Mantis Dubai, known for its thrilling and memorable events, is on the brink of establishing a presence in Goa, India.
Mantis by Levels, the renowned nightclub, is preparing to take Goa’s nightlife to unprecedented heights and redefine the experience.
Boasting an impressive capacity that accommodates anywhere from 2500 to 3000 individuals, Mantis by Levels guarantees an exhilarating ambiance for party enthusiasts and music aficionados alike.
“We are thrilled to bring Mantis by Levels to Goa. The energy, emotions and enthusiasm surrounding this launch are beyond imagination. We promise an unforgettable experience that will leave a lasting impression on everyone.” said, Ritanshu Aneja.
The spectacular inauguration is scheduled to take place between August 11th and 15th. The event’s roster showcases a diverse selection of exceptional artists and DJs, including acclaimed personalities like Bismal and Chetas, Stebin Ben, DJ Yogii, Tech Panda, Kenzani, and many others.
These talented DJs will maintain a lively atmosphere throughout the night, while the bartenders will ensure an uninterrupted serving of signature cocktails alongside a delectable variety of savory appetizers.
Attendees can look forward to embarking on a musical journey that will have them dancing throughout the night.
On Thursday, Spencer’s Retail Ltd, a subsidiary of the RP-Sanjiv Goenka Group, announced that its combined net loss for the initial quarter of June 2023 had expanded to INR 64.13 crore. This is in comparison to the net loss of INR 33.63 crore incurred during the same April-June period in the previous year, as stated in a regulatory disclosure by Spencer’s Retail.
During the reviewed quarter, the revenue from operations experienced a decline of 8.18 percent, amounting to INR 570.17 crore, in contrast to the INR 621 crore recorded in the corresponding period of the previous year.
In the initial quarter of FY2023-24, the company’s cumulative expenses amounted to INR 646.34 crore, marking a 4 percent decrease.
In the quarter ending June, the total income experienced a decline of 8.94 percent, settling at INR 582.11 crore.
Spencer’s operates 152 stores with a total trading area of 13.29 lakh square feet as of June 30, 2023.
On the business of Nature’s Basket, acquired from Godrej Industries, Spencer’s Retail said it has reported a standalone turnover of INR 67 crore.
Nature’s Basket operates 34 stores with a total trading area of 1.03 lakh square feet as of the quarter ended June 30, 2023.
Share of Spencer’s Retail Ltd on Thursday ended 5.59 per cent lower at INR 62.28 apiece on the BSE.
On Friday, ITC Limited, a diversified conglomerate, announced that its FMCG business holds significant growth potential, boasting brands that drive an annual consumer expenditure of INR 29,000 crore.
Addressing shareholders at the company’s 112th Annual General Meeting, ITC’s chairman, Sanjiv Puri, highlighted that the FMCG brands are being distributed to numerous countries, emphasizing the substantial growth potential of this business segment attributed to the increasing per capita income among populations worldwide.
“The ITC Next strategy for the FMCG business is to build a future-ready portfolio. With more than 25 brands at the moment, the annual consumer spend is around INR 29,000 crore”, Puri said.
He said that the addressable market for the FMCG vertical of ITC is USD five trillion. “The business has immense opportunity to harness this potential”, Puri added.
In relation to the hotel business, the ITC board had granted preliminary approval for the demerger of this division, intending to establish it as a distinct and independent entity.
Puri expressed that the business is strategically positioned to seize the burgeoning opportunities within the expanding tourism sector.
“We have pivoted to an asset-right strategy. With 120 hotels at the moment under ITC fold, managed properties comprise 55 per cent of the total rooms”, he said.
In terms of the cigarette business, he mentioned that the company has been launching fresh brands while benefiting from a consistent taxation framework, resulting in an upward trend in sales volumes.
ITC continues to strengthen the cigarette business, he added.
Puri said the FMCG business is linked to the agri-value chain. The ITC MAARS project will support 4000 FPOs by 2030, he said.
The Wendy’s Company has recently entered into a fresh master franchise agreement with Flynn Restaurant Group. This collaboration aims to establish 200 new Wendy’s restaurants across Australia by the year 2034.
As the world’s largest restaurant franchise operator, Flynn Restaurant Group will take on the exclusive role of being the master franchisee in Australia.
This development follows an earlier announcement this year, in which the renowned American hamburger brand expressed its intention to make its debut in the Australian market.
Australia is regarded by Wendy’s as a strategically significant growth market, and the partnership with Flynn Restaurant Group underscores Wendy’s aspiration to broaden its global presence through its franchising approach.
“Australia is a strategic market for long-term growth for Wendy’s. Flynn Restaurant Group has incredible experience in the restaurant space, and we are thrilled to expand our relationship with them,” shared Abigail Pringle, President, International & CDO, The Wendy’s Company.
The arrangement between Wendy’s and Flynn Restaurant Group is poised to fuel expansion in Australia, especially post-2025, with the aim of achieving a network of 200 restaurants throughout the nation by 2034. This growth will be realized through a blend of company-owned stores and sub-franchise partnerships.
Apart from their involvement with Wendy’s, Flynn Restaurant Group manages restaurants for well-known brands such as Applebee’s, Taco Bell, Panera, Arby’s, and Pizza Hut across the United States. Operating under their Wendy’s franchise entity called Wend American, they presently oversee a portfolio of nearly 200 Wendy’s restaurants spanning five states.
“We couldn’t be more excited about expanding our partnership with Wendy’s. It is a tremendous brand with significant untapped potential outside of the U.S. and we think it is an especially great fit for Australia, given the savvy nature of the Australian consumer. We look forward to expanding the brand in the market and in the process re-defining what Australians should expect from QSR,” added Ron Bellamy, Chief Operating Officer of Flynn Restaurant Group.
Traders have indicated that the cost of high-quality onions, commonly purchased by households, is poised to undergo an almost twofold increase, reaching around INR 55-60 per kg by September. Despite the presence of an abundant onion supply within the nation, the prevalence of substandard onions caused by an extended period of intense summer heat this year has resulted in an escalation in the price of superior quality onions.
On Wednesday, the wholesale onion prices in Nashik varied from INR 5 per kg to INR 24 per kg, whereas the retail prices stood at INR 25-35 per kg.
The substantial difference between the lowest and highest onion prices was attributed by traders to the prevalent abundance of lower-quality onions, coupled with a decreasing influx of superior-quality onions. Traders noted that farmers have begun stockpiling onions, anticipating elevated profits similar to their counterparts in the tomato industry.
In addition to the significant presence of subpar onions, traders also pointed out that the elevated inflation rates affecting other vegetables have contributed to the upward surge in onion prices.
“There are a lot of onions in storage in the country even today,” said Rajinder Sharma, a Delhi-based wholesale onion trader. “However, about 30-40% of the onion we are getting in Delhi is of inferior quality, due to which the prices have increased about 40% in the past one and a half months. Inferior quality onions are mostly used by roadside eateries.”
According to data compiled by Agmarknet, wholesale onion prices in Maharashtra witnessed a month-on-month rise of approximately 34% in July, along with a year-on-year increase of 6%.
“We are going to see a wide range in onion prices. The large supply of inferior quality onions at lower price points will help to keep a check on the overall increase in onion prices,” said Danish Shah, an onion exporter from Maharashtra. “The price of good quality onions used at household level is likely to increase to INR 30-35 per kg in wholesale trade by September, which translates into a retail price of INR 50 per kg or more.”
Given the absence of a new onion crop across the nation during the monsoon period, consumers rely on onions preserved from the rabi harvest spanning March to May. These stored supplies are complemented by the fresh yield from the kharif crop, cultivated in Karnataka and Andhra Pradesh starting from September. The primary kharif harvest in prominent onion-producing states like Maharashtra and Madhya Pradesh usually commences around Diwali.
Nonetheless, this year has raised apprehensions regarding the harvest from the southern region.
“Normally we get full arrival of onions from Karnataka and Andhra Pradesh in the months of September and October. However, this year, onion cultivation in Karnataka and Andhra Pradesh is down by 60-70% as farmers cut the area due to subdued prices of the last two years,” said Shah.
The postponement of onion crop transplantation in Maharashtra, responsible for over 30% of the nation’s onion production, is also contributing to the prevailing upward trend in onion prices. This delay has raised additional concerns in the market.
“The sowing of the kharif crop has been delayed in Maharashtra. If the rainfall spoils the new crop in southern India during its harvest period, it can result in further pushing onion prices upwards,” said Shah.
India’s fast-moving consumer goods (FMCG) sector achieved a 7.5% growth by volumes in the April-June 2023 quarter, as highlighted in the latest quarterly report by researcher NielsenIQ. This growth, the highest recorded in the past eight quarters, was propelled by the revival in rural India and the amplified expansion of modern trade.
In terms of value, the sector expanded by 12.2% during the quarter, indicating a 1.3% increase compared to the corresponding period in the previous year. The driving force behind this growth was the heightened consumption expansion, as pointed out by the research entity. This resurgence marks a significant shift, occurring two years subsequent to a phase where the industry had undergone price-driven growth due to the impact of elevated inflation.
NielsenIQ highlighted a noteworthy trend in rural markets, where volumes experienced a 4% year-on-year growth. This stands in contrast to the stagnant 0.3% growth witnessed in the previous quarter and the decline of 2.4% observed in the same quarter of the preceding year. Urban markets, on the other hand, sustained their momentum, achieving a remarkable consumption growth rate of 10.2%, which is double the 5.3% growth witnessed in the previous quarter.
“The quarter (April-June) is thus far the best quarter in a year and a half, with positive strides across all growth vectors we track. Recovery in rural markets, which was in negative territory for the last few quarters, is primarily driven by non-food,” Roosevelt D’Souza, lead, customer success, Nilesen IQ, said in a statement. “This combined with a 21% growth in modern trade augurs well for the upcoming festive seasons.”
According to NielsenIQ, the foods category experienced a volumetric expansion of 8.5% during the quarter, primarily propelled by the staples and impulse segments. In contrast, non-food categories observed a growth rate of 5.4%, a significant increase from the mere 0.2% recorded in the preceding quarter.
The researcher indicated that modern trade sustained its double-digit surge in consumption, with a growth of 21.1%. Meanwhile, traditional trade also demonstrated notable progress, expanding by 6.2% during the quarter. This stands in stark contrast to the 1.9% growth observed in the preceding quarter.
“The softening of India’s inflation rate and the decline in food inflation is good news for the industry. This has led to confidence in spending reflected in retail channels across the country,” said Satish Pillai, MD of NielsenIQ.
Adani Wilmar Limited (AWL), a prominent participant in India’s food and FMCG sector, has launched an extensive comprehensive campaign to market their latest health-oriented oil product, Fortune Xpert Total Balance Oil. Developed in collaboration with Ogilvy, the captivating initiative titled ‘Health Aaj Se’ highlights the unique attributes and benefits of embracing Xpert Total Balance Oil as a foundation for embarking on a health-conscious journey, effectively tackling the contemporary challenges of maintaining a healthy lifestyle. The ‘Health Aaj Se’ project will encompass a variety of digital platforms, modern trade venues, HD channels, connected TVs, and unconventional media, ensuring widespread reach and active involvement.
The core of the campaign centers on a widespread consumer habit of deferring their health intentions to ‘Kal Se’ (tomorrow). Often, expressions like “Gym- Kal Se! Yoga- Kal Se! Diet- Kal Se!” resonate when discussing fitness aspirations. Nevertheless, the campaign strives to transform this mentality by promoting the idea of initiating minor steps today that cumulatively guide towards a significant health voyage – ‘Aaj Se’ (starting today).
Consisting of a trio of short films, the ‘Health Aaj Se’ initiative depicts individuals who have plans to commence their fitness voyage at a later time. However, influenced by the encouragement of their dear ones, they opt to kickstart their health pursuits without delay, underscoring the importance of timely commencement of healthcare with the support of Fortune Xpert Total Balance Oil. This groundbreaking fusion incorporates the benefits of three vital oils – soybean, rice bran, and flaxseed.
The ads highlight the impressive qualities of Fortune Xpert Total Balance Oil’s unique tri-oil blend. This blend achieves an ideal balance of fatty acids and boasts anti-inflammatory properties. In addition to the perfect combination of soybean, rice bran, and flaxseed oils, it effectively provides vital nutrients in the ratios of Safa: Pufa:Mufa and Omega 3:Omega 6 as advised by the Food Safety and Standards Authority of India (FSSAI). These ratios align with the dietary preferences of the average Indian, making it an excellent choice for those seeking a low-cholesterol diet.
Vineeth Viswambharan, Associate VP of Marketing and Sales at Adani Wilmar Limited, expressed, “Being a leading player in India’s food and edible oil domain, Adani Wilmar places paramount importance on the nutritional value that consumers seek in their grocery selections. A significant portion of our consumers possess a profound understanding of diverse nutrients present in various oils and switch their edible oil choices periodically to harness these benefits. We have introduced Fortune Xpert Total Balance, presenting consumers with a holistic solution that seamlessly combines the goodness of three potent oils. It’s a game-changer within the edible oil segment, aligning with the heightened health consciousness prevalent in the post-pandemic era.”
Adani Wilmar’s Fortune Xpert Total Balance Oil is available in 1-liter pouches and 5-liter jars, alongside other variants like Fortune Xpert Pro Sugar Conscious and Fortune Xpert Pro Immunity. These offerings are conveniently accessible on a multitude of leading e-commerce platforms.
On Thursday, Deliveroo, the global food delivery application, announced that its net losses for the initial half of this year were nearly reduced by half. This improvement was attributed to cost reduction measures and increased revenues.
After-tax losses witnessed a 46 percent decline, amounting to £83 million ($106 million), as stated by the London-based company. This reduction was observed in comparison to the corresponding period of the previous year.
Amid a cost-of-living crisis and controversies surrounding the treatment of riders, revenue experienced a five percent growth, reaching £1 billion. This increase was attributed to elevated food prices, which helped to counterbalance the decline in orders.
“We have delivered a strong financial performance despite challenging macroeconomic conditions,” said Chief Executive Will Shu, who founded the company a decade ago.
Deliveroo announced its intention to distribute £250 million back to investors, resulting in a share price surge of over three percent during the early trading hours in London.
Earlier this year, it reduced its non-rider workforce by approximately one-tenth, which amounted to around 350 job cuts.
The company, which saw a surge in demand from customers affected by lockdowns during the Covid pandemic, employs tens of thousands of self-employed riders. This employment status remains a subject of ongoing controversy.
During the month of June, the European Union supported proposals that have the potential to compel Deliveroo and similar gig-economy enterprises such as Uber, to classify their workers as employees, thereby enhancing their labor rights.
“We continue to see strong rider application pipelines and rider retention rates,” Deliveroo said in Thursday’s earnings statement.
“However, we have actively managed our rider fleet size by onboarding fewer new riders in the period to reflect the impact of macroeconomic conditions on order volumes.”
Sudhanshu Rai and Sumit Sheoran, Co-Founders of Fyllo
Fyllo, the pioneering agri-tech startup from India, has unveiled a strategic collaboration with Terraview, a prominent worldwide climate Software as a Service (SaaS) provider. This partnership aims to enhance the productivity of a vast network of 100+ wine producers spanning the United States, Spain, and Australia.
With this development, Fyllo attains the distinction of being the first Indian agritech company to extend its reach globally and elevate farming practices through the integration of cutting-edge IoT (Internet of Things) devices.
Fyllo serves as a data-driven agricultural platform, providing vital support to farmers and agribusinesses in their decision-making processes. Leveraging data science, the platform’s IoT system comprehends and evaluates the precise real-time needs of plants. Subsequently, the AI-backed platform delivers timely recommendations to farmers, covering aspects such as crop-specific irrigation, nutrient management, disease and pest control, and weather considerations, tailored to different crop varieties and distinct soil physiological stages.
On the other hand, Terraview functions as a specialized agritech platform, focusing on delivering precision and assurance for perennial crops, notably in sectors like wine, olives, and nuts. The TerraviewOS system adeptly manages and analyzes data across more than 25,000 hectares of land, serving a diverse clientele of over 100 customers spanning the United States, Spain, and Australia.
The partnership between Fyllo and Terraview, headquartered in Spain, is poised to usher in a revolutionary phase of smart agriculture within European vineyards. This transformative journey will commence in Spain, France, and Italy, with plans to swiftly expand to the United States and Mexico.
Through harnessing Fyllo’s adeptness in precision agriculture and agronomic solutions alongside Terraview’s cutting-edge data analytics, insights, and projections, farmers can avail themselves of an all-encompassing system that enhances crop oversight, maximizes yields, and upholds ecological sustainability.
Crafted to acquire instantaneous data concerning pivotal farming facets such as soil moisture, weather dynamics, and crop well-being, Fyllo’s IoT devices serve as a cornerstone. When coupled with Terraview’s sophisticated climate insights, analytics, and prognostications, these devices will furnish vineyard proprietors with the capability to craft judicious choices, refine operations, and curtail resource squandering.
This partnership will grant vineyard proprietors invaluable comprehension of the distinctive requirements of their fields, equipping them to execute exact and pinpointed interventions. By refining irrigation timetables, enhancing pest management effectiveness, and promptly identifying crop stressors, farmers can attain elevated crop excellence and augment their overall productivity.
Sudhanshu, Co-Founder of Fyllo, said, “We are thrilled to partner with Terraview to expand our precision agriculture solutions to vineyards in Spain, France, and Italy.”
“Together, we will revolutionize how farmers approach agriculture, fostering sustainable practices that benefit both the environment and the farming community. Terraview is our perfect partner to take this made in India Tech global,” he added.
Piyush Harsh, Co-Founder & CTO of Terraview, said, “We are excited to work with Fyllo to help serve our customers worldwide, starting with Europe. We believe agriculture innovation will happen at the intersection of devices and software. Atoms and not bits will define the impact of climate on food production.”
“Fyllo has over the years built great capability, and we are very hopeful that our customers will derive greater value with the data and intelligence,” he added.
Moreover, this collaboration harmonizes seamlessly with the mutual dedication of both enterprises to sustainability and conscientious agricultural methodologies. Leveraging technology and insights driven by data, Fyllo and Terraview are striving to play a role in the worldwide endeavor to attain food security and alleviate the repercussions of climate change on the agricultural landscape.
Tim Hortons India, the renowned Canadian coffee chain, is thrilled to commemorate its inaugural anniversary throughout the Indian region.
In honor of reaching this significant milestone, Tim Hortons has unveiled a special promotion that enables their patrons to savor their beloved signature beverages and melts for just INR 199.
Having inaugurated its primary store in Delhi the previous year, the brand has since experienced swift growth, establishing a noteworthy presence in the Indian market with a total of 17 outlets.
“It’s a moment of immense pride and joy for us as we complete our first year in India. We’re overwhelmed by the warmth and enthusiasm with which Indian customers have embraced Tim Hortons,” said Tarun Jain, CEO, Tim Hortons India by adding that the journey has been incredible in the last one year.
Presently, Tim Hortons is operational in Delhi-NCR, Punjab, and Mumbai, with imminent plans to extend its footprint to Bangalore.
Starting from August 10th, 2023, patrons can relish any small beverage from the Tim Hortons menu for a mere INR 199. Furthermore, on August 11th, 2023, customers will have the delightful opportunity to indulge in both small beverages and the signature cheesy melts, all for the enticing price of INR 199.
Tim Hortons boasts a global network of over 5,600 restaurants, while in India, it has established a presence across 5 cities with a total of 17 stores.
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