Delhi-based Burgrill has announced its intention to initiate its inaugural external fundraising round, with the goal of accelerating its growth and expansion plans.
The bootstrapped brand has created a niche for itself in the mass-premium category through a focus on innovation & customization.
Ankur Madan, CEO & Co-Founder, Burgrill, said, “We’re thrilled to embark on this exciting journey as we seek to funding to fuel our expansion and enhance the Burgrill experience for our customers. This funding will enable us to introduce Burgrill to new markets, enhance our menu offerings, and invest in technology to further elevate our customer interactions. Client Associates Investment Banking team is advising us on this transaction.”
Burgrill’s swift ascent to prominence is attributed to its introduction of an innovative dining concept that seamlessly blends the timeless allure of a traditional burger eatery with contemporary culinary methods, placing a significant focus on tailored dining encounters. Featuring delectable gourmet burgers, meticulously crafted using top-tier ingredients and inventive flavors, Burgrill has garnered a devoted community of culinary aficionados and epicureans. The brand presents an unparalleled menu boasting an equal array of vegetarian and non-vegetarian choices, spanning burgers, wraps, subs, and salads, thereby catering to diverse preferences.
The secured funds will play a pivotal role in bolstering essential endeavors such as expansion, encompassing the launch of fresh flagship outlets in bustling locales to captivate a broader clientele. Additionally, the funding will fuel menu enhancements and the seamless integration of technology within the brand’s operations.
It is also planning to expand its team of culinary experts, marketing professionals, and operations specialists to support its growth trajectory.
Established in 2016, Burgrill emerged as the brainchild of three ardent food enthusiasts. Their vision was to tap into an underserved niche within the fast-food sector, introducing healthier alternatives and pioneering this concept in India. Within the span of eight years, the brand has expanded its presence to include 49 outlets across over 22 cities in the country. Looking ahead, the brand’s ambitions involve the launch of 40 additional CoCo stores nationwide. Its stronghold lies in the northern regions of India, and it aspires to make a significant imprint on key metropolitan areas within the next 4-5 years. Despite a bootstrapped journey, Burgrill has achieved an impressive brand revenue of over 45 Crores, showcasing strong double-digit EBITDA margins and a robust year-on-year growth rate of 50%.
This partnership will enable Arla to supply its products to the food and nutrition markets in China.
Arla Foods Ingredients and Zhongbai Xingye Food Technology have entered into a distribution agreement. This partnership will enable Arla to supply its products to the food and nutrition markets in China.
As of 2021, Zhongbai has become a subsidiary of the Brenntag Group, a company specializing in the distribution of chemicals and ingredients, following its acquisition.
The partnership is believed to strengthen the extensive connection between Arla and Zhongbai, which has developed over a period of more than 15 years. Throughout this time, they have notably expanded their influence within the Chinese market.
The recently formed accord centers around three primary domains: infant nutrition, where the collaboration aims to assist manufacturers in augmenting the nutritional content of formulas and items designed for infants and toddlers; performance nutrition, where the agreement identifies opportunities for expanded presence in China’s performance nutrition sector, encompassing sports nutrition, nutritional offerings for seniors, and dietary supplements; and lastly, the realm of food and beverage.
The partnership involving both firms encompasses the establishment of a shared Innovation & Application Center located within Zhongbai’s Beijing facility. This center, functioning as a central point for devising formulations customized for the Chinese market, will undergo expansion to incorporate supplementary capabilities for developing products that cater to the distinct requirements of the local market.
Luis Cubel, commercial director of Arla Foods Ingredients, said, “Demographic changes in China have increased the demand for high-quality products, particularly in the infant nutrition and performance nutrition spaces. This agreement will help us adapt, and make our offering to Chinese markets even stronger. Zhongbai offers a wealth of expertise and local knowledge, and over the past 15 years, it’s been an incredibly productive partnership for both companies. We’re hugely excited about this new opportunity to co-operate even further, and to continue to invest in one of the world’s most important nutrition markets.”
Michael Friede, CEO of Brenntag Specialties, said, “This is an agreement that builds on some very solid foundations. We have a great working relationship with Arla Foods Ingredients, whose expertise, capacity and understanding of market needs has helped both companies grow in China. There’s still potential for major expansion, particularly in key segments like performance nutrition. We’re looking forward to working together to take the opportunities that lie ahead as two market leaders are joining hands for future growth in a highly attractive specialities market.”
Differences among shareholders regarding the degree of Dunzo’s valuation decrease are currently hindering the acquisition of fresh financing for the distressed quick commerce startup.
People familiar with the negotiations have stated that Reliance Retail, holding the largest stake of 26% in Dunzo, opposes the notion of reducing the startup’s valuation by almost 50% in an upcoming funding arrangement orchestrated by a consortium of current investors.
This substantial reduction would result in a noteworthy depreciation of value for the telecom-to-retail conglomerate’s $200-million investment, which was injected into Dunzo as part of a $240-million funding round in January 2022, as mentioned by the sources.
At that time, the financially strained startup, which also boasts Google among its investors, held a valuation nearing $800 million.
The extent to which Dunzo can secure additional capital through its vigorous endeavors will now hinge upon the unanimous consent of all its investors to accept a decreased valuation, as stated by the sources.
The significant decline in the consumer business of the Bengaluru-based company, which was at its peak during the investment by Reliance Retail last year, has been the catalyst for the ongoing reduction in Dunzo’s valuation.
“There is a soft commitment of multiples of tens of millions for Dunzo, but for these conversations to close, the valuation needs to be finalised, and with Reliance Retail’s cash, the total pool can be widened, which the firm needs on priority,” said one person aware of discussions.
Over the past few weeks, Dunzo has been in contact with several family offices, including Premji Invest and Kiran Mazumdar-Shaw of Biocon, among others, aiming to establish a new group of investors. The company has been extensively involved in pursuing additional capital, even at a substantial reduction in valuation, as it is facing urgent deadlines to settle unpaid salaries and vendor obligations, according to several informed individuals.
A representative from Premji Invest declined to provide any comments, and emails sent to the office of Mazumdar-Shaw yielded no response. Email queries to Reliance Retail and Dunzo also remained unanswered.
“Beyond the immediate fundraise, Dunzo will likely need further clarity from Reliance on its long-term plans for the company. There is some hope that Reliance will step in, given their retail experience and ecommerce ambitions,” said Satish Meena, an ecommerce analyst.
Dunzo has encountered challenges in raising capital in recent instances before. It was reported on July 18 that the company had managed to secure only approximately $45 million out of the intended $75 million funding through convertible notes. Despite actively seeking equity investment opportunities since late last year, the efforts did not yield results, as stated by several individuals familiar with the situation.
In recent weeks, the financial challenges at Dunzo have worsened, as reported by insiders. Last week, the company faced difficulties in maintaining operations at all its Bengaluru dark stores due to delays in payments to its dark store workers, also known as pickers, according to sources.
“It (Dunzo) has been rotating the operation of dark stores. (They) keep shutting some stores when others are open, with delivery workers stepping in to help run stores,” the people cited said.
Bengaluru, where Dunzo is headquartered and holds its largest market presence, currently remains the sole city with a limited number of operational dark stores, following a significant downsizing of its B2C vertical, Dunzo Daily. This shift in scale is also evident in the range of services offered. In central Bengaluru, for example, several densely populated areas no longer have access to “instant delivery,” which used to take 20-35 minutes. As a result, users are left with the “no rush” option, which can extend to a delivery time of 75 to 90 minutes. Meanwhile, the company’s operations in other cities are now exclusively managed through partner stores.
Sources aware of the troubles said they have been in the making since at least the beginning of 2023. “There were several internal discussions at the start of the year on whether Dunzo should just wind up from all other cities and be in Bengaluru, where it has a chance to become profitable. However, the company kept managing its issues, while hoping new money would come soon, which led them to raise more debt,” said one of the people cited above. “That really is the main problem, looking back.”
In the midst of the ongoing financial constraints, Dunzo has been experimenting with increased order values to qualify for free deliveries, along with a comprehensive revision of fees for its pick-and-drop services and other offerings.
“I think the numbers that have come out from Blinkit and Zepto give some hope of profitability in the quick commerce space. However, the model has to be pursued for a while, and Dunzo has to survive (for that). A valuation cut in this environment might be inescapable,” Meena said.
A key issue for Dunzo, to start with, is to pay its staffers. “The vendor dues, honestly, have been there for a few months before it became public, but right now, the salary dues are the main concern,” said a person aware of matters.
Another person said the new funding is to “just survive” the current spate of problems and figure out a stable future — albeit, at a much smaller scale.
On July 20th, it was reported that the company had postponed salary payments for both June and July, with the intention to disburse them in September, along with the August salaries. Additionally, over the past eight months, Dunzo has also laid off nearly 400 employees.
The fast-paced commerce entity is currently dealing with legal notifications from Google India, Facebook India Online Services, Koo, Glance, and various other entities due to unpaid vendor dues. Estimates suggest that the accumulated vendor debt amounts to approximately INR 11.4 crore.
“At this point, most people are looking to move on… not getting salaries is as good as not having a job, and even full and final settlements of those being laid off are being pushed to the end of the year,” expressed an employee.
Receiving a fresh funding injection from any group of investors would provide Dunzo with the opportunity to renegotiate its debt agreement.
On August 15th, it was reported that Dunzo engaged in discussions with its creditors to reconfigure the credit conditions, aiming to access a portion of the funds currently held in its bank account.
Compounding its challenges, Reliance JioMart, the principal client of Dunzo Merchant Services (DMS), reduced the compensation for final-mile deliveries in June. This decision by JioMart, constituting a significant portion of DMS’ overall operations at 30-40%, resulted in a reduction of gross margins for DMS stemming from its services provided to JioMart. In cities like Bengaluru, this adjustment has led to a contraction of gross margins ranging between 50-75%.
The onion trade has put forth a request to the government, urging the introduction of a minimum price to be used in the calculation of export duty for onions. This plea is driven by the intention to create a level playing field for all stakeholders, especially in light of the detrimental effects that bans and restrictions on wheat and rice exports have inflicted on businesses.
On Saturday, the central government imposed a 40% export duty on onions as a response to the steep fourfold surge in retail prices witnessed within the last two months. Notably, the official duty declaration did not include any reference to a minimum price. This omission has sparked concerns within the trading community, which argues that the absence of a specified floor price might potentially confer undue benefits upon certain ports and stakeholders involved in the onion trade.
“It is necessary to determine a floor price for calculating the export duty on onions across different land and seaports. We fear that there may be a disparity in the floor prices being considered for the calculation of export duty on onions across different ports,” Ajit Shah, president of Horticulture Produce Exporters’ Association (HPEA), said in a letter to the government.
In the meantime, industry executives have reported that the recent bans and limitations on the export of wheat, rice, and now onions, constitute part of the government’s strategy to curb the rapid escalation of domestic food prices. These measures, however, are resulting in revenue losses and an accumulation of inventory for businesses in the sector.
Two executives from non-basmati rice exporting companies have expressed their challenges in managing unsold inventory at ports due to the abrupt ban on non-basmati rice exports imposed on July 20.
Towards the end of the previous week, the government announced that there would be “exemptions” to the export ban on non-basmati white rice, specifically for varieties that are semi-milled, wholly milled, polished, and glazed.
The prohibition, which was imposed due to non-basmati rice prices soaring over 30% since October of the previous year, compounded with prior partial export limitations in 2022. During that time, India had forbidden the export of broken rice and levied a 20% tariff on non-basmati rice exports.
“The agri business faced setbacks due to export restrictions on wheat and rice in the April-June quarter,” ITC, the country’s largest wheat exporter, said in its earnings call last week. “These restrictions have resulted in lower business opportunities and weighed on segment revenue during the quarter,” it said.
India had banned exports of wheat in May last year.
Akshay Gupta, business head of bulk exports at KRBL, the country’s largest basmati rice exporter, said, “There is a fair bit of anticipation on what is happening in the global rice market. Prices have gone up, but we expect the surge to be a short-term one.”
Meanwhile, onion traders in Nashik, the largest onion cultivation region in the country, chose to observe a market closure on Monday as a form of protest against the imposed export duty on onions.
“Onion farmers had been incurring losses for the entire last year due to subdued prices. Many of them haven’t yet received the subsidy amount that the government had announced to compensate for their losses,” Jayadatta Holkar, director of Mumbai APMC, said, explaining the trade’s displeasure.
According to a report from the Wall Street Journal on Monday, Roark Capital, the parent company of dining establishments Arby’s and Buffalo Wild Wings, is in the final stages of negotiations to acquire the sandwich franchise Subway for an estimated $9.6 billion.
Citing individuals familiar with the situation, the report mentioned that an agreement might be concluded within this week.
“Subway does not intend to make any further public comment regarding the process until the transaction has been completed,” the company told Reuters in an emailed statement.
In earlier reports this month, Reuters indicated that private equity companies TDR Capital and Sycamore Partners were engaging in discussions to collaborate in their endeavor to purchase Subway. This move comes after Subway announced in February its consideration of a potential sale of its business.
Back then, insider sources informed Reuters that Subway was aiming for a deal surpassing $9 billion. However, there is still uncertainty regarding whether TDR and Sycamore can fulfill Subway’s anticipated price requirements. Additionally, the sources had indicated that a different consortium led by Roark Capital was also actively competing for the acquisition.
Roark Capital, a private equity company, predominantly directs its investments towards the franchised consumer and business services sectors. Notably, it has extended its investments into Inspire Brands, the proprietor of various well-known establishments including Arby’s, Baskin-Robbins, Buffalo Wild Wings, and Dunkin’, among others.
Established in 1965 by 17-year-old Fred DeLuca and his family friend Peter Buck, Subway operates a network of approximately 37,000 restaurants spanning across more than 100 countries.
Since its inaugural outlet opened under the name “Pete’s Super Submarines” in Bridgeport, Connecticut, the company has remained under the ownership of its founding families.
During the initial half of 2023, Subway witnessed a notable 9.3 percent surge in same-store sales across North America. This growth can be attributed to the company’s endeavors to refresh its menus, renovate its eateries, and enhance marketing initiatives, all of which collectively attracted a larger customer base, despite the challenging competitive landscape.
A prompt response to a comment request from Reuters was not received from Roark Capital at that time.
The government announced on Monday that tomato prices have dropped to a range of INR 50-70 per kilogram due to the influx of new harvests in retail markets. The government stated that it intends to maintain the reduced pricing for tomatoes until rates stabilize at a standard level.
Due to unexpected rains, tomato prices had spiked to levels as elevated as INR 250 per kilogram in retail markets nationwide.
“Tomato prices are ruling in the range of INR 50-70 per kg in retail markets across the country at present,” Consumer Affairs Secretary Rohit Kumar Singh told PTI.
He further mentioned that as the fresh crop arrives in states like Madhya Pradesh, prices have begun to decrease.
Regarding the sale of tomatoes at reduced prices, the secretary stated that the government plans to continue offering the product at discounted rates in specific states until the retail prices return to their usual levels.
Starting from August 20, the National Cooperative Consumers’ Federation of India (NCCF) and the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) have initiated the sale of tomatoes at a reduced rate of INR 40 per kilogram. This move follows a decline in the wholesale and retail prices of this essential kitchen commodity.
For the past month, NCCF and NAFED have been offering tomatoes at a reduced price under the auspices of the Consumer Affairs Ministry, aiming to curb the escalation in prices.
With the intention of offering advantages to consumers, the initial subsidized price was established at INR 90 per kilogram and was subsequently lowered as prices declined.
To enhance domestic supply and reduce prices, tomatoes have also been imported from Nepal.
Haldiram’s has recently launched the heartwarming campaign “Pyaar Ka Tohfa,” which highlights the everlasting bond between brothers and sisters during the celebration of Raksha Bandhan.
As part of the Pyaar Ka Tohfa campaign, Haldiram’s has introduced a special assortment of sweets, including the beloved Laddoo, to complement its varied and beautifully crafted collection of delectable sweets, nuts, and chocolates for gifting.
At the heart of the Pyaar Ka Tohfa campaign lies an emotive advertisement, portraying the profound connection shared between a sister who is a surgeon and her brother. The film captures the sister’s daily routine, as she returns home after her duties as a surgeon. However, on a significant Rakhi day, she arrives later than usual for the festive celebrations.
Experiencing a sense of disappointment, the brother skillfully masks it behind a sincere gesture. He presents her with a box of Haldiram’s Ladoos and kindly requests her not to burden herself with apologies.
As the story unfolds, the sister ties the Rakhi on her brother’s hand, revealing that it was her first surgery that day, during which she successfully delivered a cute baby girl. The brother’s disappointment turns into pure joy and playfully feeds the delicious Ladoos to her.
Speaking about the campaign, Divya Batra, Head of Marketing, Haldiram’s, said, “Raksha Bandhan is a celebration of the unbreakable bond between siblings, and Haldiram’s ‘Pyaar Ka Tohfa’ campaign beautifully captures the emotions and love shared between them. Our special gifting range including an assortment of signature sweets, nuts, and much more, etc., makes the perfect gift to express affection and appreciation to your beloved siblings.”
Kailash Aggarwal, President – Retail, Haldiram’s, said, “At Haldiram’s, we believe in preserving traditions and spreading joy through our delightful treats. With the Pyaar Ka Tohfa campaign, we aim to celebrate the essence of Raksha Bandhan and make this festival even more memorable for our customers. “Gifting by Haldiram’s”, especially curated gift boxes for special occasions, adds a touch of thoughtfulness to the festivities, allowing our customers to express their love and appreciation in a truly heartwarming manner.”
Haldiram’s is popularly known for its wide-ranging gifting options that suit different preferences and budgets. From thoughtfully curated hampers and exquisite sweets gift boxes, Haldiram’s also offers and plethora of assorted nuts, chocolates, among other exciting foods.
These gifting options highlight the brand’s vision to curate moments of togetherness for families and friends. The special assortment of sweets is available at Haldiram’s stores in Delhi-NCR and selected retail partners across the region.
Pringles, a brand under Kellogg’s ownership, has revealed its plan to introduce two new boldly spicy flavors of its potato-based crisps to the markets of Australia and New Zealand.
The recently unveiled varieties – Sizzlin’ Chipotle Sour Cream and Smokin’ Cajun Spice – have been expertly crafted to cater to individuals with a penchant for spiciness, skillfully blending fiery elements with zesty citrus undertones.
The sour cream option, according to the brand, is tailored to those who seek a gentler encounter while still savoring rich flavors. It boasts a subdued heat level and a velvety tang of sourness. These snack innovations were collaboratively developed with the culinary expertise of Michelin Star Chef Haikal Johari, ensuring they resonate with the preferences of the local palate.
Dan Bitti, Head of Pringles and Salty Snacks ANZ, said, “Across Australia and New Zealand, chip lovers are asking for more interesting and spicy flavours, so Pringles are giving the people what they want with something more daring. Whether you like your snacks fiery or mild, the Smokin’ Cajun Spice and Sizzlin’ Chipotle Sour Cream flavours are both ‘a must try’, packing a punch of flavour and spice to get those tastebuds popping.”
He continued, “Over the last 18 months we experimented with different tastes and levels of hot and spicy to get to the perfect balance of fire and flavour. Both flavours bring something new and are set to become fan favourites, we can’t wait for Pringles fans to try them and see if they can handle the heat!”
The new flavours are available to purchase at Coles and Woolworths stores across Australia and New Zealand.
Tilray has broadened its range of cannabis products to encompass XMG, Mollo, House of Terpenes and Little Victory (Representative Image)
Tilray Brands, a company focused on cannabis lifestyle and consumer packaged goods, recently revealed its acquisition of the remaining 57.5% equity stake in Truss Beverage from Molson Coors Canada.
Truss emerged as a collaborative project between Molson Coors and Hexo, a cannabis product manufacturer. Together, their aim was to create cannabis-infused, non-alcoholic beverages tailored for the Canadian market. In June of this year, Tilray took over Hexo through an acquisition.
In a statement, Tilray said that regulatory shifts are expected to facilitate market entry for cannabis-infused beverages, promising “substantial growth for the category,” with authorities re-evaluating their consumer policies. Tilray said the acquisition would strengthen its market position and streamline sales and distribution.
Blair MacNeil, president of Tilray Canada, said, “In addition to acquiring full and direct ownership of a stable high-growth brand, this acquisition further strengthens Tilray’s number one cannabis market share position in Canada and positions the company at the forefront of the adult-use beverage sector. We are excited to build upon our leading portfolio of beloved cannabis brands and to further diversify our product offerings while broadening our consumer reach and enhancing consumer’s lives.”
Tilray has broadened its range of cannabis products to encompass XMG, Mollo, House of Terpenes, and Little Victory, resulting in a collective pro-forma market share of approximately 36%.
The announcement follows news last week that Tilray had acquired eight beverage brands from AB InBev in an $85 million deal.
An NFU survey reveals that nearly 10% of dairy producers in the UK are considering discontinuing milk production by 2025. Among these, smaller producers are anticipated to bear the brunt of the existing market conditions.
According to the NFU’s 2023 Dairy Intentions Survey, which involved nearly 600 dairy farmers in the UK, a combination of inadequate profits, unpredictable markets, and the substantial on-farm investments needed, have collectively influenced the contemplation of numerous British dairy farmers regarding their continuation in the industry. Notably, the NFU stands as the representative body for over 46,000 farming and growing enterprises in England and Wales within the UK.
An additional 23% of milk producers have expressed uncertainty about their prospects for continuing production in the coming two years. As outlined in the survey, smaller businesses that yield less than 1 million liters of milk annually are at a higher likelihood of ceasing production before March 2025, in contrast to those generating larger quantities.
Data provided by the Agriculture and Horticulture Development Board (ADHB) indicates that there are approximately 7,500 dairy producers in the UK at present. This number has experienced a decline of 4.8% since the previous year, as reported by the NFU.
The results also indicated rises in input costs such as feed (84%), energy (83%), and fertilizer (74%), which are all areas of significant concern.
A notable 52% of producers are halting production due to the substantial investments needed to ensure their farms’ compliance, including factors like slurry storage. This particular issue is highlighted as a concern by 91% of producers when evaluating the possibility of expanding production in the future.
NFU Dairy Board chair Michael Oakes, said, “With increasing global demand for British dairy, we know that the long-term future is bright for our sector. To ensure we maximise this potential, it’s imperative that government continues to work with us to ensure we have the right environmental, regulatory and trade framework in place to support the production of high quality, nutritious and sustainable food.”
New industry-wide contract regulation expected to come in later this year, as announced by the government in July, “must support fairer, more transparent and accountable supply chains,” Oaks added.
The proposed regulations would empower farmers to contest prices, hinder alterations to contracts without their consent, and simplify the process for farmers to express their concerns.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
