Sanjiv Puri, the Chairman of ITC, revealed that the conglomerate has joined forces with around 45 startups. This collaboration aims to foster agility and cultivate an entrepreneurial mindset among employees, especially during a period when small businesses are progressively causing disruptions in larger enterprises.
The conglomerate, which spans industries from cigarettes to hotels, is actively collaborating with startups across various sectors including consumer goods, social commerce, content production, distribution, packaging, and agritech solutions. Sanjiv Puri, who serves as both the Managing Director and Chairman of ITC, highlighted this diversified engagement.
“As an organisation, the focus is on how do we remain consumer centric and resilient; how do we dial up on the digital journey and press the accelerator on purposeful innovation,” Puri said.
“All these multidimensional initiatives come together to make the organisation agile and nimble, paving the way for sustained growth,” he added.
The Chairman of ITC mentioned that the company has made investments in startups both directly and through venture capital funds.
“The idea is to look at new-age opportunities in an integrated manner and not in isolation,” he said.
Up until now, ITC’s direct investments have included startups like YogaBar in the realm of healthy food, Mothers Sparsh, a company focusing on baby and maternal care products, and Mylo, a content-community-commerce platform catering to baby and maternal care.
Furthermore, the conglomerate has extended its investments to encompass funds dedicated to startups, including Fireside Ventures and Chiratae Ventures. In addition, ITC is engaged in collaborations with startups spanning various domains. To illustrate, it has joined forces with logistics company Shadowfax to enhance its e-store deliveries and has formed a partnership with Zepto to bolster its online quick-commerce sales efforts.
Máka Mia Pizza, a subsidiary of JTM Food Group, proudly presents its latest innovation: the Mia V4.5 Robotic Pizza Shop. Teaming up with a cutting-edge European pizza robotic system, Máka Mia has ingeniously merged its renowned pizza expertise with the state-of-the-art robotic oven technology, now making its debut in the American food industry. As outlined by the company, this revolutionary process utilizes precision robotics to craft deliciously flavorful pizzas within a mere three-minute timeframe, ensuring an exceptional culinary experience.
Crafted using an exclusive blend of cheeses, an authentic Italian family pizza sauce recipe, and specially formulated dough balls that yield a delicately airy center paired with a satisfyingly crispy edge and base, Máka Mia Pizza is a culinary masterpiece. The centerpiece of this innovation is the Robotic Pizza Shop, boasting a duo of stone hearth ovens that flawlessly bake and serve pizzas in under three minutes, all without the need for human intervention. Impressively, Máka Mia presents a state-of-the-art, ready-to-operate solution ideal for retailers situated in high-traffic areas. This encompasses diverse locations like college campuses, airports, hotels, theme parks, convenience stores, as well as stadiums and sports complexes.
“This is a perfect opportunity for retailers looking to increase revenue with limited labor requirements while still delivering a premium product,” says Matt Maas, Founder and CEO of Máka Mia Pizza. “The quality is hard to believe until you experience it for yourself. That’s why we’re scheduling demos across the U.S., to give foodservice industry and retail partners the chance for a hands-on presentation and taste test. I challenge anyone to match the total package of quality, convenience, and advanced technology of Máka Mia’s Robotic Pizza Shop.”
Established in Berlin in 2020, Holy introduces a line of powdered soft drinks.
Germany-based soft drinks brand Holy has successfully raised €10.5 million through a Series A funding round, with the intention of expanding its reach across Europe.
Leading the funding round was Left Lane Capital, a global venture capital firm, with participation from current investors FoodLabs and Simon Capital (previously recognized as Bitburger Ventures). Additional contributions came from V3 Ventures, a London-based consumer fund affiliated with the international consumer investment entity Verlinvest, as well as OMR’s venture arm, associated with the media company based in Hamburg. Notable figures from the food and beverage sector, including Bela Seebach, co-founder of Just Spices, and YFood’s founders Benjamin Kremer and Noel Bollmann, also took part in the round.
Established in Berlin in 2020, Holy introduces a line of powdered soft drinks. This innovative range is designed to present a more environmentally conscious and health-oriented substitute to conventional soft drinks. The brand achieves this by utilizing a reduced packaging waste format and incorporating natural ingredients.
Founder and CMO, Philipp Nass, said, “With low sugar, low calories, functional ingredients like vitamins, nootropics, antioxidants and fibre, as well as natural flavours and colours, our drinks really appeal to the next generation of consumers”.
Functioning as a direct-to-consumer (DTC) enterprise, the firm boasts over 200,000 customers spanning Germany, France, Austria, and Switzerland. These customers have embraced the Holy Energy and Holy Iced Tea offerings from the company’s product portfolio.
Amidst a present decline in direct-to-consumer (DTC) investments, the funding round has garnered recognition from investors as one of this year’s most fiercely contested consumer-focused campaigns. This achievement marks a noteworthy milestone, elevating Holy’s accumulated funding to €12.3 million. These funds are poised to bolster the brand’s ambitious objective of assuming a premier position as Europe’s healthier soft drink choice. The strategy encompasses diverse facets, such as introducing fresh product lines, venturing into untapped markets including the UK, and making inroads into retail distribution channels.
Mathias Horsch, Founder and Co-CEO, said, “Holy is currently a team of 25. Now we’re looking for new talent to fuel our product, geographic, and channel expansion as we accelerate our growth across Europe.”
In a country known for its love affair with tea, a silent revolution was brewing, one cup of coffee at a time. Sleepy Owl, the embodiment of innovation and authenticity, emerged as a brand that not only transformed how India savors its caffeine fix but also redefined the concept of cold brew coffee.
India, a nation steeped in tea tradition, has long been synonymous with the aromatic brew that fills every home, street corner, and bustling market. Yet, amidst this sea of tea leaves, a subtle shift began to percolate. Sleepy Owl, a brand that would soon become a beacon of flavor, culture, and entrepreneurial spirit, was taking shape.
At the heart of Sleepy Owl’s inception lay the passionate hearts of its founders. Inspired by a devotion to coffee and a desire to infuse innovation into India’s coffee culture, Sleepy Owl was born. The audacious vision of crafting a premium cold brew coffee experience in a market dominated by tea was the seed that would germinate into a thriving coffee revolution.
Seeds of Inspiration:
For the makers of Sleepy Owl, this endeavor was more than just business; it was a manifestation of their unwavering love for coffee. Arman Sood, the Co-Founder of Sleepy Owl Coffee, reminisces about the genesis of their journey, “We wanted to introduce India to a trendy new innovation that hadn’t hit the market here but was still gaining popularity.” The concept was daring yet rooted in a simple question: if tea could be easily brewed, why not coffee?
Recognizing that coffee culture in India was ripe for innovation, the founders embarked on a mission to introduce something spicy and exciting to the coffee industry. Arman insightfully noted, “Indians are used to taking a tea bag to make tea. Why not brew a cup for coffee like that instead of using a French press?” This thought marked the turning point. Today, instant coffee stands as the flagship product for Sleepy Owl, a testament to their visionary understanding of people’s desires.
Revolutionizing the Coffee Culture:
The rise of Sleepy Owl marked a pivotal moment in India’s coffee culture. In a landscape where instant coffee held sway, the brand introduced the concept of cold brew coffee, reshaping the taste and experience of this beloved beverage. With painstaking attention to quality, Sleepy Owl’s cold brew offered a smoother, less acidic alternative, captivating the palates and hearts of coffee connoisseurs.
At the core of Sleepy Owl’s ascension lies an unswerving commitment to authenticity. The brand is more than just a coffee retailer; it is a curator of an experience. Every batch of Sleepy Owl cold brew is meticulously handcrafted, brewed slowly to perfection. This dedication to authenticity stands as a testament to the founders’ aspiration to provide consumers with a genuine coffee experience, devoid of artificial additives and shortcuts.
A Blend of Innovation and Community:
Sleepy Owl’s journey from obscurity to prominence was propelled by its innovative approach. Recognizing the potential of e-commerce and direct-to-consumer sales in the digital era, Sleepy Owl made its premium cold brew coffee accessible to a broad spectrum of consumers. This approach bypassed traditional distribution channels, forging a direct connection with its audience.
Beyond the realm of coffee, Sleepy Owl nurtured a community. Through dynamic social media campaigns, interactive content, and events, the brand initiated a dialogue with its consumers. This connection extended beyond transactions; it was a shared ardor for exceptional coffee. Sleepy Owl evolved into a platform where enthusiasts could exchange stories, experiences, and tips, fostering a sense of belonging.
Caffeinating Dreams and Redefining Culture:
Sleepy Owl’s journey to prominence was not devoid of challenges. The brand deftly navigated obstacles, from the intricacies of the supply chain to educating consumers about the nuances of cold brew coffee. Yet, each challenge was met with resolute determination for growth, culminating in a fortified brand identity and a devoted customer base.
The emergence of Sleepy Owl as a brand stands as a testament to the potency of dreams realized through innovation and perseverance. It is a narrative of transforming a love for coffee into a cultural metamorphosis. With every sip of Sleepy Owl’s cold brew, India’s coffee landscape awakens to a new era of flavors, experiences, and possibilities.
From a mere concept to a revered brand, Sleepy Owl’s journey epitomizes authenticity, innovation, and an unwavering pursuit of excellence. In a nation where tradition is steeped in tea, Sleepy Owl dared to provide an alternative that resonated with the contemporary palate. As Sleepy Owl continues to kindle aspirations and redefine coffee culture, it serves as a living testament to how a humble cup of brew can transcend taste, becoming an emblem of passion, identity, and a brewing revolution.
Watch our exclusive conversation with Arman Sood here:
French bakery chain Paul Depuis 1889 has unveiled its latest venture in Mumbai’s Phoenix Palladium, as revealed by a mall official’s social media update. This establishment stands as the bakery chain’s debut store in the city.
“Mumbai’s first. PAUL depuis 1889 at Phoenix Palladium,” Smita Mookherjee Rai, senior vice-president leasing- Phoenix Mills posted on Linkedin.
The offerings encompass an array of delectable items such as pastries, cakes, croissants, sandwiches, quiches, tarts, crepes, eggs, and an extensive selection of over 140 varieties of bread. Additionally, their menu features an assortment of beverages including tea, wine, soft drinks, and various coffee-based drinks.
Established in 1889, Paul stands as a renowned French bakery chain with a global presence. In India, Paul Bakery Café was introduced by Stellar Concept Pvt. Ltd. through its affiliated entity, Cogent Hospitality Pvt. Ltd., in 2019. Presently, the chain boasts five establishments across India, situated in prominent locations including Ambience Mall in Gurugram, Ambience Mall in Vasant Kunj, One Horizon in Gurugram, Select Citywalk in Saket, New Delhi, and the recently inaugurated outlet in Mumbai.
Phoenix Palladium forms a integral component of The Phoenix Mills Ltd., a distinguished company in India known for its preeminent focus on retail-centric mixed-use developments. This enterprise is spearheaded by Atul Ruia, who holds the position of Managing Director at The Phoenix Mills Ltd. Their footprint spans multiple cities across the nation and encompasses diverse assets, including the likes of Phoenix Palladium in Mumbai, Phoenix Marketcity malls located in Mumbai, Pune, Bengaluru, and Chennai, Phoenix Palassio in Lucknow, Phoenix United in Lucknow and Bareilly, as well as Palladium in Chennai. The company also boasts a range of hospitality assets such as The St. Regis Mumbai and Courtyard by Marriott Agra, along with residential ventures like One Bangalore West and Kessaku in Bengaluru, and a collection of commercial properties that include Art Guild House, The Centrium, Phoenix Paragon Plaza, Phoenix House in Mumbai, and Fountainhead in Pune.
Parag Milk Foods, a manufacturer of dairy and FMCG products, has brought on board nine key executives to reinforce its management team and expedite its growth trajectory, as stated in a media release on Tuesday.
The following individuals have been assigned pivotal roles across the plant and operations, sales, finance, and strategic planning divisions:
Bheemanappa Manthale takes on the role of President for plant operations. Gajanan Patil assumes the position of GM Operations. Binod Das is appointed as the Head of Sales. Lakshya Rastogi will lead the Modern Trade Business. Biswajit Mishra becomes the Senior Vice President of Finance. Anand Sharda and Amol Sawant are designated as GMs of Finance. Abhinav Gupta will be responsible for leading strategic projects, while Vivek Rathod takes the helm of Business Intelligence, Transformation, Analytics & Assurance.
Commenting on the appointments, Devendra Shah, Chairman, Parag Milk Foods said, “Their diverse expertise and leadership will be instrumental in driving Parag Milk Foods towards new heights of innovation. With this investment in our management team we cement our dedication to delivering excellence to our stakeholders and driving sustainable success.”
SoftBank, a prominent technology investor from Japan, is preparing to divest a 1.17% ownership share in the Indian foodtech leader Zomato, with the transaction expected to yield a minimum of INR 940 Crores.
According to the agreement’s conditions, an affiliate of the investment company, SVF Growth Singapore, intends to sell 10 crore shares of Zomato at a base price of INR 94 per share, as reported by CNBC. This value signifies an approximate 0.7% reduction compared to Zomato’s closing stock price on August 29th.
According to the report, Kotak Securities has been appointed as the exclusive book runner for this transaction. This development follows recent reports indicating that the technology investor was exploring the possibility of divesting additional shares of the foodtech powerhouse through block deals.
This sequence of events comes after the conclusion of the lock-in timeframe for Blinkit investors. These investors had received Zomato shares as a result of Zomato’s acquisition of Blinkit, which occurred on August 25. Following this acquisition in the previous year, SoftBank, one of the investors in Blinkit, secured a 3.35% ownership in Zomato.
Even considering the minimum price of INR 94, SoftBank is poised to generate substantial gains, given that the calculated worth of the Zomato shares it obtained from the Blinkit agreement was INR 70.76 per share.
This marks the second instance of a notable Zomato investor divesting their share in the foodtech behemoth. Just the day prior, Tiger Global, a hedge fund headquartered in the United States, concluded its involvement with Zomato by offloading a 1.44% stake through open market transactions, yielding INR 1,123 Crores.
Since commencing operations in Mumbai in late 2018, the Japanese technology investor has successfully executed exits totaling $5.5 billion from its portfolio in India. Out of this sum, exits amounting to $1.5 billion have been accomplished within the last 12 to 18 months.
This recent advancement occurs against the backdrop of significant share offloading by prominent global investment firms in emerging tech startups. This trend has emerged due to the surge in stock values this year, attributed to shifts in investor sentiment.
Before this incident, Tencent, a tech investor from China, divested 2.1% of its ownership share in PB Fintech, which oversees Policybazaar and Paisabazaar, for a sum of INR 562 Crores ($68 million). Furthermore, Ant Group, a major Chinese internet player, recently relinquished a 3.6% stake in fintech leader Paytm for INR 2,037 Crores through a series of block transactions earlier in the current month.
Meanwhile, Zomato’s shares have been experiencing an increase on the stock market due to its enhanced financial performance. The prominent foodtech company disclosed a net profit of INR 2 Crores in the June quarter of 2023. In terms of year-to-date (YTD) performance, Zomato’s shares have surged by 59.70%.
On Tuesday (August 29), Zomato’s shares concluded the trading session at INR 94.65, marking a 2.51% increase on the BSE.
Debt-ridden Future Consumer Ltd on Tuesday announced the sale of its dairy business Nilgiri Dairy Farm to AVA Cholayil Healthcare for a total consideration of INR 67 crore. As per the deal, Future Consumer has entered into a “transfer agreement for the transfer of entire business undertaking of ‘The Nilgiri Dairy Farm Pvt Ltd (NDFPL)”.
This encompasses its franchise operations, retail trading activities, as well as the sourcing, processing, packaging, and promotion of its dairy items, bakery goods (excluding the cookie plant), fast-moving consumer goods, essential commodities, and other merchandise.
This monetization endeavor will provide assistance to Future Consumer Ltd (FCL). FCL operates within the domain of producing, branding, and distributing FMCG food and processed food items. The company has also encountered numerous instances of non-payment, involving both the principal and interest amounts due on NCDs.
During a meeting convened on Tuesday, the board of the FMCG division of the Future Group sanctioned the transaction involving the sale of NDFPL business to AVA Cholayil Healthcare. AVA Cholayil Healthcare operates in the realm of producing, promoting, and distributing personal care and food items, while also overseeing a network of wellness clinics and hospitals.
The purchase consideration of INR 67 crore shall be paid in three tranches on meeting certain conditions.
However, the deal will be “subject to obtaining of all necessary consents and approvals including that of the Lenders and Shareholders of the Company in accordance with applicable laws and regulations,” it added.
NDFPL is involved in the manufacturing, marketing, and distribution of dairy and bakery products. Additionally, the company procures a range of FMCG and essential products for distribution and sale to specific retail outlets operating under its franchise network.
The turnover of NDFPL stood at INR 39.65 crore, accounting for 10.40 percent of the combined turnover of Future Consumer.
Back in 2014, FCL acquired NDFPL along with its subsidiary Nilgiri’s convenience store chain, in a transaction valued at approximately INR 300 crore.
PepsiCo is set to replace conventional plastic rings in its multipacks with paperboard wraps and clips
As an initiative within PepsiCo’s pep+ (PepsiCo Positive) sustainable packaging endeavor, aimed at preventing packaging from turning into waste, PepsiCo has taken the pioneering step among beverage companies by pledging to introduce paper-based alternatives for plastic rings used in multipacks across North America. This shift marks a significant move toward environmentally friendly solutions. PepsiCo Beverages North America (PBNA) has unveiled innovative paperboard designs, set to launch gradually in different regions across the United States starting later this year. This announcement further extends the progress already underway in Canada, where the transition to paperboard packaging is already in motion.
PepsiCo is set to replace conventional plastic rings in its multipacks with paperboard wraps and clips, a shift towards more environmentally conscious packaging. This transition will encompass a range of brands, including Pepsi, Pepsi Zero, MTN DEW, Starry, Gatorade, and others. Even 7Up in Canada will adopt the new approach. The updated packaging not only boasts a consumer-friendly branded design but also facilitates straightforward shelf implementation for customers. Crafted from recycled materials, the packaging remains recyclable, aligning with PepsiCo’s commitment to sustainable practices.
This advancement will propel PepsiCo’s ambitious pep+ objectives, aiming to achieve a 50% reduction in virgin plastic sourced from nonrenewable materials per serving across our worldwide beverage and convenient foods assortment by 2030.1 As a consequence of this shift, PepsiCo is poised to eliminate countless pounds of plastic from its North American packaging in the forthcoming years, all the while sustaining the drive for packaging circularity.
PAI Partners, a private-equity company, has reached an agreement to purchase Alphia, a pet food manufacturer based in North America, from J.H. Whitney Capital Partners.
The specifics of the deal’s terms were not made public.
PAI Partners intends to expedite Alphia’s growth in North America through both organic expansion and strategic acquisitions.
In May, there were reports that Alphia had initiated an exploration of its future possibilities, which encompassed the potential for a sale. During that period, Reuters indicated that the company was collaborating with investment bank Goldman Sachs to explore a potential agreement that might have assessed the business at over $1 billion.
“PAI is committed to our ongoing vision for growth and shares the common values of innovation, food safety and industry leadership,” Alphia CEO David McLain said yesterday (24 August). “We appreciate the many years of support and partnership with J.H. Whitney, during which time we created Alphia, one of the leading pet-food co-manufacturing platforms in the world.”
Winston Song, who heads PAI’s consumer division in the United States, asserted that Alphia has established itself as the benchmark within the industry, serving as a valued partner to numerous brands and retailers.
“Alphia is a best-in-class company and plays an invaluable role in the value chain of pet food and treats, an exciting consumer category with strong secular tailwinds,” Song said.
Based in Denver, Alphia operates from six manufacturing facilities spread throughout the United States.
Annually, it manufactures over 1 billion pounds of dry pet food and treats, acting as the producer for various pet food brands and retailers.
Alphia serves as the parent company for LANI, a business specializing in ingredient milling solutions, and Veracity, a provider of warehousing and logistics services.
In 2020, Alphia was established as a result of the merger between American Nutrition and C.J. Foods, forming a comprehensive national platform for pet food manufacturing. J.H. Whitney had previously acquired C.J. Foods, the predecessor of Alphia, in 2014.
During June, Alphia made a $5 million investment in Better Choice, a company focused on pet health and wellness. This arrangement resulted in Alphia taking on the role of the manufacturer for Halo, the prominent dog and cat food subsidiary and brand under Better Choice.
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