Qatar Investment Authority to invest INR 8,278 Crore in Reliance Retail Ventures, strengthening equity position

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August 24, 2023

The Qatar Investment Authority has committed to invest INR 8,278 crore (approximately $1 billion) into Reliance Retail Ventures, a subsidiary of Reliance Industries. This investment secures them a 0.99 percent equity stake in the company, which is valued at INR 8.3 lakh crore. This valuation is now twice the value it held three years ago.

During 2020, Reliance Retail Ventures successfully garnered INR 47,265 crore from a group of international investors in exchange for a 10 percent equity share. At that time, the equity valuation had amounted to INR 4.2 lakh crore. In an official exchange filing, the company stated that this transaction positioned RRVL as one of the four leading companies in the country in terms of total equity value.

RRVL oversees the entirety of RIL’s retail and consumer-focused enterprises, which encompass sectors such as groceries, consumer electronics, fashion and lifestyle, as well as pharmaceutical products.

“We look forward to benefitting from QIA’s global experience and strong track record of value creation as we further develop Reliance Retail Ventures Limited into a world-class institution, driving the transformation of the Indian retail sector,” Isha Ambani, Director, said in the statement.

The company said that QIA’s “investment comes as the Qatari fund seeks to further invest in India’s fast-growing economy.”

The timing of this announcement holds particular significance, occurring just prior to RIL’s annual general meeting scheduled for August 28th.

RRVL’s upcoming listing is anticipated, and during the AGM, Mukesh Ambani, renowned for significant announcements, might also provide a timeline for this event. The conglomerate has recently accomplished the listing of Jio Financial Services, marking its first listing in approximately 17 years.

Retail stands as a substantial contributor to the revenue of the RIL Group. In the fiscal year 2023, RRVL disclosed a revenue of $31.7 billion, accompanied by an operating profit of $2.2 billion.

Having amassed a customer base of approximately 250 million and operating more than 18,000 stores, it commanded a cumulative retail space of 66 million square feet by the close of March.

Its expansion is being propelled by a combination of deliberate acquisitions and natural growth. A portion of the newly acquired funds from QIA will be allocated towards these acquisitions.

In the current year of 2023, the stock of RIL has experienced an appreciation of approximately 9 percent.

DS Group unveils India’s first exclusive Läderach chocolate store in New Delhi’s DLF Emporio Mall

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August 24, 2023

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Being the sole partner of the renowned Swiss Chocolate brand Läderach in India, the DS Group, a diversified multi-business corporation and a prominent conglomerate in the FMCG sector, has revealed plans to open the inaugural exclusive Läderach retail store in the country. Positioned within the prestigious DLF Emporio mall in New Delhi, this upscale establishment marks a noteworthy achievement in India’s luxury chocolate retail scene. The partnership harmonizes DS Group’s commitment to excellence and top-notch standards with Läderach’s unparalleled artistry, presenting Indian customers with an extraordinary chocolate retail venture.

The store’s grand opening included a special masterclass led by Elias Läderach, the recipient of the World Chocolate Masters award. This international competition gathers top pastry chefs and chocolatiers to influence the direction of the chocolate industry. Elias Läderach, a third-generation chocolatier from the esteemed Läderach family, enthusiastically imparted his wealth of knowledge and artistic skills during the event.

Rajiv Kumar, Vice Chairman, DS Group said, “The first exclusive Läderach store at DLF Emporio is sure to be Delhi’s ultimate chocolate destination. We’re excited to bring our customers a unique experience offering unparalleled moments of chocolate indulgence. Our family has been a loyal Läderach customer for over a decade, and it gives me immense pleasure to bring this quality-conscious brand to the Indian consumer. DS Group has always been committed to delivering best-in-class products, and our collaboration with Läderach further reinforces this commitment. With their unmatched expertise and unwavering dedication to quality, Läderach perfectly complements our vision of offering the best to our consumers.”

The inauguration of Delhi’s inaugural Läderach store signifies the initiation of an exceptional chocolate adventure for Indian patrons. The store is set to exhibit a wide spectrum of Läderach’s opulent chocolate innovations, encompassing their celebrated FrischSchoggi (fresh chocolate), Tablets, pralines, truffles, and exquisite chocolate bars. Every item is intricately crafted by hand, resulting in an unmatched fusion of flavors, textures, and aromas that elevate the act of savoring chocolate to unprecedented levels of delight.

Elias Läderach said, “We are thrilled to introduce Läderach to the vibrant Indian market. India has a rich cultural heritage and a deep appreciation for craftsmanship and luxury, making it the perfect destination for our brand’s expansion. The launch of the first store in India is a testament to our continued efforts in providing exceptional products and experiences to our esteemed consumers.”

The DS Group has successfully established an exclusive collaboration with ‘Läderach’ to introduce the Swiss luxury chocolate brand to the Indian market. Within the upcoming two years, the Group plans to inaugurate 5-7 exclusive boutiques, strategically fortifying Läderach’s position within India’s thriving chocolate retail arena.

Ranveer Singh and Britannia NutriChoice team up to advocate for healthy choices in new ad campaign

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August 24, 2023

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Ranveer Singh, the captivating star of Bollywood, has joined forces with Britannia NutriChoice, a leading name in its field, to introduce a captivating new advertising venture called #FeelTheFit. Devised by the creative minds at Lowe Lintas Bangalore, this campaign seamlessly resonates with the brand’s dedication to advocating smart choices. It aims to highlight the remarkable power of making small strides towards embracing a healthier lifestyle.

The #FeelTheFit initiative is tactfully crafted to inspire individuals to remain dedicated to their journey of overall health and well-being. It emphasizes that every effort, regardless of its size, signifies advancement in the correct direction. The campaign aims to shift the conversation away from solely concentrating on the end goal, and instead, concentrates on the positive feeling that accompanies each virtuous choice.

The campaign consists of two cinematic creations where Ranveer embodies a metaphor, representing the feeling of being “fit waali” (associated with fitness) that individuals encounter when they make a virtuous decision – like opting for NutriChoice as their preferred snack. The core idea behind the TV commercials is to delve into the concept that a seemingly simple yet wise decision holds the capability to instill within us a deep sense of self-value.

Amit Doshi, CMO at Britannia Industries said, “In the contemporary world today, fitness is a state of mind, which transcends the appearance of a person. With this in mind, we have launched the #FeelTheFit campaign to celebrate every big and small effort that a person takes towards this journey – be it going to the gym or eating right. The idea behind the campaign is to motivate consumers to opt for a good choice, no matter what the scale of that choice is.”

Arpan Bhattacharyya, Executive Director and Head of Creative (Copy) Lowe Lintas, Bangalore said, “Most ads about fitness focus on the end result. We wanted to focus on the beginning. Because be it the first meal of a complete diet or the first day of a workout regime – every fitness journey begins with a small choice. Making that small choice makes us feel better and fitter, instantly. That’s what we wanted to celebrate with this campaign. Because a fitness journey well begun is half the job done.”

Through the #FeelTheFit movement, Britannia NutriChoice aims to inspire millions to recognize the significant impact that small, positive decisions can exert on their overall well-being. By selecting Britannia NutriChoice, individuals can relish the same feeling of fitness portrayed by Ranveer Singh in the campaign. Britannia NutriChoice remains dedicated to providing consumers with a diverse range of wise choices, including options with zero-added sugar such as Digestive Zero biscuits and Sugar-Free Crackers, along with delightful cookie selections like NutriChoice Seeds cookies. Additionally, the brand has notably transitioned to using ‘0 percent Maida’ in the majority of its product offerings.

Zomato’s tech budget inches closer to $50 Million in FY24

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August 24, 2023

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Zomato, a digital-native company specializing in both food delivery and quick commerce, had a significant reason to celebrate. For the first time in its history, the company achieved profitability, recording a remarkable INR 2 crore profit in the initial quarter of this fiscal year.

Also Read: Zomato’s profitable quarter ignites bullish outlook; brokerages raise target prices

In FY23, Zomato managed an impressive volume of over 640 million orders, serving an average of 17 million monthly customers. Alongside this resurgence in business following the pandemic’s initial impact, the company also experienced a proportional increase in its demand for computing power.

Fundamentally, Zomato is built as a technology-centric platform, a fact underscored by its substantial investments in information technology. In the fiscal year 2023, Zomato committed INR 386.7 crore to IT-related expenses, reflecting a notable 34% growth compared to the previous financial year. This increase can be largely attributed to heightened platform activity and the incorporation of Blinkit in August 2022. While this rise represents a slower pace compared to the impressive 88% surge in IT spending during the preceding year ending in March 2022, the cumulative technology budget is on track to surpass the $50 million milestone in the current year.

Zomato harnesses the power of artificial intelligence and machine learning to drive advancements on its platform, catering to the needs of various stakeholders such as customers, delivery partners, and restaurants. Among these stakeholders, restaurant partners enjoy significant advantages through fully automated order management systems. These encompass a range of functions including order transmission, order processing, menu synchronization, payment reconciliation, content promotion, marketing tools, and invoice management features.

During the month of June, Zomato introduced a data analytics platform named “Food Trends” to provide its restaurant partners with a data-driven methodology for making decisions regarding dishes, pricing, and locations. Zomato Food Trends effectively processes data from millions of transactions spanning numerous cities across India and is accessible to a wide audience.

Zomato also joined forces with ICICI Bank this year to roll out its very own unified payments interface (UPI) offering named Zomato UPI. This innovative feature enables customers to conveniently settle payments for their orders directly through the app by establishing their unique UPI ID. This streamlines the payment process, eliminating the requirement for redirection to external payment gateways. Moreover, these strategic endeavors accentuate the necessity for enhanced computing power while maintaining a strong emphasis on security protocols.

Technology holds a crucial position in another aspect critical to Zomato: the enlistment of its delivery partners. This process involves leveraging Aadhaar-based verification through Digilocker, thereby strengthening the validation of authenticity and deterring impersonation. Additionally, the company has integrated checks based on application programming interfaces (APIs) to ensure compliance with regulatory licenses. In the pursuit of refining logistical operations, Zomato has taken a step further by installing automated weather stations across select cities, including Delhi-NCR, Bangalore, and Chennai. This initiative enhances rain forecasting accuracy and offers customers improved visibility through the application.

There is a perception that Zomato might face robust competition from the government-supported Open Network for Digital Commerce (ONDC), an open protocol crafted by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce. ONDC’s objective is to unite buyers, sellers, and logistics operators, and it has attracted significant players like PhonePe, Paytm, Meesho, as well as international giants such as Microsoft and Amazon, who have already become part of the platform. Nonetheless, ONDC has not yet managed to significantly impact the landscape of digital native ventures.

Kerala steps up food safety measures for Onam: Intense inspections at border check-posts

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August 24, 2023

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This effort aims to guarantee the quality and safety of milk and dairy products that are transported to Kerala from neighboring states. (Representative Image)

During the Onam festival season, the Food Safety department will enhance its surveillance at border check-posts. This effort aims to guarantee the quality and safety of milk and dairy products that are transported to Kerala from neighboring states.

In an official statement released on Wednesday, Health Minister Veena George announced that food safety authorities have been instructed to conduct frequent inspections of shipments arriving from neighboring regions. These inspections will be conducted in collaboration with the Department of Dairy Development. Teams of officials have been assigned to maintain continuous monitoring at border check-posts located in Kumily, Parassala, Aryankavu, Meenakshipuram, and Walayar. These inspection efforts are scheduled to persist until August 28th.

As stated in the press release, mobile laboratories have been deployed at the check-posts to conduct testing on milk and dairy items during transportation. These laboratories will gather samples from the tankers and conduct thorough analyses. If any samples are found to contain chemical residues, they will be forwarded to laboratories accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) under the jurisdiction of the Food Safety department. This step is taken to ensure a comprehensive examination of the samples.

Depending on the outcomes of the tests, appropriate measures will be implemented against shipments that breach food safety standards. Additionally, samples of fruits, vegetables, fish, meat, and vegetable oils transported from other states will also be gathered at the check-posts for evaluation.

Taco Bell spices up its offerings with the new Indian Desi Menu

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August 24, 2023

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Taco Bell, the internationally acclaimed brand recognized for its Mexican-inspired fare, has recently introduced its new Indian Desi Menu.

This flavor fusion aims to bridge the offerings of Mexican-inspired fast-food with the diverse tastes of Indian consumers.

The Indian Desi Menu offers a variety of selections, ranging from the indulgent Paneer Makhni Taco to the flavorful Butter Chicken Taco and the savory Chicken Seekh Kebab Taco.

Every item has been meticulously prepared using a blend of unique ingredients, expertly paired with a medley of crisp vegetables, all encased in a comforting, airy chalupa bread or presented in a delightfully soft shell.

“With the introduction of the ‘Indian Desi Menu’ we are thrilled to offer our consumers something culturally desi, crazy and delicious. As we continue to expand our footprint across the country, it becomes imperative to bring about an offering that bridges the gap between the rich flavours of Indian cuisine and the beloved taco concept Taco Bell is renowned for.” said, Gaurav Burman, Director, Burman Hospitality Private Limited, Taco Bell’s exclusive franchise partner in India.

The company is excited to initiate a captivating online campaign, introducing the menu through a digital video available across various social media platforms.

The Indian Desi Menu is now accessible at all Taco Bell outlets across India, with prices starting at a mere INR 165.

Amul secures top spot as world’s strongest dairy brand and second strongest food brand globally

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August 24, 2023

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Amul (Representative Image)

In a significant accomplishment, Amul has clinched the title of the world’s strongest dairy brand according to the Brand Finance Food and Drink Report 2023. This comprehensive report meticulously evaluates and ranks the most potent and valuable brands in the realms of food, dairy, and non-alcoholic beverages.

Conducted by the prominent UK-based brand valuation consultancy, Brand Finance, recognized globally as a leader in its field, the report underscores Amul’s resolute dedication to excellence, ingenuity, and the trust of consumers. Notably, Amul has secured not only the premier position as the most robust global dairy brand but has also attained the remarkable distinction of being the second-strongest global food brand, yielding only to the renowned American chocolate giant, Hershey.

Amul’s remarkable achievement in this esteemed report extends beyond a single accolade. The Amul brand has additionally secured a place within the elite bracket of the top 30 most valuable food brands globally, a notable accomplishment considering the vast pool of 5000 brands worldwide. Furthermore, Amul takes pride in being the exclusive farmer-owned brand among the esteemed ranks of the world’s top 100 brands.

Jayen Mehta, Managing Director of Gujarat Cooperative Milk Marketing Federation (GCMMF), the umbrella organization that markets milk and a range of milk products under the Amul brand, said, “This achievement is a testament to the hard work and dedication of the 36 lakh dairy farmer members of the Amul family. We have always strived to provide the highest quality dairy products to our consumers while upholding the values of sustainability and farmer empowerment. Being recognized as the world’s strongest dairy brand will motivate us to continue our journey of excellence and empowering dairy farmers.”

Securing an impressive valuation of $3 billion, Amul has clinched the seventh position among the globe’s most valuable dairy brands. Notably, as India’s solitary entrant on this esteemed roster, Amul consistently upholds the nation’s pride on the international platform.

Additionally, the report underscores Amul’s dedication to sustainability and ethical conduct by positioning it at the seventh spot in terms of Sustainability Perception Values (SPV).

Amul stands as India’s premier FMCG brand, boasting an annual sales turnover of INR 72,000 crores (equivalent to US $ 9 billion). It serves as an exceptional embodiment of the potency inherent in the farmer’s cooperative movement. Originating in 1946, even prior to India’s attainment of independence, Amul recently celebrated its 75th anniversary.

Choko La sets ambitious growth trajectory: Plans to expand cloud kitchens, enter new markets, and diversify product portfolio

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August 24, 2023

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The couverture chocolate brand Choko La is poised to make significant strides in its growth strategy. With 7 boutique stores and 15 cloud kitchens already under its belt, Choko La is now setting its sights on expanding its presence in both the Indian and international markets, as shared by Vibhu Mahajan, the company’s COO.

Driven by a rising demand, the brand has set its sights on elevating the number of cloud kitchens to 25 by the conclusion of this fiscal year.

“For our products, we have a huge demand coming in from cities like Mumbai, Hyderabad, Bangalore, and Chennai and to cater to this increasing demand, we are planning to open more cloud kitchens during Q4 of FY24,” he explained.

“Another reason for expanding the cloud kitchens is that demand for our cakes has grown by almost 4x in the last couple of years and we are foreseeing another 2x-3x by the next fiscal,” he added.

Currently, cakes constitute 35 percent of the brand’s revenue. Over the upcoming 2-3 years, Choko La anticipates a shift where it will vie evenly with chocolates, aiming for a balanced 50:50 revenue distribution between the two.

An investment of INR 5-6 crore will be infused to support the expansion of cloud kitchens for the brand.

Choko La, conceptualized by Vasudha Munjal Dinodia, ventured into the modern trade arena in the previous year. It has currently established its presence across Spencer’s, Modern Bazaar, and Le Marche. Looking forward, the brand is strategizing to expand its reach to encompass 24Seven and Sodhi’s outlets.

In addition to this, the brand can be found in duty-free shops at 13 international terminals, as well as on various online marketplaces including Amazon, Flipkart, and Blinkit, among others.

Currently, the brand’s revenue is comprised of 60 percent from boutique stores, while the remaining 40 percent is generated through various other avenues such as marketplaces, e-commerce, Q-commerce, and exports.

“In the coming fiscal year, we are looking to change this ratio to 40:60 and for the next couple of years, we have no plans to enter general trade,” he said.

With a portfolio encompassing over 100 SKUs, the brand identifies chocolate and chocolate hampers as its most swiftly selling product categories.

Continuing its expansion into the premium FMCG market, the brand has recently unveiled a classic-flavored chocolate drink packaged in a 200 ml can. Additionally, the brand has imminent plans to roll out this product in three additional flavors, including options catering to health-conscious consumers such as sugar-free and vegan variations.

With the strategic intent to reach into tier II and tier III cities more extensively, the brand has set a price point of INR 175 for the drink.

“In this segment, we have invested INR 2-3 crore and by Q1 of FY 25, we will be launching more pocket-friendly options in 4-5 key categories to cater to a wider audience in tier II and tier III cities,” he stated.

At present, the beverages segment constitutes 7 percent of the brand’s total revenue. As the demand for this segment continues to rise, Choko La envisions a potential increase to 15-20 percent of the overall revenue by the upcoming fiscal year.

In the previous year, the brand made its debut in the US market, and in the current year, it successfully entered the UK market.

“We are supplying to these markets through Amazon at the moment. We are also talking to the departmental stores, for example, in the US, we are in discussions with Whole Foods, which is again owned by Amazon, and in the UK, we are talking with Selfridges and Harrods and we hope to close it by Q3,” he said.

Simultaneously, the brand is in the process of preparing for market entry into Singapore and Canada.

Furthermore, Choko La has intentions to expand its presence into the GCC region, Western Europe, and Australasia.

“At present, international markets contribute to 5 per cent of our overall business, and after expanding to all these countries, we expect the contribution to go up to 15 per cent,” he said.

“In the next 3-4 years, we are eyeing a presence in 10-15 more countries.” he added.

In terms of fiscal operating revenue, the brand achieved INR 25 crore, and it anticipates concluding the current fiscal year with a figure of INR 35 crore.

Vegetable prices in India set to drop from September, says RBI Governor

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August 24, 2023

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Vegetable prices in India are set to undergo a softening trend, with a probable decline expected from September, as highlighted by Reserve Bank of India (RBI) Governor Shaktikanta Das in his recent speech on Wednesday.

The escalating costs of vegetables and cereals have propelled the retail inflation to surge by 7.44% in July, marking its highest point in 15 months.

“We expect to see an appreciable slowdown in vegetable inflation from September,” Shaktikanta Das said.

Despite the potential hindrance of geopolitical tensions on food prices, he mentioned that the prospects for cereal prices remain optimistic.

Shaktikanta Das remarked that despite the persistent elevation of core inflation, the consistent gradual reduction observed in recent months serves as an indication of effective monetary policy transmission.

He stated that the central bank would be vigilant in preventing inflation from becoming enduring and spreading across various segments.

“The frequent incidences of recurring food price shocks pose a risk to anchoring of inflation expectations, which has been underway since September 2022. We will remain watchful of this,” Shaktikanta Das said.

Since May 2022, India has implemented a cumulative increase of 250 basis points in rates to control the upward trajectory of prices. Shaktikanta Das emphasized that the central bank maintains a strong commitment to bringing inflation in line with the Monetary Policy Committee’s prescribed medium-term goal of 4%.

He highlighted that sustainable growth must be grounded in price stability. He further added that the current conditions are conducive for the ongoing expansion to persist and for the capital expenditure cycle to gather momentum in the fiscal year 2023-24.

Regarding the rupee, the head of the central bank restated that while the RBI doesn’t have a particular target, it will maintain its efforts to bolster foreign exchange reserves in order to effectively handle potential dollar outflows.

“The Reserve Bank has also made conscious efforts to improve systemic resilience and efficiency by maintaining external stability and building forex reserves,” he said.

CafePod unveils luxurious ‘Black Velvet’ coffee pods for ultimate indulgence

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August 24, 2023

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CafePod, an independent coffee company headquartered in London, United Kingdom, is introducing “Black Velvet,” a new addition to its range of Nespresso-compatible pods that offers a rich, dark, and incredibly smooth experience.

Crafted by blending elements from CafePod’s renowned blends like Supercharger Espresso and Brunch Blend, the new pod variant encapsulates the essence of dark chocolate torte with its profound and luxurious flavor profile.

With a foundation of dark chocolate, the pod unveils subtle roasted hazelnut undertones, a result of skillful blending using meticulously sourced Ethiopian and Colombian Arabica coffee beans grown at higher altitudes. The addition of Brazilian Arabica imparts a lusciously caramel note to the bold amalgamation.

Peter Grainger, Co-Founder at CafePod, commented, “The name Black Velvet says it all. This dark, strong, rich blend is set to delight coffee lovers and perfectly complements an indulgent chocolatey dessert. Our customers continuously request more strong coffee options, so we think we’ve found the ultimate pleasure blend that will satisfy their coffee needs.”

Crafted using 80% recycled aluminum, these pods will be conveniently accessible for purchase via cafepod.com, Amazon, and Ocado. Priced at an RRP of £3.80, you can obtain a set of 10 Nespresso-compatible pods.

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