Coffee Day’s FY 2022-23 revenues soar 59% to INR 924 Crore as debt declines

News

By

-

September 18, 2023

On Friday, Coffee Day Enterprises (CDEL) announced a significant increase in its net revenues for the fiscal year ending on March 31, 2023. The company reported a remarkable 59% surge, reaching INR 924 crore, in contrast to the INR 582 crore recorded in the preceding fiscal year.

In the fiscal year 2022-23, the company’s consolidated coffee business played a significant role in its financial performance by contributing INR 869 crore to the top line. This segment accounted for a substantial 94% of the company’s net revenues, while hospitality contributed 5%, with the remaining 1% coming from other operations.

During the annual general meeting (AGM) held in Bengaluru on Friday, Company Chairman SV Ranganath provided a comprehensive overview of the company’s financials, including revenue, sales, debt status, and other pertinent information. The company, established by the late VG Siddhartha, is publicly listed and operates cafes, vending machines, and its hospitality venture under the Serai brand name.

During the fiscal year ending on March 31, 2023, the average daily sales per café experienced a notable surge, rising by 42% to reach INR 20,622. Simultaneously, the same-store sales growth (SSSG) surged by an impressive 50.59% over the same period. Ranganath reported that the café network achieved further consolidation, boasting 469 outlets spread across 154 cities.

In the past year, the number of operational vending machines saw a notable uptick, surging by 26%. At the same time, the average daily revenue per vending machine experienced a substantial increase of 65.80%, reaching INR 431. As of March 31 of this year, the total count of operational vending machines stood at 48,788.

As of March 31 this year, CDEL’s net debt decreased to INR 1,524 crore, which is a decline from INR 1,694 crore reported a year earlier. Specifically, the company had INR 1,297 crore in long-term borrowings and INR 303 crore in short-term borrowings as of March 31 this year.

The cafe market has been witnessing significant growth in the urban areas where a larger working population is inclined to accept western cuisines as well as baked products, Ranganath said. “Our vending business has also strongly benefited from our Café Network and Customer brand loyalty, apart from its world class range of products and machines…The hospitality industry, which suffered a significant setback due to the pandemic in the past two years, has experienced a reversal of fortunes in the fiscal year 2023 and is now steadily heading towards its growth path.”

The company, as highlighted by the CDEL Chairman, is leveraging cutting-edge technology to maintain a competitive edge. By implementing AI, they have enabled video analytics for a more insightful understanding of customer preferences and choices in cafes. Furthermore, the introduction of new snacks and beverages has contributed to revenue growth. The revitalized designs and renovations of cafes and resorts are enhancing the ambiance for both formal meetings and casual gatherings.

As of March 31, the Company’s net worth amounted to INR 3,376 crore, marking an 11% decrease from the INR 3,775 crore reported on March 31, 2022. This net worth was composed of a paid-up equity share capital of INR 211.3 crore, non-controlling interests amounting to INR 158 crore, and the company’s reserves and surplus totaling INR 3,007 crore as of March 31, 2023.

According to the SEBI order dated January 24, 2023, the company was in discussions with Crest Law, an independent law firm appointed by NSE, to initiate actions aimed at recovering outstanding dues owed to CDEL’s subsidiaries by Mysore Amalgamated Coffee Estates Ltd (MACEL). Crest Law is currently in the final stages of preparing the draft lawsuit to be filed by the company’s subsidiaries against MACEL.

Singapore-based Growtheum Capital Partners invests in Indonesia’s KIN Dairy

News

By

SnackTeam

-

September 18, 2023

0

Growtheum Capital Partners (GCP), a private equity firm headquartered in Singapore, has revealed its investment in KIN Dairy, an Indonesian dairy product manufacturer, after successfully raising $567 million for its inaugural fund.

The specific financial details of the transaction have not been disclosed; however, insiders with knowledge of the situation suggest that the investment is approximately valued at $70 million.

Having made this investment, Growtheum has joined Mitsui & Co as a supporter of KIN Dairy’s ambitions to achieve market leadership within Indonesia’s dairy industry.

Earlier this year, Growtheum injected approximately $100 million into International Dairy Products (IDP) in Vietnam.

KIN Dairy, Growtheum’s latest dairy sector investment, stands out as a vertically integrated dairy manufacturer specializing in the production of yogurt and milk products under the KIN brand. Moreover, as per the announcement, it proudly operates one of the largest and only A2-cow dairy farms in Indonesia.

Nestled at an elevation of 1,350 meters above sea level in the mountainous expanse of West Java Island, this farm spans across 80 hectares and boasts state-of-the-art milking, feeding, and processing technologies.

“With the company’s relentless commitment to product innovation, nutritional values, and best-quality ingredients, KIN Dairy represents an attractive opportunity for GCP to realise the market opportunity,” said Kusnadi Pradinata, senior managing director at the PE firm.

Warren Choo, the President Director of KIN Dairy, expressed that the impressive track record of Growtheum Capital Partners in working alongside management teams to foster the growth and development of consumer companies in Southeast Asia aligns perfectly with the interests of the Indonesian manufacturer.

Approximately a month following the successful closure of Growtheum’s inaugural fund at $567 million, a figure slightly below its initial target range of $600 million to $800 million, this investment in KIN Dairy has been announced.

Growtheum SEA Fund I, focused on investments in Southeast Asia and India, successfully secured commitments from approximately 40 limited partners (LPs), including notable institutional investors like the World Bank’s International Finance Corporation (IFC) and the Asian Development Bank (ADB). The fund has already executed a series of investments as part of its deployment strategy.

Growtheum has made investments in several Indonesian companies, including the e-grocery platform AlloFresh, the digital lender Bank Allo, the hospital group Mitra Plumbon Healthcare Group, and IDP, among others.

The firm typically invests amounts ranging from $50 million to $350 million. While it tends to avoid smaller deals, Growtheum’s Managing Partner Amit Kunal mentioned earlier that it can adapt and be opportunistic with its investment sizes when necessary.

Superorder secures $10 Million in Series A and angel funding for restaurant growth solutions

News

By

SnackTeam

-

September 18, 2023

0

Superorder, formerly known as Forward Kitchens, a company based in New York that offers growth management solutions for restaurants, successfully secured $10 million in Series A and angel funding.

Foundation Capital took the lead in this funding round, and it also saw participation from notable figures such as Michael Seibel (Managing Director of Y Combinator), Kyle Vogt (Co-Founder and CEO of Cruise), Jon Swanson (Chairman of Thumbtack), James Beshara (Founder of MagicMind), BBQ Capital, I2BF Global Ventures, and various other investors.

The company plans to utilize the capital to further its expansion efforts.

Established in 2019 by Raghav Poddar, Superorder empowers restaurants with a comprehensive suite of tools encompassing Order Management, Automated Marketing, Financial Management, an AI-driven Website Builder, and AI-enhanced Images & Menus. With a presence in over 180 cities, Superorder collaborates with more than 1,500 restaurants today, delivering solutions that drive increased revenue through delivery and takeout, especially via virtual brands. The company equips restaurants with the capability to efficiently manage shifts, automate their marketing efforts, and streamline financial operations. By leveraging its proprietary AI algorithms, Superorder assists restaurants in identifying unmet market needs, thus optimizing revenue and profitability for their virtual brands. Furthermore, the platform consolidates orders from various platforms into a unified system, saving time, reducing errors, and enhancing overall operational efficiency.

Furthermore, the company unveiled a range of generative AI and order management solutions tailored to enhance restaurant profitability from online sales. This funding round comes on the heels of a sustained period of growth for the company, coinciding with its recent rebranding from its former identity as Forward Kitchens.

Poddar, an alumnus of Columbia University, conceived the company while participating in the Y Combinator Summer 2019 cohort. His inspiration came from observing the subpar online presence of his favorite restaurants, motivating him to address this issue. In 2021, Superorder made headlines by unveiling a $2.5 million seed round. The funds were instrumental in both expanding the company’s reach and assembling a proficient team across various departments, including operations, sales, and engineering, to bolster the initial product offering. Presently, the company boasts a dedicated team comprising over 70 employees.

Subway steps up convenience game with new in-app delivery platform

News

By

SnackTeam

-

September 18, 2023

0

Subway has introduced its very own in-app delivery platform, known as Subway Delivers. Rodica Titeica, Director of Marketing for Subway ANZ, expressed that Subway Delivers represents the brand’s newest step forward in ensuring that quick and freshly prepared made-to-order meals are readily accessible to a greater number of Australians.

“We recognise how important convenience and ease of accessibility is in the increasingly busy lives of our customers. With the introduction of the new Subway Delivers in-app delivery service, Subway fans across Australia and New Zealand can get fast and fresh, healthy and convenient meals morning, noon and night,” Titeica said.

Via the Subway app, Subway Delivers offers fans an even more convenient way to order Subway’s famous Subs, salads, cookies, and more for instant delivery. Moreover, it provides the option to pre-order catering platters up to four weeks in advance.

To mark the app’s debut on September 15th, the brand commemorated the occasion by distributing 1,000 complimentary Footlongs at unexpected venues in Brisbane, Sydney, and Auckland.

The celebration continues today, on the 18th of September, offering customers the opportunity to enjoy free delivery via Subway Delivers until the 1st of October.

Teacher’s whisky maker Beam Global witnesses sales surge, but faces widening losses in FY23

News

By

SnackTeam

-

September 18, 2023

0

Beam Global, the producer behind Teacher’s whisky and Roku gin, has witnessed a remarkable surge in sales over the last two years, surpassing INR 1,000 crore in FY23. However, the introduction of new products has resulted in an expanded deficit.

During the fiscal year ending in March 2023, sales experienced a notable 54% surge, reaching INR 1,163 crore, in contrast to the INR 756 crore recorded in FY22. According to the most recent filing with the Registrar of Companies, net losses climbed to INR 299.7 crore for the last fiscal year, compared to INR 262.3 crore in the preceding year.

In FY21, it achieved net sales of INR 531 crore but incurred a net loss of INR 201 crore.

In its annual filing, the company stated that it is embarking on a consumer-insights-driven mission to enhance its core business within the House of Suntory, aiming to bolster growth in the premium segments of the whisky category in India.

“The company has outlined a long-term strategic vision and is transforming people capability and building exceptional excellence to strengthen its brand portfolio. This vision is well supported with investments and performance measurement in place across its brands, people, processes, IT capability and expansion of bottling capacity. The company enjoys strong support and confidence from the ultimate parent company and is strengthening its corporate governance by taking various measures,” the filing added.

Over the past three years, Beam Global has debuted a range of products, including Oaksmith Indian whisky, Japanese whiskies The Yamazaki and Hibiki, Roku Japanese gin, and Toki Whisky.

Beam Suntory, the parent company, ranks as the world’s third-largest spirits firm, trailing only Diageo and Pernod Ricard. They have set an ambitious global goal of achieving $1 billion in annual revenues in India by 2030. In the Indian market, Teacher’s stands as the fifth largest scotch brand. Moreover, the company that produces Jim Beam holds sway over more than a third of the American whisky category and exerts dominant control over the entire Japanese whisky segment, boasting a remarkable share of over 95%.

“US whisky has been a bridgehead subcategory for both Brown-Forman, with Jack Daniel’s, and Beam Suntory, with Jim Beam. These two brands accounted for about 1,500 nine-litre cases of 2022 US whisky volumes,” said a IWSR report.

Union Minister Piyush Goyal urges spice industry to explore new markets, aiming for $10 Billion exports by 2030

News

By

SnackTeam

-

September 18, 2023

0

Union Minister Piyush Goyal (File Photo)

On Saturday, Union Minister for Commerce and Industry Piyush Goyal emphasized the importance of collaboration within the spice industry to venture into untapped markets, bolster existing ones, and prioritize the development of value-added products, all with the goal of achieving $10 billion in exports by the year 2030.

“Currently our total exports of spices is at USD 4 billion. Rather than exporting spice in the raw form only, we should look for value-added products as we go forward. We should start building up more markets by exploring new markets and strengthening the existing ones. We should look at creating factories for value-added products to reach USD 10 billion exports by 2030 for the spices sector,” Goyal said addressing the World Spice Congress 2023.

Using an illustrative instance, the minister pointed out that during the COVID-19 pandemic, there was a substantial surge in demand for turmeric due to its medicinal attributes. In terms of exports, it possesses the potential to attain a remarkable $2 billion.

“If we focus all our energy on tumeric by developing value-added products, turmeric exports alone have the potential to touch USD 2 billion,” he added.

Additionally, the minister proposed the establishment of ‘Bharat’ as a distinguished brand or certification symbolizing top-tier quality and premium spice products.

“Let’s create a ‘Bharat’ brand or some certification that can help in associating high quality spices products to the country. Don’t export any sub-standard products that can harm the image of the country. The industry should focus on innovation, productivity, sustainability and exclusivity and market spices as a premium product when it goes to the world market,” Goyal said.

Furthermore, Goyal emphasized that there are more than 35 million (or 3.5 crore) individuals of Indian origin residing abroad who possess the potential to significantly contribute to the spice industry.

“Indian diaspora living overseas can help in expanding the spice consumption to others communities. In fact they can become your brand ambassadors and help the industry to grow its market internationally,” he stated.

The minister extended his congratulations to the Spices Board for hosting the Spice Congress after a gap of 7 years. He also urged them to arrange a world-class exposition, symposium, and conference for the spice industry in Delhi in 2024. This event would invite participation from all industry stakeholders, both domestic and international, including competitors and buyers, with the aim of garnering global attention and recognition.

“Spices represent the rich cultural heritage of our country. Therefore, the industry should invite all its competition and buyers from all over the world in larger numbers in the 2024 edition of the World Spice Congress and also make it into an annual event,” he added.

The minister stressed that the spices industry should seize this moment and take additional steps to secure a prominent position in the global market.

“As the biggest producer and consumer of spices, we should also encourage other countries to increase their spices consumption. We have a lot to offer, whether it is saffron from Kashmir or Kerala’s unmatched black pepper, Gujarat’s ginger or Nagaland’s chili, there is so much that India has to offer to the rest of the world. We should work to make India the preferred source of spices,” Goyal added.

Indian companies set sights on global markets with millet-based foods

News

By

SnackTeam

-

September 18, 2023

0

Executives from major Indian companies have seized the opportunity presented by the recent G20 Summit in New Delhi and the United Nations’ declaration of 2023 as the International Year of Millets. They are now venturing into international markets with millet-based products, aiming to secure a pioneering position on the global stage.

Suhasini Sampath, Co-Founder of ITC-backed health foods brand Yoga Bar, which makes millet-based snack bars, muesli, chocos and now infant foods under its brand franchise Yoga Baby, said, “We are working very closely with the ITC exports team to take our products to the US and UAE.”

Sampath added, “We were sorting our trademarks in other world markets and now that we’ve gotten those in place, we are going to go aggressive on taking millets overseas.”

Despite the challenges posed by climate change affecting millet cultivation, as well as limitations in domestic storage and processing facilities, companies are embracing the trend.

“We are working on millet-based cone ice-cream, wafer chocolate, cookies and bread. These will be launched gradually in approximately 40 countries where we regularly export our consumer products,” said Jayen Mehta, MD, Amul.

He said the scale-up is in response to “the increase in awareness and interest in millet-based products globally.”

India holds the title of being the largest global producer and the second-largest exporter of millets such as jowar, bajra, and ragi.

Tata Consumer has revealed its strategic move to introduce its Soulfull brand of millet-based cereals to the United Kingdom through a collaborative venture with Tesco.

Marriott International has announced a collaboration with ITC Hotels to introduce a line of millet-based breads at specific hotels throughout the Asia-Pacific region, encompassing countries such as Japan, South Korea, Australia, and Indonesia. Ranju Alex, the Area Vice President of South Asia for Marriott International, highlighted that this partnership not only aims to raise awareness about the nutritional advantages of millets but also emphasizes their adaptability to cultivation in the face of challenging climatic conditions caused by climate change.

The Good Bug secures $3.5 Million in Series A funding to transform gut health in India

News

By

SnackTeam

-

September 18, 2023

0

The Good Bug, a brand dedicated to gut health and operating in the direct-to-consumer space, has successfully raised $3.5 million in Series A funding. This funding round was spearheaded by Fireside Ventures, a venture capital fund specializing in early-stage investments within the consumer sector.

According to the company, it specializes in creating various probiotics targeting specific health concerns. Co-Founded by Prabhu Karthikeyan and Keshav Biyani, who is the nephew of retail mogul Kishore Biyani, The Good Bug benefits from the support of Think9 Consumer Technologies. This tech-driven company, led by Biyani’s daughters Ashni and Avni, offers invaluable assistance in brand development, leveraging its expertise in technology, data analytics, and marketing solutions.

The Series A funding, representing the company’s first institutional capital raising effort, will be used to drive product innovation, expand the team, and make strategic investments in brands, according to the company’s announcement.

Established in 2022, the company produces USFDA-approved solutions targeting chronic lifestyle issues like bloating, constipation, metabolic health, and weight loss through gut health. With a customer base of over 100,000, the company aims to achieve revenues of INR 250 crore within the next three years.

“We aim to pioneer and expand the gut health category in India, which has been an unexplored segment. We are unravelling the same by helping people get to the root cause of core health issues and holistically solve it,” Keshav Biyani, the Co-Founder of The Good Bug, said.

Biyani served as the Head of Strategy and International Business at Future Group, while also overseeing the home and personal care segment of the now defunct group.

Over the past five years, numerous health and wellness brands backed by venture capital have emerged to address a gap in the Indian direct-to-consumer market.

“As consumers are getting more health-conscious and looking for safe and effective solutions with long term benefits; we see a huge potential for gut health. The Good Bug is at the forefront of this booming segment with their innovative and effective products,” said Ankur Khaitan, principal, Fireside Ventures. The company is a venture capital fund primarily concentrated on the consumer sector.

The gut health industry is still in its early stages in India, but it’s experiencing rapid global growth. According to research conducted by Market.us, the worldwide digestive health market is projected to reach a value of $104.4 billion by 2032, with an expected compound annual growth rate (CAGR) of 8.2% during the forecasting period from 2023 to 2032. This growth is anticipated to be driven by the increasing awareness of the significance of dietary supplements, probiotics, and functional foods in maintaining digestive health.

Instacart elevates IPO price range following strong arm debut

News

By

SnackTeam

-

September 18, 2023

0

Instacart, the grocery delivery app, decided to increase its previously suggested price range for its initial public offering (IPO) on Friday. This adjustment in terms is aimed at achieving a fully-diluted valuation of potentially up to $10 billion, inspired by the remarkable performance of Arm Holdings during its debut.

The increase in price reflects strong investor interest in the San Francisco-based company. After patiently biding its time for years, the company is now gearing up to list its shares later this month.

September is shaping up to be a bustling period for new stock market debuts.

In the early, volatile trading session on Friday, shares of SoftBank’s chip designer Arm rose by almost 3%, building upon the strong finish they had on their debut trading day.

Yet another company within the Japanese investment giant’s portfolio, Neumora Therapeutics, is preparing to commence trading, and marketing firm Klaviyo is eyeing a listing in the upcoming weeks.

Data from Dealogic reveals that traditional U.S. IPOs have generated over $5 billion in proceeds in September. This marks the second-largest month for such stock offerings this year.

Instacart has announced that it will offer 22 million shares for sale at a price range of $28 to $30 per share, an increase from the previous range of $26 to $28 per share. At the upper end of this revised range, the IPO is expected to raise $660 million, surpassing the earlier target of $616 million.

Out of the overall proceeds, as much as $237 million may be allocated to existing Instacart investors who wish to divest their shares.

Nonetheless, the company’s revised valuation objective would still be merely a quarter of the $39 billion it was valued at during its previous funding round over two years ago.

Cornerstone investors have expressed their intent to purchase shares worth up to $400 million, a sum that would constitute approximately two-thirds of the total proceeds if these shares were priced at the upper end of the range.

Social Platforms Decoded: Tailoring Your Strategy for Different Social Media Channels

Business

By

SnackTeam

-

September 18, 2023

0

Businesses now must navigate a dynamic world of social media channels, each with its own audience, content style, and engagement conventions. A one-size-fits-all strategy for social media marketing is no longer adequate. To fully flourish, you must first understand the peculiarities of each platform and then customise your plan appropriately. In this post, we’ll look at how to create platform-specific tactics that can help your business thrive across many social media channels.

Know Your Platforms

Understanding the essence of each social media platform is the first step. Here’s a quick breakdown:

Facebook: A versatile platform with a broad user base. Ideal for sharing diverse content types, including text, images, videos, and links. Engagement thrives on storytelling and community-building.

Instagram: A highly visual platform suited for image and video sharing. Ideal for showcasing aesthetics, lifestyle, and behind-the-scenes glimpses. Stories and Reels are excellent for short, engaging content.

Twitter: A fast-paced platform for short, snappy updates. Perfect for real-time engagement, news sharing, and trending topics. Use hashtags and concise messaging.

LinkedIn: The professional network for B2B connections and thought leadership. Ideal for sharing industry insights, articles, and company updates.

Pinterest: A visual discovery platform for inspiration and ideas. Best for showcasing products, DIY projects, and lifestyle inspiration.

YouTube: The go-to platform for video content, including tutorials, vlogs, and product demonstrations.

Audience Persona Matters

Tailoring your content begins with understanding your target audience on each platform. Demographics, interests, and behavior vary widely. Your content should resonate with the expectations of users on that particular channel.

Content Style and Format

Different platforms demand different content styles:

On Facebook, engaging storytelling works wonders, with videos and long-form posts often gaining traction.
Instagram thrives on visually appealing images and short video clips. Use hashtags strategically.
Twitter favors concise and timely updates. Utilize trending hashtags and engage in conversations.
LinkedIn appreciates thought-provoking articles, industry insights, and professional networking.
Pinterest demands eye-catching, pinnable images with well-optimized descriptions.
YouTube requires high-quality video content, including tutorials, vlogs, and product reviews.

Engagement Strategies

Engagement norms also vary:

Facebook values community engagement. Respond promptly to comments and foster discussions.
Instagram engagement thrives on likes, comments, and shares. Use Stories and Reels to interact with your audience.
Twitter relies on retweets, likes, and replies. Engage in conversations and share valuable insights.
LinkedIn engagement revolves around professional connections and comments on industry-related content.
Pinterest engagement involves pinning and sharing visually appealing content.
YouTube engagement is driven by likes, comments, and subscriptions. Interact with your viewers through comments and live streams.
Frequency and Timing

Consider the optimal posting frequency and timing for each platform. While Facebook and Instagram may benefit from daily posts, Twitter demands more frequent updates. Experiment with different posting times to identify when your audience is most active.

In the dynamic realm of social media marketing, understanding the subtleties of each platform is paramount to success. Tailoring your content, engagement strategies, and posting frequency to align with the preferences of each platform’s unique audience can significantly enhance your brand’s online presence. By decoding the essence of social media channels and customizing your approach, you’ll be better equipped to connect with your audience effectively and achieve your business goals in the ever-evolving world of social media.

NewsHub