable three-fold increase in its revenue for FY2023. Revenue from its operations soared from INR 236.1 crore in FY22 to INR 724.2 crore in FY23.

“Blinkit makes money from the marketplace commissions which accounted for 55.9 per cent of the total operating collection. This income grew 2.75X to INR 404.5 crore in the last fiscal year from INR 146.8 crore in FY22,” the report noted.

Zomato acquired Blinkit in an all-stock transaction valued at $568 million. The online food delivery platform, which is preparing to disclose its Q2 FY24 results, recently announced a net profit of INR 2 crore in the initial quarter of the current financial year and year-over-year revenues of INR 2,416 crore, reflecting a substantial 70.9 percent increase compared to the corresponding period in the previous year.

During the corresponding quarter in the previous year, Zomato reported a net loss of INR 186 crore alongside revenues of INR 1,414 crore. In accordance with the submission to the stock exchanges, the quick commerce venture (Blinkit) achieved its first-ever positive contribution in June 2023. The Q1FY24 statistics indicate that there were 1.75 crore transacting customers, compared to 1.67 crore in the previous year.

BharatAgri secures $4.3 Million in Series A extension with lead investment from Arkam Ventures

News

By

SnackTeam

-

October 20, 2023

0

BharatAgri, a farmer-focused e-commerce platform offering advisory services, has secured $4.3 million (INR 35 crore) in additional funding during its Series A extension. Leading this funding round is Arkam Ventures, with active participation from Capria Ventures and continued support from existing investors, including India Quotient, 021 Capital, and Omnivore.

In a press release, the company announced that the raised capital will be utilized to expand BharatAgri’s e-commerce platform into new regions and enhance its last-mile delivery capabilities.

After this investment, Rahul Chandra, Managing Director at Arkam Ventures, will assume a position on BharatAgri’s board. This funding round represents Arkam’s third venture into the agritech sector, having previously supported Jai Kisan and Jumbotail.

Established by Siddharth Dialani and Sai Gole, BharatAgri leverages intelligent agricultural guidance to assist farmers in selecting and procuring the most suitable input products tailored to their unique farming requirements. The company has developed predictive algorithms that offer customized advice based on crop types, geographical regions, and variations in climate.

Farmers can tap into this personalized guidance, which aims to enhance crop yields, reduce input expenses, and minimize labor-intensive efforts. The e-commerce platform boasts an extensive catalog of over 10,000 agricultural products, including fertilizers, seeds, pesticides, insecticides, and various farming equipment, among other offerings.

Through the fusion of advisory services and e-commerce, BharatAgri asserts that it can elevate farmers’ production by 30%, slash costs by 10%, and boost their earnings by 100%. Over the coming year, the company is focused on strengthening its distribution network, enhancing last-mile delivery capabilities, and optimizing turnaround time (TAT).

In February of this year, Capria Ventures took the lead in spearheading the initial portion of BharatAgri’s extended Series A funding round.

iD Fresh Food batter sales surge to INR 479 Crores in FY23, marking remarkable growth

News

By

SnackTeam

-

October 20, 2023

0

iD Fresh Food, a Bengaluru-based startup renowned for its ready-to-cook products such as idli and dosa batter, significantly improved its financial performance in the fiscal year 2022-23 (FY23). The company’s net loss reduced by more than 50%, with a decline from INR 703.7 Crores in the previous year to INR 328.8 Crores in FY23.

The reduction in losses is particularly noteworthy, given the current funding challenges faced by Indian startups. These challenges have compelled companies to prioritize profitability due to the scarcity of fresh external capital.

iD Fresh Food secured its latest funding of INR 507 Crores ($68 million) during its Series D funding round in January 2022, with NewQuest Capital Partners and Premji Invest leading the investment.

Established in 2005 by P.C. Musthafa, Abdul Nazeer, Shamsudeen TK, Jafar, and Noushad TA, this startup distributes packaged ready-to-cook and frozen food items through a network of 30,000 retail outlets across India, the United States, the United Arab Emirates, and the United Kingdom.

The brand offers a diverse selection of products, including a range of idli and dosa batters, parotas, chapatis, paneer, and yogurt.

During the fiscal year in question, iD Fresh Food experienced a robust growth in its operating revenue, with an increase of more than 26%, rising from INR 381.6 Crores in FY22 to INR 479.2 Crores.

The startup generated 40% of its revenue from batter sales.

In FY23, it recorded INR 191.5 Crores in revenue from the sales of various batter products, marking a significant 49% increase from the INR 128.7 Crores it earned in FY22.

iD Fresh Food generated INR 167 Crores in revenue from parota sales, reflecting a substantial 24% increase compared to the INR 134.4 Crores earned in FY22.

The revenue from dairy products amounted to INR 64.1 Crores, showing a slight 5% decrease from the INR 67.6 Crores reported in FY22.

iD Fresh Food experienced a 14% increase in its total expenses, which rose to INR 517.1 Crores during the fiscal year under review, compared to INR 454 Crores in the previous fiscal year.

From a unit economics perspective, the startup incurred nearly INR 1 in costs to generate INR 1 in revenue from its operations.

The largest expense for the startup was procurement costs. During the fiscal year under review, the company allocated INR 172.3 Crores for the procurement of raw materials, reflecting a substantial 28% rise from the INR 135 Crores spent in the previous fiscal year.

Advertising expenses have exhibited a consistent increase, with iD Fresh Food allocating INR 35.3 Crores for advertising in FY23, marking a 27% growth from the INR 28 Crores spent in the previous financial year.

In FY23, the startup saw a 10% increase in its workforce, leading to a 20% rise in employee benefit expenditures. Employee-related costs reached INR 110.5 Crores in FY23, up from INR 92 Crores in FY22. According to LinkedIn, iD Fresh Food now boasts a team of 508 employees.

In July 2022, iD Fresh Food extended Employee Stock Ownership Plans (ESOPs) valued at INR 46 Crores to 27 of its employees, which encompassed drivers and support staff. This marked a significant milestone, bringing the company’s total ESOP grants to INR 300 Crores.

The EBITDA margin saw an improvement, moving from -13.3% in FY22 to -3% in FY23.

iD Fresh Food competes with formidable industry players, including MTR, Tata, Gits, and Aashirvad (ITC), all of which have substantial resources at their disposal.

This startup has garnered support from prominent investors, including Premji Invest, Helios Venture Partners, and NewQuest Capital, among others. In total, it has secured approximately $99 million in funding to date.

SoftBank to divest 1.1% Zomato stake for INR 1,023 Crore

News

By

SnackTeam

-

October 20, 2023

0

SoftBank, the Japanese tech investor, has set its sights on divesting a 1.1% stake in the Indian foodtech giant Zomato. As reported by CNBC-TV18, this strategic move is scheduled to take place on Friday, October 20th, with the intention of garnering at least INR 1,023.6 Crore, which translates to approximately $123 million.

According to insider sources, the report indicates that SoftBank’s SVF Growth Fund (Singapore) is planning to offload 9.3 crore shares in Zomato, with an expected price range set between INR 109.4 and INR 111.65 per share. Notably, the lower end of this range reflects a discount of over 2% when compared to the stock’s closing price on Thursday. The stake sale is being overseen by Kotak Securities on behalf of the investors.

On August 30, SoftBank, the technology investor, divested 1.16% of its holdings in the prominent foodtech company, netting a total of INR 947 crore. During that same month, reports emerged that this Japanese tech investor had realized exits totaling $5.5 billion from its India portfolio since establishing operations in Mumbai in late 2018. Impressively, $1.5 billion of these exits were achieved within the last 12 to 18 months.

Recent months have also seen US-based hedge fund Tiger Global making waves by selling a 1.44% stake in Zomato and exiting the company through open-market transactions, resulting in INR 1,123 crore in proceeds.

Investors have been actively divesting their holdings, seeking to capitalize on the foodtech major’s impressive performance in the stock market.

SoftBank’s decision to sell its stake comes in the wake of Zomato’s recent collaboration with the major ticketing company, IRCTC, to provide pre-ordered meal deliveries to train passengers as part of a pilot project. Subsequently, the foodtech giant’s stock has achieved 52-week high values on multiple occasions, earning praise and positive recommendations from various brokerages.

Also Read: Zomato stock reaches 52-week high after IRCTC partnership announcement

Zomato’s stock has surged by 88.28% year-to-date.

Just last week, Kotak Institutional Equities issued a BUY rating for Zomato’s stock, along with a target price of INR 125 per share. The brokerage firm observed that the company’s gross merchandise volume (GMV) growth had reached its lowest point in the first quarter (Q1) of the financial year 2023-24 (FY24), with a 14% year-on-year (YoY) increase. However, they anticipated an upward trend for the foodtech major beginning in Q2 FY24.

In the meantime, JM Financial, another brokerage firm, also emphasized the significance of the second quarter (Q2) for Zomato as a pivotal period to demonstrate its capacity to maintain profitability.

During the first quarter of the financial year 2023-24 (Q1 FY24), the company recorded a food delivery gross order value (GOV) of INR 7,318 crore, while Blinkit reported a GOV of INR 2,140 crore for the same period.

Overall, Zomato posted its first profitable quarter in Q1 of the financial year 2023-24 (FY24), reporting a profit after tax (PAT) of INR 2 crore, a notable reversal from the INR 186 crore net loss in Q1 FY23. In a similar vein, the operating revenue for the quarter ending in June 2023 surged to INR 2,416 crore, a substantial increase compared to the INR 1,413.9 crore in Q1 FY23.

On Thursday, October 19, Zomato’s shares concluded the trading session 1.33% down, settling at INR 111.7 on the BSE.

NewsHub