PepsiCo, the American snacks and beverages giant, has revealed plans for the expansion of its snack production facility located in the Brazilian town of Cabo de Santo Agostinho.
The company that owns the Lay’s and Walkers crisps brands will be implementing a new production line at the facility, where it currently manufactures Cheetos and Cebolitos snacks for the local market.
This new production line will enable the company to expand its operations by manufacturing its Torcida brand of snacks at the site in the Pernambuco region, situated close to the city of Recife.
PepsiCo has not disclosed the exact amount it will invest in the development of the facility, but this expansion project, involving two factories, is expected to boost production capacity by approximately 30%.
Having been active in Brazil for seven decades, the company has stated that the expansion will lead to the creation of around 300 new jobs, both directly and indirectly.
Construction of the plant is currently underway and is anticipated to be completed by May 2024.
Marcelo Zanetti, director of operations of PepsiCo Brazil, said, “The north-east region is strategic for PepsiCo and we have continuously invested in it. Proof of this is that our production capacity in the last four years has increased by more than 50%.”
PepsiCo, with a total of eight factories in Brazil, has a workforce of approximately 700 individuals in the Pernambuco region.
In August of last year, PepsiCo reached an agreement to divest a selection of its biscuit assets in Brazil to the local manufacturer Camil Alimentos.
Camil successfully negotiated an acquisition deal for PepsiCo’s CIPA Industrial Food Products and CIPA Nordeste Industrial de Produtos Alimentares, thereby gaining control of factories in Aparecida de Goiânia in the state of Goiás and Itaporanga D’Ajuda in Sergipe, along with the combined workforce of approximately 800 employees from these two companies.
Ranjan Pai, the billionaire investor and chairman of the Manipal Group, is currently engaged in discussions regarding a substantial investment in the beauty e-commerce unicorn, Purplle.
According to a report by Moneycontrol, Pai is contemplating purchasing JSW Ventures’ stake in the company for an estimated amount ranging between INR 60 crore to INR 70 crore.
The potential investment signifies the second time JSW Ventures has decided to sell its shares in Purplle in just five months.
Back in May, JSW Ventures sold a part of its ownership to the Abu Dhabi Investment Authority (ADIA), realizing significant profits that were 18 times its original investment.
During the transaction, Purplle garnered between $50 million and $60 million in funding from the sovereign fund, Abu Dhabi Investment Authority (ADIA), in a funding round that encompassed both primary and secondary investments.
As of July, JSW Ventures possessed a 2.8% ownership stake in Purplle.
Purplle, a competitor of publicly traded beauty e-commerce company Nykaa and Reliance-led Tira, had plans to broaden its physical presence and adopt an omnichannel approach. Additionally, the company was actively seeking opportunities to acquire a few brands as part of its expansion strategy.
Established in 2012 by Manish Taneja and Rahul Dash, Purplle specializes in offering a wide range of beauty products and appliances. The platform features various direct-to-consumer (D2C) brands, including Plum, WOW Skin Science, mCaffeine, Maybelline, SUGAR Cosmetics, and many more.
During FY22, Purplle recorded a substantial increase in its revenue from operations, reaching INR 219.88 crore, which marked a 72% surge from the INR 128.15 crore reported in the previous fiscal year, as indicated in its regulatory filings. However, the company’s losses expanded to INR 203.63 crore in FY22, compared to INR 52.18 crore in the preceding year.
At the same time, Ranjan Pai is steadily establishing himself as a prominent investor in Indian startups. In August, reports surfaced indicating that Pai was in advanced negotiations to acquire a share in the upcoming IPO of FirstCry, a prominent e-commerce platform specializing in children’s products.
He has also strategically invested in several well-known startups, such as the edtech giant BYJU’S and the jewelry startup BlueStone.
Voff Premium Pet Food has acquired Carnibest, a dog and cat food manufacturer based in the Netherlands, for an undisclosed amount.
Hailing from Sweden and backed by private equity, Voff has celebrated its tenth acquisition since its establishment in 2014 with the purchase of the natural raw pet food manufacturer.
Established in 2001, Carnibest becomes the second Dutch brand to become a part of Voff’s portfolio, following the acquisition of Energique earlier this year.
Voff has acquired Carnibest’s production facility located in Ermelo, situated in the province of Gelderland. This addition brings the total number of manufacturing facilities for the Stockholm-based company to nine.
Carnibest specializes in crafting natural raw food for dogs and cats, offering a range of meals and snacks that are presently available in the Netherlands and Belgium.
Approximately 20 employees from the Dutch brand will remain with the company, ensuring continuity in their roles.
However, as part of the acquisition, the previous owner of Carnibest, Corine Bunschoten, has opted to step away from the organization to pursue other opportunities.
She said, “Carnibest has been synonymous with premium quality raw dog and cat food for over two decades, and it has been a pleasure to be able to build this great company.
“I trust that Voff, a fellow believer in natural, premium pet-food products, will build on and expand the Carnibest brand, in addition to serving our customers even better.”
Anders Kristiansen, CEO of Voff Premium Pet Food, said, “It is truly exciting to welcome Carnibest to the Voff group. We have been following Carnibest for a long time and are certain that we can jointly continue the success story that Carnibest has been since its inception.”
In March, Kristiansen assumed the role of Chief Executive of the pet-food business and promptly emphasized that mergers and acquisitions would play a substantial role in his growth strategy. Leo & Wolf stands as Voff’s sole in-house brand, with the rest of the portfolio acquired through various acquisitions.
The company generates an annual revenue of Skr1.1 billion (equivalent to $99.2 million) and maintains a workforce of approximately 300 employees.
Eden Brew, an emerging Australian venture focused on creating dairy proteins and products without utilizing animals, has successfully obtained fresh investment.
In the A$24.4 million ($15.3 million) Series A funding round, the prominent Nordic food company Orkla participated, contributing A$6 million. Additionally, Breakthrough Victoria, an independent firm overseeing the state’s investment funds, also invested in the round.
Established in 2021, Eden Brew was founded by the Australian dairy organization Norco in collaboration with CSIRO and Main Sequence Ventures, the fund designated to manage the government agency’s innovation fund.
Breakthrough Victoria said the investment “will allow Eden Brew to seek regulatory and patent approvals”.
It added, “The company will also begin piloting commercial scale animal-free milk production and launch its ice cream in the foodservice industry. As part of the investment, Eden Brew will establish its head office in Melbourne and further develop its research and manufacturing in Victoria.”
Jim Fader, the CEO of Eden Brew, is among the company’s co-founders, alongside Phil Morle, a partner at Main Sequence, and Michael Hampson, the CEO of Norco.
Fader said, “Eden Brew is focussed on creating an animal-free dairy category, which stands to play a significant role in how we sustainably meet the growing demand for food on the planet.
“We’re incredibly proud to continue to build our team in Melbourne and the investment we have received from Breakthrough Victoria is critical to enabling Eden Brew to commercialise.”
Participating in the Series A funding round were Digitalis Ventures, Possible Ventures, and Radar Ventures. This latest investment adds to the A$6.9 million secured last year and an additional A$4 million obtained in 2021.
“Using science know-how developed at CSIRO, Eden Brew uses a precision fermentation process to produce casein proteins and combine them into the casein micelle, the organised protein cluster which gives cow’s milk its bioavailable nutritional carrying capacity, heat stability and many of its sensory qualities,” according to the Breakthrough Victoria statement.
“Eden Brew will scale fermentation-based manufacturing and then utilise existing milk and dairy production techniques and infrastructure to help increase the supply of nutritious food, sustainably.”
Global corporations are funneling investments into the emerging animal-free dairy sector. In August, Fonterra participated in the initial funding round of Vivici, a Dutch startup specializing in the production of animal-free dairy proteins using precision fermentation technology.
In April, Danone acquired a share of the Israel-based animal-free dairy enterprise, Imagindairy.
In August, Perfect Day, a U.S. animal-free dairy company that has amassed over $750 million in funding since its inception in 2014, divested its consumer-oriented assets to prioritize the supply of its animal-free whey protein to B2B partners.
According to an industry body, food prices in the UK have experienced their first decrease in over two years, attributed to intense competition among retailers.
In September, the British Retail Consortium (BRC) reported a 0.1% decrease in the cost of an average food basket compared to the previous month. This marks the first monthly decline since July 2021.
The group also noted that food inflation continued to slow down for the fifth consecutive month, registering an annual rate of 9.9% in September, which marked a decrease from 11.5% in August.
The BRC noted that the decrease in average food prices last month contributed to a reduction in overall shop price inflation, which dropped to 6.2% in September from 6.9% the previous month. This marked the lowest annual rate since September 2022.
Helen Dickinson, chief executive of the BRC, said, “This [competition between retailers] brought year-on-year food inflation down to single digits and contributed to the fifth consecutive monthly fall in the headline rate, helped by easing cost pressures.
“Customers who bought dairy, margarine, fish and vegetables – all typically own-brand lines – will have found lower prices compared to last month.”
Dickinson further mentioned that it was anticipated for price increases to continue decelerating throughout the remainder of the year.
“However, there are still many risks to this trend – high interest rates, climbing oil prices, global shortages of sugar, as well as the supply chain disruption from the war in Ukraine,” she added.
“Retailers will continue to do all they can to support their customers and bring prices down, especially as households face being squeezed by higher energy and mortgage bills.”
In the previous month, the Office for National Statistics (ONS) of the UK government reported that the inflation rate for food and non-alcoholic beverage prices decreased to a 13.6% annualized increase in August, down from 14.9% in July.
The general inflation rate also experienced a decline, dropping to 6.7% from 6.8% in July, a shift attributed to the deceleration in food price increases.
The quick commerce startup Dunzo is in the process of obtaining the board’s approval for a potential $35 million fundraising effort. However, there is a difference of opinion among some of its investors regarding the company’s valuation for this crucial funding round. These investors believe that the struggling startup should consider a valuation of approximately $200 million, which is just one-fourth of its peak valuation of $800 million, according to individuals familiar with the situation.
Some of the current investors have already pledged approximately $10-15 million in capital at the lowered valuation. However, the company’s board has not yet given its approval for this proposal, according to sources. Furthermore, a meeting that was originally scheduled for last week is now anticipated to occur later this week. In the upcoming days, Kabeer Biswas, the founder and CEO of the company, is expected to seek approval from the board, which includes major shareholders like Reliance Retail and Google, to secure the essential funding, as per the sources.
“The current commitment is at around a $200 million valuation. That’s also the blended average for most investors in the firm before it was valued at close to $800 million,” according to one investor privy to the discussions.
“This money is also committed to the fact that it (Dunzo) will become a B2B company for all practical purposes doing delivery for business customers,” the person said, while adding that “everyone putting in the capital needs to agree on the new valuation.”
In an effort to preserve cash amid its ongoing crisis, the struggling startup company has significantly downsized its quick commerce operations in the past year. As part of this strategy, it has transitioned away from running its own dark stores and now provides its services through third-party grocery stores.
According to various sources, the outlook for its consumer business appears extremely grim, and recent discussions have centered on the possibility of entirely discontinuing it.
“The company has proposed 70-80% of business to come via Dunzo Merchant Services but it could be the only remaining business. Dunzo internally sees it as delivery as well, except it is for a B2B client like JioMart and others,” this person said.
According to reports, Reliance Retail, which owns a 26% stake in the firm, was reportedly opposed to a significant reduction in valuation. This stance was influenced by Reliance Retail’s substantial investment of $200 million in Dunzo during a funding round that amounted to $240 million in January 2021.
Meanwhile, it’s worth noting that Dunzo has received an advanced-stage proposal related to its dark store traffic data and ONDC business, according to multiple sources familiar with the matter. However, these sources added that the founder and the board are unlikely to show interest in this proposal.
Dunzo refrained from providing a comment on the matter. An email inquiry directed to Reliance Retail did not yield any response at the time of press.
These developments coincide with recent company filings that disclosed the departure of approximately five board members within the last two months.
Ashwin Khasgiwala, who serves as the Group Chief of Business Operations at Reliance Retail, and Rajendra Kamath, the Finance Head at Reliance Retail, stepped down from the Dunzo board on August 3. Vaidhehi Ravindran, a partner at Lightrock India, resigned from the board on August 21. Furthermore, on August 29, one of the co-founders, Dalvir Suri, also departed from the board.
On October 2, Snackfax reported on Dalvir Suri’s full departure from Dunzo.
Mukund Jha, one of the Co-Founders and the Chief Technology Officer at Dunzo, has also stepped down from the board; however, he remains associated with the company. He has expressed his intention to eventually exit in a few months. It’s worth noting that both Jha and Suri had minimal equity in the company, which had been diluted in the last funding round. The other co-founder at the firm is Ankur Agarwal.
“Mukund (Jha) remains an integral part of Dunzo’s leadership team. While we are restructuring the org with new leaders driving key mandates, Mukund will continue to be an important part of the strategic leadership team guiding and directing Dunzo’s future roadmap,” a spokesperson for Dunzo said on Jha’s role at the company.
The departures from the board were initially reported by the online publication, The Morning Context.
Two informed sources familiar with the situation at Dunzo have indicated that one of the reasons for the board members’ departures is the legal notices that Dunzo has received over the past few months. These legal notices potentially add further liability to the company’s directors in the event of lawsuits or conflicts with vendors.
Dunzo has not yet disbursed a portion of employee salaries for June and the complete salaries for July. The company has communicated to its employees that these outstanding payments are anticipated to be settled in January-February of 2024, with the notification provided on September 25.
The recent workforce reductions have been targeted at reducing the headcount to 200 employees.
“They (Dunzo) have estimated moving to a new office, which will mean rents will come down to about INR 4 lakh a month from INR 20 lakh,” one of the people said.
Dunzo utilized the payroll financing application OneTap to disburse the salaries for the month of August to its employees. Prior to this, the company had received legal notices from vendors such as Google India, Facebook India, Koo, and Glance, citing unpaid dues exceeding INR 11.4 crore.
In a world dominated by fast food and convenience, where nutrition often takes a back seat, there are individuals who dare to challenge the status quo. Karishma Bhalla & Avartan Bokil, the Founders of foodstrong, are visionaries on a mission to revolutionize the way India eats. Their brainchild, foodstrong, isn’t just another food and beverage company; it’s a testament to her unwavering passion for food and her unwavering commitment to making healthier choices accessible to all.
They describe themselves as “slightly nuts.” They made a bold decision to leave behind thriving corporate careers for the love of good food, and they haven’t looked back since. Food isn’t just a business; it’s a passion that fuels their every endeavor.
In a candid conversation with Snackfax, Karishma shared her journey from the corporate world to culinary entrepreneurship. She’s the kind of person who believes in following her heart, and her heart led her straight to the world of gastronomy.
Karishma’s inspiration for foodstrong came during her time researching consumer diaries on the eating habits of average Indian families. Her findings were both eye-opening and disconcerting. She discovered that more than half of Indian families consumed twice the daily calorie requirement but fell short by over 50% in protein intake.
However, things took a positive turn in 2018 when they conducted a follow-up study. This time, more people were inclined toward a healthier lifestyle. This shift in consumer awareness and demand lit the spark for foodstrong.
An Old-School Approach to Eating Right:
foodstrong is more than just a brand; it’s a philosophy. Karishma and Avartan believe that eating right should never mean making compromises. Their products are a testament to this belief. Everything they offer is free of GMOs, antibiotics, and hormones. Even their protein shakes are devoid of soy, preservatives, or added colors.
What sets foodstrong apart is their unwavering commitment to quality. Every ingredient is meticulously handpicked by their team, ensuring that only the highest quality and most effective ingredients make it into their products.
Understanding the Indian Consumer:
Karishma recognizes the unique characteristics of the Indian consumer. They are fiercely loyal but often plagued by trust issues, especially when it comes to their food. Indian consumers are discerning, seeking value even in the smallest expenditures.
However, Karishma also knows that educating consumers about the value of quality ingredients is essential. She believes in simplifying complex ideas to convey the true worth of a product. In her own words, “Our brand is simple yet complex. It’s not about the price; it’s about the value.”
The foodstrong Legacy:
Today, foodstrong is more than just a brand; it’s a movement. It’s a testament to Karishma & Avartan’s unwavering passion for food and their commitment to making healthier choices accessible to all. Through foodstrong, she’s not only changing the way India eats but also inspiring a generation to make better choices for themselves and their families.
foodstrong stands strong as a brand name that not only Indian consumers are familiar with but also have faith in, with their wide range of products like protein shakes, breakfast mixers, and delicious cafe ranges like Mango Protein Pineapple Smoothie, Tangy Orange cooler, Creamsicle smoothie, and more. These products not only look irresistibly delicious but are also guilt-free and refreshing.
Apart from that, Karishma constantly checks the performance of her products through a simple strategy – interacting with customers and the sales team every Tuesday to gather feedback. This strategy keeps her in touch with consumer trends, demands, and competing brands, ensuring that foodstrong stays at the forefront of the market.
Karishma’s journey from a corporate career to culinary entrepreneurship serves as a shining example of following one’s heart and passion. Her story is a reminder that sometimes, taking that leap of faith and pursuing what you love can lead to something truly extraordinary. foodstrong isn’t just changing the way India eats; it’s changing lives, one healthy choice at a time.
Illinois-based investment firm Pritzker Private Capital has acquired Sugar Foods Corp., a US-based business.
Based in Westlake Village, California, Sugar Foods is the manufacturer of croutons, cheese snacks, and tortilla strips marketed under the Fresh Gourmet and Mrs. Cubbison brands. In addition, the company produces pizza toppings and serves the beverage industry with its N’Joy line of stick creamers and EcoStick sweeteners.
Sugar Foods caters to a diverse clientele, serving both retail and foodservice sectors, and providing products to private-label customers as well. Established in 1948, the company operates across five facilities in the United States and Mexico, with a workforce of over 1,400 employees.
In a statement, Pritzker Private Capital (PPC), a privately-held family business, chose not to disclose the financial terms of the acquisition of Sugar Foods. This transaction involved an investment from the existing management team of Sugar Foods, who will continue to lead the company after the takeover. The management team is led by President Andrea Brule and CEO Marty Wilson.
Wilson said, “We sought to partner with PPC because of their track-record honouring family legacies and their shared commitment to our core values.
“With their support, Sugar Foods will be even better positioned to pursue exciting organic and acquisition growth opportunities, while preserving our rich employee-focused culture.”
As indicated on PPC’s official website, their portfolio of investments in the food sector encompasses a significant stake in Monogram Foods, a company located in Memphis, Tennessee, specializing in the production of meat snacks and appetizers.
Additionally, PPC maintains complete ownership of C.H. Guenther & Son, a company headquartered in San Antonio, Texas, that specializes in providing bakery products and frozen appetizers.
Chris Trick, an investment partner at PPC, added, “The company is led by a strong team, and we continue to be impressed by its robust capabilities and track record of successful product innovations.
“We look forward to partnering with the Sugar Foods team through the company’s next chapter, as they capitalise on compelling growth opportunities, pursue strategic add-on acquisitions and further cement the company’s position as a partner of choice to its customers.”
Meesho is delighted to declare its dedication to promoting inclusivity by extending its platform to non-GST registered sellers. Utilizing substantial technological enhancements, non-GST sellers are now able to embark on their Meesho journey, commencing from October 1, 2023. This strategic decision is a direct response to the recent ruling by the GST Council, which permits e-commerce platforms to welcome non-GST registered sellers with an annual turnover of up to INR 40 lakhs.
This initiative has the potential to unlock a vast market of 15-20 million sellers, particularly in historically under-penetrated states across India. Meesho acknowledges the distinctive characteristics of non-GST sellers, including their high motivation levels and offerings that resonate with local preferences, spanning categories such as Fashion, Consumer Electronics, and Home and Kitchen.
Revealing industry insights unveil a surprising statistic: around 1.2 million sellers abandon their registration process annually due to GST-related obligations. The government’s transformative policy shift is poised to empower entrepreneurs and businesses hailing from various sectors and geographical areas, as well as offering a wide range of products, to engage in the digital commerce revolution. This shift seamlessly aligns with Meesho’s overarching vision of enabling 100 million businesses, including individual entrepreneurs, to thrive in the online marketplace.
Meesho has undertaken a thorough overhaul of its technology infrastructure to facilitate non-GST sellers, guaranteeing a smooth transition and an exceptional user experience. Furthermore, Meesho is actively crafting customized educational content tailored for non-GST sellers. This educational resource will be easily accessible through the Supplier Panel and YouTube, empowering non-GST sellers with the essential knowledge and tools required to excel in the ever-evolving e-commerce arena and expedite the expansion of their enterprises.
Vidit Aatrey, Co-Founder and CEO, Meesho said, “In a remarkable step towards fostering an inclusive and digitally empowered India, the government of India’s decision to eliminate mandatory GST registration for small businesses selling online is a watershed moment. It symbolizes not only the government’s commitment to enabling economic growth but also its responsiveness to the aspirations of artisans, craftsmen, women entrepreneurs, and millions of SMEs across the country. At Meesho, we welcome this historic development with enthusiasm. We believe that this exemption will not only open up vast horizons for aspiring entrepreneurs but also contribute significantly to enriching our product offerings, enhancing our consumers’ experiences. With our relentless dedication to empowering small businesses, Meesho is now even more poised to play a pivotal role in propelling our MSMEs into the Digital Age and nurturing an ‘Atmanirbhar Bharat’—a self-reliant India. We look forward to this transformative journey, committed to our goal of digitizing 10 million sellers by 2027.”
Ashish Aggarwal, VP and Head of Public Policy at NASSCOM said, “We are delighted with the government’s decision to allow small businesses to sell online without having to register under GST. This will unlock immense potential for businesses in underserved regions, driving economic growth and job creation. Readiness by e-commerce platforms to foster inclusivity within the e-commerce landscape by onboarding non-GST sellers will facilitate economic inclusivity and also contribute to the broader vision of Digital India.”
Gradient Beverages is delighted to introduce Lucid, a meticulously handcrafted artisanal vodka that revolutionizes the concepts of clarity and flavor in the world of spirits. Born from the rich tapestry of Goa’s culture, Lucid stands as a genuine testament to the artistry, utilizing exclusively the most exquisite ingredients to create a vodka that delivers an incomparable drinking journey distinguished by its authenticity and sheer purity.
Hailing from its roots in Goa, Lucid Vodka, lovingly crafted by Gradient Beverages, establishes a fresh benchmark in the realm of spirits. Through a meticulous distillation method that mirrors its clean and untarnished nature, and an unwavering dedication to excellence, each luxurious taste of Lucid Vodka reverberates with extraordinary clarity, enveloping a distinct flavor profile that genuinely enthralls the senses.
Deeply entrenched in Goa’s rich and lively cultural fabric, Lucid serves as an embodiment of the region’s craft traditions. Fueled by the rising desire for top-tier spirits and Goa’s dynamic hospitality sector, Mirat Rajguru, the Founder and managing director of Gradient Beverages, channelled her mixology passion into a flourishing enterprise. Lucid Vodka stands as the realization of her aspiration to establish a brand that strikes a chord with both enthusiasts and connoisseurs alike.
Lucid Vodka transcends being a mere spirit; it embodies an entire experience. Tailored for individuals who have an affinity for life’s luxuries, its unique bottle design, characterized by a gracefully elongated neck, guarantees effortless and exact pouring. This renders it a perfect selection for both experienced mixologists and aficionados, elevating every gathering with an air of elegance and refinement.
Rajguru said, “Lucid envisions a world where each sip becomes a celebration of shared moments. The brand aims to inspire people to raise their glasses to life’s small joys and grand milestones. Lucid Vodka, with its unparalleled clarity and craftsmanship, is poised to become a cornerstone of India’s evolving cocktail scene.”
Lucid Vodka serves as an enduring symbol of unwavering quality, representing the very core of craftsmanship and purity. This extraordinary journey, offered at an affordable price of only INR 1200 per bottle exclusively in Goa, mirrors the vitality of the region. It extends a warm welcome to all to join in the fusion of absolute clarity and painstaking artistry that characterizes each and every drop.
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