In the September quarter, Future Consumer Ltd (FCL), the FMCG subsidiary of the financially troubled Future Group, failed to meet its financial obligations, with a total default amounting to INR 369.59 crore. This default includes both principal and interest payments on loans obtained from various banks, financial institutions, and unlisted debt securities. According to a filing made on Thursday, as of September 30, FCL had also defaulted on loans and revolving facilities, such as cash credit, amounting to INR 253.95 crore from banks and financial institutions.
According to regulatory disclosure, the default amount for unlisted debt securities, including Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS), stands at INR 115.64 crore for the quarter.
The total financial obligations of FCL amount to INR 468.12 crore, encompassing both short-term and long-term debts.
The filing also specifies that this comprises INR 266.80 crore in debt from banks and financial institutions, along with INR 201.32 crore from NCDs and NCRPS.
Nonetheless, FCL stated that it is actively “planning and working towards asset monetization and debt reduction throughout the year.”
FCL, which operates under the leadership of Kishore Biyani’s Future Group, specializes in the production, branding, and distribution of FMCG food and processed food items.
It was one of the 19 group companies involved in retail, wholesale, logistics, and warehousing sectors that were originally slated for transfer to Reliance Retail as part of a INR 24,713 crore deal announced in August 2020. However, this deal was later canceled in April 2022.
On Thursday, Jayanti Khan Chauhan, Vice-Chairperson of Bisleri International, stated that the company is expanding its production and refining its distribution network strategically to enhance product placement and achieve cost-effective market gains in the packaged drinking water industry.
Presently, the company operates 128 manufacturing facilities and is actively pursuing an expansion plan to raise the count to 150. This expansion will encompass both plants owned by Chauhan’s company and exclusive co-packers aligned with Bisleri.
Additionally, Bisleri is broadening its product range to include carbonated soft drinks (CSD) and elevating its brand Vedica Himalayan Spring Water for a premium positioning. This move complements its core business of packaged drinking water, showcasing an innovative approach.
When asked about the outlook, Chauhan said “We are definitely going to increase our distribution, scale up on distribution and manufacturing for CSD for Bisleri. This strategic placement of manufacturing units and distribution networks will make it easier and cost-effective for us to get our products to the markets”.
To strengthen its presence in the premium segment, Bisleri International announced on Thursday that it is expanding its brand Vedica into the sparkling water market.
The company aims to be a leading player in this segment, which is “very niche at the moment but growing rapidly,” said Chauhan.
Vedica presently makes up roughly 5 percent of Bisleri International’s revenue, and the company foresees it becoming a INR 100 crore brand within the next 2-3 years.
Despite facing disruptions caused by the COVID-19 pandemic, the company has maintained a consistent annual growth rate (CAGR) of 17 percent over the past four years.
According to information obtained from the Registrar of Companies, a division of the Ministry of Corporate Affairs, Bisleri International reported a revenue of approximately INR 2,300 crore for the fiscal year 2022-23.
When asked about the performance of Bisleri International in the current fiscal, Chauhan said, “This year has been good and we are growing close to a CAGR of 17 per cent”.
The company experienced a notable rebound following a temporary downturn in sales through out-of-home channels, a crucial sector for the entire beverage industry.
Over expansion of the product portfolio, Chauhan said “We definitely will expand”.
According to Angelo George, CEO of Bisleri International, unorganized players continue to dominate the bottled water market. Nevertheless, the proportion of branded companies is on the rise.
“Now, possibly in the last couple of years, the organised market among the top four or five players has become about 45 per cent of the market,” he said, adding that our objective is to become really dominant in the organised sector by improving market share further.
George added that Bisleri holds a commanding share of over 50 percent in the organized segment of the branded bottled water market.
In the packaged water segment, Bisleri faces competition from Kinley by Coca-Cola Co and Aquafina by PepsiCo Inc.
Previously, there were reports indicating that the promoters were in the process of selling their stake in Brand Bisleri to Tata Consumer Products Ltd (TCPL). However, Tata Group’s FMCG arm later announced that it had discontinued negotiations with Bisleri regarding a potential transaction.
Tata Consumer Products Ltd (TCPL) has an existing presence in the bottled water segment through its brand, Himalayan.
Reduced tomato prices in September led to a decrease in the expenses associated with both vegetarian and non-vegetarian thalis, offering a welcome respite to consumers who were grappling with the challenges posed by rising costs.
In September, the price of a vegetarian thali dropped by 17% compared to the previous month. This significant reduction can be largely attributed to the substantial 62% month-on-month decrease in tomato prices, which fell from INR 102 per kg in August to just INR 39 per kg in September 2023, as reported by Crisil’s monthly indicator of food plate costs, the Roti Rice Rate.
Onion prices experienced a 12% month-on-month rise in September. Projections from the ratings agency suggest that these prices are likely to remain high due to the expected decrease in output during the kharif season of 2023.
The price of a non-vegetarian thali saw a 9% month-on-month decrease, primarily attributed to an estimated 2-3% month-on-month increase in broiler prices, which constitute over 50% of the total thali cost.
According to the most recent data, the Consumer Price Index (CPI) indicated a reduction in retail inflation during August due to a decline in food prices. However, it remained higher than the Reserve Bank of India’s (RBI) comfort level. In August, retail inflation increased by 6.8% annually, showing a slowdown from the 15-month high of 7.4% observed in July, providing some relief. Food inflation also decreased from 11.5% in July to 9.9% in August. Rural areas experienced a higher inflation rate at 7%, while urban areas recorded 6.6%.
The expenditure on fuel, constituting 14% of the total cost of vegetarian thalis and 8% of non-vegetarian thalis, experienced a significant 18% month-on-month decrease in September. This decline was driven by the reduced cost of a 14.2 kg cooking gas cylinder, which dropped from INR 1,103 to INR 903.
Chillies, which saw a substantial 31% month-on-month decrease, also contributed to a reduction in thali costs. The calculation of the average cost of preparing a thali at home considers input prices across various regions of India—north, south, east, and west. The monthly alterations reflect the impact on the ordinary individual’s spending. The data additionally reveals the key ingredients, such as cereals, pulses, broilers, vegetables, spices, edible oil, and cooking gas, that influence variations in the thali’s cost.
Stovekraft, true to its dedication to pioneering innovations in kitchen appliances, has unveiled the Pigeon Nutri Mixer 900 – India’s groundbreaking all-in-one Mixing, Juicing, Blending, and Grinding SYSTEM. This innovative “Made in India” Nutri Mixer has been meticulously designed to simplify cooking by integrating the functionalities of various kitchen appliances into one highly efficient device.
Crafted in response to the need for optimizing kitchen space while combining the functionalities of multiple devices, the Nutri Mixer offers an excellent solution for those seeking to save time, money, and kitchen counter space. This highly efficient and budget-friendly system is ideal for making smoothies, juices, milkshakes, health beverages, protein shakes, and more, as well as grinding spices, preparing masala blends, making nut butter, producing coffee powder, and much more. It includes three durable and food-safe jars: an 800ml container for smoothies and shakes, a 500ml versatile jar, and a 200ml jar for dry grinding. Moreover, the product comes with a storage lid and a sipper lid for added convenience.
Rajendra Gandhi, Managing Director of Stovekraft Limited said, “In today’s fast-paced modern lifestyle, where kitchen efficiency and versatility are paramount, this multifunctional appliance epitomizes true innovation and convenience. The Nutri Mixer SYSTEM features a 900-watt ultra-high-speed motor capable of performing a range of tasks such as mixing, juicing, blending, and grinding in a matter of seconds. This versatile appliance combines the capabilities of a mixer, grinder, juicer, and blender, providing a multifunctional solution for all your kitchen requirements.”
The Mixer Grinder Juicer Blender System is positioned to be the ultimate kitchen ally. Combining cutting-edge technology, a sturdy design, and a range of features, it promises to take your culinary adventures to a whole new level. This inventive system departs from the traditional buttons and controls seen in standard mixer grinders. Instead, you can effortlessly twist and lock the jars into position, completing the task within seconds. This design offers customers a 100 percent hands-free operation, allowing them to free up time for other kitchen activities or relaxation, without the requirement to hold the mixer-grinder cover during operation.
Wellbeing Nutrition is revolutionizing India’s age-old passion for tea by unveiling their innovative range of premium Wellness Teas. This extraordinary collection harmoniously blends the expertise of tea craftsmanship with the principles of nutrition science, envisioning a complete transformation of the conventional tea-drinking experience into a holistic voyage encompassing both taste and wellness. Moreover, it stands as a driving force for positive change, empowering the talented tea artisans at the renowned Makaibari Estate.
Dedicated to providing products that resonate with the demands of today’s fast-paced way of life, Wellness Teas are designed for those in pursuit of a natural and effective means to improve their well-being. By harnessing the inherent qualities of nature and eschewing synthetic additives, each tea variety is the culmination of fusing age-old wisdom with modern scientific inquiry. The result is a selection that seamlessly integrates health advantages into the pure joy of savoring tea, providing both experienced tea connoisseurs and newcomers with a simple gateway to a healthier lifestyle.
“We are thrilled to introduce a tea collection that embodies our core philosophy: merging the goodness of nature with the tapestry of tea,” remarked Avnish Chhabria, Founder of Wellbeing Nutrition.
Carefully curated, this collection encompasses six distinct tea varieties, each meticulously crafted to address specific health needs. The Cleanse Adaptogenic Herbal Tea blends 22 carefully selected ingredients to synergistically support the body’s natural detoxification process. For those seeking peaceful slumber, the Sleep Adaptogenic Herbal Tea, enriched with melatonin and 13 other soothing components, promotes relaxation and a restful night’s sleep. To enhance focus and cognitive function, the Focus Adaptogenic Herbal Tea incorporates potent ingredients to invigorate the mind with each sip.
Her Care provides a solution for hormonal balance, reduced testosterone levels, and improved menstrual regularity. The collection also features two caffeine-infused options: Slim Adaptogenic Green Tea, which aids in fat burning, suppresses sweet taste receptors, and supports metabolism, and Digest Adaptogenic Green Tea, infused with heat-resistant probiotics and a blend of natural components to nurture beneficial gut bacteria.
In addition to its exceptional tea blends, Wellbeing Nutrition is dedicated to fostering empowerment and cultural enrichment. The tea leaves are carefully harvested by skilled artisans from the esteemed Makaibari estate, one of the world’s oldest tea plantations nestled amidst the Himalayan peaks. These artisans possess an innate expertise in selecting the finest leaves and buds, a craft handed down through generations, guaranteeing that each sip delivers optimal benefits. Beyond their invaluable role in tea cultivation, their aspirations and dreams are nurtured, paving the path to a brighter future. This includes ensuring access to quality education for their children, comfortable homes, and comprehensive healthcare.
“This tea collection is also a tribute to those who cultivate them. It tells a story of strength, sustainability, and the promise of a better future,” adds Avnish Chhabria.
Sustainability is a fundamental pillar of Wellbeing Nutrition’s dedication. The brand proactively takes steps to reduce its environmental footprint, notably through the eco-friendly packaging of its teas. Instead of non-biodegradable nylon tea bags, these teas are presented in biodegradable bags crafted from corn starch. Additionally, the brand remains steadfast in its commitment to transparency. Customers receive thorough information about the ingredients utilized in each blend and their distinct advantages, building trust among health-conscious consumers. With these compelling benefits, it comes as no surprise that this recent release has already garnered the interest of wellness-conscious individuals throughout India.
“The Wellness Tea collection was born through extensive research and a commitment to quality. They are more than beverages; they embody a holistic approach to wellness while celebrating the essence of tea cultures,” said Avnish Chhabria.
Dabur India’s quarterly update highlights that FMCG consumption is demonstrating year-on-year improvement, benefiting from positive macroeconomic indicators. However, the recovery has been gradual, with this quarter experiencing a mild summer and a slightly below-average monsoon.
It mentioned that the delayed festive season this year has postponed festival-related sales, which will now be carried over to the next quarter.
“We expect recovery of consumption in both urban and rural markets in India due to improving macro indicators, increase in government expenditure and positive consumer sentiment,” Dabur said.
The homegrown FMCG major is optimistic about its performance in the upcoming July-September quarter, as it foresees achieving a “mid to high single-digit growth” in its consolidated revenue.
“In India business, Healthcare and HPC segments are expected to grow in high single-digit,” it said in an update for the quarter ending on September 30, 2023.
Nonetheless, it expects the Food and Beverage (F&B) segment to register a revenue “slightly below last year’s figures” due to the influence of a mild summer and a shift in the festive season.
Regarding its international operations, Dabur expressed confidence in a robust performance, with the expectation of achieving double-digit growth in constant currency. This growth is expected to be driven by markets such as the Middle East, Egypt, and Turkey.
Furthermore, it anticipates a “greater expansion in gross margins compared to Q1 FY24,” supported by the easing of inflationary pressures and the implementation of cost-saving measures.
A substantial portion of the gross margin expansion will be allocated towards increasing expenditure on advertising and promotions (A&P).
“Consequently, operating profit is expected to grow in line with revenue and remain steady compared to the same quarter last year,” Dabur said.
Additionally, the company affirmed its dedication to outperforming the industry benchmarks within its business segments and capturing greater market share across its product portfolio.
“We will continue to invest strongly behind our brands, distribution expansion, manufacturing footprint and digitisation initiatives,” it said.
In its quarterly update, Dabur India has offered a comprehensive overview of the performance and demand patterns observed during the period ending on September 30, 2023.
“This will be followed by detailed financial results and earnings presentation once the board of directors of the company approves the consolidated and standalone financial results for the quarter ended September 30, 2023,” it added.
Ahead of its festive season sale, Amazon, a prominent e-commerce giant, has unveiled a new Prime annual membership plan tailored for Android users, priced at just INR 399.
Named Prime Shopping Edition, this new offering is likely a strategic move by Amazon to compete with Flipkart’s recently launched VIP pass.
Amazon’s latest offering provides a straightforward shopping-only plan, featuring complimentary shipping, one-day deliveries, and associated perks. Nevertheless, users will not have access to additional services like Prime Video, Music, Reading, Gaming, and more, which are bundled with the comprehensive Prime membership.
For the time being, it appears that this offering is exclusively accessible to users who access the e-commerce platform through the app or mobile browsers on Android devices. The decision to restrict the offering to Android users is likely influenced by the fact that over 85% of smartphone users in India use Android devices.
“Once customers see and experience this shopping benefit, they would love to become a full member and enjoy all the other things. We don’t want them to think that it’s all or nothing. We want them to experience the shopping benefits and we believe that they will upgrade to full membership later,” Amazon India vice president Saurabh Srivastava told Moneycontrol.
The primary allure of the Prime Shopping Edition seems to be its 24-hour early access pass for subscribers. Essentially, while Amazon’s flagship sale, the ‘Great Indian Festival,’ is set to kick off on October 8, this pass grants users the privilege of accessing it a day in advance.
Amazon’s competitor, Flipkart, recently introduced a comparable offering known as the VIP pass, priced at INR 499 per year, only a few days ago.
At the moment, it remains uncertain whether this offering will extend its early access benefits to other sales hosted by the US-based e-commerce platform.
The decision comes as Amazon moved up its annual festive sale to October 8, aligning with Flipkart’s sale dates, in a bid to capture a larger share of the festive sales market.
The decision to introduce a more affordable version of the Prime membership may also be driven by the goal of expanding the Prime user base in India. Currently, Amazon has 18-20 million Prime users in India, compared to the reported monthly active user (MAU) count of 200 million.
This membership option offers a highly enticing opportunity for the e-commerce giant since Prime users typically generate an average order value (AOV) ranging from INR 1,800 to INR 2,000, in contrast to INR 1,000 to INR 1,200 for non-Prime customers, as reported by Moneycontrol.
In the meantime, Amazon has intensified its endeavors to leverage the surge in demand during the festive sales season. With distribution centers strategically located in 15 states and providing a total storage capacity of 43 million cubic feet, Amazon has also optimized a network consisting of nearly 2,000 delivery stations operated by Amazon itself and its partners throughout the country.
Amazon India has recently collaborated with India Post and Indian Railways to enhance its delivery operations. Additionally, the company has stated that it has generated over 100,000 seasonal job opportunities in anticipation of the upcoming sale event.
According to Redseer, the gross merchandise value (GMV) of India’s e-commerce sector is expected to experience a significant increase of 18-20%, reaching INR 90,000 Crores during the upcoming festive sale season.
The Abu Dhabi Investment Authority is injecting INR 4,966.80 Crores into Reliance Retail Ventures Ltd in exchange for a 0.59% equity stake.
According to a statement from Reliance Retail, this capital injection will result in a pre-money valuation of INR 8.28 lakh crore for the retail and digital commerce subsidiary of Reliance Industries Ltd (RIL). This valuation positions it among the top four companies in the country in terms of equity value.
Commenting on the announcement, Reliance Retail’s executive director Isha Ambani said, “We are pleased to further deepen our relationship with ADIA with their continued support as an investor in Reliance Retail Ventures Limited… ADIA’s investment in RRVL is a further testament to their belief in the Indian economy and our business fundamentals, strategy and execution capabilities.”
The retail division of the diversified conglomerate, which spans industries from oil to telecom, boasts a customer base of 267 million. It operates through an omnichannel network encompassing over 18,500 physical stores and various digital commerce platforms. The company maintains a presence in a wide array of sectors, including groceries, consumer electronics, fashion and lifestyle, and pharmaceuticals.
Within its portfolio, Reliance Retail encompasses brands like AJIO, JioMart, Netmeds, Milkbasket, and Trends. Additionally, the company holds a minority stake in the challenged quick commerce startup, Dunzo.
Reliance Retail further asserts that its new commerce venture has successfully digitalized over 3 million small and unorganized merchants nationwide.
This announcement represents the most recent fundraising effort undertaken by the retail behemoth in recent months. In September, the company disclosed that global investment major KKR was purchasing a 0.25% stake for INR 2,069.5 crores.
Before that, Reliance Retail secured INR 8,278 crores in funding from the Qatar Investment Authority. Both transactions were completed at a pre-money equity valuation of INR 8.3 lakh crores.
In the first quarter (Q1) of the fiscal year 2023-24 (FY24), Reliance Retail reported a net profit of INR 2,448 crores, with operating revenue reaching INR 62,159 crores. Notably, digital and new commerce activities contributed 18% to the company’s total revenue during this quarter.
Fostering real relationships with customers has become a vital component of success in an increasingly competitive company world where consumers are overwhelmed with options. The age of merely transactional connections is coming to an end, giving way to a new era in which enterprises must master the art of connection in order to succeed.
1. Personalization Beyond Names
Personalization has become a buzzword in marketing, but it goes beyond simply addressing customers by their first names in emails. True personalization involves understanding your customers’ preferences, needs, and behaviors. Use data-driven insights to tailor your products, services, and marketing efforts to meet individual needs. When customers feel that a business “gets” them, it creates a powerful emotional bond.
2. Active Listening and Feedback Loops
Effective communication is a two-way street. To build strong connections, actively listen to your customers. Encourage feedback, whether through surveys, social media, or direct interactions. When customers see that their opinions are valued and acted upon, it builds trust and a sense of partnership. Create feedback loops within your organization to ensure that customer insights drive continuous improvement.
3. Authentic Storytelling
Storytelling is a potent tool for building connections. Share the authentic story of your brand, its mission, values, and the people behind it. Authenticity resonates with consumers, who appreciate transparency and honesty. When your brand’s story aligns with a customer’s values and beliefs, it creates a powerful emotional connection that transcends transactions.
4. Exceptional Customer Service
Exceptional customer service is a cornerstone of building lasting relationships. Train your team to go above and beyond in solving problems and addressing customer concerns promptly. Positive service experiences are often shared with others, amplifying your brand’s reputation and attracting new customers through word-of-mouth.
5. Consistency Across Touchpoints
Consistency is key in building trust. Ensure that your brand’s messaging, values, and tone remain consistent across all touchpoints, from your website to social media, emails, and in-person interactions. This consistency reinforces your brand’s identity and makes it easier for customers to connect with and recognize your business.
6. Loyalty Programs and Rewards
Loyalty programs and rewards can be powerful tools for fostering connections. These programs incentivize repeat business and make customers feel appreciated. However, the key is to make loyalty programs meaningful, offering rewards that genuinely enhance the customer experience.
7. Community Building
Create a sense of community around your brand. Whether it’s through online forums, social media groups, or local events, provide a space where customers can connect with each other and with your brand. A strong community fosters a sense of belonging and loyalty.
8. Going the Extra Mile
Sometimes, it’s the unexpected gestures that leave the most lasting impressions. Surprise and delight your customers by going the extra mile. This could be sending personalized thank-you notes, offering exclusive sneak peeks, or providing unexpected perks. These actions create memorable moments that customers cherish.
In today’s business landscape, fostering deep and lasting consumer relationships is an art that can set your brand apart. By focusing on personalization, active listening, authenticity, exceptional service, consistency, loyalty programs, community building, and going the extra mile, you can create connections that transcend transactions. Building these relationships takes time and effort, but the loyalty and advocacy of your customers are invaluable assets that will fuel your business’s growth and success in the long run. Remember, in the art of connection, the canvas is your customer’s heart, and the masterpiece is a relationship that stands the test of time.
In an era when customers are more concerned about what they eat than ever before, the food business is rife with potential for entrepreneurs. Whether you’re a farmer wanting to sell your fresh produce, a restaurateur hoping to attract foodies, or a food producer looking to reach a wider audience, producing leads is critical to your business.
1. Embrace the Power of Social Media
In today’s digital age, social media isn’t just a trend; it’s a powerful tool to connect with potential customers. Create mouthwatering content showcasing your products or culinary creations and share it on platforms like Instagram, Facebook, and Pinterest. Engage with your audience by posting behind-the-scenes glimpses of your food venture, customer reviews, and even live cooking sessions. By leveraging the visual allure of your offerings, you can pique the interest of food enthusiasts and turn them into loyal customers.
2. Host Virtual Cooking Classes
If you’re in the business of selling food products, consider hosting virtual cooking classes. Share exciting recipes that incorporate your ingredients and invite food aficionados to join in. Not only does this demonstrate the versatility of your products, but it also builds a sense of community around your brand. Encourage participants to share their creations on social media, creating a ripple effect that can attract more leads as friends and family members become curious about your offerings.
3. Collaborate with Influencers
Influencer marketing is a game-changer in the food industry. Partnering with food bloggers, chefs, or social media personalities who align with your brand can expose your products to a larger, targeted audience. Influencers can create engaging content, such as recipe tutorials or taste tests, which can significantly boost your brand’s visibility and credibility. Make sure to choose influencers whose followers are likely to be interested in what you have to offer.
4. Participate in Food Festivals and Farmers’ Markets
Don’t underestimate the power of in-person events. Participating in food festivals, farmers’ markets, or local community events can be a fantastic way to showcase your products and interact directly with potential customers. These events provide an opportunity for attendees to taste your offerings, ask questions, and develop a personal connection with your brand. Additionally, they can serve as excellent platforms to collect contact information and build a loyal customer base.
5. Offer Free Samples and Tastings
People love trying before they buy, and offering free samples or tastings can be a compelling way to generate leads. Whether you’re running a restaurant or selling packaged food products, providing a small taste of what you have to offer can entice curious consumers to explore your menu or purchase your goods. Consider setting up a tasting station at local grocery stores or offering complimentary appetizers in your restaurant to attract potential customers.
In the food industry, where sensory experiences play a crucial role, generating leads requires a mix of creativity and culinary prowess. By embracing social media, hosting virtual events, collaborating with influencers, participating in live events, and offering samples, you can create a buzz around your food venture. Ultimately, these fresh strategies will not only attract new leads but also nurture a loyal customer base eager to savor your farm-to-table delights. So, get cooking and watch your food venture flourish!
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