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Agritech startup Ergos secures $10 Million in Series B funding for grain storage innovation

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Ergos
Ergos

Agritech startup Ergos secured $10 million in its Series B funding round, raising capital through a combination of equity and debt. The round was spearheaded by Abler Nordic, a Norway-based firm, and featured participation from previous backers like Aavishkaar Capital, Chiratae Ventures, and the Trifecta Venture Debt Fund.

Established in 2012 by Kishor Kumar Jha and Praveen Kumar, Ergos has pioneered a transformation in grain storage. The company empowers farmers to convert their agricultural produce into digital assets that can be readily traded. This innovative approach enables farmers to leverage optimal selling opportunities following the harvest season.

Praveen Kumar & Kishor Kumar Jha

Furthermore, the agritech startup links farmers with potential buyers, offers secure warehousing for grains, and collaborates with lenders to provide cost-effective financial solutions.

It provides farmers with a nine-month storage option for their harvest and extends credit for as much as 70% of the stored grains.

Presently, Ergos aids more than 160,000 farmers through its platform, boasting a vast Grainbank network of farm-gate warehouses in over 200 locations across Bihar, Karnataka, and Maharashtra. Over the years, the firm has assisted farmers in boosting their annual income by 30-35%.

In 2021, Ergos raised INR 81 crore in its Series A funding round with participation from CDC Group, Aavishkaar Capital, and Chiratae Ventures.

India boasts a thriving agritech ecosystem with more than 1,000 startups, amassing a total funding of over $2 billion since 2014. A MarketsAndMarkets study projects that the agritech market is poised to reach $25.4 billion by 2028, growing at a compound annual growth rate (CAGR) of 9.4%.

Recently, another agritech startup, Leads Connect, secured INR 500 crore in funding from BL Agro Industries. This substantial investment aims to bolster its technological infrastructure and expand research efforts in deep technology and artificial intelligence/machine learning domains.

Read More: FMCG giant BL Agro invests INR 500 Cr in agritech startup Leads Connect for strategic expansion

In June, NABVENTURES, an agritech investor backed by NABARD, allocated INR 10 crore in funding to Satyukt Analytics. This investment is aimed at enhancing Satyukt’s Sat2farm app, which provides farmers with data-driven insights, empowering them with valuable information.

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KFC India unveils special buckets to celebrate International Day of Sign Languages

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KFC bucket
KFC bucket (Representative Image)

KFC India, the renowned quick-service restaurant chain, is embarking on a transformation of its iconic buckets by incorporating sign language designs in all of its Indian restaurants, commencing this week. This initiative is in anticipation of the International Day of Sign Languages and aims to foster awareness for the Indian sign language.

The bucket showcases easy-to-follow visual tutorials of frequently used words and phrases, empowering customers to acquire proficiency in Indian sign language.

In a statement, the quick-service restaurant (QSR) chain announced that the buckets will incorporate Indian Sign Language (ISL). They will include commonly used words and phrases like ‘hello,’ ‘please,’ ‘what’s up?,’ as well as numbers and sizes. These specially designed buckets will be available in stores for a duration of one month.

The sign language bucket and the #SpeakSign campaign are integral components of KFC India’s Kshamata initiative, which is designed to address gender and ability disparities, as stated by the company.

Aparna Bhawal, chief marketing officer at KFC India and partner countries, said, “We are committed to enhancing inclusivity for the hearing and speech impaired. We took sign language to our most distinctive brand asset – the bucket.”

KFC, a brand under Yum! Brands, has announced the introduction of a sign language menu in select KFC restaurants where employees are speech and hearing-impaired. On September 23, all these unique establishments throughout India will embrace a silent atmosphere, with instructional videos available on KFC India’s Instagram account, the restaurant chain has confirmed.

“Efforts are under way to double the footprint of Special KFCs in India by 2024,” the company added.

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Blah! marks two-year milestone with new menu and future expansion plans

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Blah!
Blah!

Blah!, a renowned brunch cafe and bar nestled in the heart of Bandra Kurla Complex (BKC), is excited to celebrate its two-year anniversary this weekend. A brainchild of the visionary entrepreneur Niketa P. Sharma, Blah! has redefined casual dining and brunch culture in Mumbai, offering a unique blend of art, food, and ambiance.

Bringing alive the idea of joyful conversations, endless mimosas, and juicy gossip, Blah! has transformed into a sanctuary where meaningful memories are crafted. This all-day eatery offers a tantalizing selection of brunch-inspired dishes that seamlessly merge the worlds of culinary art and delectable cuisine. It’s all done with the intention of capturing the essence of the cuisine and the vibrant spirit of the area. Founded by visionary entrepreneur Niketa P. Sharma, Blah! has truly redefined the brunch culture in Mumbai.

Located amidst the striking glass architecture and skyscrapers of BKC, Blah! offers a tranquil retreat amid the sprawling, meticulously landscaped grounds of Jio Garden. This venue boasts an inviting, botanically-inspired atmosphere, complete with abundant greenery, artful foliage, and thoughtfully crafted furniture featuring exquisite cane weaving and warm wooden elements. Bathed in natural sunlight, the restaurant’s white-washed interior creates a vibrant and welcoming environment.

Niketa Sharma, Founder of Blah!, said, “Blah! is an amalgamation of a casual and classic mood. You can start your day on a leisurely note, set up your own work and wine mood, enjoy the community tables, and end with some fantastic cocktails by night. We are here to change the concept of brunch and casual dining, and give it our own classic twist.” Blah!’s sprawling 3000-square-foot area is divided into multiple pockets for group and private dining, with surprising additions of flirty swings that promise a laid-back mood. It also houses an artisanal cocktail bar, adhering to the philosophy of “Garden To Glass.”

Niketa Sharma, Founder, Blah!

Blah! in BKC is gearing up to celebrate its two-year anniversary this weekend, perfectly timed with the recent introduction of an inventive new menu. This dynamic menu has pushed culinary boundaries with its innovative fusions, such as the Mexican Mango Avocado Sushi Roll and the Smoke Chicken Dimsum in Ramen Broth. Additionally, they’ve curated a diverse selection of croissants, encompassing both sweet and savory choices like Baklava and Black Forest.

Moreover, Blah! went the extra mile to cater to health-conscious patrons by introducing a lineup of sugar-free cocktails. These include the “Harvest Moon,” featuring vetiver-infused gin and eco-conscious ingredients, the “Italian Affair” which combines coconut oil fat-washed vodka, and the “Ruby Roots,” a unique creation infused with beetroot and rose petals. This blend of culinary and mixology innovation truly distinguishes Blah! and ensures a delightful and diverse dining experience for its guests during the anniversary celebrations.

As part of her expansion strategy for Blah!, she envisions the launch of new branches in prominent cities like Mumbai, Gurugram, and Bangalore in the near future. Alongside expanding Blah!, she has ambitious plans for the growth of her business through Magna and Vivi Italian Bar & Kitchen, aiming to reach a broader audience. Additionally, she’s gearing up to introduce a fresh culinary venture, a South Indian restaurant, which will add a distinctive flavor and experience to her expanding portfolio. With these strategic initiatives, her goal is to tap into diverse markets and provide exceptional dining options to discerning customers in various locations.

Niketa’s steadfast passion for the hospitality industry has been the driving force behind her vision to establish a plethora of restaurants and cafes on a national scale. Her ultimate aspiration is to propel her brand onto the international stage, crafting a distinguished fine dining restaurant that achieves global acclaim.

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Health-conscious snack producer LesserEvil receives substantial investment from Aria Growth Partners

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LesserEvil popcorn
LesserEvil popcorn (Representative Image)

LesserEvil, a prominent organic popcorn manufacturer based in the United States, has successfully secured a significant minority investment from private-equity firm Aria Growth Partners as part of their recent funding round.

The specific percentage of the ownership stake transferred to the investor from New York, as well as the total funding amount raised by the health-conscious snack producer, were not disclosed.

LesserEvil, headquartered in Connecticut, announced that additional participants in the funding round included its current investors, namely Valor Equity, Invest Eco, and Touch Capital. The proceeds from this funding will be earmarked for the expansion of manufacturing capabilities and the enhancement of retail distribution channels, as stated by the company, which was founded in 2005.

The popcorn and paleo puff snacks from LesserEvil are available in various US retailers including Target, Walmart, and Whole Foods Market. The company runs two manufacturing facilities located in Connecticut, specifically in New Milford and Danbury.

Additionally, their product lineup includes grain-free organic puffs, as well as snacks like Sun Poppers, Space Balls, Cosmic Rings, and Lil’ Puffs.

LesserEvil asserted that its snack offerings are characterized as “health-conscious, minimally processed, and environmentally sustainable,” although no specific details were provided to substantiate these claims.

CEO Charles Coristine said, “We’re excited to have an experienced new partner like Aria join us as we embark on this next phase of accelerated development and take the LesserEvil brand to new heights.

“Our ability to self-manufacture gives us tremendous upside to continue delivering the innovation and better-for-you snacks that consumers crave.”

Aria Growth partner Trevor Nelson said, “We know how hard it is to build such a high-growth and highly profitable, mainstream food brand. It’s a testament to their ingenuity and discipline that they’ve been able to create a beloved brand and a first-rate business as well.”

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Menswear brand Arrow appoints Anand Aiyer as the new CEO

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Anand Aiyer
Anand Aiyer

Arrow, the American menswear brand, announced the appointment of Anand Aiyer as its new CEO in a press release issued on Thursday.

“I am excited to assume the role of chief executive officer, at Arrow, a brand that has consistently embodied the essence of refinement and sophistication across generations. I eagerly anticipate the opportunity to collaborate with the exceptionally talented Arrow team, collectively forging ahead to enrich our legacy and introduce captivating innovations that will delight our cherished customers,” said Aiyer.

With more than 24 years of expertise in the fashion and retail industry, Aiyer’s leadership heralds a new era of expansion and ingenuity for the brand.

Established in 1851 in Chicago by William H. Titus and his partner, Arrow continues to be a registered trademark under Cluett, Peabody & Co., a wholly-owned subsidiary of the Phillips-Van Heusen Corporation today.

In 1993, Arrow made its foray into the Indian market through a partnership with the textile company Arvind Fashions Ltd. Three decades later, having catered to the clothing needs of Indian men, the brand boasts approximately 200 exclusive brand stores and enjoys a presence in over 1,000 multi-brand outlets across the nation.

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Karang Foodie acquires INSEACT, expanding reach in sustainable protein industry

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INSEACT Co-Founders Tim van Vliet (L) and Michael Badeski
INSEACT Co-Founders Tim van Vliet (L) and Michael Badeski

Karang Foodie, a local company based in Singapore, has completed an all-cash acquisition of INSEACT, the alternative protein company.

While other aspects of the transaction remain confidential, INSEACT Co-Founder Tim van Vliet has noted that this deal offers an exit strategy for both him and his Co-Founder, Michael Badeski. Simultaneously, Karang can leverage its pre-existing infrastructure, intellectual property, and customer base to propel its own expansion.

“Karang Foodie has a vision to support the alternative protein ecosystem whilst removing food waste in Southeast Asia. The acquisition of INSEACT will see Karang taking over the facility and using what INSEACT has developed to allow it to pursue its longer-term goal of combining synergies between the production of multiple insect species in Singapore. In the shorter term, Karang will be studying how different food waste sources may impact the output of BSF, translating to potential food sources for other species that will raise the value of the operations,” stated Vliet.

Vliet further explained that INSEACT had the opportunity to secure Series A funding, but the terms presented in the offer would have resulted in substantial dilution for the company.

“We preferred to sell the business than to take on the dilution.”

Both Co-Founders, Vliet and Badeski, have left INSEACT, while some employees have chosen to stay. Vliet has taken on the role of Vice President (Venture Scale) at Engie’s corporate venture-building division.

INSEACT specializes in the production of sustainable insect protein tailored for aquaculture, with an initial focus on shrimp feed. The company utilizes waste materials from palm oil operations as a primary resource to nourish the insects. This innovative approach establishes a complete circular economy by diverting waste from palm oil production away from environmentally harmful landfills and directing it to be bioconverted by black soldier flies (BSF).

The process yields three distinct products: XFprotein, a nutrient-rich animal feed ingredient derived from dried and ground black soldier fly larvae; XFoil, a purified insect oil extracted from the cultivated black soldier fly larvae; and XFfrass, a by-product resulting from the composting of black soldier fly larvae.

These protein products serve as feedstock for shrimp and fish, diminishing the dependency on wild-caught fish as the primary protein component in aquaculture feed.

The startup asserts that its operations have a carbon-negative footprint and generate zero waste.

INSEACT has established and currently manages a cutting-edge insect production and research facility located in Singapore, where the fields of biology and engineering have been seamlessly integrated and advanced.

In the year 2021, INSEACT secured an oversubscribed seed funding round, amassing a total of US$1.3 million in investment from a diverse group of backers, among them ADB Ventures, Loyal VC (Canada), and INSEAD Asia Angels Club.

Established in June of this year by Stephanie Kudus and George Foo, Karang Foodie is a company specializing in treatment and waste disposal solutions.

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Kyochon F&B tests robot delivery service in collaboration with Neubility

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Kyochon F&B
The pilot program is primarily centered on delivering orders from Kyochon Chicken's Konkuk University branch to destinations within the Konkuk University campus.

Kyochon F&B, a prominent South Korean food company renowned for its flagship Kyochon Chicken brand, is currently conducting a trial of a robot delivery service in collaboration with the autonomous driving robot company Neubility. This trial will continue until October 30.

The pilot program is primarily centered on delivering orders from Kyochon Chicken’s Konkuk University branch to destinations within the Konkuk University campus, employing Neubility’s autonomous robot known as “neubie.”

This robotic system, assessed for its cost-effectiveness and operational performance based on camera technology, provides reliable navigation and advanced cognitive capabilities at an affordable price.

Customers can submit their orders through “neubie order,” a dedicated B2C delivery platform connected to the KakaoTalk channel known as “neubie order Konkuk University campus.” This system enables customers to precisely specify their desired delivery points within the university premises.

The robot independently gathers the orders from the Kyochon Chicken outlet and transports them to the specified destinations.

Kyochon F&B is currently exploring the feasibility of incorporating autonomous robots into its franchise operations, with the goal of achieving significant operational improvements by reducing labor costs and addressing challenges related to the shortage of delivery personnel.

“Autonomous delivery robots can significantly boost operational efficiency and offer a unique customer experience,” a company source remarked, emphasizing the proactive approach in preparing for the forthcoming autonomous delivery era through pre-commercialization trials.

In addition to deploying delivery robots, Kyochon is at the forefront of innovation in IT services by introducing collaborative cooking robots and drone-based deliveries.

Following its partnership with the specialist firm ‘Neuromeka,’ the company conducted experiments with the cooking robot at various sites, including Namyangju in Gyeonggi Province.

Additionally, through a collaboration with ‘Pablo Air,’ Kyochon has introduced smart logistics delivery services utilizing drones in Gapyeong, Gyeonggi Province, further expanding the range of IT-based solutions within Kyochon’s offerings.

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Café Noir sets Mumbai buzzing with the launch of its new Coffee and Cookies Menu

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Café Noir

Café Noir, renowned for its enchanting ambiance and delightful French-inspired cuisine, is thrilled to introduce its new Coffee and Cookies Menu at its captivating setting in the iconic One Lodha World Centre, Lower Parel. Nestled in the vibrant core of Mumbai, Café Noir warmly welcomes guests to embrace the Parisian cafe allure and savor an unforgettable dining escapade, transporting them to the quaint cobblestone streets of France.

Café Noir’s intimate and cozy setting provides the perfect backdrop for romantic evenings, leisurely brunch dates, or gatherings with friends. Guests can bask in the inviting atmosphere both indoors and outdoors, thanks to the alfresco seating that allows them to enjoy their culinary journey beneath the starry Mumbai skies.

The café is thrilled to introduce a tantalizing new range of artisanal coffee creations for coffee aficionados. The menu boasts a diverse and aromatic selection, including the indulgent Chocolate Cappuccino, a harmonious blend of espresso, chocolate sauce, steamed milk, and whipped cream, as well as the Noir-styled Spiced Coffee, an aromatic espresso infused with Cafe Noir’s homemade spices and steamed milk. For those seeking something unique, there’s Boba Coffee, a tempting fusion of espresso and condensed milk, complete with delightful boba pearls. The classics are not forgotten with options like Vienna Coffee, a traditional black coffee crowned with velvety whipped cream. Additionally, there’s Baileys’ Parisian Latte, an elegant creation featuring espresso, condensed milk, steamed milk, and the distinctive touch of Baileys’, as well as Espresso Tonic, a refreshing blend of espresso, orange juice, and tonic water. For a truly indulgent experience, try the Baileys Affogato, an exquisite dessert-like treat with a single shot of espresso poured over creamy vanilla ice cream and infused with Baileys.

In addition to these exceptional coffee concoctions, Café Noir presents a delightful selection of cookies to enhance your dining experience. Take your pick from an assortment that includes Walnut and Chocolate Chip, Red Velvet, Whole Wheat Butter Chocolate, and Ragi Oats & Raisins cookies. These delectable treats are the ideal accompaniment to elevate your culinary journey to unparalleled heights.

Café Noir cordially invites all guests to embark on a gastronomic adventure that embraces the spirit of the monsoon season while celebrating the artistry of coffee craftsmanship. With an enduring dedication to delivering a delightful culinary journey, Café Noir guarantees that each visit is a captivating encounter with French sophistication and flavors.

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Platform 65 launches extravagant Starter’s Festival with over 200 delectable delights!

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Platform 65
Commencing this week, this spectacular festival will be a culinary delight that lasts until the year's end.

Platform 65, India’s first train-themed restaurant, is thrilled to announce the launch of its highly anticipated Starter’s Festival. This gastronomic extravaganza is poised to take your taste buds on an unforgettable journey with an impressive selection of over 200 delectable starters that are set to become the talk of the town. Commencing this week, this spectacular festival will be a culinary delight that lasts until the year’s end.

The Starters Festival at Platform 65 embodies a celebration of culinary creativity, featuring a curated selection of appetizers that showcase diverse flavors from around the world. Signature dishes such as Allam Kodi Wings, Kaju Mushroom Fry, Godavari Royyala Vepudu, and Sesame Chicken are among the highlights to look forward to. Catering to both vegetarian and non-vegetarian preferences, the festival offers something to suit every palate.

Srikanth Bandaru, Corporate General Manager, and Venkatesh Gopisetty, Vice President of Platform 65, express their enthusiasm and anticipation for the Starters Festival. They emphasize the dedication of the entire team in bringing this culinary extravaganza to life, showcasing their commitment to providing a remarkable gastronomic experience.

Sadgun Patha, Managing Director and Founder of Platform 65, said, “At Platform 65, we’ve always strived to create more than just a dining experience; we aim to create cherished memories. The Starters Festival represents our commitment to culinary excellence and the joy of sharing exceptional food with our valued patrons. We invite you to join us on this gastronomic journey and celebrate the flavours that bring us together.”

VH Suresh, Corporate Executive Chef at Platform 65, said, “Crafting the menu for the Starters Festival has been an exhilarating journey for our culinary team. We’ve poured our creativity and passion into every dish, pushing the boundaries of flavour and presentation. Each bite reflects our dedication to the art of gastronomy. We can’t wait to serve you and see the delight on your faces as you savour our culinary creations.”

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L’Oreal expands into Indian dermocosmetic market with the launch of LDB

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L'Oreal
L'Oreal (Representative Image)

On Thursday, the French personal care giant L’Oreal revealed its venture into the Indian dermocosmetic market, officially launching L’Oreal Dermatological Beauty (LDB) in the nation. LDB, a specialized division tailored for the Indian market, is set to offer a range of products to dermatologists, patients, and consumers, as per a company announcement.

Its initial foray into the Indian market will commence with CeraVe, a prominent skincare brand highly recommended by dermatologists in the United States.

Aseem Kaushik, the Managing Director of L’Oreal India, highlighted the importance of this entry into India, underscoring the country’s notably low ratio of dermatologists to consumers, which stands at just 0.7 dermatologists for every 1,000 people—a figure among the lowest globally.

“We believe everyone deserves access to expert dermatological care and effective skincare solutions. Skin health is the foundation of beauty and with LDB we aim to deliver on our promise to both Indian dermatologists and patients,” he said.

On a worldwide scale, LDB collaborates with a vast network of over 250,000 healthcare professionals, notably esteemed dermatologists. This collaboration is aimed at crafting cutting-edge solutions to support individuals throughout their skin health journey.

These collaborations encompass product enhancement, the conduct of clinical research, as well as the provision of education and training.

L’Oreal India operates as a fully-owned subsidiary of L’Oreal SA.

Established in the Indian market since 1994, L’Oreal India has introduced 13 brands, which encompass L’Oreal Paris, Garnier, Maybelline New York, NYX Professional Makeup, Matrix, Kerastase, Cheryl’s Cosmeceuticals, and Redken.

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