Hospitality giant Accor to launch 30 new properties in India over next 5 years

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October 9, 2023

Accor, a leading player in the French hospitality industry, has ambitious plans to expand its presence in India over the next three to five years. Puneet Dhawan, the Senior Vice President of Operations for India and South Asia, revealed that the company intends to open 30 new properties in India during this period, recognizing the immense growth potential in the region. With a global portfolio comprising 40 distinct brands, Accor currently operates nine of them in India. Additionally, they are exploring the possibility of introducing more brands to cater to diverse customer segments within the country.

“Currently our pipeline is about 30 signed contracts…These are expected (to be operational) in the next three to five years,” Dhawan told PTI when asked about the company’s expansion plans in India.

Local partners will take charge of the development of these properties, which will subsequently be managed by Accor under its existing nine brands in India. These brands include renowned names such as Fairmont, Novotel, Mercure, and Pullman, among others. The financial investments required for these new properties will be undertaken by the partnering entities.

The forthcoming properties are scheduled to be established in various cities, including New Delhi, Chandigarh, Mohali, Bhubaneswar, and Amritsar.

Dhawan mentioned that the hospitality chain is actively exploring opportunities in tier II and III cities. These cities have experienced increased demand and rising room rates in the aftermath of the Covid pandemic.

“I think the pandemic kind of opened these tier two, tier three market because the rates that they were able to demand are actually higher than the cities like Delhi and Mumbai and that has encouraged developers or investors to develop in these local markets,” he added.

When asked if Accor would consider bringing more global brands in India, Dhawan said, “Currently nine brands are present in India out of the 40-plus (global) brands, but the scale and the diversity India has and the growing middle class or the growing spending power in India, we believe there’s a market for many more of Accor brands that could be introduced into India.”

According to him, these new offerings might come from a lifestyle brand or potentially from other brands such as Swissotel or Movenpick.

“We definitely think (with) the right partner in the right location, we will be able to bring some of the other brands into India as well,” Dhawan said.

He further mentioned that depending on the circumstances, Accor might consider introducing additional brands even sooner.

“We do have a few conversion brands. For example, we have got a brand called Handwritten (Collection), which could be introduced in India,” he said.

The conversion brands are primarily oriented towards incorporating existing hotels that require upgrades to meet international standards and seek access to Accor’s global distribution network. This integration allows them to leverage advantages like participation in the loyalty program and other beneficial features.

On the potential of the Indian hospitality market, Dhawan said, “India today has about 1,60,000 branded hotel rooms, (on the other hand) Dubai has 165,000 rooms and growing. So that tells you how under penetrated the hospitality landscape is in India and there’s so much opportunity across the brands.”

At present Accor has 61 hotels in India under its nine brands with about 11,500 operating rooms.

Myntra’s Ex-CEO Amar Nagaram’s Virgio shuts down after a year despite $37 Million funding

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October 9, 2023

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Former Myntra CEO Amar Nagaram’s fashion platform, Virgio, has unexpectedly ceased its operations just one year after its launch, despite having successfully secured a $37 million funding round in December of the previous year.

“Never thought that we’d come to these crossroads in exactly a year after the launch of VIRGIO. We are overwhelmed with gratitude as we reflect on the incredible journey we’ve shared with you over the past year,” said Nagaram in a LinkedIn post.

However, Nagaram refrained from providing any additional information regarding the shutdown’s cause.

During its Series A round, the company secured support from Prosus Ventures, Alpha Wave Partner, and Accel Partners, resulting in a valuation of approximately $160 million.

In addition to the VC firms, Bhavish Aggarwal, Sri Harsha Majety, Kunal Shah, Vidit Atrey, and Mekin Maheshwari were also among the investors in the company.

“With over 100,000 passionate individuals like you, we’ve forged a vibrant community that has supported us at every step. Your enthusiasm, feedback, and loyalty have been instrumental in our journey, and we cannot thank you enough,” added Nagaram.

Virgio once served as a bridge between designers and manufacturers, facilitating the creation of a comprehensive fashion ecosystem. The Bengaluru-based company provided a diverse range of clothing options, including casual, partywear, loungewear, sportswear, and ethnic attire for both men and women. Furthermore, Virgio expanded its reach by opening its platform to consumers, with its app garnering less than 1 million (8 lakh) downloads, as per data obtained from SensorTower.

According to data from TheKredible, the Founder of Virgio, Nagaram, retains approximately 52% ownership in the company, while Accel and Prosus hold 16.35% and 6.25% stakes, respectively. Notably, Mukesh Bansal, Co-Founder of Myntra and Cult.fit, also holds a significant stake in the company.

In the Indian startup landscape, there have already been over 15,000 job layoffs across various sectors, accompanied by the closure of six companies. Remarkably, this e-commerce company stands out as the first to cease its operations just one year after its launch, despite having raised over $37 million in funding.

magicpin announces INR 100 Crore ‘Super Saver Match Days’ campaign for World Cup 2023 with discounts on food orders

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October 9, 2023

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On Saturday, the hyperlocal e-commerce company, magicpin, announced its intention to allocate up to INR 100 crore towards a range of promotional incentives. These incentives will include discounts on food orders, catering to customers on the ONDC platform during the ongoing World Cup cricket tournament. The initiative, branded as ‘Super Saver Match Days,’ is set to commence on October 8, coinciding with the India versus Australia World Cup match, and will be hosted on the government-supported Open Network for Digital Commerce (ONDC).

“We are pulling out all the stops for World Cup 2023 and are truly excited about the ‘Super Saver Match Days’ campaign. We plan to invest worth Rs 50 crore in various offers, including discounts to cricket fans on food delivery. We will scale it up to INR 100 crore depending on the demand to make this event a feast for the fans,” magicpin CEO and Co-Founder Anshoo Sharma said.

The e-commerce company will provide a discount of up to INR 175 for orders totaling INR 200 or more, along with complimentary delivery.

The company collaborates with retail stores and restaurants to digitize their products and services, additionally providing discounts to its users on transactions conducted at these establishments.

Throughout the campaign, magicpin will extend discounts to its users on delivery orders from popular food chains such as Rebel Food brands (Faasos, Oven Story, Behrouz Biryani), McDonald’s, WowMomo, Pizza Hut, Barbeque Nation, and Barista all day long.

The company’s app features approximately 65,000 restaurants and food establishments.

“Our food delivery business is witnessing 2-fold growth month-on-month. We are committed to providing an unparalleled food delivery experience and exceeding expectations every step of the way,” Sharma said.

Moti Mahal Delux sets the stage for groundbreaking expansion with ‘Bobachee’

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October 9, 2023

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Moti Mahal Delux is gearing up for an exhilarating expansion endeavor under its overarching brand, ‘Bobachee.’

Marking an impressive five-decade milestone, the flagship restaurant of Moti Mahal Delux in South Extension-2, New Delhi, has evolved into an emblem of culinary mastery, with a worldwide presence across continents. The menu pays tribute to its storied heritage, and this remarkable journey persists in reshaping the culinary world, leaving an enduring imprint on the global stage.

Moti Mahal Delux’s origin dates back to 1975 when Tipu Kohli, the grandson of Amrit Lal Kohli, embarked on an extraordinary journey fueled by a vision to craft a memorable dining experience.

As the culinary journey continues to evolve, Yuvraj Kohli, the managing director and a third-generation restaurateur, is now focusing on future innovations. His upcoming venture, ‘Bobachee,’ is eagerly anticipated to make its debut this winter. Bobachee’s mission is to offer a delightful experience by rejuvenating the nostalgic tastes of 1960s India while incorporating global influences. It is poised to become a captivating destination where individuals from diverse backgrounds can savor history, embrace local culture, and relish exquisite flavors, all within a single enchanting setting.

“The legacy of Moti Mahal Delux is a testament to our unwavering dedication to delivering exceptional flavours and pushing the boundaries of culinary artistry. With the imminent arrival of our new restaurant, our goal is to revolutionise gastronomy and provide patrons with an extraordinary fusion of flavours and an unparalleled dining experience,” shared Yuvraj Kohli. “Bobachee is set to usher in a new era of culinary delight, inviting patrons on a journey through time and taste.”

Over the years, Moti Mahal Delux has established a formidable presence, consistently extending its reach throughout India. In 2010, the brand achieved a significant milestone by opening its first international branch in New York, bringing an authentic taste of North India to a diverse global audience and igniting a culinary sensation. Building upon this achievement, Moti Mahal Delux expanded to London in 2012, captivating culinary enthusiasts and setting new standards for gastronomic excellence on a global scale. In 2022, the brand embarked on an exciting venture in the Middle East, unveiling a splendid establishment in Dubai. This strategic expansion across continents underscores Moti Mahal Delux’s steadfast commitment to transcending geographical boundaries, delivering exceptional quality, and pioneering culinary innovation.

Desi Indian Handi set to expand with five new locations in two years

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October 9, 2023

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Desi Indian Handi unveiled its ambitious growth strategy, announcing plans to open five new locations within the next two years. In a statement released by the company, this expansion is hailed as a pivotal moment, solidifying the company’s role as a pioneer in upholding and celebrating India’s rich culinary heritage.

With a heritage spanning four generations, the restaurant is determined to advance its mission of safeguarding and championing traditional recipes and culinary traditions, as stated in a company announcement.

Nidhi Kapoor, Founder of Desi Indian Handi, said, “We are extremely proud of the four-generational culinary history that is at the foundation of Desi Indian Handi. Our firm has reached a pivotal stage as a result of our expansion plans, which call for the establishment of five additional locations over the following two years. We celebrate India’s rich culinary legacy in addition to conserving it. Romancing with the Heritage has always been our guiding concept, and we are committed to telling the world about the flavors and stories of India’s culinary past. The power of food helps Desi Indian Handi maintain its commitment to authenticity while empowering women and bridging generations and communities.”

“Our dedication to women’s emancipation goes beyond the confines of our kitchens. Through leadership opportunities, mentoring programs, and a work environment that values diversity and equality, we actively encourage the growth and development of women inside our organisation,” she said.

Desi Indian Handi has consistently upheld the guiding principle of “romancing with Heritage,” blending a deep appreciation for the past with a commitment to driving innovation. Their unwavering dedication to sharing their passion and enthusiasm for authentic Indian cuisine is evident in their decision to expand and reach even more people.

“Desi Indian Handi’s commitment to the development and empowerment of women makes its expansion all the more admirable. Talented and devoted women make up the majority of the Desi Indian Handi crew and play critical roles in our kitchens, administration, and customer service. Our company’s dedication to supporting women is ingrained in our brand’s DNA, in our opinion,” Kapoor said.

Chef Harpal Singh Sokhi launches Karigari Restaurant in Delhi’s Civil Lines, setting the stage for global expansion

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October 9, 2023

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Chef Harpal Singh Sokhi, the culinary mastermind behind Karigari Restaurant, has proudly unveiled its latest culinary venture in the Civil Lines district of Delhi. This new establishment not only tantalizes the taste buds of Delhi’s residents with its delectable cuisine but also marks the onset of Karigari’s ambitious expansion plan, with eight additional locations set to grace the culinary scenes of India, London, and Dubai in the coming year.

Karigari Restaurant in Civil Lines stands as a testament to Sokhi’s culinary prowess. The restaurant’s enticing menu orchestrates a delightful symphony of flavor combinations that are sure to captivate your palate. This menu artfully blends traditional Indian flavors with a contemporary twist. Each dish at Karigari, whether it’s the mouthwatering kebabs, the aromatic biryanis, or the innovative fusion creations, reflects Sokhi’s unwavering dedication to the culinary arts.

Karigari’s culinary offerings are as diverse and captivating as its ambitious expansion plans. Alongside the Civil Lines establishment, Karigari is set to launch eight additional ventures in India, London, and Dubai in the coming year. This global expansion underscores the restaurant’s unwavering commitment to sharing its unique blend of flavors and culinary artistry with a broader audience, allowing a greater number of individuals to savor the enchantment of Karigari.

The chef behind Karigari, Sokhi, expressed his excitement by saying, “We are thrilled to introduce Karigari Restaurant to Civil Lines, Delhi, and to begin this incredible path of expansion. We are eager to spread our love of food and art to even more people throughout the world since our enthusiasm for culinary perfection has no bounds.

“We cordially welcome you to join us at Delhi’s Civil Lines as we celebrate the launch of Karigari Restaurant. It promises to be a night of superb cuisine, gracious hospitality, and a creative atmosphere that characterizes Karigari. Karigari is the place to go whether you enjoy eating or are just looking for a special dining experience”.

Chowman expands its culinary delights to Hyderabad with grand opening

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October 9, 2023

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Chowman, Eastern India’s No. 1 Chinese chain, has expanded its presence to Hyderabad, marking its first dine-in establishment in the city. This move comes as Chowman continues to grow its restaurant network, with existing locations in Kolkata, Bangalore, and Delhi-NCR.

Amidst the bustling streets of Hyderabad, where the love for Chinese cuisine rules the heart, Chowman’s motto of “Democratisation of Fine dining and Neighbourhood Dining Experience” shines. After reaching heights with its best of Oriental Cuisines, comprising an array of traditional Chinese and Thai dishes, Chowman has entered one more city as it opens its 32nd outlet in Hyderabad, stated a company release.

With the largest delivery fleet and its dedicated Chowman App, the brand has taken a significant stride by inaugurating its first dine-in outlet spanning 1178 Sq. Ft at Plot No-532, Vivekandanagar Colony Road Street, Kukatpally, Hyderabad-500007, Telangana St (Opposite Reliance Trends). This cozy dining space offers a warm ambiance characterized by the soothing instrumental tunes of Chinese culture. The decor and interior design transport patrons to an ancient Chinese setting, making Chowman a world of its own.

Chowman offers a delectable array of authentic Chinese dishes that will tantalize your taste buds. Diners can indulge in a satisfying journey, beginning with an exotic selection of starters, including Crispy Fried Crab Wontons, Double Cooked Crispy Chilli Fish, Pan Fried Chilli Paneer, and classics like Kung Pao Chicken, Prawn in Red Curry, Lamb in Hunan Sauce, and Lobster in a sauce of your choice. These dishes are perfectly complemented by a variety of rice and noodle options, such as Asian Green Fried Rice, Seafood Fried Rice, Shanghai Meifoon, and Braised Noodles with Bell Pepper and Black Mushroom. Additionally, Chowman presents chef’s special creations like Chowman’s Special Chicken Soup and Noodles to delight your palate.

Chowman was born from the vision of a young artist who aspired to introduce authentic, traditional Chinese cuisine to the people of Bengal. Conceived with meticulous attention to detail, featuring warm lighting and a cozy ambiance, Chowman embodies the essence of Chinese culture, cuisine, and ethos. Today, Chowman has experienced significant growth, boasting 21 outlets in Kolkata, 6 in Bangalore, and 4 in Delhi-NCR, with its first outlet in Hyderabad, and plans for many more in the future.

From Startups to Enterprises: Crafting Scalable Social Media Strategies for Business Growth

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October 9, 2023

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A strong social media presence is a non-negotiable in today’s digital era for businesses of all sizes. Whether you’re a new business or an established one, successfully harnessing social media may be a game changer in terms of generating business development.

1. Know Your Audience

Understanding your target audience is the cornerstone of any successful social media strategy. Whether you’re catering to millennials, Gen Z, professionals, or seniors, knowing their preferences, pain points, and behaviors is crucial. Startups should focus on defining their audience from the outset, while enterprises can refine their understanding as they grow.

2. Define Clear Goals and KPIs

Before embarking on a social media journey, set clear and measurable goals. Are you aiming to increase brand awareness, drive website traffic, generate leads, or boost sales? Identifying Key Performance Indicators (KPIs) associated with these goals will help you track and evaluate your strategy’s success, regardless of your business’s size.

3. Content Is King: Quality Over Quantity

Quality content consistently wins over quantity. Whether you’re posting daily or weekly, ensure that your content is engaging, relevant, and valuable to your audience. Startups may begin with a focus on creating their content strategy, while enterprises should maintain a commitment to high-quality content production.

4. Leverage Automation and Tools

As your business grows, managing multiple social media platforms can become overwhelming. Embrace automation tools to schedule posts, track performance, and analyze data. Startups can use these tools to streamline their efforts, while enterprises should invest in more robust solutions to handle scale.

5. Engage, Don’t Broadcast

Social media is not a one-way street. Engage with your audience by responding to comments, questions, and messages promptly. Startups should nurture these interactions from the beginning, while enterprises should maintain their commitment to engagement even as their follower counts increase.

6. Paid Advertising for Scalability

While organic reach is valuable, paid social media advertising can significantly boost your reach and growth potential. Startups can start with small budgets and targeted campaigns, while enterprises can allocate more substantial resources for larger-scale advertising efforts.

7. Monitor Trends and Adapt

Social media trends and algorithms evolve continuously. Stay on top of these changes to ensure your strategy remains effective. Startups can pivot quickly, while enterprises may need to adapt their existing strategies to stay relevant.

8. Measure, Analyze, and Optimize

Regularly review your social media performance metrics and adjust your strategy accordingly. Identify what’s working and what isn’t, and be willing to make changes. Startups can learn from early metrics, while enterprises should use data to refine their existing strategies.

9. Collaborate and Partner

Collaborating with influencers, industry leaders, or complementary businesses can expand your social media reach. Startups can explore partnerships to gain visibility, while enterprises can leverage their existing networks for mutually beneficial relationships.

10. Foster a Consistent Brand Identity

Maintaining a consistent brand identity across all social media channels is crucial. Startups can establish this identity from the outset, while enterprises should ensure that it remains intact as they scale.

Effective social media strategies are the lifeblood of business growth in the digital era. Whether you’re a startup looking to make a splash or an enterprise aiming to maintain relevance, crafting scalable social media strategies is essential. By knowing your audience, setting clear goals, focusing on quality content, using automation tools, engaging with your audience, considering paid advertising, staying adaptable, measuring and analyzing performance, collaborating strategically, and fostering brand consistency, you can create a social media strategy that propels your business forward, regardless of its size. In the world of social media, scalability is the key to sustained growth and success.

Investor Insights: Key Sales Indicators That Influence Funding Choices

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October 9, 2023

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Securing investment for your business is often a pivotal moment on the path to growth and success. While many factors influence an investor’s decision, one critical aspect is the company’s sales performance.

1. Revenue Growth

Perhaps the most obvious and crucial sales indicator is revenue growth. Investors want to see that your business is not only generating revenue but also increasing it consistently over time. A strong revenue growth trend signals that there is demand for your product or service and that your business is effectively capturing a larger share of the market.

2. Customer Acquisition Cost (CAC) and Lifetime Value (LTV)

Investors are interested in the efficiency of your sales and marketing efforts. A low CAC compared to the LTV of a customer indicates that your business can acquire and retain customers profitably. This metric demonstrates the long-term sustainability of your revenue streams.

3. Monthly Recurring Revenue (MRR)

For subscription-based businesses, MRR is a critical metric. Investors like to see predictable and recurring revenue streams, as they provide a sense of stability and scalability. A growing MRR is a positive sign that your customer base is expanding and that you have a handle on customer retention.

4. Sales Pipeline and Conversion Rates

The health of your sales pipeline and conversion rates demonstrates your ability to turn potential leads into paying customers. Investors look for a well-managed sales process with high conversion rates. Additionally, a robust pipeline suggests that your business has a steady stream of potential revenue.

5. Customer Churn Rate

High customer churn rates can be a red flag for investors. They want to know that your business can retain customers over the long term. A low churn rate indicates customer satisfaction and loyalty, which are essential for sustainable growth.

6. Customer Feedback and Reviews

Investors value customer feedback and reviews as indicators of product-market fit and customer satisfaction. Positive testimonials and reviews can instill confidence in your business’s ability to meet customer needs and drive sales.

7. Average Deal Size

Understanding your average deal size can provide insights into your scalability and profitability. Investors may look for larger deal sizes as they often lead to higher revenue and a more efficient use of resources.

8. Sales Cycle Length

A shorter sales cycle often suggests an efficient sales process, which can be appealing to investors. A prolonged sales cycle can raise concerns about scalability and resource allocation.

9. Market Expansion and Penetration

Investors are interested in your growth potential within your target market. Demonstrating your ability to expand into new markets or penetrate existing ones effectively can be a compelling sales indicator.

10. Competitive Positioning

Your competitive positioning and market share are crucial considerations for investors. A strong market position can indicate that your sales strategy is effective in gaining an edge over competitors.

When seeking investment, it’s essential to understand that investors are not just providing capital; they’re also betting on your ability to generate returns. Sales performance indicators offer valuable insights into the health and potential of your business. By focusing on revenue growth, CAC and LTV, MRR, sales pipeline and conversion rates, customer churn rate, customer feedback and reviews, average deal size, sales cycle length, market expansion, and competitive positioning, you can showcase your business’s sales prowess and increase your chances of attracting the funding needed to fuel growth and success. Investors appreciate a data-driven approach that demonstrates your business’s readiness to thrive in the market.

Navigating the Sales Scoreboard: Techniques for Measuring Team Performance

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October 9, 2023

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A fast-paced world of sales, success is frequently judged in terms of statistics. Sales teams are always under pressure to meet and exceed expectations, and understanding and efficiently assessing team performance is the key to accomplishing these goals.

1. Set Clear and Achievable Goals

The foundation of effective sales performance measurement begins with setting clear and achievable goals. These goals should be specific, measurable, attainable, relevant, and time-bound (SMART). When sales targets are well-defined, every team member knows exactly what they are working toward and can focus their efforts accordingly.

2. Track Key Performance Indicators (KPIs)

Identify and monitor the most relevant KPIs for your sales team. These could include metrics such as sales revenue, conversion rates, average deal size, sales cycle length, and customer acquisition cost. Tracking these KPIs provides real-time insights into team performance and allows for quick adjustments when necessary.

3. Implement Sales Dashboards

Sales dashboards provide a visual representation of your team’s performance. They offer at-a-glance insights into KPIs, allowing sales leaders and team members to spot trends, areas for improvement, and opportunities for growth. Modern CRM systems often come with customizable dashboards tailored to your specific needs.

4. Regularly Review and Analyze Data

It’s not enough to collect data; you must also analyze it regularly. Hold regular sales performance review meetings to discuss KPI trends, successes, and areas for improvement. Encourage open dialogue among team members to share best practices and insights.

5. Conduct Sales Coaching and Training

Invest in continuous training and coaching for your sales team. Sales professionals benefit from ongoing development that hones their skills and adapts to changing market dynamics. This not only boosts individual performance but also contributes to overall team success.

6. Foster Healthy Competition

Healthy competition can drive motivation and performance. Consider implementing gamification elements, such as leaderboards, contests, and rewards, to encourage friendly competition among team members. This can create a dynamic where each salesperson strives to outperform their own best results.

7. Customer Feedback and Satisfaction Surveys

Don’t overlook the importance of customer feedback. Surveys and feedback loops can provide invaluable insights into how your sales team is perceived by customers. High customer satisfaction often correlates with effective sales performance.

8. Peer and Self-Assessment

Encourage self-assessment and peer feedback within the sales team. Team members can often identify areas for improvement that might not be apparent to leaders. Peer-to-peer learning and accountability can drive performance enhancements.

9. Flexibility and Adaptation

Market conditions can change rapidly, so it’s crucial to be adaptable. Sales strategies that worked in the past may not be effective in the future. Stay open to adjusting your approach based on evolving customer needs and market dynamics.

10. Celebrate Achievements

Recognition and celebration of achievements, both big and small, are vital for maintaining motivation and morale within the team. Acknowledging and rewarding exceptional performance fosters a positive sales culture.

Measuring and improving sales team performance is an ongoing process that requires dedication and a commitment to excellence. By setting clear goals, tracking KPIs, implementing sales dashboards, analyzing data, providing coaching and training, fostering healthy competition, gathering customer feedback, encouraging self-assessment, staying adaptable, and celebrating achievements, you can create a high-performing sales team that consistently surpasses expectations. In the world of sales, the ability to navigate the scoreboard is not just about winning; it’s about sustaining a winning culture that drives long-term success.

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