Chef Rahul Shrivastava appointed as Executive Chef at Hyatt Centric Juhu

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October 18, 2023

Chef Rahul Shrivastava has been appointed as Executive Chef at Hyatt Centric Juhu.

Stumbled into the culinary world by chance, Chef Rahul’s journey took flight, aiming for nothing short of becoming an exceptional, experienced culinary artist. Drawing inspiration from his childhood days spent assisting his mother in the kitchen, his culinary journey is one of passion, dedication, and evolution.

During his initial role at The Oberois in New Delhi, he began by mastering the fundamentals of Japanese cuisine. To this day, he cherishes the memories of that period marked by significant personal and professional development. In 2016, he launched his debut restaurant, A2, in collaboration with The Park Chennai, dedicated to introducing global flavors to the city. Leading his inaugural dining establishment revolved around creating an unforgettable experience for guests, centered on food, enjoyment, and lasting memories.

Embarking on a journey to the picturesque shores of Malta, Chef Rahul found himself at Amami, a platform to encapsulate the very soul of Japan in his culinary creations, all the while gaining valuable international exposure. His career then took a new turn with Soy-Soi, part of the Pricol group, based in Delhi, offering an opportunity to explore the diverse realm of Pan-Asian cuisine while overseeing city-wide operations.

Post the pandemic’s upheaval, Chef Rahul was drawn to the city of dreams. He made his way to Izumi in Mumbai, where every dish on the menu was a testament to his deep appreciation for the Land of the Rising Sun.

“Through my work, I’ve gotten great opportunities of not just developing expertise in Japanese cuisine but also pan-Asian and world cuisine. Our World is more connected than ever and I’m blessed to be equipped with skills for serving deliciousness to guests with diverse dining expectations,” he shared.

As the Executive Chef at Hyatt Centric Juhu, Chef Rahul assumes the responsibility of steering the esteemed Sesame restaurant to greater heights of recognition. His vision for Sesame is centered on the concept of crafting a “culinary spectacle” where the dishes captivate not only the senses but also the eyes, transforming the dining experience into a visual and sensory delight.

Fashion retailer V2 Retail expands with three new outlets in Odisha and Bihar

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October 18, 2023

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Fashion and apparel retailer V2 Retail has recently expanded its presence by opening three new outlets—two in Odisha and one in Bihar, as announced in a social media post by a company official on Tuesday.

As per LinkedIn posts by Shakti Mohanty, V2 Retail’s Business Development Head, one of the stores is situated near the former bus terminal in Khorda, while the second can be found at Girija Square in Berhampur, Odisha. The third outlet has been established on Campus Cinema Road in Hajipur, Bihar.

Founded in 2001, V2 Retail initially operated under the name Vishal Megamart Limited or Vishal Retail. In 2010, the founder, Ram Chandra Agarwal, sold the financially strained company to TPG and a Shriram Group firm for INR 70 crore. After a span of eight years, a Forbes India report revealed that the company was once again acquired, this time by a private equity consortium—Partners Group and Kedaara Capital—for a substantial amount exceeding INR 5,000 crore.

Subsequently, the company underwent a name change and was rebranded as V2 Retail Ltd.

Currently, V2 Retail possesses a network of 105 retail stores spanning across 17 states in the country. Out of these, five are situated in the Delhi-NCR region, while 24 are located in Bihar. Furthermore, there are 26 stores in Uttar Pradesh, 16 in Odisha, six in Assam, seven in Jharkhand, five in Karnataka, four in Uttarakhand, three in Madhya Pradesh, and two in Goa. Additionally, the retailer maintains one store in Himachal Pradesh, Arunachal Pradesh, Tripura, Jammu and Kashmir, Meghalaya, and West Bengal, according to information available on the company’s website.

ONDC records remarkable surge with 65,400 retail orders in a single day during India-Pakistan match frenzy

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October 18, 2023

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On Saturday, when 3.5 crore viewers were captivated by the India-Pakistan match on Disney Hotstar, setting a record, the government-endorsed Open Network for Digital Commerce (ONDC) achieved a personal best by receiving 65,400 pure retail orders in a single day.

These orders were received from 600 cities, with 47% of them originating from the food and beverages sector. Various seller apps, representing major players in the food and beverages sector on ONDC, also noted a significant surge in orders on Saturday, unlike anything they had experienced before.

According to them, factors such as the cricket match, eve of Navratri, enticing discounts, the weekend, and numerous buyer apps contributed to this surge. Buyer apps refer to consumer-facing applications where individuals can place orders. Furthermore, there were an additional 100,000 taxi/auto rides in the mobility sector from four cities.

The top cities in terms of order volume were Delhi (7,852), Bengaluru (7,586), Mumbai (3,770), Pune (3,729), and Hyderabad (3,231). Furthermore, over 70 cities placed more than 100 orders on the platform. Other categories that played a role in the increased order activity on Saturday include fashion (25%), electronics (9%), grocery (8%), home and kitchen (7%), beauty and personal care (3%), and health and wellness (1%).

According to a source, the increase was influenced by the addition of more seller apps and buyer apps, as well as the introduction of special offers by both parties.

“Magicpin, uEngage, GrowthFalcons, bitsila, and EkSecond are the main food seller apps. Most buyer apps are allowing their buyers to order food too,” the source said.

Sameer Sharma, the Founder and CEO of uEngage, a platform aiding restaurants in reducing aggregator commissions, stated that they received over 4,000 orders on Saturday, marking the highest single-day order count on ONDC thus far.

“We haven’t done so many orders in the past. On an average, it is 1,000 to 2,500 orders per day from ONDC on uEngage,” he said. “New buyer apps who have joined like NoBrokerHood, Ola, Paytm are pushing for more traffic on ONDC, Pincode has garnered millions of downloads now, and Magicpin’s contribution has also grown a lot,” Sharma said.

He mentioned that the India-Pakistan match has consistently been highly appealing to consumers, identifying it as a significant contributing factor. Additionally, he noted that being a pre-Navratri day played a role in the collective surge of orders.

Girish Pai, CEO of GrowthFalcons, expressed satisfaction with their Saturday experience, highlighting it as highly positive. He added that they successfully onboarded over 5,000 merchants onto ONDC.

“All these restaurants are now visible on multiple buyer apps like Paytm, magicpin, Ola, Pincode, and Nobrokerhood. Ola and Nobrokerhood have also forayed into food and beverages, and you can order food there too,” Pai said.

The visibility and demand have increased. “With Navratri, World Cup matches, especially the India-Pakistan match over the weekend, played a role in the increase. We saw orders increase by four times on Saturday compared to a normal day,” he said.

Presently, the network boasts a presence of over 40,000 active sellers across 200+ cities. Its growth trajectory has seen a remarkable ascent, starting from 1,000 transactions in January and culminating in an impressive cumulative total of over 3.3 million transactions in September.

ONDC does not fall under the categories of an application, platform, intermediary, or software. Instead, it constitutes a set of specifications meticulously crafted to encourage open, unbundled, and interoperable networks.

ABD’s ICONiQ Whisky surpasses 1 Million cases sold milestone in record time, expands reach to new regions

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October 18, 2023

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Allied Blenders and Distillers (ABD) announced that its latest introduction, ICONiQ Whisky, has achieved a remarkable milestone by surpassing the 1 million cases sold mark within a year of its launch. Notably, this achievement was realized despite its availability limited to the North and East Indian states. This accomplishment is even more impressive as ABD has now extended the brand to larger states, including profit-rich regions like Maharashtra and Telangana, solidifying its position as the third-largest distiller in the country.

According to the company, the product combination of imported Scotch malts aged in bourbon oak casks, along with matured malts and Indian grain spirits, has garnered significant favor among consumers in the markets where it has been introduced. This launch was a strategic move by ABD to emphasize their commitment to higher-value portfolios within the prestigious and premium segments.

“Right at the time of the ICONiQ launch we went on record to say that ‘we are here with something very special, and here to win.’ I am confident that this is the start of many good things to come,” said Bikram Basu, chief strategy and marketing Officer at ABD.

ABD India has achieved remarkable success within a span of five years, introducing two exceptional brands that have become million-case sellers in highly competitive industry segments. First, there’s Sterling Reserve Whisky, which reached 5 million cases by 2022, and now, there’s the addition of ICONiQ Whisky. This achievement aligns with the Officer’s Choice franchise, which continues to maintain its position among the top three whiskies in terms of volume in 2022. In total, the company now boasts a portfolio that includes four brands with over 4 million cases sold, each containing 9 liters per case.

In the fiscal year 2022, the leading domestic alcoholic beverage company reported sales of INR 7,196 crore, with 28.62 million cases of alcohol sold, resulting in a market share of 7.4% within the IMFL (India-made foreign liquor) market.

ABD’s product lineup comprises some of the world’s best-selling spirits, such as Officer’s Choice whiskey, Jolly Roger Rum, and Kyron brandy, among other offerings. In the past year, the company expanded its range with the introduction of several premium brands, including Iconiq White Whisky, Srishti Premium Whisky, and X&O Premium World Grain Whisky.

Last year, the company took a significant step by submitting draft papers to SEBI, outlining its intention to raise INR 2,000 crore through an initial public offering (IPO). Of the funds generated, around INR 709 crore is designated for the prepayment or scheduled repayment of loans and to support general corporate requirements.

According to industry executives citing the latest data from the excise department, the spirits market in the country witnessed a remarkable growth in sales volume. In the year ending March, it reached 395 million cases, marking a 12% surge compared to the previous fiscal year (FY21-22). This increase of nearly 40 million cases from the market’s previous peak, approximately four years ago, is a notable achievement.

Instacart gets green light from major Wall Street brokerages despite initial share decline

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October 18, 2023

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Many major Wall Street brokerages, such as J.P. Morgan and Goldman Sachs, initiated coverage of Instacart with an optimistic perspective, showing confidence in the grocery delivery app’s expansion as consumers increasingly shift towards online shopping.

The company’s shares, formerly known as Maplebear, experienced a 1% decline on Monday. After a somewhat tepid debut in September, the stock closed at $25.57 on Friday, falling below its initial public offering (IPO) price of $30.

Following the end of the quiet period, over half of Instacart’s 20 IPO underwriters have initiated coverage with their top ratings.

Brokerages anticipate that Instacart’s advertising business will contribute to its profitability in the short to medium term. This is further bolstered by the company’s emphasis on the non-discretionary groceries category, which typically offers higher profit margins.

“As a technology company unburdened by inventory or large infrastructure, Instacart requires little capital expenditure to fund operations, with the potential for significant margin expansion,” Baird analyst Colin Sebastian wrote in a note.

However, Scott Devitt, an analyst at Wedbush, the sole brokerage with a price target lower than the IPO price, noted that the company’s incremental growth in gross transaction value (GTV) might face challenges due to competition from delivery firms like Uber, DoorDash, Amazon, and major retailer Walmart.

“Lack of exposure to growing grocery businesses such as Walmart and Amazon could drive share loss at Instacart,” said Justin Post, analyst with BofA Global Research, which has a price target of $30.

Piper Sandler analyst Alexander Potter highlights Instacart’s slower growth compared to its competitors as a primary concern. He suggests that the decrease in food stamp benefits and a return to in-store shopping may potentially restrict the growth of Gross Transaction Value (GTV) for the company.

Analysts at J.P. Morgan pointed out that the increasing popularity of weight-loss drugs may have a negative impact on consumer spending in the food industry, potentially posing a challenge to the company’s growth and profitability.

As of Friday, the six brokerages that were not involved in the IPO started coverage with an average rating of “hold”, LSEG data showed.

According to data from LSEG, Instacart is currently trading at a multiple of 54.4 times its forward earnings.

Dabur receives INR 320.6 Crore GST demand notice

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October 18, 2023

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Dabur, the renowned packaged consumer goods maker, reported on October 17 via a regulatory filing that it has been served a Goods and Services Tax (GST) demand notice totaling INR 320.6 crore. The company, recognized for its products such as Real juice and Vatika shampoo, has stated its intent to thoroughly review the notice and consider the optimal steps to take in response.

“The company has received intimation of tax ascertained as being payable under Section 74(5) of CGST Act, 2017, wherein GST not paid amounting to Rs 320.6 crore has been advised to be paid by the company along with the amount of applicable interest and penalty under Section 74(5) of COST Act, 2017, failing which show cause notice will be issued,” Dabur said in an exchange filing.

The company stated that the notice, dated October 16, was issued by the Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI).

Dabur further noted in the filing that “it will challenge the notice based on strong merits by way of filing its reply before the relevant authorities.” The company further clarified that the tax demand notice will have no major impact on the financial, operation or other activities of the company. “The impact will be limited to the extent of final tax liability as may be ascertained along with interest and penalty, if any,” it added.

Utkrishta Kumar steps down as Meesho’s CXO after 5 years; Megha Agarwal to assume role

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October 18, 2023

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Utkrishta Kumar, who served as the Chief Experience Officer (CXO) in Meesho’s business division for five years, has officially resigned from his position. Meesho, the prominent e-commerce unicorn, has now named Megha Agarwal as the new CXO for the business division.

“We would like to express our heartfelt gratitude to Utkrishta Kumar who has decided to move on to pursue his entrepreneurship dream after a successful 5-year stint with Meesho. He has been instrumental in shaping Meesho’s business and has played a key role in our success over the years,” a Meesho spokesperson said.

The initial report on this development came from Moneycontrol, which stated that Kumar is leaving to launch his own fintech startup.

Throughout his tenure at Meesho, Kumar was tasked with the role of spearheading revenue growth and broadening the company’s product offerings. With his leadership, Meesho underwent substantial expansion, venturing into an array of new sectors such as pet supplies, stationery, musical instruments, and books.

On his LinkedIn profile, Kumar underscores his pivotal contribution to a remarkable 13-fold increase in Meesho’s order volume since July 2021.

Meanwhile, announcing the reshuffle at the unicorn following the exit of Kumar, the startup’s spokesperson said, “As we extend our best wishes for his (Kumar) future endeavours, we welcome Megha Agarwal as CXO Business and Nilesh Gupta as GM User Growth. With a strong leadership team, we will continue our mission of democratising internet commerce for everyone.”

Agarwal, who became part of Meesho in 2019, previously held the position of CXO-Growth at the company.

This occurs at a juncture when Meesho, aligning with the heightened emphasis of startups on profitability during the prevailing funding constraints, also asserts its achievement of turning profitable.

Following its assertion of achieving profitability in July this year, Meesho reaffirmed its profitable status on Monday. The ecommerce startup additionally stated that it recorded 1.6 crore app installations during the 10-day period of its festive sale this year.

In the fiscal year 2022, Meesho reported a substantial 550% year-on-year increase in its net loss, reaching INR 3,247.8 million in FY22.

Recently, the investment firm WestBridge Capital made a strategic move by acquiring a stake in the e-commerce unicorn through a secondary transaction, purchasing it from its early and long-term supporter, Venture Highway.

Venture Highway divested a portion of its stake in the e-commerce startup, realizing a remarkable return of over 50 times its initial investment.

Swiggy’s valuation skyrockets 42% to $7.85B following Invesco’s review

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October 18, 2023

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After two rounds of evaluation, Invesco, an investment firm headquartered in Atlanta, significantly increased the valuation of the Indian foodtech startup Swiggy by over 42%, reaching $7.85 billion by the end of July.

The updated valuation of the Bengaluru-based startup, Swiggy, was revealed in recent financial disclosures by Invesco. Invesco had previously set Swiggy’s valuation at $5.5 billion at the close of April 2023.

The Atlanta-based investment firm holds 24,844 shares in Swiggy, amounting to a total value of $135.6 million. This valuation translates to a per-share value of $4,703.

This marks a significant upturn for the foodtech giant following two successive reductions in valuation by the investor. In January 2022, Invesco initially invested in the company, leading a $700 million funding round that valued the company at $10.7 billion.

The Atlanta-based firm revised the company’s valuation downward to $8 billion in September 2022, and subsequently reduced it even further to $5.5 billion by the close of April 2023 in its financial records.

Nonetheless, Swiggy remains closely aligned with its rival, Zomato, in terms of valuation. In July, Zomato’s market capitalization was approximately $7.7 billion on the BSE. Nevertheless, the publicly-traded foodtech leader has experienced a 30% surge in its valuation since that time.

Zomato’s market capitalization currently stands at INR 98,004 crore, equivalent to $11.7 billion on the BSE, surpassing Swiggy’s highest valuation of $10.7 billion.

The most recent development follows almost two months after the U.S.-based asset management firm Baron Capital Group raised Swiggy’s valuation by 33.9% quarter-on-quarter (QoQ) to reach $8.54 billion as of June 2023.

The sense of reassurance follows months of reductions in valuation for Indian startups by international investment firms, including Prosus and Neuberger Berman. These favorable developments primarily stem from enhanced financial metrics and a relaxation of macroeconomic challenges, resulting in positive outcomes for the foodtech major.

In the wake of a funding downturn that adversely affected the startup ecosystem, domestic companies have transitioned to emphasize sustainable and profitable expansion while reducing costs. This shift has led to an industry-wide optimization effort, which has included substantial employee layoffs.

Following extensive deliberation, earlier this year, Swiggy’s CEO, Sriharsha Majety, announced that the company’s food delivery business had achieved profitability (excluding ESOP costs) as of March 2023.

Curiously, Swiggy disclosed a combined loss of INR 3,629 crore in the fiscal year 2022, despite generating INR 5,704.9 crore in revenue.

At the same time, there are reports that the company is contemplating a potential public listing in 2024, engaging in talks with financial institutions to assess its valuation. To enhance its profitability and increase its overall revenue, Swiggy has also recently raised its platform fee from INR 2 to INR 3 per order.

Zomato partners with IRCTC to launch meal reservation for railway travelers

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October 18, 2023

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Zomato, a major player in the foodtech industry, has recently inked an agreement with the Indian Railway Catering and Tourism Corporation (IRCTC) to provide pre-ordered meal supply and delivery services in a pilot program.

Initially, the initiative will be launched as a proof of concept (PoC), allowing train passengers to reserve meals through IRCTC’s e-catering portal. In the initial phase, this service will be accessible at five railway stations: New Delhi, Prayagraj, Kanpur, Lucknow, and Varanasi.

“IRCTC has tied up with M/s. Zomato Limited for supply and delivery of preordered meals through IRCTC’s E-catering portal as a Proof of Concept (PoC) in the first phase at five Railway stations i.e. New Delhi, Prayagraj, Kanpur, Lucknow and Varanasi,” said IRCTC in a regulatory filing with the BSE.

This new service will allow Zomato to broaden its range of offerings and access the growing market of railway passengers in India.

Conversely, this move will enable IRCTC to diversify the array of food choices available to passengers.

According to Statista, the annual railway passenger traffic in the country stood at approximately 352 crore in FY22. This presents a highly lucrative opportunity for Zomato, even if only a fraction of the total travelers opt to pre-order meals through the foodtech platform.

This new offering arrives as the prominent foodtech company has been swiftly introducing fresh services and intensifying efforts to enhance profitability. Just this month, the startup led by Deepinder Goyal expanded into the logistics sector by introducing a fast delivery service for merchants.

In a recent announcement, the foodtech industry leader also disclosed the schedule for its forthcoming food and live entertainment festival, Zomaland, which is set to kick off on November 4. The festival will take place in eight cities, including Pune, Mumbai, Delhi, Bengaluru, and more.

During the first quarter of FY24, Zomato achieved its first profitable quarter, recording a profit after tax (PAT) of INR 2 Cr, as opposed to a net loss of INR 186 Cr in Q1 FY23. Additionally, revenues from operations surged to INR 2,416 Cr for the quarter ending in June 2023, compared to INR 1,413.9 Cr in Q1 FY23.

The foodtech industry leader has recently closed down several of its international subsidiaries, redirecting its efforts towards expanding its Indian operations. Simultaneously, it has implemented artificial intelligence (AI) and introduced a platform fee ranging from INR 2 to INR 3 to bolster its revenue.

While a funding scarcity impacts the Indian startup environment, Zomato’s recent streak of favorable developments has led to a surge in the company’s stock prices. The foodtech industry leader’s shares have gained almost 92% in year-to-date (YTD) trading, and its present market capitalization is INR 98,004 Cr ($11.7 Bn).

On Tuesday, October 17th, Zomato achieved a new 52-week high of INR 114.10 in intraday trading on the BSE. It concluded the day with a 2.15% increase, closing at INR 113.90 on the BSE.

FSSAI marks World Food Day 2023 with launch of ‘Eat Right Creativity Challenge for Millets’

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October 18, 2023

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The Food Safety and Standards Authority of India (FSSAI) initiated the “Shree Anna” project, officially known as the Eat Right Creativity Challenge for Millets, on October 16, 2023, in conjunction with World Food Day. This nationwide endeavor is geared towards promoting the health benefits of millets and encouraging their consumption among school children, thereby extending these advantages to the broader population. As part of its efforts in observance of the International Year of Millets (IYOM), FSSAI has taken numerous proactive steps to enhance public awareness of the utilization and nutritional benefits of millets across various communication platforms.

The competition will span across various activities, encompassing Poster Making (for students in Class 3-5), Rangoli (for students in Class 6-8), Slogan Writing (for students in Class 9-10), and Essay Writing (for students in Class 11-12). These contests will take place at both Regional and National levels, with each competition revolving around the theme of millets. The primary goal is to raise awareness among school children about the health benefits associated with consuming millets.

Competition winners will receive both a cash prize and a certificate. A total of 160 prizes are up for grabs at the regional level, and 40 prizes are available at the national level for each of the four competitions. Registration for the competition is currently open, and schools can complete their registration through the following portal: https://eatrightindia.gov.in/CreativityChallenge4/home

The ‘Eat Right Creativity Challenge’ (ERCC), an integral component of FSSAI’s Eat Right India initiative, aims to harness students’ creative abilities to promote wholesome eating practices. Furthermore, this competition motivates schools to establish a setting that emphasizes the importance of safe and nutritious food, while also motivating, captivating, and empowering students to embrace healthy lifestyles. To date, three iterations of the ERCC have been conducted effectively across multiple phases, each phase featuring its distinct theme.

Recognizing that young individuals have the potential to drive transformation and shape the broader community’s dietary choices, the ERCC serves as a testament to FSSAI’s dedication to fostering health, nutrition, and sustainable eating habits among India’s youth.

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