Cote d’Ivoire explores direct sale of cocoa products to India

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October 2, 2023

Cote d’Ivoire, the world’s leading producer and exporter of cocoa, is eager to venture into the Indian market for the direct promotion of cocoa and cocoa-derived products. The regulatory body for this sector is scheduled to visit India next month to explore these opportunities.

The Cocoa regulatory authority, Le Conseil du Cafe-Cacao, is not only seeking market access for cocoa products in India but is also actively seeking investors and partnership opportunities for cocoa processing within Cote d’Ivoire. Presently, a significant portion of the cocoa produced in Cote d’Ivoire, also known as Ivory Coast in West Africa, is distributed through intermediaries and third parties, resulting in reduced returns for farmers.

“Until now, our colonisers (France) built a system of dependency on Europe for cocoa trade. But we are open to selling our products to other countries. We are ready to sell directly to Indian manufacturers,” Cocoa regulator Le Conseil di Cafe-Cacao Managing Director Yves Brahima Kone said in an interview.

”We are going to India in November and meet potential partners and government leaders to explore direct marketing of cocoa. We will be able to sell cocoa products or semi-finished products,” he said.

When questioned about the possibility of discussing the substantial import duties on cocoa, the regulatory authority confirmed that it is indeed one of the topics scheduled for discussion.

“It is going to be a win-win situation for both sides,” he said.

The regulator noted that the rising consumption of cocoa products in India will play a pivotal role in shaping the trade strategy during discussions with Indian leaders. This marks the first visit by the cocoa regulatory authority from Cote d’Ivoire to India, a country that imports approximately 1 lakh tonne of cocoa products, with the aim of promoting the cocoa trade.

Currently, Cote d’Ivoire is placing a stronger emphasis on the processing and transformation of cocoa into products such as cocoa powder and cocoa butter, among others. This strategic shift is aimed at ensuring better returns for farmers and expanding the cocoa economy. To this end, Cote d’Ivoire has set a yearly domestic production cap at 2.5 million tonnes.

“We are promoting processing of the commodity (as value addition will get us more income) before selling it. We are looking for partnerships and setting up processing facilities,” said Coulibaly Siaka Minayaha, Chairman of the Board of Directors of Le Conseil du Cafe-Cacao.

He mentioned that the nation’s goal for the current year is to attain a processing level of 49 percent. In order to promote cocoa processing, the regulatory authority has implemented various measures to organize farmers and create cooperatives for small-scale growers, he further explained.

The regulatory authority also mentioned that the country is currently in the process of aligning with European standards concerning sustainability, deforestation, and child labor. Michel Arrion, the Executive Director of the International Cocoa Organization (ICCO), emphasized that India is an emerging market for cocoa consumption, primarily used in chocolate manufacturing, and should consider becoming a member of this inter-governmental body.

Out of the global cocoa production totaling 5 million tonnes, Cote d’Ivoire alone annually produces about 2-2.5 million tonnes and exports nearly the entire quantity, including value-added products like cocoa butter. Cote d’Ivoire, situated in West Africa, conducts cocoa harvesting twice a year, with the first crop being harvested from October to March, and the second from April to September.

Jollibee hits a milestone with its first AI-assisted drive-thru in Singapore

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October 2, 2023

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Jollibee has opened its first drive-thru in Singapore, conveniently situated at the Caltex Jurong Spring station, marking its 20th restaurant in the country.

The restaurant will be the first of its kind for the fast-food giant, boasting an AI-assisted drive-thru and dynamic menu boards that will offer a variety of product selections.

“This milestone coincides with our 10th anniversary in Singapore, during which time we have expanded from a single outlet in Lucky Plaza to 20 stores across the country, growing our consumer base from serving primarily Filipinos, to now serving the mainstream Singaporean market who compose a predominant majority of our customers today. We are grateful for the Singaporean community’s continued support, and we look forward to expanding further in the country and the greater EMEAA region,” Dennis Flores, President of Jollibee Europe, Middle East, Asia and Australia (“EMEAA”) said.

Following the recent debut of its 10th location in Malaysia at the Kuala Lumpur International Airport, Jollibee continues its expansion by introducing Singapore’s first drive-thru. In the first half of 2023, the Jollibee brand has globally inaugurated 38 stores, with 23 of them located outside the Philippines.

Covid-19 altered dining habits and catapulted market toward a delivery-centric model: Nikhil Gupta

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October 2, 2023

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In a country where pizza parlors are as ubiquitous as street vendors, The Pizza Bakery has managed to captivate the hearts and taste buds of India. This extraordinary feat is the result of an enchanting combination of passion, dedication, and an unyielding pursuit of excellence. What truly sets The Pizza Bakery apart in a market saturated with pizza options is its signature Neapolitan-style pies, each delivering an authentic taste of Naples with every irresistible bite.

However, The Pizza Bakery is more than just a pizza joint; it’s an immersive gastronomic journey. It’s about savoring the rich flavors of thoughtfully chosen ingredients, inhaling the enticing aroma of wood-fired sourdough crusts, and relishing the pleasure of indulging in a culinary masterpiece crafted with love and dedication.

Beyond the delectable offerings, The Pizza Bakery’s commitment to quality is nothing short of remarkable. The establishment’s consistent recognition, including winning the Times Food Awards for ‘Best Pizza’ in both 2022 and 2023, attests to the fact that their devotion to excellence has not gone unnoticed.

Recently, in an interview with Snackfax, Nikhil Gupta, Co-Founder of The Pizza Bakery, shared the inspiring story of how he and his brother Abhijit built this thriving pizza bakery from the ground up, starting with just one location in Bangalore. In addition to their pizza venture, they have also ventured into another culinary realm with ‘Paris Panini,’ a brand delivering gourmet-style street French food.

Here are the edited excerpts..

SnackFax: How is Consumer Behavior changing in terms of dining preferences? Are consumers becoming more inclined towards dining out and ordering in rather than staying at home? And, specifically, what are your thoughts on the importance of freshness when it comes to enjoying food, such as Napolean pizza?

Nikhil Gupta: I believe that COVID-19 has significantly transformed consumer behavior, including within our own company. Before the pandemic, our primary focus was on dine-in services, with delivery accounting for only a small portion of our business. However, when COVID-19 struck, we had to adapt and became primarily a delivery-oriented establishment for the majority of the year.

Even as we move beyond the pandemic, there has been a notable shift in people’s comfort levels with having items delivered to their homes. Whether it’s through platforms like Swiggy, Zomato, Dunzo, Zepto, or others, consumers have grown increasingly accustomed to the convenience of home delivery. This shift has effectively transformed the market into a more delivery-centric one.

He added, “There’s truly nothing quite like the experience of savoring a piping-hot pizza fresh out of the oven. The unmatched freshness and texture are hard to replicate, especially considering that deliveries usually take around 20 minutes, which can slightly diminish the pizza’s texture and taste. Nevertheless, people are generally accepting of this trade-off because of the sheer convenience of having it delivered right to their doorstep.

However, if you’re trying pizza for the first time, I would highly recommend visiting the pizzeria in person. There’s just no substitute for the unparalleled delight of enjoying a pizza at its freshest, right from the outset.”

SnackFax: What’s your approach to ensuring scalability and maintaining ingredient consistency, especially when dealing with highly specialized cuisines?

Nikhil Gupta: Today, there’s a growing demand for premium-quality food, but when you invest in premium products, you rightfully expect them to meet high standards. However, on the producer’s side, various challenges persist. The key question today revolves around who is willing to offer the highest salaries to ensure top-notch nutrition. With elevated nutrition levels, the significance of training becomes paramount. Simultaneously, integrating technology is essential to streamline processes, especially when working with a less skilled labor force.

SnackFax: As a Founder, contemplating the opening of the next outlet necessitates a careful consideration of both the financial aspects and consumer retention. How do you approach this qualitatively?

Nikhil Gupta: Expanding to a new city brings forth an entirely new set of challenges. Currently, I believe we have numerous untapped opportunities right here in Bangalore, our home base. We have a substantial presence in this city with approximately 500 employees, making it more manageable to address and further solidify our company’s stability. Once we’ve achieved that, we’ll explore opportunities in other cities with promising prospects for our business.

Furthermore, at the end of his remarks, Nikhil also highlighted the brand’s agility. This agility doesn’t involve blindly chasing every trend but rather entails a continuous reassessment of their food offerings. They take customer feedback seriously and make weekly changes to their menu based on these insights.

Moreover, recognizing the growing trend towards health-conscious choices in 2023, The Pizza Place is also taking steps to incorporate vegan items into their menu. They aim to introduce a comprehensive range of vegan products. In each slice, The Pizza Bakery shares a piece of their passion, inviting you to embark on a culinary journey unlike any other. In India, The Pizza Bakery is beloved not only for its pizzas but also for its unwavering dedication to craftsmanship, quality, and, most importantly, the joy of sharing the finest sourdough pizza ever crafted.

PM Modi announces establishment of National Turmeric Board

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October 2, 2023

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On Sunday, Prime Minister Narendra Modi made a significant announcement by establishing a National Turmeric Board, addressing a longstanding request from stakeholders in the industry.

“Today I am announcing a major decision related to this (turmeric) from the land of Telangana. Considering the needs and future prospects of turmeric farmers, the Centre has decided to constitute the National Turmeric Board for their benefit,” Modi said after laying the foundation stone of various projects at Mahabubnagar in Telangana.

Speaking at the Global Turmeric Conference 2023 in Mumbai on September 27th, Hemant Patil, a Lok Sabha member representing Maharashtra’s Hingoli constituency, highlighted the persistent efforts made over several years to establish a turmeric board.

“Unfortunately, this has not happened till now,” he said. However, upon being contacted following the Prime Minister’s announcement, he expressed his appreciation for the decision and expressed the hope that the board would find its home in Hingoli. Maharashtra has consistently led the charge in advocating for the establishment of the turmeric board, given its status as the foremost producer of this prized spice in recent years.

During his speech, Modi emphasized that the National Turmeric Board would play a pivotal role in assisting farmers across various aspects, including value addition within the supply chain and infrastructure-related projects.

“I congratulate all the turmeric-growing farmers of Telangana and the country for the formation of ‘National Turmeric Board,” he said.

Highlighting the nation’s significant role as a major producer, consumer, and exporter of turmeric, he noted that the awareness of turmeric’s benefits has surged following the COVID-19 pandemic. Consequently, there has been a global increase in demand for this spice.

“Today, it is imperative that the entire value chain of turmeric, from production to export and research, is given more professional attention; and initiative needs to be taken in this regard,” the Prime Minister said, dwelling on the importance of the announcement.

India’s turmeric production stands at approximately 1.1 million tonnes, constituting an impressive 80 percent of the global output. Turmeric exports have been steadily rising and currently sit at around 1.5 lakh tonnes, with shipments gaining momentum since the onset of the pandemic.

FMCG companies experiment with pricing strategies to counter inflationary pressures

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October 2, 2023

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Consumer goods companies are vigorously safeguarding their ability to explore price elasticity for their products, while distributors are striving to find order amidst the chaos.

FMCG companies generate a substantial portion of their additional – and occasionally total – sales in rural markets. Their strategy to combat inflation in these markets involves providing reduced quantities for the same price, necessitating modifications to production processes at an added expense and absorbing some of the increased costs of raw materials.

On the opposite side of the spectrum, it’s comparatively simpler to display elevated prices on larger packaging. Nevertheless, this particular market segment experiences slower growth. FMCG companies leverage consumers purchasing larger packs to subsidize the cost for entry-level buyers. Nevertheless, their aim is to encourage these entry-level buyers to upgrade to larger quantities. This is where bridge packs, providing enhanced price-to-weight value, come into play. These types of packages have proliferated since the pandemic and are causing congestion in distribution networks.

Three key factors are propelling this trend.

To begin with, the hyperinflation in commodity prices during the pandemic compelled companies to revise their stock-keeping unit (SKU) strategies.

Secondly, the decline in purchasing power compelled rural consumers to shift to lower-priced brands and smaller unit sizes.

Thirdly, the expansion of retailing formats is giving rise to a demand for a variety of packaging sizes.

Additionally, there exists a marketing necessity to provide various price options for attracting new consumers and subsequently increasing their demand for consumer products. However, safeguarding these price points has its limitations, as its repercussions become evident in terms of volume growth, a metric closely monitored by investors in FMCG companies.

Distributors are in search of a four-tier SKU structure designed to encompass vital facets of FMCG pricing strategy, including market expansion and market share retention. Meanwhile, producers must concentrate on enhancing competitiveness and refining their business models. While the sector has successfully navigated through the challenges posed by cyclical factors driving downsizing, it still grapples with enduring structural transformations. Maintaining healthy penetration levels is a pivotal FMCG metric, but it tends to suffer when the distribution network becomes overwhelmed.

Dunzo Co-Founder Dalvir Suri announces departure after six years of service

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October 2, 2023

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Dalvir Suri, one of the Co-Founders of Dunzo, is preparing to step down from his role after dedicating more than six years to the startup. This announcement was conveyed to the company’s employees via an email from CEO Kabeer Biswas on October 1.

Suri became a part of the hyperlocal delivery platform in May 2015, when Dunzo was in its early stages, primarily accepting orders through WhatsApp. As one of the Co-Founders, he collaborated closely with Biswas, Ankur Aggarwal, and Mukund Jha.

Despite Dunzo having four Co-Founders, only Biswas holds equity in the company. The remaining Co-Founders, Suri, Aggarwal, and Jha, receive fixed salaries, which Dunzo has postponed on several occasions in the past.

Suri’s exit coincides with a challenging period for the financially-strained company, as it has been striving to maintain its operations while simultaneously navigating a fundraising process.

“As many of you are aware, Dalvir (Suri) has been taking some time off over the last few weeks, and will be moving on from Dunzo,” Biswas said in his email to employees.

During a company-wide meeting scheduled for later this week, Dunzo will update its employees about the organizational adjustments that will follow Suri’s departure.

“Dalvir (Suri) has been instrumental in building out every new line of business at Dunzo. He has been the key zero to one person from the founding team that just gets things Dun. He has been meaning to take a break for sometime now – and with six plus years spent building Dunzo, he plans to move forward to pursuing new journeys,” the email added.

Govt announces exemption of export taxes on Bangalore rose onions

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October 2, 2023

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The Finance Ministry, on Friday, granted an immediate duty exemption for the export of Bangalore rose onions, subject to specific conditions, as per a notification issued.

Exemption from export duty on Bangalore Rose Onions may be granted if the exporter furnishes a certificate issued by the state horticulture commissioner, confirming the details of the item and the quantity to be exported.

In August, the government imposed a 40 percent export duty on all onion varieties. This decision was made to boost domestic supply and control the escalation of prices in the local market.

Currently, data from the Consumer Affairs Department indicates that the average price of onions in the country is INR 33.53.

Surpassing previous benchmarks, the Centre has successfully procured 2.50 lakh tons of onions for the buffer in 2022-23. However, despite this abundant onion stock, a notable portion of low-quality onions, a consequence of prolonged exposure to extreme summer heat this year, has driven up the prices of high-quality onions.

Simultaneously, onion exports surged by 64 percent in terms of volume, reaching a six-year peak at 25.25 lakh tonnes in 2022-23.

Allied Blenders & Distillers appoints Alok Gupta as new Managing Director

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October 2, 2023

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Allied Blenders & Distillers (ABD), led by Kishore Chhabria and preparing for a INR 2,000-crore initial public offering, has appointed Alok Gupta as its newly appointed Managing Director and Chief Executive Officer.

Gupta joins ABD after serving as a partner in charge of the technology and services division at Essar Capital. He boasts a wealth of over 30 years’ experience in consumer-focused organizations, including roles at Dabur, United Spirits, and Cafe Coffee Day. Meanwhile, Shekhar Ramamurthy, the former Managing Director of United Breweries, will remain a part of the board as the Executive Deputy Chairman.

ABD’s range comprises some of the most widely sold spirits globally, such as Officer’s Choice whiskey, Jolly Roger Rum, and the Kyron brandy.

“ABD has always been a leading player, the transition journey it has embarked upon is indeed an exciting challenge and I am happy to lead the transformation agenda,” said Gupta.

During FY22, the leading domestic liquor company recorded INR 7,196 crore in sales, with 28.6 million cases of alcohol sold, securing a 7.4% market share within the IMFL (India-made foreign liquor) sector.

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

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October 2, 2023

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Arya, the leading agritech platform specializing in foodgrain storage and sales, anticipates a substantial increase in profits, aiming to more than double its current earnings. Additionally, the company plans to achieve a remarkable 70% growth in its total revenue, targeting approximately INR 500 crore during this fiscal year. Arya’s strategic focus includes intensifying its sales efforts and expanding its customer base, distinguishing itself as the sole profitable agritech platform in this sector.

Established in 2013 by Prasanna Rao, Anand Chandra, and Chattanathan Devarajan, the Noida-based startup has garnered substantial support from notable funds such as Lightrock, Accion Quona Capital, Asia Impact Fund, and Omnivore Partners. The company has achieved a commendable revenue of INR 298 crore, generating a net income of INR 16 crore from this impressive financial performance.

These funds jointly possess a majority stake in the company, totaling 60%, and their combined investment amounts to $65 million. The company has not disclosed the specific breakdown of either their individual ownership or their respective investments.

The company has also attracted investments from debt providers such as Rabo Bank, HDFC Bank, and ICICI Bank, from whom it has secured loans totaling INR 980 crore up to this point.

“This year we see the numbers hitting INR 500 crore in revenue and the net profit more than doubling to INR 35 crore,” said Prasanna Rao.

Rao’s confidence stems from the platform’s expanding e-commerce sales of grains and the revenue generated from its service fees to farmers.

Presently, a significant portion of its revenue is derived from storage and warehouse fees. However, Rao foresees that the revenue generated from grain sales on its platform will become a more substantial revenue stream in the future. In the fiscal year 2023, the commission on sales amounted to INR 40 crore, and he anticipates that it will surpass INR 100 crore in the current fiscal year.

He anticipates that the value of grain sales on its platform will double, increasing from INR 3,000 crore in FY23 to a minimum of INR 6,000 crore in the current fiscal year. Rao also noted that within the initial five months of the current fiscal year, the sales value has already exceeded INR 2,000 crore.

Last year, the platform’s primary business, focused on storage, achieved an aggregate value of INR 20,000 crore. Rao foresees that this fiscal year, it will reach an estimated range of INR 27,000-28,000 crore.

Arya caters to over 660 Farmer Producer Organizations (FPOs), encompassing more than 7 lakh individual farmers who are members hailing from 21 states and 450 districts. Rao mentioned that the number of farmers has already increased by 80,000 during the current fiscal year.

The platform’s primary focus lies in handling wheat, paddy, soybeans, mustard, and pulses. Additionally, it is involved in trading cotton, spices such as pepper, clove, cardamom, and various types of chillies.

Rao asserts that farmers utilizing the platform can realize benefits ranging from 10% to 30%. Furthermore, the platform extends loans to FPOs as working capital with an interest rate of 12.5%. In FY22, its loan book reached nearly INR 1,000 crore, a significant increase from the INR 300 crore in the previous fiscal year. He anticipates that the loan book will experience a robust growth of at least 80%, reaching INR 1,800 crore by March of the next year.

He mentioned that there are co-lending agreements with 27 banks, resulting in loans totaling INR 9,000 crore disbursed to these FPOs. Arya also levies fees on banks for co-lending, and the revenue generated from these fees amounted to INR 120 crore in the fiscal year 2023.

Arya, a competitor of NCML, NHBC Staragri, Farmart, Bijak, Ergos, Dehaat, Ninjacart, Waycool, Samunnati, and others, oversees a warehouse network covering more than 100 million square feet.

Yakii – Asian Tapas Bar & Restaurant opens its doors to Pune, redefining Asian dining in the city

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October 2, 2023

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Yakii-Asian Tapas Bar & Restaurant, a pioneering culinary establishment, is excited to announce its grand opening in the bustling heart of Deccan, Pune. The restaurant aims to redefine the city’s dining landscape by providing an unparalleled Asian gastronomic experience.

Yakii represents a unique culinary destination born from Hrishikesh Baravkar’s profound grasp of Pune’s evolving culture and the growing appetite for Asian cuisine. The restaurant effortlessly fuses the allure of tropical beachside vibes with the elegance of Dubai’s desert, delivering a genuinely global experience right here at home.

Conceived by visionary architects Hrishikesh Baravkar and Shashank Shirole, Yakii showcases an interior palette characterized by inviting, earthy tones, thoughtfully selected to create a warm and cozy atmosphere. Within the restaurant, a seamless blend of wood, steel, and brick materials comes together in an artistic choreography, enhanced by the presence of century-old plants and trees in its expansive open-air section. At Yakii, the culinary experience is defined by a fusion of small and large plates, as well as robata grills prepared over live flames, presenting an extraordinary dining experience. The thoughtfully curated beverage menu offers a refreshing twist with a generous dose of spirits, complementing the array of flavors.

Yakii takes immense pride in its thoughtfully curated menu, which showcases an array of distinctive dishes and cocktails, meticulously crafted to tantalize the taste buds and elevate the overall dining experience. Patrons have the opportunity to savor delectable options such as Korean Chicken, Tori Karaage, Togarashi Hummus, Kunji Lamb, and the one-of-a-kind KFC Chicken Truffle Oil Roll. In perfect harmony with the culinary offerings, Yakii presents an exquisite cocktail selection, including the Kuwa Sour, Kohi Press, Guava Tinkle, Yakii de la Casa, and Laccha Sting. Each dish and beverage has been painstakingly designed with an unwavering commitment to detail, ensuring an experience that is as bold, contemporary, and unmatched as Yakii itself.

“Yakii is not just a restaurant; it’s a culinary journey that transcends borders and traditions,” says Hrishikesh Baravkar, the man behind Yakii. “Rooted in the vibrant pulse of Pune, we’ve created a sanctuary where the exotic flavors of Asia meet the warmth of Deccan hospitality. We invite you to not just dine with us, but to become a part of our ever-evolving narrative,” he added.

NewsHub

Here are the edited excerpts..