Starbucks expands its reach in India with a new store launch in Vapi, Gujarat

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July 26, 2023

Starbucks, the renowned US-based global coffeehouse chain, has made a captivating entry into the city of Vapi, Gujarat. Thanks to the efforts of Arete Group, the developer of the Starbucks brand, coffee enthusiasts in Vapi can now relish their favorite brew at the brand’s first-ever store in the city. Spanning an impressive 1,550 sq. ft, this charming outlet finds its home in the bustling Galaxy High Street shopping complex, offering both locals and visitors a delightful coffee experience in a vibrant setting.

Siraj Saiyed, Director, Arete Group, said, “We are thrilled to welcome Starbucks to Galaxy High Street. We are confident that this collaboration will further enrich the overall atmosphere of Galaxy High Street, making it a sought-after destination for coffee enthusiasts and shoppers alike.”

In October 2012, Starbucks Corporation made its grand entry into the Indian market by opening its inaugural store in Mumbai. To establish its presence and operate in India, the American coffee chain joined forces with Tata Global Beverages through a collaborative effort. This strategic partnership led to the formation of a 50:50 joint venture known as Tata Starbucks Pvt. Ltd. This joint venture is responsible for managing and operating all Starbucks outlets across the country, making sure the Indian audience can savor the iconic Starbucks experience with a touch of local expertise.

Situated in the southern region of Gujarat, Galaxy High Street stands out as a vibrant shopping and entertainment complex. This dynamic destination is renowned for its eclectic mix of retail outlets, entertainment choices, and a delightful array of culinary experiences. Acting as a comprehensive one-stop location, it caters to all your shopping needs, offers a diverse selection of dining options, and promises a host of leisure activities to indulge in. Whether you seek retail therapy, delicious meals, or engaging entertainment, Galaxy High Street has it all, making it a favorite spot for locals and visitors alike.

Founded in 1990, Arete Group has evolved into a versatile and diversified business conglomerate. With a strong foothold in various industries, the group boasts an extensive presence across multiple segments. These include industrial parks, real estate, retail ventures, hospitality establishments, and strategic investments. Over the years, Arete Group has shown remarkable growth and adaptability, establishing itself as a significant player in the business landscape, making valuable contributions to different sectors of the economy.

Andhra Pradesh State Beverages Corporation plans to raise up to INR 5,000 Crore via bond issuance

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July 26, 2023

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According to sources familiar with the matter, the Andhra Pradesh State Beverages Corporation is expected to raise around INR 5,000 crore by issuing bonds in early August.

“They are likely to carry out the bond sale around August 10. It is for up to INR 5,000 crore and is in the STRIPS (separate trading of registered interest and principal securities) format for 10 years,” said one of the persons cited earlier.

The STRIPS facility enables the separate purchase and sale of a bond’s coupon payments and principal amount as individual securities. In essence, investors can trade the cash flows of a bond independently.

These bonds are commonly known as ‘zero-coupon’ bonds, which implies that they do not offer interest payments. Instead, their allure for investors lies in the fact that they are purchased at a substantial discount, significantly below the face value to be paid upon maturity. Recently, the AP State Beverages Corp managed to raise INR 10,005 crore through two series of NCDs (Non-Convertible Debentures) at an interest rate of 9.62%.

ITC and India Post collaborate to launch special postal stamp for millet awareness

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July 26, 2023

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ITC stamp — Special stamp launch ceremony

On Tuesday, ITC, a conglomerate, joined hands with the Department of Post to unveil a unique postal stamp aimed at promoting awareness about millets. The special stamp’s launch ceremony took place with the esteemed presence of Kailash Choudhary, the Minister of State for Agriculture and Farmers’ Welfare, along with Chief Post Master General Sushri Manju Kumar and S Sivakumar, the ITC Group Head – Agri-Business.

According to a statement, the ITC Mission Millets postal stamp recognizes the vital contribution of farmers while also establishing a link between sustainable farming, nutritious food products, and delectable millet-based recipes and dishes.

At the event, Choudhary emphasized the government’s efforts in promoting Shree Anna (millets), highlighting India’s status as the world’s largest millet producer.

Numerous initiatives have been undertaken by the Ministry of Agriculture and Farmers Welfare, including celebrating the International Year of Millets-2023, organizing the G20 Agriculture Ministerial Meeting (AMM), and designating ICAR-IIMR, Hyderabad, as the Global Centre of Excellence on Millets (Shree Anna).

ITC’s Sivakumar said, “Supporting the government’s focus on mainstreaming millets, ITC has spearheaded a dedicated initiative called ITC Mission Millets which is powered by a 3-pillar strategy. This encompasses the development of a ‘good-for-you’ foods portfolio backed by innovation, implementation of sustainable farming systems with the creation of a robust millets agri value chain with special thrust on enhancing value-addition and market linkages.”

Presently, there is a heightened emphasis on increasing consumer awareness regarding the advantages of millets, recognized as a nutritionally superior food choice.

ITC has innovated an array of millet-based products available in both traditional and modern formats, encompassing ready-to-eat meals, cookies, noodles, vermicelli, choco sticks, snacks, as well as staples like Multi Millet Mix and Ragi Flour.

In addition, ITC Hotels have curated and incorporated exclusive millet-based dishes into their buffet offerings.

Earlier this year, ITC launched its Mission Millets initiative to bring millets to the mainstream.

Mondelez India to invest INR 1,600 Crore in Andhra Pradesh’s Sri City plant expansion

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July 26, 2023

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Mondelez India, renowned for its popular brands like Cadbury Dairy Milk, Oreo, and Bournvita, announced on Tuesday that it will be injecting INR 1,600 crore into the expansion of its manufacturing facility located in Sri City, Andhra Pradesh. To commemorate this milestone, the company conducted a virtual groundbreaking ceremony, graced by the presence of esteemed guests, including YS Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh, and other dignitaries.

During an earlier announcement this year, Mondelez India had disclosed its intention to invest INR 4,000 crore between 2023 and 2026 to enhance its operations in the country. This investment aims to increase the production capacity of their current factories, as well as improve warehousing, logistics, and cold-chain infrastructure. The recent INR 1,600 crore investment in the Sri City manufacturing plant is a significant component of this broader investment strategy.

“The investment will add additional chocolate-making capacity over the next three years, helping Sri City to become one of the Mondelēz International’s largest chocolate production plants globally. This investment will also create additional employment in the State,” the company said in a statement.

In a statement, Venkat Venepally, Vice-President – Supply Chain at Mondelez India said, “Our Sri City manufacturing plant has been a critical site and we are continuing to invest to expand our capacity and footprint in the state of Andhra Pradesh. Sri City not only contributes to the overall growth of our business in India but is also a model site for sustainability, new innovations and in areas like diversity and inclusion.”

US breakfast brand Seven Sundays raises $6 Million in growth capital for expansion

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July 26, 2023

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US-based breakfast food brand Seven Sundays has made significant strides in its latest round of funding, successfully raising $6 million in growth capital.

The company, known for manufacturing gluten-free and/or grain-free breakfast cereals, has earmarked the funds for both New Product Development (NPD) and environmental initiatives.

Minneapolis-based Seven Sundays aims to enhance its supply chain programs, prioritizing upcycling, supporting regenerative agriculture, and minimizing packaging waste.

In the recent funding round, Seven Sundays secured investment from a consortium of private individual investors, as well as follow-on investors like Sidekick Partners, Clover Vitality, and GRT SHT Ventures.

Hannah Barnstable, the Founder and CEO of B-Corp-certified Seven Sundays, said, “From day one we have been on a mission to create better tasting and better-for-you cereals for people and their families.”

Katjesgreenfood, the venture-capital arm of the German consumer-goods company Katjes Group, was among the early investors in the company. Back in 2017, the unit acquired a 15% stake in Seven Sundays.

Earlier this year, Katjesgreenfood acquired a stake of around 10% in Mymuesli, a German supplier of customisable muesli, for an undisclosed fee.

NCLT appoints Shailendra Ajmera as resolution professional for Coffee Day Global amid insolvency proceedings

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July 26, 2023

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National Company Law Tribunal has appointed Shailendra Ajmera, backed by EY, as the resolution professional (RP) for Coffee Day Global, as stated in an order uploaded on its website.

Coffee Day Global company has been admitted for insolvency proceedings by the bankruptcy court upon the request of IndusInd Bank. The bank filed a claim in court asserting that the company had defaulted on term loans amounting to INR 115 crore, which were disbursed to them in 2019.

Ajmera is also serving as the resolution professional for Go First, the insolvent airline of the Wadia group.

Coffee Day Global encompasses the extensive retail outlet network, Xpress cafés, and the group’s office vending business, all of which were established by the late VG Siddhartha.

Coffee Day Global is predominantly owned (82%) by Coffee Day Enterprises, a publicly listed entity.

Coca-Cola India appoints Ajay Vijay Bathija as VP of Franchise Operations for Southwest Asia Region

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July 26, 2023

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Beverage company, Coca-Cola India, took a significant step forward on Tuesday as they announced the appointment of Ajay Vijay Bathija as the Vice President of Franchise Operations for the Southwest Asia region.

Bathija will maintain his position in India and will be responsible for spearheading franchise operations in Nepal, Bangladesh, Bhutan, Maldives, and Sri Lanka.

Bathija initiated his professional journey with The Coca-Cola Company and has dedicated more than twenty years to thriving in various marketing and franchise capacities.

Commenting on the appointment, Sanket Ray, President, India, and Southwest Asia, said “With his understanding of business, and growth mindset, Ajay has a proven track record of taking business to newer heights. We are hopeful that with his astute business acumen and collaborative approach he will further the organization’s purpose in the Southwest Asia region.”

Bathija commenced his career with Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCBPL) in the front line sales team. In 2005, he took on the role of Region Manager for the Mekong Delta Region at SabCo Vietnam. Subsequently, he returned to India and served as the Director of Marketing for colas. During this tenure, he played a crucial role in introducing Coca-Cola Zero sugar for the first time in the INSWA (India and Southwest Asia) markets.

From 2018 to 2020, Bathija served as the Country Manager for Bangladesh, collaborating closely with bottling partners to elevate Bangladesh among the top three markets for Coca-Cola TM within The Coca-Cola Company (TCCC) globally.

Coca-Cola offers a wide range of brands, including Coca-Cola, Thums Up, Charged by Thums Up, Fanta, Limca, Sprite, Maaza, and the Minute Maid range of juices. The company collaborates with numerous local franchise bottling partners across the globe, amounting to around 200 bottling partners worldwide. Together, The Coca-Cola Company and its bottling partners form what is known as the Coca-Cola system.

It’s important to note that The Coca-Cola Company typically does not have ownership, direct management, or control over the majority of local bottling companies. Instead, they operate in partnership with these local bottlers to ensure the widespread distribution and availability of their products.

Trunativ and Frozen Bottle join forces for wholesome high-protein milkshakes

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July 26, 2023

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Trunativ, a renowned wellness brand in the retail sector, has joined forces with Frozen Bottle, a well-known milkshake brand, to introduce a delectable and nourishing milkshake creation. This partnership aims to offer an indulgent yet wholesome choice for consumers. Trunativ’s Everyday Protein takes the spotlight for its versatility and family-friendly appeal, harmoniously complementing a wide array of food and beverage choices, all the while preserving its delicious taste and flavor.

In this collaborative effort, Frozen Bottle has integrated Trunativ’s Everyday Protein as an Add-on choice throughout their entire shake lineup. This exciting addition allows customers to relish their beloved milkshakes, like the brownie shake, while effortlessly incorporating an extra 15g of protein, all without altering the taste. Moreover, the partnership has resulted in the launch of an exclusive Frozen Bottle x TruNativ range, offering a selection of high-protein milkshake options to cater to health-conscious individuals seeking delicious ways to boost their protein intake.

Pranav Malhotra, Founder, Trunativ, said, “Frozen bottle has been a brand that’s been on the rise as a premium go-to choice for milkshakes in the country. They have collaborated with brands like Kitkat, Cadbury, and sunfeast for integrations in their menu. Trunativ is happy to join hands with Frozen Bottle to offer a healthy range of milkshakes with our Family friendly Everyday Protein. This collaboration solidifies the fact that the consumer is looking for healthier alternatives in snacking and indulgence as well, and brands are recognizing this need and catering to it.”

Trunativ has built a remarkable reputation for its successful collaborations and co-creations of high-protein product ranges with numerous brands, including Nova Nova, MyFitness Peanut Butter, Ditch the Guilt Chocolates, and Italy in a Box. The appeal of their Everyday Protein is rapidly growing, becoming a top-notch protein option favored by both brands and families alike.

The Trunativ and Frozen Bottle partnership unites two formidable brands, catering to a wide audience in search of guilt-free indulgence. Their collaboration offers high-protein milkshakes that not only taste delicious but also resonate with health-conscious consumers striving to make better choices in their everyday diets.

Magicpin’s reservation debacle upsets top dining spots across India

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July 26, 2023

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More than 150 upscale dining establishments and food chains have expressed their grievances to magicpin, the offline discovery and savings platform, regarding the automatic acceptance of bookings through their Google reservation product.

During the past week, numerous high-end restaurants in Delhi, Mumbai, and Bengaluru encountered customers who had made table reservations online via magicpin.

However, upon arriving at the restaurants, they were informed that reservations made through magicpin were not accepted.

The company acknowledged its mistake, explaining that during the product testing phase, it was inadvertently rolled out across all the restaurants in various localities.

“The source of this was magicpin’s google reservation product which was activated across restaurants causing chaos,” the company said in a statement.

At present, magicpin boasts an impressive roster of nearly 4000 fine-dining restaurants actively accepting reservations through Google reservations on its platform. The company has successfully facilitated over 80,000 table bookings and currently manages an average of 5,000 reservations on a weekly basis.

“The company has offered to rectify the situation by providing an enhanced reservation management system. Now the Google reservations feature can be seamlessly integrated into the restaurant’s existing reservation management system via magicpin. This would allow the restaurants to retain the benefits of online reservations while having better control over the booking process,” the company said.

Jubilant Foodworks reports steep 74% decline in Q1 net profit to INR 28.9 Crore

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July 26, 2023

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In the June 2023 quarter, Jubilant Foodworks Ltd (JFL), the company behind popular fast-food chains such as Domino’s Pizza and Dunkin’ Donuts, faced a formidable inflationary environment, resulting in a significant 74 percent drop in its consolidated net profit to INR 28.91 crore. According to a regulatory filing, this figure stands in stark contrast to the INR 112.58 crore consolidated net profit it achieved during the same period in the previous fiscal year.

Despite the challenging conditions, the company’s revenue from operations witnessed a positive growth of 6.33 percent during the quarter, amounting to INR 1,334.54 crore, as compared to INR 1,255.09 crore in the corresponding period of the previous year.

Jubilant Foodworks Ltd (JFL) revealed in its earnings statement that it encountered a demanding inflationary environment, with essential input costs remaining stable throughout the quarter.

During the April-June quarter, JFL’s total expenses rose by 13 percent, reaching INR 1,248.74 crore.

During the June quarter, JFL, India’s largest food service company, experienced a 6.17 percent increase in total income, amounting to INR 1,343.87 crore.

During the period, JFL opened 30 new stores in India, resulting in a network of 1,891 stores across all brands.

It opened 23 new restaurants and closed one restaurant of Domino’s Pizza India, taking the total count to 1,838 across 394 cities as of June 30, 2023.

The master franchiser opened four new restaurants for US Fried Chicken brand Popeyes and the QSR brand entered two new cities — Manipal and Coimbatore — taking the tally to 17 restaurants, it added.

In Hong’s Kitchen, two new stores were added, taking the total count to 15 stores

While for Dunkin’, it opened one new coffee-first store and closed one also.

“9 out of 21 Dunkin’ stores are now as per the brand’s new Coffee-first identity,” it said.

JFL Chairman Shyam S Bhartia and Co-Chairman Hari S Bhartia said, “Our performance reflects our continuation of the strategic direction we have opted for in the current inflationary environment.

“We continue to bolster our value proposition further, look inwards to improvise our systems and processes while expanding margins and finally continue to make investments further to strengthen our unique competitive advantages in operations and technology.”

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