Wednesday, December 24, 2025
Home Blog Page 976

Zomato grants INR 2.52 Crore in ESOPs to reward dedicated employees

By
SnackTeam
-
0
Zomato Gold
Zomato (Representative Image)

Zomato, the popular food delivery firm, has recently made an exciting announcement. According to a BSE filing on Monday, the company has granted employee stock option plans (ESOP) worth INR 2.52 crore to select employees within the organization and its subsidiaries. This move is expected to further incentivize and reward dedicated employees for their contributions to the company’s success.

As per the filing, the Board of the listed company has given the green light for the allotment of 2,52,59,179 shares, each with a face value of INR 1, as fully paid-up shares. Out of this total, approximately 48 lakh shares will be granted as sweat equity to specifically identified employees under the Zomato Employee Stock Option Plan 2018. This strategic move aims to acknowledge and incentivize the efforts of these employees and align their interests with the company’s growth and success.

According to news reports, CEO Deepinder Goyal announced last year that he would contribute the proceeds from his recently vested employee stock options to the Zomato Future Foundation (ZFF). The value of these ESOPs was estimated at approximately INR 700 crore.

Based on the company’s related party transactions filings, it was disclosed that the Employee Stock Options (ESOPs) granted to CEO Deepinder Goyal during the second half of FY23 amounted to INR 143 crore. Additionally, the total ESOP expense for key managerial personnel, including Chief Financial Officer Akshant Goyal and Company Secretary Sandhya Sethia, totaled INR 156 crore. Akshant Goyal and Sandhya Sethia were granted ESOPs valued at INR 13.5 crore and INR 10 lakh, respectively.

Read More: Zomato incurs INR 143 Crore expense in H2FY23 for CEO Deepinder Goyal’s ESOPs

During the last quarter of FY23, the food delivery firm experienced a significant revenue increase of 70%, primarily driven by impressive growth in the Hyperpure vertical, which deals with restaurant supplies. Furthermore, the company’s losses for the same period reduced to INR 188.2 crore, marking a decline of 47% compared to the corresponding period in the previous year.

Zomato has expressed its anticipation of achieving EBITDA profitability within the coming four quarters.

Zomato is scheduled to disclose its performance for the first quarter of FY24 on August 3rd.

The company initiated liquidation proceedings for its wholly-owned subsidiary, Zomato Media (ZM) Portugal, last week, as it deemed the subsidiary not to be material and confirmed it had no active business operations.

Read More: Zomato’s shares soar as company initiates liquidation of Portugal-based subsidiary

On Tuesday, Zomato’s shares recorded a 1.25% increase, reaching INR 85.15 per share during trading.

Advertisement

Taco Bell faces legal battle as US resident accuses false advertisement in menu items, seeks $5 Million in damages

By
SnackTeam
-
0
Taco Bell
Taco Bell (Representative Image)

Fast food chains frequently face scrutiny regarding the quality of their offerings, even though they are subjected to strict quality checks. Customers often express their grievances about the food they purchase from well-known outlets and chains. One such incident involved a US resident named Frank Siragusa, who had a highly dissatisfying experience at a Taco Bell outlet in New York City. According to a report by Reuters, in September of last year, Mr. Siragusa purchased a $5.49 Mexican pizza but found that it did not contain the same amount of meat filling as advertised by Taco Bell.

On Monday, Ridgewood resident Frank Siragusa filed a class-action suit in Brooklyn federal court, accusing Taco Bell of engaging in “false advertising” of its products. The lawsuit targeted menu items such as the Mexican Pizza, Crunchwrap Supreme, Grande Crunchwrap, and Vegan Crunchwrap. According to Siragusa’s claims, the advertised menu items appeared to contain “at least double” their actual content. To support his case, he presented photographic evidence in the lawsuit, showcasing a wrap filled with meat, cheese, red and green vegetables as depicted in the advertisements, while the real counterpart served did not match up to those expectations.

“Taco Bell’s actions are especially concerning now that inflation, food, and meat prices are very high and many consumers, especially lower-income consumers, are struggling financially,” the lawsuit states as per USA Today.

“Taco Bell advertises larger portions of food to steer consumers to their restaurants for their meals and away from competitors that more fairly advertise the size of their menu items, unfairly diverting millions of dollars in sales that would have gone to competitors.”

As of now, Taco Bell has not issued a response to the lawsuit. In the meantime, Frank Siragusa is seeking compensation from the chain for all the customers who bought the implicated items in New York State within the last three years following July 31, 2020. The total amount sought for compensation comes to at least $5 million or approximately INR 41.2 crores.

Advertisement

Uncle Peter’s Pancakes expands with new upscale cafe in Bengaluru; Aims for 200 stores nationwide within 3 years

By
SnackTeam
-
0
Uncle Peter’s Pancakes
Uncle Peter's Pancakes (Representative Image)

Bengaluru-based Uncle Peter’s Pancakes is thrilled to announce the opening of its second upscale café, strategically located in the bustling district of Kormangala, Bengaluru.

Leveraging their resounding success, the brand presently runs 10 outlets in Bengaluru and is committed to expanding its presence by introducing over 60 new stores across India this year.

Founded by Sundeep and Akashdeep, their vision is to establish a unique food brand centered around a single product available in numerous delightful flavors and variations.

Akashdeep, Co-Founder, said, “We are constantly exploring new varieties that incorporate local flavours and fruits. We have also developed a range of eggless products specifically tailored to cater to the Indian market.”

Inaugurated in 2019 within the vibrant neighborhood of Indira Nagar, Bengaluru, Uncle Peter’s Pancakes has flourished into a flourishing chain with more than 40 establishments dispersed across fifteen cities. From Bengaluru to Gurugram, Chennai to Lucknow, Kolkata to Indore, Ahmedabad to Pondicherry, and even Goa, this charming amber-yellow-hued café has entranced pancake enthusiasts, successfully selling over 2000 delectable pancakes each day.

Uncle Peter’s Pancakes aims to infuse the essence of traditional Western delights into the Indian setting, creating an authentic celebration of culinary artistry that forges an emotional bond with its diners.

Exciting prospects await Uncle Peter’s Pancakes as they reveal their ambitious expansion plans in the Delhi-NCR region. Driven by an unwavering passion to spread the delight of pancakes to every Indian household, Uncle Peter’s Pancakes is currently on a fast-paced trajectory of growth, aiming to establish more than 200 stores across India within the upcoming three years.

Advertisement

Italian ice-cream giant Sammontana receives €15 Million grant for innovative production line

By
SnackTeam
-
0
Sammontana
(Representative Image)

Sammontana, a renowned ice-cream and frozen goods producer headquartered in Italy, has been awarded a generous grant of €15 million ($16.5 million). This substantial funding will be utilized to establish an advanced production line for their operations.

The state-backed Italian development bank, Cassa depositi e prestiti (CDP), has provided the necessary funds for the Empoli-based company to construct a cutting-edge ice-cream production line at its Colognola ai Colli facility.

Sammontana has announced that the installation of the new production line in the Verona region will lead to a significant boost in its production capacity while simultaneously reducing the company’s environmental footprint. Their primary goal is to minimize the consumption of primary raw materials during the production process.

The transaction was finalized under the Green Guarantee program offered by SACE, an Italian export credit agency fully owned by the Italian Ministry of Economy and Finance (MEF).

Leonardo Bagnoli, chief executive officer of Sammontana, said, “This collaboration with SACE and CDP represents an important new step for our development in a sustainable key and in the Italian market.

“The deal consolidates our commitment for the future to create quality products capable of satisfying the needs of consumers and bringing smiles to everyone’s homes. We are very happy that SACE and CDP are supporting us in this goal, helping to generate a better future for everyone.”

Established in 1948, Sammontana currently runs three production facilities across Italy, employing approximately 1,000 personnel. Additionally, the company boasts an extensive network of over 200 dealers and distributors.

Earlier this year, in another development within the Italian ice-cream industry, Italpizza, a frozen pizza company, acquired a controlling stake in the ice-cream business, Italgelato.

Italpizza, which had previously held a minority interest in the company, further expanded its presence in the ice-cream market by acquiring Mantua Surgelati for €60 million (formerly $63.5 million) in October of the preceding year.

Advertisement

Indian basmati rice exporters experience surge in early shipment requests amidst government’s ban on non-basmati white rice exports

By
SnackTeam
-
0
rice1
Rice (Representative Image)

According to industry officials, Indian rice exporters are now being approached by buyers with requests for early shipments of basmati rice. This surge in demand comes after government’s decision to prohibit exports of non-basmati white rice as a measure to control local prices.

Earlier this month, the largest rice exporter in the world caught buyers off guard with an unexpected ban on exports of non-basmati white rice. The decision was made in response to a 3 percent increase in retail rice prices within a month, attributed to the significant crop damage caused by late but heavy monsoon rains.

Read More: India prohibits non-basmati white rice exports amidst supply concerns

Atul Garg, Managing Director at GRM Overseas, a leading exporter of basmati rice, said, “Buyers are requesting early shipments because they fear that the government might put restrictions on exports of basmati rice as well.”

According to him, buyers typically enter into long-term contracts with a commitment to receive a specific quantity every month. However, some of these buyers are currently making requests to have the shipments intended for September and October moved up to August instead.

In the fiscal year 2022-23, India successfully exported approximately 4.5 million metric tons of basmati rice, with prominent buyers including Saudi Arabia, Iran, Iraq, the United Arab Emirates, Yemen, and the United States.

The countries primarily importing non-basmati white rice, which has been banned for export by India, include Senegal, Benin, Togo, Bangladesh, and Cote d’Ivoire.

In the past, India has never imposed a ban on exports of basmati rice, but it did implement export taxes in 2008.

“We are assuring buyers that there is no possibility of a ban on basmati rice exports but some buyers are afraid due to the government’s recent decisions,” said another exporter based in New Delhi.

Last year, India took the unexpected step of banning wheat exports and subsequently introduced restrictions on the exports of sugar and rice.

The primary production of Basmati rice occurs in the northern states of Punjab, Haryana, Uttar Pradesh, and Himachal Pradesh. However, these regions experienced extensive flooding earlier this year due to exceptionally heavy rainfall.

According to Vijay Setia, an exporter, the cultivation of basmati rice has expanded in 2023, and as a result, the production is expected to surpass the levels of the previous year.

“Many farmers in Uttar Pradesh are shifting to basmati rice from non-basmati because of higher prices,” Setia said.

Advertisement

In a first, Zomato appoints Chief Fitness Officer to prioritize employee well-being and health

By
SnackTeam
-
0
Anmol Gupta
Anmol Gupta

Zomato, the renowned food delivery aggregator, has taken a significant step forward in prioritizing the well-being of its workforce. Embracing the growing trend of organizations investing in employee health, the company has appointed what they call a “new kind of CFO” – the Chief Fitness Officer. This innovative role is dedicated to working closely with Zomato employees, ensuring the monitoring and maintenance of their physical and mental well-being through personalized health and nutrition strategies.

On July 31, Zomato’s CEO, Deepinder Goyal, made an announcement regarding the appointment of Anmol Gupta as the company’s inaugural Chief Fitness Officer.

“It is no secret that physical health – which also determines mental health is a vital force behind a high-performance individual,” Goyal wrote in a note introducing the new position. He gave the example of his own fitness journey before talking more about the importance of good health.

“Great work is an outcome of good health; good health is not secondary to great work,” wrote Goyal, giving the example of some ways in which Zomato has been promoting physical and mental health for its employees. These measures include a gym at the company’s Gurugram headquarters, mental health support with an in-house team and a generous leave policy.

The creation of the office of a Chief Fitness Officer indicates a “a paradigm shift in the constitution of our senior team,” said Goyal. The CFO’s role will include working closely with Zomato employees – or Zomans – “in their individual journey of wellness and healthy living.”

According to the Zomato CEO, the newly appointed CFO will collaborate with an in-house wellness team comprising trainers, nutritionists, and wellbeing counsellors.

Zomato’s team of nutritionists will take on the responsibility of creating personalized meal plans for all employees, allowing them to monitor their macro and micro nutrient intake. Additionally, the trainers will offer assistance in weight and strength training, yoga, boxing, and other activities, catering to individuals at all skill levels, from beginners to seasoned professionals.

“Going forward, we are going to invest heartily behind the wellbeing of our employees, our delivery partners and our restaurant partners,” said Goyal while signing off.

In a LinkedIn post, Anmol Gupta said he is looking forward to “making Zomato fitter.”

As per his LinkedIn profile, Gupta has amassed more than five years of experience in the health and fitness industry. He pursued his B.Com from Delhi University and further pursued an MBA before commencing his career in 2013 as a financial analyst.

In 2017, Gupta made a career transition to the fitness industry and joined Blackbox Functional Fitness as a strength and conditioning coach. Just a year later, he took a significant step and co-founded “Endure,” a fitness platform that incentivizes users for their running, walking, and cycling activities by providing opportunities to monetize their fitness goals.

Advertisement

Naturals ice cream chain expands retail footprint with new outlet in Mumbai’s Marol Area

By
SnackTeam
-
0
Naturals Ice Cream
New outlet in Marol area of Andheri East, Mumbai

Mumbai-based ice cream chain Naturals is delighted to announce the expansion of its retail presence with the inauguration of a brand-new outlet in Maharashtra. The company’s latest venture is strategically located in the vibrant Marol area of Andheri East, Mumbai, promising to bring delightful frozen treats closer to ice cream enthusiasts in the region.

“We are happy to announce our new store in Mumbai! Step in and immerse yourself in a world of exceptional flavours & cosy ambience. We eagerly await your presence at our store in Mumbai. Come see us soon!”

Having previously inaugurated an outlet at Aapna Bazar in Latur, Maharashtra, the ice cream chain Naturals has been making steady strides in expanding its presence. For more information on this particular outlet, you can find details here. Furthermore, Naturals achieved a remarkable milestone by operating a total of 150 stores, with the recent launch of a new outlet in Sector 7, Chandigarh. This accomplishment further underscores the brand’s commitment to delighting ice cream lovers across various regions.

Naturals Ice Cream is a venture under the ownership of Kamaths Ourtimes Ice Creams Pvt. Ltd., a Mumbai-based company. The company’s inception can be attributed to Raghunandan Srinivas Kamath, who took the initiative to establish its first 200 sq. ft. store in Juhu Koliwada.

With a widespread presence, the ice cream chain has established itself in more than 13 states across the nation. These states include Maharashtra, West Bengal, Karnataka, Goa, Telangana, Gujarat, Rajasthan, Delhi NCR, Kerala, Madhya Pradesh, Chhattisgarh, and Chandigarh.

Advertisement

Pernod Ricard’s INR 400 Crore Kanpur distillery to commence operations next year

By
SnackTeam
-
0

Pernod Ricard India, a prominent spirits company, is anticipating the commencement of operations at its Kanpur distillery and bottling unit in the upcoming year. This state-of-the-art facility has been established with a substantial investment of INR 400 crore.

The project boasts an impressive bottling capacity of 7.2 million cases per year, with the potential for expansion up to 10 million cases. Pernod Ricard India’s Kanpur facility will be dedicated to manufacturing the company’s domestic brands. By establishing this distillery, the company, known for producing Royal Stag, seeks to enhance its supply chain across various regions, with a particular emphasis on the Northern markets.

According to Pernod Ricard India, approximately 97 percent of its sales portfolio consists of domestically produced brands. Among its homegrown brands are Royal Stag, Royal Stag Barrel Select, Blenders Pride, Blenders Pride Reserve Collection, Imperial Blue, and 100 Pipers.

The French liquor giant has placed significant emphasis on its growth prospects in India. Presently, the country stands as the brand’s third-largest market, following the United States and China.

During an interaction, Ranjeet Oak, the Chief Commercial Officer of Pernod Ricard India, expressed the company’s commitment to invest INR 200-300 crore annually in the Indian market.

“We’ve been investing over INR 200 – 300 crore annually and will continue to do so as India is a primary market where we want to invest and grow.”

In regard to its yearly performance, Oak remarked that the company achieved double-digit growth in FY23, clearly signaling the brand’s upward trajectory in the country.

Regarding geographical expansion, he emphasized that tier-two and beyond towns are becoming significant growth markets for the brand.

“While metros and tier-one cities have been growing and are a mainstay of our business. We’ve seen tier two, as well as the next rung of towns, come up where consumers are preferring more premium higher-quality products. So, we are expecting growth to come from these areas,” the CCO stated.

Additionally, Pernod Ricard is directing its attention towards exporting its India-made products. Presently, the brand boasts exports to over 30 markets and has ambitious plans to venture into newer developing and developed markets in the near future.

Advertisement

Affogato: A blissful fusion of gelato, coffee and patisserie, now open in Khar, Mumbai

By
SnackTeam
-
0
Affogato
Affogato

Affogato, an exciting gelato shop, has recently opened its doors in Khar, Mumbai. The brainchild of Suren Joshi and Shalini Rattan, this delightful establishment draws its name from the beloved Italian beverage, Affogato al caffè.

Suren Joshi is not only the driving force behind the I Think Fitness chain of fitness centers but also the visionary behind several well-known eateries in Mumbai, including Joshi House, Javaphile, The Conservatory, Pali Bhavan, Pali Village Cafe, and the now-closed Su Casa. On the other hand, Shalini Rattan is the mastermind behind Crèmeyum Creamery, an exquisite artisanal gelato parlour. Together, they have combined three fundamental pillars of Italian cuisine—bread, gelato, and coffee—under one roof with their modern patisserie.

Affogato, the newly launched gelateria, spans an area of 600 square feet in the heart of Khar, Mumbai. It proudly embraces a pet-friendly atmosphere and can accommodate up to 25 guests inside its charming indoor space and inviting outdoor area, as stated in the company’s official release.

Suren Joshi, Co-Founder, Affogato, said, “I tried the gelato Shalini makes, they were not only extremely delicious but healthy too. I immediately knew we had to partner up for something exciting. I have been thinking of amping up the dessert offerings in Bombay, and creating a space where one can sit and enjoy a conversation over some coffee and desserts. So I thought why not bring together the coffee from Javaphile and her gelato and make something fantastic out of it.”

What adds to the allure is that the majority of the gelato offerings at Affogato are crafted without any added sugar, instead relying on imported sugar alcohols as a form of natural sweeteners.

“With Affogato, we want to introduce Mumbai to the art of authentic gelato as you would find along the streets of Sicily, and ignite a passion for exquisite frozen creations among the patrons. We have created this sweet paradise that will intrigue you, tantalize your taste buds and leave you craving for more.” said Co-Founder and gelatiere Shalini Rattan, who is certified in the advanced levels of gelato making from Carpigiani Gelato University in Italy.

At Affogato, Siddhesh Advilkar, the skilled barista, has meticulously curated an extensive coffee menu, offering patrons a wide range of delightful options to indulge in.

The delectable patisserie menu at Affogato is a result of the careful craftsmanship of Jasirah Dalvi and Faryaz Engineer. With a background as a chef and patissier, Dalvi has spent the last 8 years passionately honing her expertise in Italian cuisine. On the other hand, Engineer, a talented patissier and boulanger, has developed a flair for creating global desserts during his tenure in Bahrain for nearly a decade. Together, they bring an exquisite blend of flavors and techniques to Affogato’s delightful treats.

Advertisement

Lone Wolf expands beer portfolio, unveils captivating Alpha and Mavrick variants for the Indian market

By
SnackTeam
-
0
Lone Wolf
Lone Wolf (Representative Image)

Lone Wolf, renowned for its trailblazing spirit and commitment to defying norms, continues to push boundaries by venturing into new horizons. This time, the daring brand is set to make a bold entry into the Indian market with a captivating range of beers. Aptly named Alpha and Mavrick, these two exceptional beer variants promise to captivate the senses and awaken the inner adventurer in every beer enthusiast.

Onkara Beverages and Hospitality Pvt Ltd, the driving force behind this audacious venture, has meticulously crafted these brews to offer customers an array of enticing flavors and aromas, making July 2023 an eagerly anticipated month for beer aficionados across the country. As Lone Wolf embraces the mantra of unyielding exploration, it promises to deliver an experience like no other with its expanding portfolio of distinctive brews.

Lone Wolf Mavrick, a light and crisp 100 percent malt lager, is the ultimate beverage for all-day enjoyment. Its smooth and refreshing taste makes it a top choice for those seeking a delightful brew to accompany any occasion. But that’s not all; prepare to be amazed by its counterpart, Lone Wolf Alpha. This Belgian Witbier carries the anticipated citrus and coriander flavors but comes with a surprising twist – a lighter body compared to traditional Belgian witbiers, making it an ideal beverage choice to beat the scorching summer heat. Both variants boast an alcohol by volume (ABV) of less than 5 percent and are soon arriving in the states of Delhi, Haryana, and Chandigarh, bringing a wave of excitement to beer enthusiasts across the region.

Targeted towards those who embrace an unconventional approach to life, Lone Wolf aims to inspire individuals to take control, #unfollow conventions, and be the Alpha of their own destiny. It represents the beginning of a counterculture movement.

Atul Kumar Singh, Co-Founder, and MD said, “We spent a good deal of time creating and developing flavor profiles that appeal to everyone. Embodying the spirit of shattering social boundaries ourselves, we intend to celebrate the successes of those who have dared to break free. We have endeavored to expand our product line with flavors and fragrances that challenge conventional wisdom and transform the beer-drinking experience.”

Anurag K, Co-Founder, and COO added, “Beer lovers can bid farewell to compromise not just with our products but with everything surrounding it. Our beer is crafted to cater to a new generation of experience seekers – individuals who embrace an unconventional approach to life, and it is aptly named for our target audience – the Alphas and Mavericks who define their own path to happiness.”

The astounding success of Lone Wolf’s beers is undeniable, as evident from the remarkable achievements they’ve attained. During its inaugural year of launch (FY 2022-23), the brand soared to new heights, achieving an impressive top line of approximately Rs 20 crore, with sales volumes exceeding a remarkable 1.3 lakh cases. Buoyed by this triumph, they now set their sights on an even more ambitious goal of more than doubling their top line in FY 23-24.

To support their growth trajectory, Lone Wolf is expanding its production facility to Telangana, a move that will bolster their capabilities and cater to increasing demand. Beyond that, they have strategic plans to conquer new territories, with Karnataka and Goa being the next targets for market penetration. By doing so, they aim to solidify their position in the Indian retail beer market and create a lasting impression on beer enthusiasts across these regions. With such determination and vision, Lone Wolf is undoubtedly poised to leave an indelible mark in the industry.

Advertisement
1...975976977...1,380Page 976 of 1,380