On Tuesday, the Andhra Pradesh Food Processing Society (APFPS) and the State Bank of India (SBI) joined forces to enhance and facilitate the establishment of a minimum of 7,500 micro food processing units within the state. This collaborative agreement is set to be implemented during the current fiscal year, 2023-24, as part of the Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme.
“This partnership with a financial powerhouse like SBI will provide a significant boost to micro food processing enterprises in the state,” said APFPS Chief Executive Sridhar Reddy in a press release, adding that maximum number of units will be covered. As part of this deal, SBI will offer collateral-free loans of up to INR 10 lakh to eligible beneficiaries, following the guidelines of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) under the Agri Infrastructure Fund.
SBI has already sanctioned over 500 loans under the PMFME scheme in the previous fiscal, emerging as a major lending partner in this endeavour. It has also agreed to support promotion of food processing units through this collaboration with farmer producer organisations (FPO). Besides loans, the banking behemoth will provide necessary working capital loans for successful operation of supported enterprises. Streamlined loan processing with minimum documentation and processing time, attractive interest rates and others are some more benefits under this agreement.
A month after introducing a platform fee of INR 2, which was later raised to INR 3 for certain users, Zomato, the foodtech giant, is now receiving an optimistic outlook from Kotak Institutional Equities. They believe that this fee increase will enhance the company’s customer take rate and contribution margin.
“On the app, Zomato says, ‘This small fee helps us pay the bills so that we can keep Zomato running.’ We note that over the past few quarters, bulk of the take-rate improvement has been driven by a restaurant take-rate increase and delivery take-rate has lagged,” the analysts at the brokerage said.
“The company’s intent seems to be to monetise select customers better, resulting in an increase in customer take-rate, which flatlined over the past few quarters,” said the analysts.
To put it plainly, the take rate represents the commission collected by Zomato from both restaurants and customers as a fee for facilitating an order.
Early last month, Zomato, following the footsteps of its competitor Swiggy, introduced a platform fee of INR 2 per order for select users on its platform. In a matter of weeks, Zomato escalated this platform fee to INR 3 for customers residing in certain cities.
Regarding inquiries concerning this matter, a Zomato spokesperson has stated that the platform fee is intended to apply to all customers. However, it’s important to note that these adjustments are currently in the experimental phase and are being implemented gradually throughout the country.
Providing an analysis of how the platform fee could boost Zomato’s profit margins, Kotak Institutional Equities stated that Zomato had approximately 2.7 million high-frequency customers in 2022, each placing orders more than 50 times annually. If we assume that these customers make an average of 75 transactions per year, then applying an INR 2 platform fee to all these orders would generate an additional INR 40.5 crore in profit/EBITDA contribution.
The analysts noted that this would also result in approximately a 16 basis points (bps) improvement in the contribution margin. This improvement would assist Zomato in progressing towards its aimed 8% margin as a percentage of Gross Merchandise Value (GMV) over the medium term.
In the first quarter of fiscal year 2024 (Q1 FY24), Zomato’s food delivery business achieved a contribution margin of 6.4%.
Kotak reaffirmed its ‘buy’ rating on Zomato and adjusted the stock’s fair value to INR 110, up from the previous INR 105. This adjustment suggests a potential upside of 12% from its most recent closing price.
Additionally, Kotak highlighted that should Zomato expand the scale of its operations and exercise effective cost management in its ecommerce ventures, namely Blinkit and B2B business Hyperpure, these segments have the potential to attain profitability in the coming quarters.
In the first quarter of fiscal year 2024 (Q1 FY24), Zomato recorded a net profit of INR 2 crore, accompanied by operating revenue amounting to INR 2,416 crore.
The Open Network for Digital Commerce (ONDC) has reportedly adjusted its incentive program to offer increased flexibility to buyer-side applications in delivering discounts to consumers.
Additionally, these modifications encompass a 50% reduction in subsidies for food categories and an expansion of merchant presence in 45 non-metro districts.
According to a Moneycontrol report, the notification regarding the implementation of the fifth version of the incentive scheme was distributed to network participants (NPs) on September 4, and it officially took effect starting September 5.
As part of the recent updates, ONDC has raised the weekly maximum claimable amount for buyer-side applications from INR 25 Lakh to INR 40 Lakh. Additionally, the requirement for monitoring discounts on specific orders has been eliminated.
Simultaneously, adjustments have been introduced in the discount structures for specific categories. For orders surpassing INR 200 in the food and beverage (F&B) category, the average incentive has been lowered to INR 50 per order. However, the incentive for orders exceeding INR 200 in the grocery and beauty products category remains unchanged at INR 100 per order, according to the report.
The incentive for electronics orders falling within the INR 200 to INR 1,000 range has been maintained without any alterations.
In the previous iteration of the scheme, there was a uniform incentive rate of INR 100 per order, irrespective of the product category, and no distinctions were made based on product categories.
Since its inception in 2022, ONDC has been diligently dedicated to developing open protocols encompassing all facets of digital commerce. This initiative is designed to empower both buyers and sellers to utilize any compatible application or platform of their choice for seamless transactions. The overarching objective is to dismantle the isolated ecosystems of numerous e-commerce platforms and unite them under a singular, open network.
The platform’s progress has been remarkable, with an impressive roster of participants. Among its seller-side network participants, it boasts notable names such as Magicpin, uEngage, Bitsila, EkSecond, Growth Falcons, Mystore, nStore, and eSamudaay. On the buyer side, it includes prominent players like Pyatm, Pincode, and Meesho.
ONDC has been steadily broadening its footprint across various sectors, encompassing segments such as grocery delivery, mobility, and fintech.
The QSR chain is planning to open 100 + outlets in the next 18 months taking the total number of outlets of the brand to 140-plus.
99 Pancakes, India’s first QSR chain in the pancakes segment, is on an aggressive expansion spree via Company Owned Company Operated (COCO) and franchise models across different cities of India. The QSR chain is planning to open 100 + outlets in the next 18 months taking the total number of outlets of the brand to 140-plus.
Currently, 99 Pancakes has 40+ outlets in 10+ cities, of which 22 are operating on the COCO model. As part of the expansion plans, the brand will invest approximately INR 20 Crores, and enter markets such as Delhi, Bengaluru, Ahmedabad, Mumbai, Pune, Hyderabad, Chennai, Nagpur, Nashik, etc.
Aiming to aggressively expand its presence in tier II cities, the brand plans to open 10-12 outlets per city in the near future. Moreover, the company plans to raise funds and use them to open new outlets PAN India.
Vikesh Shah, Founder, 99 Pancakes, said, “Since the inception of 99 Pancakes, the company has operated on Company Owned Company Operated (COCO) and franchise model, which has worked really well for us. Looking at the prospects of growth in other regions of India, we wish to enter the untouched markets in collaboration with the master franchisees and retail franchisees. We will also invest in outlets that will be company owned and company operated.”
“We have always focused on the quality and the menu that we offer and intend to keep up to it in the future as well. Therefore, with our new partners also, we would be setting the SOPs in our menu, taste, and look and feel of the outlets. We aim to provide the same experience all across our outlets,” added Vikesh.
At present, the QSR chain has a presence in tier I and II cities such as Mumbai, Kolhapur, Varanasi, Surat, Prayagraj, Pune, Indore, Rewa, Hyderabad, Nashik and Raipur.
Established in 2017 in Mumbai, 99 Pancakes has rapidly grown its footprint in the Indian QSR (Quick Service Restaurant) landscape. Specializing in a wide variety of pancakes, the brand first set up shop in Mumbai’s Kala Ghoda neighborhood in 2017. In just six years, it has expanded to encompass over 40 outlets across 10+ cities in India.
As one of India’s prominent QSR chains, 99 Pancakes is pursuing an ambitious expansion strategy, aiming to extend its presence into North India through a combination of franchise and company-owned outlets. In addition to its QSR offerings, the company also features FMCG (Fast-Moving Consumer Goods) products in the snacking category. Notably, in May of the previous year, 99 Pancakes secured INR 6.5 crore in funding from a group of angel investors and is currently seeking additional investments to fuel its growth.
Kshir & Canelé presents a captivating fusion of Indian mithai and pastry, enriched with a tantalizing variety of global flavors.
Master chef Ajay Chopra is poised to introduce a groundbreaking transformation to the realm of Indian sweets with the launch of Kshir & Canelé. This venture aspires to become India’s premier hub for contemporary, artisanal mithais and pastries, redefining the culinary landscape.
The first store opens at Sector 65, Gurgaon, marking the beginning of a culinary revolution. With plans for further expansion nationwide, Kshir & Canelé presents a captivating fusion of Indian mithai and pastry, enriched with a tantalizing variety of global flavors.
The brand embodies both purity and innovation, serving as the canvas for Chef Chopra’s visionary culinary expertise. It aims to redefine perceptions surrounding Indian sweets and pastries by harmoniously blending them with international flavors, creating a delightful experience that captivates the global palate. These culinary masterpieces seamlessly unite the realms of nostalgia and novelty, presenting groundbreaking flavors inspired by a rich multicultural heritage.
In Sanskrit, “Kshir” signifies milk, representing abundance and purity, and is a fundamental ingredient in numerous beloved Indian desserts. Conversely, “Canelé” is a French term denoting a petite pastry infused with vanilla, featuring a luscious custard center and a caramelized crust. Thus, the carefully chosen name “Kshir & Canelé” harmoniously blends the essence of Indian and French flavors, presenting them as an artistic culinary composition.
“Six years ago, I envisioned a brand that would bring to life a melange of my love for Indian mithai and delightful western confections, and in 2022, I saw light to the same with Kshir & Canelé. I have re-imagined the traditional Indian Mithai in A French inspired Avatar and we bring to you this newness of thoughtful flavours in a luxe box affordable for everyone. The box can be customised and comes in different sizes for every occasion and every palate,” says Chopra, co-founder of the brand.
Captain Fresh, a B2B seafood startup, has secured $20 million in an expanded Series C funding round spearheaded by SBI Investments of Japan and Evolvence Capital.
In addition, the funding round witnessed the involvement of Captain Fresh’s current backers, including Tiger Global, Accel Partners, Matrix Partners India, and Prosus Ventures.
The Bengaluru-based startup intends to leverage the newly secured capital for expanding its presence in the European and US markets.
Captain Fresh has also announced the appointment of Basola Valles as the CEO for its European market operations.
Commenting on expansion plans for Europe, Valles said, “We aim to reduce turnaround times, invest in product innovation, and deliver on transparency and traceability needs. We will initially focus on selected European countries in partnership with local players.”
The funding round comes almost a year after Captain Fresh raised $7.3 million from Evolvence Group as part of its extended Series C round.
In March 2022, Captain Fresh had previously disclosed securing $50 million to expand its operations into Africa and the Middle East. Prosus Ventures and Tiger Global led this funding round, with additional participation from Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund.
Established in 2019 by Utham Gowda, Captain Fresh operates as a farm-to-retail platform specializing in animal proteins such as fish, seafood, and sheep. The company directly sources its products from agents and farmers and distributes them through various channels, including B2B, B2R, and B2B2C.
The startup indirectly competes with well-established players in the market, including FreshtoHome, Licious, and Tendercuts, which was acquired by Good To Go.
Araiya Hotels and Resorts proudly unveils their third global dining experience, MÉZ, an alluring gastronomic haven nestled on the picturesque shores of Spinola Bay in Malta.
The space invites you to traverse an epicurean odyssey, drawing inspiration from the historical maritime routes of the Indian Ocean world. In a heartfelt tribute to the fusion of flavors that have left an indelible mark on world cuisine, MÉZ unfolds as an exquisite exploration of Indo Coastal Cuisine, where the artistry of spices and the tapestry of diversity seamlessly intertwine.
“We are excited to open MÉZ with the mission to celebrate gastronomic history by bringing forth a tapestry of flavours from across the Indian Ocean. Chef Vanessa’s dedication to sourcing locally while honouring tradition and embracing innovation makes her a driving force behind MÉZ’s culinary journey,” shared Amruda Nair, Founder and Director, Araiya Hotels and Resorts on launching MÉZ.
The concept is rooted in the rich historical tapestry of spice trade that linked civilizations across Asia, Northeast Africa, and Europe, harkening back to the ancient traditions of spice utilization and exchange.
The restaurant has enlisted the talents of Chef Vanessa Filix, a culinary virtuoso with an illustrious career that spans renowned establishments. She currently serves as the Kitchen Coordinator & Chef de Partie at Ion Harbour By Simon Rogan in Malta, adding her considerable expertise to the team.
In partnership with local farmers, Chef Vanessa meticulously highlights the essence of Maltese produce, and her expert menu curation guarantees a consistent culinary experience. Her impressive culinary journey encompasses roles such as Junior Sous Chef at Freehouse in Singapore, as well as Demi Chef positions at renowned establishments like Fat Lulu’s and Mama-San.
Nestled in the midst of the enchanting Mediterranean harbor of St. Julian’s, MÉZ presents a mesmerizing vista of the iconic Spinola Bay. The restaurant’s terrace accommodates al fresco dining for up to 70 guests, while indoors, you’ll find an exclusive private dining room with bay views, accommodating 20 guests, as well as a cozy bar area.
MÉZ’s nautical-inspired interiors seamlessly weave a maritime theme, whisking guests away to an era when the world’s oceans served as conduits for exploration and cultural exchange.
MÉZ is more than just a restaurant; it’s a culinary journey that delves into the intersection of history and flavor.
Cheesiano Pizza, a prominent player in the Quick Service Restaurant (QSR) sector, is delighted to share a momentous accomplishment: consistently surpassing INR 1 crore in monthly gross sales (excluding one-time revenue). This remarkable achievement is a testament to the steadfast support and loyalty of our cherished customers across all our brands.
The exceptional growth can be attributed to the impressive 35% repeat customer rates observed across all Cheesiano Pizza’s brands, demonstrating the trust and satisfaction customers have in the company’s products and services. Furthermore, the company has efficiently handled more than 100,000 quarterly orders, further affirming the popularity of its offerings.
Niraj Bora, Co-Founder of Cheesiano Pizza, said, “We are extremely delighted and grateful to all our customers for their continued patronage, which has enabled us to achieve this remarkable milestone. This achievement is a testament to the hard work and dedication of our team and our commitment to delivering top-quality pizzas that leave a lasting impression on our customers.”
Looking forward, Cheesiano Pizza is filled with enthusiasm for upcoming growth opportunities. The company is gearing up to introduce a new brand, Saucy Subs, which will diversify its product range to cater to a broader spectrum of tastes and preferences. Additionally, Cheesiano Pizza is steadfast in its commitment to expanding its presence, with plans to establish new stores in strategically chosen locations, ensuring accessibility and convenience for pizza lovers everywhere.
Prasad Tilve, Co-Founder of Cheesiano Pizza, said, “We are optimistic about the future and are geared up for further growth. Our upcoming brand launch and the addition of new stores will allow us to reach even more customers, and we are committed to maintaining the same level of excellence and customer satisfaction across all our outlets.”
With an unwavering commitment to quality, innovation, and exceeding customer expectations, Cheesiano Pizza has solidified its position as the preferred choice for pizza enthusiasts. Its remarkable achievement of consistently reaching INR 1 crore in monthly gross sales, coupled with a consistent uptick in order volumes, positions the company for sustained success and future growth within the pizza industry.
The Confederation of Indian Alcoholic Beverage Companies (CIABC) asserted on Tuesday that the elimination of non-tariff obstacles in G20 nations, such as the minimum maturation condition for whisky, would contribute to a significant boost in India’s alcoholic beverage exports. Vinod Giri, the Director-General of CIABC, highlighted that G20 countries, which collectively represent 80 percent of worldwide alcoholic beverage imports, not only offer opportunities for higher product pricing but also offer improved operating margins.
Nonetheless, India’s portion of that market is extremely small, constituting a mere 0.1 percent of their total imports.
“It is therefore a massive opportunity not only from the volume point of view but also from the value and profits. G20 nations have great interest in it. While allowing them better access to our markets, we must ensure a return access by demanding the removal of non-tariff barriers such as minimum maturation conditions for whisky that these countries have put up to protect their own industry,” Giri said.
He further emphasized that numerous Indian alcoholic beverage products boast world-class quality, yet enticing customers proves to be a challenging endeavor within the fiercely competitive markets of G20 countries.
“The G20 presidency with India has helped on that front by moving India towards the centre of this grouping. It has increased engagement with India and we hope it spills over to an interest in Indian products and a favourable disposition towards them,” he said.
Giri also noted that thus far, the exports of alcoholic beverages have primarily relied on the industry’s efforts, with minimal government intervention or support. However, the advocacy from India’s trading partners, such as the UK and Australia, for liquor and wine has prompted the government to pay closer attention to the industry.
Recognizing the potential in the Indian market, countries like the UK are actively pursuing substantial reductions in whiskey duties.
“We note a welcome interest in the government on promoting export of Indian alcoholic beverages products now. India is amongst the largest liquor markets in the world,” he said.
Besides removing barriers, he suggested that Indian missions abroad can help in promoting domestic products by serving those in their official functions.
“This is a great endorsement and this is what every other country does. Our trade fairs and exhibitions should include Indian products. We must showcase our indigenous liquor like Feny, Mahua etc. to the world as a specialty,” Giri said. Alcoholic beverage exports from India to G20 countries are just 12 per cent of India’s total alcohol exports.
G20 countries import USD 56.8 billion of alcoholic beverages, out of which India’s share is just USD 36.7 million.
G20 has 43 members and not 20 countries. These include 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkiye, the UK and the US) and the European Union (27-member group). Three EU countries — France, Germany, and Italy — are counted among 19 countries.
Share of G20 nations in India’s merchandise export was 64 per cent and import was 52.4 per cent in 2022.
India’s leading export destinations among G20 nations in 2022 were the US (USD 91 billion), the EU (USD 87 billion), China (USD 17.5 billion), the UK (USD 14.4 billion), Turkiye (USD 10.7 billion) and Saudi Arabia (USD 10 billion).
The country’s leading import suppliers last year included China (USD 118.5 billion), the EU (USD 59.1 billion), Saudi Arabia (USD 43.3 billion), the US (USD 38.4 billion), Russia (USD 34 billion), Australia (USD 19.2 billion), Korea (USD 18.9 billion), and Japan (USD 13.9 billion).
Bevzilla, an innovative company committed to transforming the world of coffee, is setting new standards by introducing Green Coffee Powder. Embracing a health-conscious approach within today’s fast-paced world has become more accessible, thanks to Bevzilla’s Green Coffee Powder. It provides an opportunity to enjoy a healthier and naturally derived green coffee option, seamlessly aligning with a busy, on-the-go lifestyle.
In the midst of the prevailing coffee culture, Bevzilla introduces an exciting newcomer: Green Coffee Powder. This innovative addition not only elevates the coffee experience but also offers the convenience of health benefits. Derived from unroasted beans of Coffea arabica and Coffea canephora, Green Coffee Powder sets a new benchmark for those who prioritize wellness while satisfying their coffee cravings. Packed with chlorogenic acid, it promotes metabolism and aids in weight management, providing a remarkable 4.9 grams of protein per 100ml to align seamlessly with fitness goals. Furthermore, this potent compound has been shown to help stabilize blood sugar levels and reduce carbohydrate absorption, as confirmed by a 2013 review, further highlighting its growing popularity.
Bevzilla’s Green Coffee Powder stands out thanks to its distinct taste profile. Unlike traditional coffee beans, it doesn’t undergo the roasting process, allowing its nuanced flavors to take center stage. This results in a milder, more herbal tea-like taste. When prepared with water and complemented with ingredients like honey, cardamom, and lemon, it delivers a refreshing and unique twist to your beverage. Moreover, this coffee’s particular thickness and acidity can promote the growth of beneficial gut bacteria, which can contribute to improved digestion.
Divisha Chaudhary, Co-Founder of Bevzilla commented, “Bevzilla acknowledges the demands of modern urban living, where health-conscious choices are imperative, but time is a precious commodity. With Green Coffee Powder, Bevzilla caters to the fast-paced lifestyle by offering a healthier coffee option, rich in antioxidants, without compromising on refreshment or ease of consumption.”
Anurag Chhabra, Co-Founder added, “By embracing the natural essence of unroasted beans, we’ve unlocked a world of delicate flavors that work wonders for your health. In today’s health-conscious world, a beverage promising to boost metabolism and support gut health is a true asset. It’s not just a drink; it’s a rejuvenating journey that delights your taste buds and nurtures your gut health. We hope our customers will rediscover coffee in a whole new light with Bevzilla’s Green Coffee Powder.”
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