GoodGudi, a high-speed lifestyle retail chain specializing in household and consumer goods, has successfully secured seed funding. The financing round was spearheaded by AC Ventures, with active involvement from April Ventures, Capinity Partners, High Net Worth Individuals (HNIs), and notable angels such as Kunal Shah and Aprameya Radhakrishna.
According to insider reports, the funding in this round amounts to between $800,000 and $1 million.
Established by Anurag Gupta, Sagar Yarnalkar, and Chandan Kumar, Goodgudi has ambitious plans to establish over 40 retail outlets within the upcoming 24 months. The brand specializes in offering high-quality utility-focused products across diverse categories, encompassing home utilities, travel accessories, gifts, fashion accessories, personal care items, kitchenware, stationery, children’s products, and toys.
It’s important to highlight that Anurag Gupta and Sagar Yarnalkar previously founded the e-grocery startup Dailyninja, which was acquired by the Tata-owned grocery giant BigBasket in early 2020.
According to Goodgudi, the key feature of these stores will be the regular launch of new designs and product lines, ensuring that something innovative and appealing becomes available on the shelves every 30 days. This strategy is designed to cultivate an interactive and ever-evolving shopping experience for their customers.
The fast lifestyle retail sector has achieved remarkable global success, with prominent entities like Miniso, Daiso, Mumuso, and Ximivogue running highly profitable enterprises. Miniso, for instance, has expanded into the Indian market and currently operates over 250 stores in India.
Food delivery platforms, restaurant chains, and food service companies have urged the government to classify deliveries as “essential services, similar to those during pandemic lockdowns,” ahead of the G20 summit.
The government has announced that New Delhi will be designated as a “controlled zone” along with a series of restrictions and closures.
“Food and groceries are essential services. These deliveries were permitted even during Covid-19 lockdowns. From a consumer convenience perspective, it will be helpful if the government permits these services in compliance with guidelines,” said Dinker Vashisht, vice president, public policy, at food delivery and aggregator platform Swiggy.
In accordance with a public notice released by the Delhi government, all employers operating shops, commercial, and business establishments in New Delhi are required to shut down their operations from September 8 to September 10.
“Various government departments and ministries had been engaging with hospitality companies for the past many months with the objective of providing good experiences to guests during G20,” said Prakul Kumar, Secretary General of National Restaurant Association of India (NRAI), which represents 500,000 restaurant companies. “We were looking forward to it. But with complete closures leading to losses, at least deliveries should be permitted. We have no clarity and no guidelines on the matter so far.”
Executives have mentioned that the G20 long weekend, officially declared as a public holiday by the Center, is resulting in an increased number of people leaving the town, which is expected to have an additional impact on sales.
In a letter addressed to the Delhi government, the NRAI said, “Food delivery from restaurants may be permitted as part of essential services as was also done during the Covid-19 pandemic. This will help in mitigating to some extent the business disruptions and losses faced by industry due to the closures and restrictions.”
The G20 Summit is set to take place from September 9 to September 10, and it will witness the arrival of numerous world leaders in the capital.
While Delhi Police has said there is “no restriction on movement of essential commodities coming through Delhi borders”, it has not given any directives on allowing food deliveries. Traffic police has cautioned commuters that they may experience more-than-normal traffic on select roads, advising citizens to avoid such places during specified periods.
While groceries may be classified as essential services, executives said food delivery platforms will suffer the most in terms of loss of business opportunity.
According to officials, the Delhi government’s recent excise policy generated revenue exceeding INR 7,285 crore in the past year through the sale of more than 61 crore liquor bottles. This current excise policy, which has been in effect since September 1, 2022, was introduced as a replacement for the previous excise policy. The previous excise policy for 2021-22 had faced scrutiny from the CBI due to alleged irregularities in its implementation, prompting the government to adopt the new approach.
An officer from the Excise Department reported that the cumulative excise revenue collection for the period spanning September 1, 2022, to August 31, 2023, amounted to INR 7,285.15 crore, which included INR 2,013.44 crore collected in the form of value-added tax (VAT).
Contrastingly, the revenue generated from the new excise policy in 2021-22 amounted to INR 5,487.58 crore. This new excise policy, which had allowed private entities to participate in retail liquor sales, was revoked by the Delhi government the previous year following a recommendation by LG VK Saxena to initiate a CBI investigation into purported irregularities in its execution, as reported by officials.
At that time, the Deputy Chief Minister and Excise Minister, Manish Sisodia, faced arrest by the CBI in connection with a case it had filed concerning alleged irregularities in the 2021-22 excise policy. The excise policy had been enacted on November 17, 2021, and concluded in August 2022.
The previous excise policy came into effect on September 1, 2022, with Delhi government agencies assuming control over the retail sale of liquor within the city.
Officials have reported that starting from September 1, 2022, the four Delhi government entities – namely, the Delhi State Industrial and Infrastructure Development Corporation (DSIIDC), Delhi Tourism and Transportation Development Corporation (DTTDC), Delhi Consumer’s Cooperative Wholesale Store (DCCWS), and Delhi State Civil Supplies Corporation Limited (DSCSC) – have established more than 600 retail outlets throughout the city.
Being a cherished brand in the UK, PizzaExpress acknowledges its duty to the environment and society. That’s why the brand is delighted to declare its collaboration with Too Good To Go, the global leader in surplus food marketplaces.
After initially testing the food waste redirection initiative in 2022 as a part of their broader commitment to achieving Net Zero by 2040, PizzaExpress has now implemented Too Good To Go as a permanent program across its 360 restaurants in the UK and Ireland. This move ensures that surplus food is effectively utilized and not discarded.
Since its UK debut in 2016, Too Good To Go has successfully averted over 28 million surplus meals from ending up as waste. With this fresh collaboration, PizzaExpress is now aligned with their mission to combat food waste.
Through the complimentary Too Good To Go app, the 12.7 million registered users have the opportunity to buy a ‘Surprise Bag,’ containing a variety of surplus food items, all at a significantly reduced cost. When dining at PizzaExpress, guests may find themselves enjoying a surprise selection that could include a Lasagna with a slow-cooked ragu, spinach and ricotta Cannelloni, or a delightful combination of three other unexpected items like the renowned Dough Balls, Lemon & Herb Chicken Wings, or a sweet treat such as a Chocolate Brownie or Tiramisu.
According to PizzaExpress’ Sustainability Manager, Cherry Dejos, this partnership allows the brand to maintain its dedication to making a favorable environmental impact as it progresses towards achieving its Net Zero by 2040 objective.
“For our customers, the partnership with Too Good To Go means surplus meals from our restaurants across the UK and Ireland can be purchased at a lower price, including our delicious Lasagna and Cannelloni, while helping to curb food waste at the same time.
“This is just one of the ways we are committed to making a difference, and among our other sustainability targets is ensuring that by 2025, all of our direct suppliers have joined us on our journey by requiring them to have set their own Net Zero targets.”
Sophie Trueman, Too Good To Go’s country director UK & Ireland, added, “We are delighted to be partnering with PizzaExpress. Having already had fantastic feedback from our community during a successful trial period, we’re looking forward to helping PizzaExpress make a positive impact on the environment.
“At Too Good To Go, we believe that saving food from going to waste is a win-win – consumers can get delicious food for less, and with one simple action, we’re collectively doing something great for the planet. I know our users will jump at the chance to save PizzaExpress’ Surprise Bags and I can’t wait to see our partnership flourish.”
Zomato, the prominent foodtech company, has announced its intention to dissolve its subsidiary, Lunchtime, which operates in the Czech Republic, as stated in an official filing with the stock exchange.
“Pursuant to Regulation 30 of the Listing Regulations, we wish to submit that Lunchtime.cz s.r.o. (“Lunchtime”), step down subsidiary of Zomato Limited (“the Company”) situated in Czech Republic has initiated the process of liquidation on September 01, 2023,” said Zomato.
As per the foodtech leader, Lunchtime had no ongoing business activities. This subsidiary holds a valuation of INR 28.2 Lakhs and has not generated any revenue or made any contribution to Zomato’s overall net worth.
Zomato has been strategically closing underperforming subsidiaries globally to concentrate its efforts on the Indian market.
This year, Zomato has been actively streamlining its global operations by closing down subsidiaries in several countries, including Indonesia, Portugal, and Jordan. Additionally, the company has announced its forthcoming exit from the Philippines. It’s important to note that many of these subsidiaries were not engaged in active business operations.
At present, Zomato is solely engaged in active operations within India and the UAE. However, in November 2022, the Kuwait-based foodtech startup Talabat made the decision to discontinue Zomato’s food delivery unit in the UAE, which it had acquired for a reported $172 million back in 2019.
The Indian foodtech company continues to provide restaurant discovery and dining-out services in the UAE.
At the beginning of the year, Zomato announced its withdrawal from 225 cities across the country due to underperformance. In a shareholder letter, Zomato’s CFO, Akshant Goyal, stated that the foodtech company had ceased operations in approximately 225 smaller cities in January. These cities had contributed only 0.3% of Zomato’s Gross Order Value (GOV) during the third quarter of the fiscal year 2023 (October-December).
The leading foodtech company also implemented a platform fee ranging from INR 1 to INR 3 per order as part of its strategy to improve monetization and maintain operations in smaller cities. Zomato’s focus on monetization and cost reduction resulted in the company achieving a profit of INR 2 crore during the June quarter of FY24, marking this significant achievement for the first time.
Last week, both Tiger Global and SoftBank sold off their shares in the foodtech giant. Tiger Global made a complete exit from the startup, and this development led to a notable surge in Zomato’s share price.
Zomato’s stock performance has been strong in recent months, reaching a 52-week high of INR 102.85 per share just last month. As of 1:15 PM on Monday, September 4, the foodtech company’s shares were trading at INR 98.05 on the BSE, a modest increase from Friday’s closing price.
Arnav Sahni & Garima Kaushal, Co-Founders of Sploot
Delhi-based pet-parenting mobile app, sploot, recently achieved a major milestone by successfully securing $800,000 in its second round of seed funding. This significant accomplishment was made possible through a collaborative effort with Redstart Labs, a subsidiary of Info Edge, and generous contributions from angel investors.
With this new influx of funding, sploot is poised to broaden its range of services, encompassing options such as dog walking, grooming, and premium ready-to-serve dog food. Furthermore, the company is strategically preparing for territorial expansion to reach an even broader demographic of pet parents. sploot, widely regarded as a reliable companion for pet owners, streamlines various facets of pet care and tackles prevalent challenges through its supportive community and comprehensive service offerings.
With an impressive record of over 100,000 downloads combined from both the Play Store and App Store, sploot has provided in excess of 80,000 meals and organized over 100,000 dog walks exclusively in the Delhi-NCR region. The platform’s community-driven ethos has garnered substantial attention, amassing a dedicated following of over 82,000 Instagram followers.
Garima Kaushal, Co-Founder and CEO of sploot, shared her thoughts on the company’s mission, saying, “The idea for sploot came from seeing generations of pet parents learn by making the same mistakes. Sploot was our effort to help pet parents be better by learning collectively from each other and the experts. We believe that education about pet parenting is the first step towards influencing purchase decisions.”
Info Edge’s collaboration with sploot traces its origins to the initial seed funding round, where the company made a $500,000 investment in 2022.
Vibhore Sharma, a partner at Info Edge, commented on the pet care industry’s potential in India, stating, “Various studies value India’s pet care market at over $500 million, and it is likely to grow multifold at 20% annually. This growth will increase the demand for pet care products, services, and experts. sploot is on its way to being the platform for pet parents to get everything they need in one place.”
Sploot has garnered substantial support from a roster of prominent supporters, including Akshay Chaturvedi, the Founder and CEO of LeverageEdu and Fly; Yatish Talvadia, a serial entrepreneur and Angel Investor; Sanjay Singh, formerly associated with PayTM; Mukul, an angel investor and former member of Adobe; Aryan Mhaiskar, an Angel investor, and various others participating through GripInvest.
Akshay Chaturvedi, CEO of Leverage Edu, praised the app’s role in nurturing the pet parenting industry in India, saying, “India’s youth is now single-handedly giving rise to the pet parenting industry, and this is, in turn, giving rise to the demand for more things than just quality pet food, grooming, accessories, and other vet services. I am happy to see sploot enabling this generation of hustlers with the ease of pet parenting at just a click.”
Founded by Garima Kaushal (IIM A, XIC, SRCC) and Arnav Sahni (SRCC), sploot was born out of the founders’ deep love for pets and their unwavering dedication to promoting responsible pet ownership. This mobile app has forged a nurturing community, aiding users in navigating their pet parenting voyage while providing the convenience of a one-stop-shop for all things pet-related. Additionally, sploot has been a participant in Blume Ventures’ Lead Tribe and Google’s Appscale Academy programs, both of which empower early-stage entrepreneurs and cultivate the development of innovative tech startups.
Keventers, the renowned milkshake brand, is introducing a fresh range of shakes that effortlessly blend delicious flavors with budget-friendly options.
Keventers Value Shakes are now accessible at an incredibly budget-friendly rate of only INR 99. These shakes are available in three delightful flavors, offering a perfect combination of the brand’s signature taste and an exceptionally affordable price.
In light of heightened competition and the expanding need for a bolder pricing strategy in today’s market, the brand is unveiling an even more appealing price range for its milkshakes.
“Keventers Value Shakes is a new category for us and allows us to reach our customers at an even more accessible price point than ever before. Our journey at Keventers has always been about bringing joy through taste, and with this launch, we’re taking that mission to a new level. Affordable, delectable, and true to our quality standards – that’s the promise we’re delivering!” said, Agastya Dalmia, the visionary Founder & CEO of Keventers
Keventers Value Shakes offer an outstanding value proposition and are truly economical, giving customers unparalleled value for their money.
The Value Shakes selection includes three flavors: Vanilla, Chocolate, and Pineapple, all conveniently packaged in the standard 300ml Keventers bottles.
You can find the value shakes at all Keventers outlets throughout India, and they are also conveniently available for online orders via Swiggy and Zomato.
Mithun meat is renowned for its comparatively low fat content, rendering it a healthier choice for individuals in search of lean protein options. (Representative Image)
Meat lovers, brace yourselves for a tantalizing culinary revelation on the horizon – a uniquely flavored, low-fat delight from the enchanting hills of Northeast India may soon grace your plates.
The Food Safety and Standards Authority of India (FSSAI) has recently granted official recognition to Mithun, a semi-domesticated bovine animal, as a food source. This significant development opens the door for the promotion of Mithun consumption and its commercial breeding in the hills of Northeast India.
Mithuns, typically inhabiting altitudes spanning from 300 to 3,000 meters, have long held cultural significance among various tribes in Arunachal Pradesh, Nagaland, Manipur, and Mizoram. Nonetheless, the promotion of their meat and milk consumption was hindered until the FSSAI officially recognized them as a food source.
“Mithun, as a lesser-known meat source compared to conventional options, brings a novel and distinctive flavour profile to the table of meat lovers in India. Its introduction provides an opportunity for meat enthusiasts to explore new tastes and culinary experiences, enriching their gastronomic journeys,” said Girish Patil, director of Nagaland-based National Research Centre on Mithun (NRCM), an agency under the Indian Council of Agriculture Research.
Patil said Mithun meat has a distinct flavour that sets it apart from conventional bovine meat like beef and buffalo meat. Mithun meat tends to be leaner and slightly tougher compared to beef. “The animals’ natural habitat and lifestyle, which often includes more physical activity, contribute to the development of lean muscle.”
According to Patil, Mithun meat is renowned for its comparatively low fat content, rendering it a healthier choice for individuals in search of lean protein options.
“The lower fat content contributes to a different mouthfeel compared to beef. Additionally, Mithun meat contains essential amino acids, vitamins, and minerals that are commonly found in meat products, contributing to its nutritional value.”
In 2019, an estimation indicated that the Mithun population stood at 3.9 lakh, with a substantial 3.50 lakh residing in Arunachal Pradesh alone. The National Research Centre on Mithun (NRCM) initially submitted their request for FSSAI recognition in 2017.
Patil mentioned that FSSAI’s acknowledgment would facilitate the promotion of Mithun meat consumption, fostering the growth of commercial breeding and creating additional livelihood opportunities in the Northeastern region.
To commemorate FSSAI’s recognition, the National Research Centre on Mithun (NRCM) held the inaugural National Mithun Day on September 1 at their Medziphema campus in Nagaland. Patil revealed that Mithun meat was christened with the brand name “Weeshi,” drawing from Naga terminology.
The celebrations were graced by the presence of notable figures, including Nagaland’s Minister of Higher Education & Tourism, Temjen Imna Along, and Kazheto Kinimi, an advisor in the field of animal husbandry and veterinary, among others.
President Joe Biden and fellow world leaders convening at the G20 summit will have the opportunity to savor delectable Indian street cuisine, which includes the rich flavors of Chandni Chowk and inventive millet-based dishes.
A comprehensive selection of millet dishes has been arranged for the global leaders and delegates gathering at the G20 summit on September 9-10 at Bharat Mandapam. These dishes will spotlight the climate-resilient and exceptionally nutritious coarse grains cultivated throughout the nation.
As part of their commitment to establish a G20 Garden within the Bharat Mandapam complex, world leaders attending the summit will participate in planting saplings of their national plants or native plant species from their countries during the meeting.
In an interview to PTI, G20 India Special Secretary Muktesh Pardeshi said arrangements are also afoot to make the India visit memorable for the spouses of the world leaders through live demonstrative sessions on the rich handicrafts legacy of the country coupled with a shopping experience at the National Gallery of Modern Art.
“Yes, in some innovative manner, there would be an introduction to street food, and local and regional cuisines of India. The chefs are working overtime to finalise the menu, keeping all aspects in mind. But certainly, there will be some exposure,” Pardeshi said in response to a question.
“Delhi is very well known for its street food, particularly the Chandni Chowk area. So, when you visit our international media centre, I am sure you will also get a taste of the street food of India,” he said.
He mentioned that all the hotels accommodating world leaders and delegates are in a friendly competition to present creative millet-based dishes.
Pardeshi said special attention is being given to the gifts for the visiting leaders and delegates with preference given to handicrafts, textile and painting traditions of the country.
“For world leaders, the prime minister is conscious of the fact that the gift should connect and convey a sense of warmth. We have submitted a list of items — whether they are paintings or handicraft items or carpets — they will be chosen with all care and respect to the visiting dignitary,” he said.
“Our approach is that the gifts should convey a message about our handicraft traditions and culture. When leaders carry an item, they should carry the memory of India,” he added.
On security arrangements for the summit, Pardeshi said the Delhi Police has been coordinating with the advance teams of different countries and their security requirements and concerns have been taken onboard.
“We work with delegations, the Delhi Police and other agencies in sharing perspectives and coming up with adequate security arrangements for each and every delegation. So, they are all tailormade according to the threat perception of the world leaders and whatever expectations they have from our side,” the special secretary said.
Pardeshi said more than 10,000 delegates are expected to visit Delhi for the summit.
“We have identified hotels in central Delhi, Aerocity, Gurugram and some neighbouring areas as VVIP hotels to accommodate world leaders, accompanying delegations and media representatives,” he said.
During the final session of the summit, a few minutes will be devoted to the symbolic handing over of the G20 Presidency to Brazil, he said.
“Our prime minister is not likely to meet the Brazilian president before November 30, so the ceremonial handover is usually done at the summit,” Pardeshi said.
The Mariwala family-owned company, Marico, has successfully executed a diversification strategy aimed at reducing its reliance on two historically dominant, commodity-related brands, Parachute coconut oil and Saffola edible oil. This strategic shift has proven to be fruitful for the company.
Over the past five years, the domestic revenue generated by coconut oil has decreased by approximately 7 percentage points (700 basis points). Meanwhile, the domestic revenue share from emerging categories such as food and premium personal care (which includes digital-first brands) has surged to around 15% of domestic revenue in FY23. It is anticipated that this contribution will further increase to roughly 20% in FY24.
While the contribution of Saffola oil has risen by about 500 basis points, primarily driven by a significant price surge in the past few years, the company anticipates a substantial normalization in FY24. This expectation is based on the recent correction in edible oil prices.
During an interview, Marico’s Managing Director and CEO, Saugata Gupta, shared, “We have rapidly reduced our dependence on Parachute coconut oil and Saffola oil. If we look within the Saffola franchise, in the next 3-4 years, foods could overtake edible oils in terms of turnover. We are reducing our dependence on commodity-linked products. The metric which we measure is the quantum of business coming from premium personal care, foods and digital brands. This has moved from 5% in 2020 to 15% right now and is expected to be at approximately 20% by next year.”
Parachute coconut oil and Saffola oil account for approximately 55% of domestic revenues in FY23. In the FMCG industry, companies that focus on value-added brands are generally more highly regarded than those operating within the realm of commodity-linked brands.
In the past decade, Marico has purposefully broadened its business through a combination of organic and inorganic growth approaches. In response to evolving market dynamics, the company has also acquired several direct-to-consumer (D2C) brands to enter the male grooming sector, all the while expanding its Saffola franchise into the packaged foods segment.
“We have been able to rapidly diversify to create future growth engines. By the end of this year, at least two of our digital brands will be profitable — Beardo and Just Herbs. We see the brand, Beardo, as the ‘Harley Davidson’ of male grooming. While the habit of sporting a beard continues to be a trend, we have been able to diversify the portfolio beyond just beard-related products,” said Gupta.
In the direct-to-consumer (D2C) realm, Marico recognized that tasks beyond its capabilities should be entrusted to the founders of the brands it acquired.
“Just like other leading FMCG companies, our core business is characterised by a repeatable model of large brands, mass distribution and mass advertising. Although we have significant digital capabilities and 20% of our spends are on digital platforms, our core business is wired in a certain way. Taking a cricket analogy, very few players can excel in all formats of the game. But, we realized that if we do not participate in the digital business, it would be a missed growth opportunity. Since we did not have the organic capability in the core in 2017-18, we decided to allow the founders to operate in this way independently while we learnt about digital brand business models in a methodical manner,” said Gupta.
Marico’s recently acquired D2C brands maintain their operations in their original locations, while Marico explores cost synergies in the backend, including the implementation of a shared technology infrastructure and collaborative performance marketing efforts, among other strategies.
“We will have a system advantage when operating as a house of brands as compared to other stand-alone digital brands,” said Gupta. “We might not be the best in the world in creating new digital brands ourselves, but what we want to be is best-in-class in profitably scaling up the digital brands we invest in. That’s where we want to specialize because founders create brands; we want to be seen as profitable scalers and not creators in D2C,” he added.
In the food segment, the company is establishing a distinct go-to-market strategy, recognizing that this category necessitates the maintenance of fresh stock and places a significant emphasis on an efficient supply chain.
“One of the reasons we moved into foods so aggressively is we believed that we were under leveraging the brand Saffola. As we keep expanding into foods, the addressable market multiplies. So, we want to make Saffola the best-in-class case study of how a brand can be successfully stretched and re-invented by expanding its addressable market,” said Gupta.
Saffola has expanded its offerings into various segments including snacking, immunity, breakfast, and spreads. Furthermore, it is directing its attention towards plant protein and millets as emerging platforms for future growth.
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