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.
Rogan Josh and Galouti Kebab (Representative Image)
Lamb preparations have attracted an international following due to their varied and flavorful culinary characteristics. Spanning from tender kebabs found in the Middle East to fragrant curries in India, and robust stews across Europe, these meat offerings present an extensive array of tastes and consistencies that appeal to diverse cultural preferences.
Considering this, Taste Atlas, an immersive online guide to traditional cuisine, which compiles genuine recipes, critiques by food experts, and research pieces about renowned ingredients and dishes, has recently unveiled its compilation of the ’50 Best Lamb Dishes in the World’.
Securing the top position is Turkey’s Iskender kebab, a delectable creation named in honor of Iskender Efendi, the pioneering butcher behind this savory delight.
“It consists of thinly sliced lamb that is grilled and combined with a spicy tomato sauce and pita bread, while melted sheep butter and yoghurt are traditionally drizzled over the dish at the table,” the guide noted.
Claiming the second spot is another Turkish delicacy, the Cag kebabi. Hailing from the Turkish city of Erzurum, this kebab variant involves marinating lamb with a mixture of onions, salt, and pepper. The seasoned meat is then threaded onto a sizable horizontal skewer and expertly cooked over an open wood fire.
Next in line is Iran’s Kabab torsh, a dish deeply rooted in tradition and predominantly linked to the provinces of Gilan and Mazandaran.
“The kebab is usually made with lean cuts of beef or lamb which are marinated in a flavourful combination of pomegranate molasses, walnuts, garlic, parsley, and olive oil,” Taste Atlas noted.
Domino’s India is elevating the Independence Day celebrations with the much-awaited “FreeDOM Feast” promotion. Acknowledging the connecting essence of food and its capacity to unite individuals, Domino’s is embodying the essence of the event by presenting an extraordinary offer. As the 76th Independence Day draws near, customers have the opportunity to relish a substantial 76% reduction on specific appetizers and drinks, given that the minimum cart value reaches INR 350.
This special promotion encompasses a variety of side options, such as Garlic Breadsticks, Choco Lava Cake, Potato Cheese Shots, Butterscotch Mousse Cake, Taco Mexicana – Veg (single), Veg Parcel, and Chicken Parcel.
During an era where culinary adventures are closely linked with overall delight, Domino’s alluring promotion, including items like Garlic Bread, Choco Lava Cakes, and beyond, provides customers with a range of irresistible selections that amplify the importance of the 76th Independence Day festivities.
Sandeep Anand, Executive Vice President & Chief Marketing Officer at Domino’s India, expressed his enthusiasm about the new offer, stating, “We are delighted to introduce the FreeDOM Feast Offer in conjunction with the 76th Independence Day celebrations. This occasion signifies freedom, unity, and shared moments. Through this exclusive offer, we aim to elevate our customers’ festivities and provide them with an opportunity to relish exceptional food experiences with their loved ones.”
The “FreeDOM Feast” promotion is applicable from August 11th, 2023, to August 15th, 2023, and is exclusively accessible via the Domino’s App, dine-in, and takeaway choices.
Restaurant Brands International (Representative Image)
Restaurant Brands International Inc, the proprietor of Tim Hortons, Burger King, and Popeyes, has achieved a strong performance in the second quarter. The company witnessed a notable 14% year-over-year growth in consolidated system-wide sales, surpassing $40 billion. Additionally, there was a commendable global comparable sales surge of over 10%.
RBI is also the owner of Firehouse Subs.
According to the statement, Restaurant Brands Inc has surpassed the milestone of 30,000 restaurants.
The brand achieved a net income of $351 million compared to $346 million in the year 2022.
Additionally, it reported an adjusted EBITDA of $665 million, marking a 10.3% organic increase from the previous year.
“I am very proud of the continued performance of our teams and our franchisees who helped drive 14% growth in system wide sales and another quarter of improved franchisee profitability. We are generating positive momentum and results behind each of our iconic brands by focusing on new menu innovations, supported by exceptional marketing and operations,” shared CEO Josh Kobza by adding that the team is very motivated by the significant growth opportunities ahead of them in their home markets and around the world.
With an annual system-wide sales exceeding $35 billion and a presence in over 100 countries, Restaurant Brands International Inc. stands as one of the globe’s leading quick service restaurant enterprises, boasting a network of over 29,000 restaurants.
The inauguration of this groundbreaking food delivery service took place over the weekend at R CITY
R CITY, the prominent shopping and entertainment hub in Mumbai, has joined forces with Versicles Technologies Pvt Ltd to introduce the exclusive launch of Vend‘N’Go throughout the entirety of the mall’s premises.
Vend‘N’Go, an innovative micro-commerce platform, revolutionizes the way customers can place food orders within R CITY. This pioneering platform enables shoppers to conveniently order from various restaurants, cafes, and food outlets all in one go, as they explore the mall, with the added convenience of having their selections delivered to a designated kiosk pickup point. Making its debut in Mumbai at R CITY, this unique service marks a first-of-its-kind within a mall setting, building upon its successful implementation in Southern malls. The inauguration of this groundbreaking food delivery service took place over the weekend at R CITY.
To offer a seamless and hassle-free food ordering experience, the smart kiosks will be strategically placed at various locations in the mall for customers seeking a more convenient way to order food.
The mall’s patrons can effortlessly browse through their menu, simply place their order, make payments directly through the kiosks or the mobile app, and track the progress of their order in real-time. This streamlined procedure not only saves time but also provides the flexibility of having the food delivered (as per your preference), ensuring an extraordinary food ordering experience and customer satisfaction.
Fundraising is an important aspect of growing and expanding a food business. Whether you’re seeking investments from venture capitalists, angel investors, or crowdfunding platforms, it’s crucial to have a solid understanding of financial terms related to fundraising.
When it comes to fundraising for your food business, understanding financial terms is essential. As an entrepreneur seeking investment or financing, having a solid grasp of these terms enables you to effectively communicate your business’s financial health, demonstrate your financial acumen, and negotiate favourable terms with potential investors or lenders.
By familiarizing yourself with these terms, you can better communicate your business’s financial position, make informed decisions, and increase your chances of securing the necessary funding for your food business.
Understanding financial terms is vital for fundraising in the food business as it enhances communication, facilitates valuation assessments, enables effective financial planning, instils investor confidence, and aids in risk mitigation. By mastering these financial concepts, you can navigate the fundraising landscape more effectively and increase the likelihood of securing the necessary funds for your food business.
Here we will explore eight key financial terms that every food business owner should know to navigate the fundraising process effectively.
1. Valuation
Valuation refers to the estimated monetary worth of a business. It is crucial to determine the valuation of your food business before seeking funding as it determines the ownership percentage that investors will receive in exchange for their investment. Valuation is often influenced by factors such as revenue, growth potential, market share, and competitive landscape.
2. Equity
Equity represents the ownership interest in a company. When fundraising, equity is typically offered to investors in exchange for their capital infusion. Understanding equity is essential as it determines the ownership structure of your food business and the rights and responsibilities associated with each stakeholder.
3. Pre-money and Post-money Valuation
Pre-money valuation refers to the value of a company before it receives any external investment, while post-money valuation is the value after the investment has been made. These terms are important as they help determine the dilution of existing shareholders’ ownership and the value of newly issued shares.
4. Return on Investment (ROI)
ROI is a financial metric that calculates the profitability of an investment over time. Investors are often interested in understanding the potential ROI they can expect from their investment in your food business. It’s important to present a compelling business plan and growth strategy to demonstrate the potential for attractive returns.
5. Burn Rate
Burn rate refers to the rate at which a company is consuming its cash reserves or funding. Understanding your burn rate is crucial as it helps you manage your financial resources effectively and demonstrates to investors that you are using their funds wisely.
6. Runway
Runway refers to the length of time a company can operate before depleting its available funds. Calculating your runway helps determine how much funding you need to raise and when. A longer runway gives you more time to generate revenue, validate your business model, and attract additional investors.
7. Debt Financing
Debt financing involves borrowing money from lenders with the agreement to repay the principal amount plus interest over a specified period. Understanding the terms associated with debt financings, such as interest rates, repayment schedules, and collateral requirements, is important for considering this funding option for your food business.
8. Equity Financing
Equity financing involves selling a portion of ownership in your food business to investors in exchange for capital. Understanding the different types of equity financing, such as angel investment, venture capital, or crowdfunding, and their associated terms and conditions is crucial for evaluating and negotiating investment deals.
Navigating the fundraising process for your food business requires a solid understanding of key financial terms. These terms provide valuable insights into your business’s financial health, profitability, and growth potential. Remember, seeking professional advice and consulting with experts can also provide valuable insights and guidance as you navigate the fundraising landscape.
In the bustling world of culinary arts, where flavors dance and textures harmonize, few individuals possess the ability to craft culinary experiences that not only tantalize the taste buds but also tell a story. One such individual is Chef Pawan Bisht, a name that has become synonymous with innovation, dedication, and a passion for locally sourced ingredients. With a career spanning an impressive 16 years, Chef Pawan has carved a niche for himself in the industry, and his journey from a quaint village to spearheading a culinary empire is a testament to his prowess.
From Village to Plate: A Culinary Odyssey Begins
Hailing from the serene village of Chhoi near Corbett Park in the picturesque Nainital district of Uttarakhand, Chef Pawan’s journey into the culinary world commenced with an innate curiosity and a determination to master the art of cooking. The spark was ignited when he enrolled at the esteemed IHM Mumbai after completing his schooling. For three dedicated years, he honed his culinary skills, learning the intricacies of kitchen operations that would later become the cornerstone of his success.
However, Chef Pawan’s culinary expedition didn’t stop there. His exceptional talents caught the eye of the renowned Olive Bar and Kitchen, and he was handpicked for their exclusive Chef Training Program in New Delhi. Under the mentorship of industry stalwarts, he refined his techniques and gained valuable insights at Olive at the Qutab and Olive Beach, setting the stage for his meteoric rise.
In 2015, Chef Pawan Bisht embarked on a new chapter as the Executive Chef of Junglee Billee in the heart of New Delhi. Here, he showcased his mastery by offering a contemporary twist to traditional cuisines such as Mumbai, Konkan, Malvani, and Gujarati. It was during this time that his love for locally sourced ingredients truly flourished. Believing in the power of fresh and healthy produce, he seamlessly integrated local treasures into his creations, elevating flavors and celebrating the diverse culinary heritage of India.
A Journey of Innovation and Leadership:
Chef Pawan’s journey of innovation and leadership truly took flight when he assumed the role of Corporate Chef and R&D Executive at One8commune by Virat Kohli, a renowned establishment with a presence in multiple cities including New Delhi, Pune, Kolkata, and Mumbai. His vision, creativity, and operational finesse shone as he not only managed kitchens but also inspired culinary teams to push boundaries and redefine the gastronomic landscape.
His influence extended beyond the confines of individual kitchens. As a Culinary Advisor at Neuma by Karan Johar, he lent his expertise to shape culinary concepts that resonated with the brand’s vision, further solidifying his reputation as a visionary in the industry.
Chef Pawan Bisht’s Perspectives on Culinary and Restaurant Trends:
In the ever-evolving world of culinary arts and restaurant management, Chef Pawan Bisht’s insights shed light on the multifaceted dynamics that influence success. These insights encompass the evolving preferences of discerning consumers, the pursuit of innovation, the fascination with diverse global cuisines, and the creation of immersive dining environments that align with the latest trends. It’s not just important but imperative to embrace and understand these factors in today’s competitive landscape.
Navigating the Post-Pandemic Dining Scene: Chef Pawan’s Observations
The pandemic has triggered a seismic shift in the dining landscape, and Chef Pawan Bisht provides keen observations on these changes. The emphasis on hygiene and cleanliness has become paramount, leading diners to prioritize establishments that prioritize these aspects. The value of using locally sourced, fresh ingredients has soared, shaping consumer choices. Moreover, the surge in demand for home deliveries has reshaped the dining experience, and the adoption of QR codes as a contactless menu solution has been swiftly embraced.
Crafting Exceptional Post-Pandemic Dining Experiences: Chef Pawan’s Expertise
Drawing from his extensive experience, Chef Pawan Bisht offers strategic insights into creating exceptional dining experiences in the post-pandemic era. Streamlining reservation processes and upholding impeccable hospitality form the foundation. Swift and efficient service, whether at the bar, in the kitchen, or during delivery, emerges as pivotal for ensuring customer satisfaction. Consistency in delivering delectable culinary offerings further enhances the overall dining journey. Chef Pawan emphasizes the significance of attentive staff, creating inviting waiting areas, and facilitating seamless payment methods—all contributing to unforgettable memories for patrons.
Exploring Culinary Landscapes: Chef Pawan’s Regional Insights
Chef Pawan Bisht’s deep understanding of culinary diversity extends to the varied landscapes of North and South India. In his perspective, North India’s culinary fabric is woven with influences from Punjabi, Rajput, and Mughal traditions. This gastronomic expedition highlights the abundant use of dairy and fresh produce sourced from the fertile land, showcasing the rich geography of the region.
Meanwhile, delving into South India’s culinary panorama reveals a tapestry of flavors and techniques that transcend the iconic Dosa and idli. Each subregion boasts a unique culinary identity, resulting in an awe-inspiring array of tastes. The coastal blessings of the South infuse seafood with prominence, catering to a wide spectrum of palates, from meat enthusiasts to avid vegetarians. Chef Pawan’s insights celebrate the inclusive and culturally rich culinary tapestry that characterizes South India.
Final Thoughts:
Chef Pawan Bisht’s perspectives on culinary and restaurant trends encapsulate the essence of a rapidly evolving industry. His insights navigate the shifting preferences of diners, the innovative spirit driving culinary exploration, and the creation of immersive dining encounters that reflect contemporary trends. As we stand at the crossroads of a post-pandemic era, his observations on hygiene, ingredient sourcing, and technology integration offer valuable guidelines for restaurateurs. Furthermore, his appreciation for the diverse culinary landscapes of North and South India showcases a profound understanding of regional flavors. Chef Pawan Bisht’s journey through the culinary world serves as an inspiring roadmap for fellow chefs, restaurant owners, and food enthusiasts alike, encouraging them to embrace change, celebrate tradition, and continuously redefine the art of dining.
Trimacare, India’s first prenatal pregnancy supplement based on the Multi-Micronutrient model (MMN), has attained a patent, signifying the dawn of a novel era in prenatal care and marking a significant milestone within the expansive Indian pregnancy market.
With one of the globe’s most substantial populations, India offers a vast pregnancy market. However, the prenatal supplement sector has long been controlled predominantly by iron and calcium supplements. The issuance of a patent to Trimacare marks a transformative moment, establishing it as the inaugural supplement in India tailored precisely to the distinct requirements of each pregnancy trimester.
Developed by Co-Founders Sameer Agarwal and Surbhi Gupta, Trimacare introduces an innovative approach that departs from the prevalent Iron-Folate-Calcium model. This pioneering method, grounded in the advanced MMN framework, gives rise to a prenatal supplement meticulously crafted to enhance optimal brain development, foster organ growth, support healthy weight gain in infants, and ensure maternal well-being.
Amidst a market flooded with generic supplements, Trimacare emerges as a groundbreaking notion. Driven by the company’s commitment to pioneering and taking the lead, a distinctive category has been birthed within the realm of the pregnancy market. This category acknowledges and addresses the distinctive requirements of expectant mothers and their burgeoning infants, showcasing the innovative vision that propels Trimacare forward.
Up until now, Trimacare has been recommended by more than 5000 medical practitioners, garnering a contented user community of 100,000 patients. Remarkably, even with its launch coinciding with the peak of the Covid-19 pandemic on January 16, 2021 – the same day as the release of COVAXIN – Trimacare has achieved undeniable triumph in the market.
Secured with the patent grant, Trimacare is poised to extend its influence and revolutionize the market landscape. The company’s strategy involves a direct approach to expectant mothers, facilitated by ongoing gynaecologist endorsements. This empowers pregnant women to select a comprehensive and trimester-tailored prenatal care remedy, thereby amplifying the brand’s reach and impact.
In addition to delivering essential nutrients in a single dosage, Trimacare is leading the path towards improved patient adherence and simplified usage, effectively tackling the issue of adhering to multiple pills.
As Trimacare takes the helm of this emerging category within India’s pregnancy market, it carries the inherent capability to revolutionize prenatal health on a national scale. This granted patent stands not just as a validation of Trimacare’s ingenuity, but also as a guiding light illuminating a healthier path for the forthcoming generations of India.
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