Yumlok Plans To Raise $1 Million By This Fiscal

Gurgaon-based Zomato has invested Rs 500 crore in its quick commerce business, Blinkit, according to a regulatory filing with the Registrar of Companies (RoC). This move highlights Zomato's continued focus on expanding its retail footprint in India’s competitive quick commerce sector.

With this latest investment, Zomato has allocated Rs 2,800 crore to Blinkit since acquiring the company in August 2022. Blinkit, formerly known as Grofers, was acquired by Zomato in an all-stock deal valued at Rs 4,477 crore. The investment follows Zomato's Rs 8,500 crore fundraising through a qualified institutional placement (QIP) in November, aimed at strengthening its balance sheet amid rising competition in the retail and hospitality sectors in India.

Blinkit faces competition from major players like Swiggy’s Instamart, which went public in November, and Zepto, backed by Lightspeed, which raised $1.3 billion last year. Swiggy also secured Rs 4,500 crore in primary capital through its initial public offering (IPO). Zomato did not provide comments on this development at the time of publishing.

Other competitors in India’s quick commerce market include Walmart-owned Flipkart with its Minutes service and Tata Digital-backed BigBasket. Amazon has also entered the retail space, intensifying competition.

Blinkit is aggressively expanding, targeting 1,000 dark stores by March this year and 2,000 micro warehouses by December 2026. The company also recently launched Bistro, a 10-minute food delivery platform competing with Swiggy’s Snacc and Zepto Cafe.

For the July-September quarter, Blinkit reported revenue of Rs 1,156 crore, marking a 129 percent year-on-year increase. The company reduced its EBITDA loss to Rs 8 crore during this period from Rs 125 crore in the same quarter of the previous year.

Before its full acquisition in 2022, Zomato held a 9 percent stake in Blinkit. In June 2021, Blinkit raised $120 million from Zomato and Tiger Global, achieving unicorn status. In March 2022, Zomato invested $100 million in Blinkit via convertible notes and extended a $150 million loan the same month.

However, a January 6 report by brokerage firm Jefferies downgraded its outlook on Zomato’s stock, citing concerns over maintaining profitability amid growing competition in quick commerce.

“We find the Blinkit team the best in class and hence there is no significant risk to its market leadership in the medium term. However, the franchise will face issues on profitability and may not be able to achieve consensus’ estimates on profitability, in our view,” Jefferies stated.

ChrysCapital is in the process of paying around Rs 3,200-3,500 crore to acquire Theobroma Foods and Belgian Waffle Co., two chains of bakeries and dessert shops. It is probable that the transaction will occur via a platform for investments established by the private equity company.

As per the sources, the PE player has 60 days to make a legally binding bid for Theobroma Foods and 30 days to settle the conditions with Bloombay Enterprises, the company that owns Belgian Waffle Co.

It was reported that the Mumbai-based waffle maker, which was started by Shrey and Alisha Aggarwal, will probably be purchased for Rs 1,000 crore.

At least four companies have made non-binding offers for a majority share in Theobroma, including the food giant Switz Group and the private equity firms Kedaara Capital, Carlyle, and ChrysCapital. With a roughly 42% ownership interest, ICICI Venture supports the patisserie business.

Tilaknagar Industries Limited, a leading Indian-Made Foreign Liquor (IMFL) manufacturer, has made a strategic investment of Rs 8 crore to acquire a significant minority stake in Round the Cocktails Private Limited, the company behind the premium mixer brand Bartisans. Following this investment, Tilaknagar Industries, known for being the largest premium brandy producer in India, will hold a 36.17 percent share of Bartisans’ equity on a fully-diluted basis. Bartisans' founders will retain 56.54 percent of the company, while the remaining equity will be allocated for an Employee Stock Ownership Plan (ESOP).

Tilaknagar Industries also retains an option to invest further or acquire more shares in Bartisans based on a pre-determined valuation model, should the start-up meet certain milestones.

Founded in 2021 by the mother-son duo Jovita and Jordan Mascarenhas, Bartisans offers a range of 17 all-natural cocktail mixers. The brand has achieved revenue of Rs 3.5 crore in FY24, distributing products across more than 70 cities in India.

Amit Dahanukar, Chairman and Managing Director of Tilaknagar Industries said, “Our investment is driven by the emergence of a booming cocktail culture in India, paired with the growing trend of 'at-home' drinking in a convenient setting. Through this association, we also see strong synergies with our existing premium brandy as well as our soon-to-be-launched luxury portfolio. We look forward to working closely with Bartisans for co-creating innovative cocktail mixers for brandy.”

Bartisans has positioned itself with a premium price point and enjoys strong unit economics with high customer retention rates. These advantages have enabled the brand to successfully distribute through a variety of channels, including direct-to-consumer, modern retail, and quick commerce, according to Dahanukar.

Tilaknagar Industries' Rs 8 crore investment consists of Rs 3 crore in primary funding and Rs 5 crore for secondary acquisition of shares from existing shareholders. These funds will be directed toward growth and marketing initiatives, as well as strengthening Bartisans' distribution network. Tilaknagar Industries will also nominate a director to Bartisans' board as part of the agreement.

Ameya Deshpande, President of Strategy and Corporate Development at Tilaknagar Industries said, “Bartisans has developed mixers with unique, in-house recipes that resonate with the Indian palate and add a twist for an extraordinary drinking experience. Its products evoke strong customer loyalty, a trait it shares with our leading brands, Mansion House Brandy and Courrier Napoleon Brandy. I also see this partnership contributing significantly to making brandy more fun, exciting, and aspirational.”

India’s 'Ready-to-Pour' mixer market is expected to grow significantly, with projections estimating it will reach Rs 7,000 crore ($830 million) by 2030. Globally, the cocktail mixer market was valued at $10 billion in 2023, with an expected CAGR of 9 percent, pushing the market to $21 billion by 2031.

Jovita Mascarenhas, Co-Founder of Round the Cocktails Private Limited said, “Tilaknagar Industries' expertise in the alco-bev sector, coupled with our vision for innovative cocktail experiences, creates an exciting opportunity to scale Bartisans to new heights. We are confident that this partnership will elevate our brand and expand our reach across the market.”

The investment will be funded through Tilaknagar Industries' internal cash resources, further strengthening its position in India’s evolving cocktail culture and retail sector.

Bengaluru-based health and fitness startup Curefit, is looking at an independent fund-raise for its food delivery entity Eatfit as it hives off from it.

Launched by former Flipkart and Myntra executives, Mukesh Bansal and Ankit Nagori, the cloud kitchen business of Curefit’s food brand--Eatfit, will now be run as an independent entity.

“Eat.fit has enormous potential to expand further and serve more people in India, who are on the lookout for a healthy alternative that can be safely delivered to their doorstep. Making eat.fit a separate entity will allow us to dedicate more time and resources in an efficient manner to make the business grow and deliver value to our consumers, and we hope that doing so can help us deepen our impact in the cloud kitchens and food delivery category in India,” shared Mukesh Bansal, Founder, cure.fit.

Also Read: Mukesh Bansal’s CureFit launches cheese-less lasagna, butter-less butter chicken

Eat.fit currently operates across 15 kitchens in 2 cities and has served over 1.5 million users to date.

This comes when its cloud kitchen business has scaled down significantly over the past six months owing to the pandemic. It has seen a 40% recovery in order volumes as compared to pre-covid period.

Must Read: ‘Ghar ka Khana’ is go- to food for Dark Kitchen Biz

“Cure.fit has pivoted to digital-first approach and has moved most of its services online. Our digital verticals have grown enormously and are very well received, adopted, by the consumers. We will continue growing the digital product and offer a great experience to our consumers. Eat.fit has created a niche for itself in the healthy food category and with the transition, we will be able to do more in the healthy food category,” added Ankit Nagori- co-founder, cure.fit.

Bundl Technologies, the parent company of an online food startup Swiggy, has invested Rs 31.2 crore in ready-to-cook food startup Fingerlix.

The Mumbai-based startup is in the process of raising funds in a Series-C round. The round has also seen participation from existing investors, including Accel Partners and Zephyr Peacock.

Bundl Technologies was founded by Shree Bharambe and Shripad Nadkarni in 2016. So far, the startup has raised over Rs 135 crore.

Nadkarni said, "Ready-to-eat food is a fast-emerging and a significant segment, given the changing lifestyles of urban millennials. The current round will help us address this emerging consumer segment via multiple channels."

Vivek Sunder, the Chief Operating Officer (CEO) of Swiggy.com, said, "Fingerlix, under the able leadership of Shripad & Shree, has built a much-loved brand with a unique model of creating products which we believe will unlock a new category of convenience for customers."

Kapiva Ayurveda, one of the fast-growing Ayurvedic foods brand has raised $2.5M in its first round of institutional funding.

The start-up, which makes high quality traditional Indian foods such as Herbal Juices, Ghee and Honey, will use the funds to scale its distribution presence and build brand awareness.

Founded by Baidyanath Group scion Ameve Sharma and ex Bain Capital investor Shrey Badhani, Kapiva Ayurveda has a portfolio of 40+ Ayurvedic food products.

The start-up has grown rapidly and is now present in 4000+ outlets in 10 cities across India. Products are also available across all major online channels such as Amazon and Big Basket.  The brand is now available in both online and offline channels in the US.

“We have huge headroom for growth since less than 5% of the food and consumable products in India are natural or herbal. We are making a difference through value-added nutrition, especially through careful sourcing of ingredients. Our goal is to make Kapiva Ayurveda a brand loved by people worldwide for providing the most authentic, high quality traditional Indian and Ayurvedic foods.” said Ameve Sharma, Co-Founder, Kapiva.

 “The ingredients are sourced with careful supervision and stringent quality control to offer 100% goodness of nature. Leveraging more than 100 years old rich heritage and know-how of Baidyanath, Kapiva Ayurveda is spreading the health and wellness message of Ayurveda through food,” he added. 

Kapiva Ayurveda has entered offline channels in top cities through both traditional retail and modern trade outlets such as Reliance Retail and Nature’s Basket. The brand now aims to go deeper in its focus markets and increase store presence and density in the top cities while also scaling internationally.

Commenting on the funding, VS Kannan Sitaram of Fireside Ventures said " Kapiva is targeting the fast growing everyday wellness foods space with high quality products developed using appropriate technology. We believe each of Kapiva’s products brings something unique to the consumer and we are very excited to work with Ameve and the Kapiva team to grow this brand. Kapiva is an excellent example of early stage consumer investing that we at Fireside focus on”

Launched in 2017, Fireside Ventures is an early stage venture fund with a focus on consumer brands. It invests in early stage businesses and provides a range of operating support across key functions.

“We are very excited to have got Fireside Ventures on our side as the have enviable track record of working with some of India’s most iconic young brands. The best part of the collaboration is that they have brought to the table insightful FMCG experience along with the capital they have infused,” said Ameve.

In 2017, Kapiva Ayurveda raised approximately Rs.4.4 crore from a group of angel investors.

Cecilia Oldne, one of the best known sommeliers of the wine industry in India, has partnered with London-based fine wine investment firm Amphora Portfolio Management.

Amphora Portfolio Management was set up in London in 2009, and has been operating in India since 2014. The investment firm not only builds and manages but stores bespoke fine wine portfolios for collectors, investors and wine enthusiasts. 

David Jackson, Chief Executive Officer, Amphora Portfolio Management, said, "For me, India is far more than simply commercial success. These last four years have been a total joy and an incredible adventure. My clients in India have all, without exception; become personal friends, and I have had the privilege of exploring the far corners of this fascinating country." 

India is about to overtake China as Amphora's biggest market outside the UK. 

Cecilia Oldne, Amphora's India partner and Ambassador, shares her views on this collaboration, "India is learning fast when it comes to wines, but not many people know what a great investment commodity this liquid luxury can be too." 

Storage is crucial when it comes to fine wines. Even the best investment-grade wines lose their value if not stored in the right manner. This helps investors make smart decisions by applying quantitative analysis techniques taken from the financial markets. 

Once an investor puts their money on a portfolio of wine, it is bought on their behalf and then registered in their name. Later it is stored in an insured and climate-controlled London warehouse, regulated by Her Majesty's Revenue and Customs (HMRC0. The company's team also arranges the sales of the wines for a profit on behalf of its clients.

Danone, French multinational food products giant, is leading an investment of Rs 182 crore into local yogurt maker Epigamia. This move will help the company to retain a presence in the Indian market.

Laurent Marcel, MD of Danone's venture investment arm, said, "This is a minority venture investment, so Epigamia will continue to operate independently."

Danone will be collaborating with Epigamia in areas of brand management, distribution expansion, manufacturing, quality and food safety. Though, this investment will be independent of Danone’s business in the country.

"This is a promising opportunity to partner with a modern and agile consumer brand which is attractive to millennials and positioned in a dynamic and high potential market," Marcel added.

The fresh funding will help Epigamia to execute an ambitious business plan that entails rolling out its dairy products distribution across 25 cities in India.

Food Safety and Standards Authority of India (FSSAI) is planning to focus on enforcing the regulations without impacting businesses.

During 2018, FSSAI accelerated the process of setting standards and notified 27 new regulations for food standards, shared Pawan Agarwal, CEO, FSSAI.

Some of the key regulations include the ones on alcoholic beverages, food fortification, advertising and claims, packaging, residues of pesticides, tolerance limits of antibiotics and pharmacologically active substances. "We are setting standards to ensure safe food to consumers and at the same time see to that they do no impact the businesses. Now that the standards (on food products) are more or less in place, our focus is going to be on compliance, monitoring, inspection and enforcement," added Agarwal.

A Parliamentary Standing Committee on health and family welfare in a report submitted in 2018 had rapped FSSAI over weak enforcement of food safety laws and also recommended restructuring of the autonomous body that functions under the health ministry.

Asserting that the big focus will be on enforcement, Agarwal said while some of the standards are made effective from January 1, the implementation time for other products has been extended by three or six months depending on the cases.

The new standards effective from January 1 are for all varieties of pulses, whole and decorticated pearl millet grains, de-germed maize flour and maize grit, textured soy protein, sago flour, bee wax and royal jelly.

Microbiological standards for fruits and vegetables and their products, all provisions of organic food regulations and standard for honey, except few parameters where test methods are being validated are made effective from Tuesday.

According to FSSAI, three-month extension has been given to businesses to comply with the tolerance limit of antibiotics and pharmacology active substances.

Similarly, standards for alcoholic beverages will come into force from April 1, 2019 to coincide with financial year requirements of excise laws.  Food fortification norms will come into force from June 1, compliance of labelling requirement for frozen dessert would be applicable from July 1, FSSAI said.

The regulations on advertising and claims, packaging and labelling requirements of blended edible vegetable oils will come into force from July 1, this year.

Bengaluru based food delivery platform Swiggy has raised $1 billion in funding led by existing backer, Naspers.

With the new round of funding, Swiggy also see entry of new investors like China’s Tencent and hedge funds Hillhouse Capital and Wellington Management. The new round will see the valuation of the food delivery platform reach to $3.3 billion, said a report on ET.

Swiggy was valued at $1.3 billion earlier this June and $700 million in February.

Swiggy’s mega funding round, which also saw the participation of existing backers like DST Global, Meituan Dianping and Coatue Management, will give it a significant capital advantage rival over Gurgaon-based rival Zomato. While Swiggy has raised a total of $1.31 billion across three financing rounds in 2018, Zomato has received around $410 million in two rounds.

“Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners,” said the company in a statement, adding that it will also use the capital to strengthen its team and invest in “its technology backbone and focus on building a next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.”

“Swiggy has been at the forefront of elevating the potential of Indian food delivery with its industry-changing innovations and focus on delivering the best consumer experience to millions of Indians,” shared Sriharsha Majety, CEO, Swiggy.

Besides further pushing into the food delivery business, Swiggy will also use the corpus raised to expand into new businesses. The food delivery startup has made its entry to over 42 additional cities and doubled in gross merchandise value in the last six months.

“Swiggy has 10x the number of orders per month since our first investment, has expanded throughout India to tier 1, 2 and 3 cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide,” said Larry Illg, CEO, Food and Ventures, Naspers.

Avendus Capital was the financial advisor to the transaction.

Daily top-up grocery player Milkbasket, has announced an additional infusion of $7 million to its Series-A funding, led by Mayfield Advisors, a US-based venture capital firm, with participation from existing investors.

The latest round brings Milkbasket's total Series-A funding to $14 million.

“We are excited to support the Milkbasket team in chasing their impressive mission of making grocery delivery as hassle free as possible. Regarded as the future of the industry, The company’s pioneering model has reinvented everyday lives of its customers.” said Nikhil Khattau, MD, Mayfield India

Milkbasket is recording 15 per cent growth month-on-month and has raised a Series-A investment led by Kalaari Capital in May.

In January, it announced a pre-Series-A investment by Unilever Ventures, Blume Ventures and Lenovo Capital.

“The backing from Mayfield validates our model and acknowledges the scale of our ambition. The funding will accelerate our goal of making Milkbasket synonymous with grocery delivery, nationally. The funds will also enable us in investing adequately in developing the technology and hiring for the next growth phase,” added Anant Goel, Founder, Milkbasket.

Prime Venture Partners has made an investment of Rs 6 crore in FoodyBuddy, a platform that enables consumers to sell home-cooked food. The funds raised will be used by the company to expand into new geographies and build the network in Bengaluru.

Presently, FoodyBuddy is operational in Bengaluru. It is looking to expand to five other cities in the next 12 months.

FoodyBuddy brings together home chefs and consumers in the same neighbourhood. Residents of more than 100 apartment communities in Bengaluru are using the platform that has sold over 2,50,000 meals.

Akil Sethuraman, Co-founder, FoodyBuddy, said, "Today, close to 20,000 households use FoodyBuddy and more than 1,000 people are selling. We believe that food brings people closer and encourages a friendly, healthy and interactive community."

"The aim is to foster this by providing both sellers and buyers with a network through which they can address their requirements," he added.

Sanjiv Goenka’s Guiltfree Industries, Haldiram’s Kamal Agrawal and MTR Foods are among the six contenders who have submitted bids to resurrect beleaguered Maiyas Beverages And Foods, the venture of pioneering food entrepreneur Sadananda Maiya.

The interest of MTR to resurrect Maiyas is a cruel twist of fate considering it was a brand that was owned by the latter and sold off to Norwegian food company Orkla in 2007.

The National Company Law Tribunal (NCLT) had asked for bids from potential investors for Maiyas Beverages after the company was referred to the tribunal earlier this year following its inability to raise enough funds to continue operations.

The Maiya family owns 40 per cent in the namesake company, with the rest held equally between private equity firms Peepul Capital and Ascent Capital.

The other three contenders to put their hat in the ring are Peepul Capital, Sadananda Maiya in his personal capacity and Akashika Foods, a consortium of Maiyas' vendors. All the six applicants have submitted their interest to Interim Resolution Professional (IRP) and will need to submit a revival plan in January.

"Multiple players in the fray only goes to show that this is a validation of our belief that the business still has a lot of value,” shared Deepak Mittal, Investment Director, Peepul Capital to ET.

Meanwhile, NCLT had suspended the powers of the board and had appointed an IRP whose responsibility it was to manage the company.

The clash between the PE firms and Maiya began last year when the founder refused to bring in follow-on capital as part of a proposed road map. Peepul and Ascent had invested about Rs 280 crore till date with Maiya pumping in another Rs 50-70 crore. There have been differences between the Maiya family and the PE firms on how to take the business forward.

Maiyas' products include snacks, sweets, instant mixes, spices, ready-to-eat foods and frozen foods. Its factory in Bengaluru halted production in April. Its products are out of stock across most retailers. The six-year-old company had around 350 people in its factory alone.

The GST anti-profiteering Authority has found Harish Bakers & Confectioners guilty of not passing on GST rate cut benefit to the tune of Rs 15,958 to consumers.

The case before the National Anti-Profiteering Authority (NAA) states that retailer Harish Bakers & Confectioners had hiked the base price of Nestle Munch Nuts 32 gm and Cadbury Dairy Milk Chocolate after the GST Council slashed tax on them to 18 per cent from 28 per cent on November 15, 2017.

The Directorate General of Anti Profiteering (DGAP), which investigated the complaint, went through the books of accounts of the retailer for the period November 15, 2017 to March 31, 2018.

It was found that the base price of the Nestle Munch chocolate was increased from Rs 15.63 to Rs 16.95 a piece with effect from November 16. However, the MRP was retained at Rs 20 a piece, after charging 18 per cent GST.

Similarly, the base price of the Cadbury Dairy Milk was increased to Rs 33.90 from Rs 31.25 apiece. The MRP was retained at Rs 40 a piece, along with 18 per cent GST.

The DGAP has found that the retailer profiteered Rs 15,958 crore by not passing of the GST rate cut benefits to consumers.

The company had already deposited Rs 1,299.69 into the consumer welfare fund (CWF), the NAA asked it to deposit the balance profiteered amount of Rs 14,658.31 crore to the CWF, along with 18 per cent interest.

The NAA also asked DGAP to further investigate the quantum of profiteering made by the distributor from April 1, 2018, and submit its report to the authority.

By Nusra

Manufacturer of processed food products Fric Bergen (Vivan Foods Pvt. Ltd.), raises funding from Mumbai Angels Network (MA Network).

The Gurgaon-based sauce and dip producer was founded by Vivek Singh, Vandana Singh, and Rohit Agarwal in 2008.  Fric Bergen launched with the aim to offer premium-quality sauces at affordable prices in easy-to-use, single-serve sachets for on-the-go consumers.

 "Our focus is to cater to the masses. With prices of our products being as low as Rs 10, consumers usually end up buying two to three variants in one go," said Founder, Rohit Agarwal.

 The company retails over 30 SKUs in their product portfolio which includes a variety of mayonnaise, ketchups, sauces, dips, and jams.  With a strong distribution network covering over 10,000 retail outlets pan India, their focus lies in increasing this segment.

Commenting on the same, Agarwal added, "By the end of 2020, we plan to shift our retail revenues to 85 percent and HORECA at 15 percent."

“We are very excited to add Fric Bergen to our portfolio group of companies.  The consumer market industry is seeing a growth trajectory with rapid urbanization, evolving consumer lifestyles, rising income levels & growing per capita expenditure, awareness and desire to try new brands, and visibility of products through organized distribution points.  We believe Fric Bergen has a strong business model and are dedicated to providing them with the support they need to succeed,” said Nandini Mansinghka, CEO & MD, Mumbai Angels Network.

By Nusra

Alcobrew Distilleries, the growing liquor company, plans to invest nearly INR 100 crores in new manufacturing units and marketing of the brand.

The company intends to raise a fund of INR 65 crores through debt and 35 crores from company reserves.

With an aim to focus on premium and semi-premium whiskey segments, Alcobrew Distilleries has also received a letter of intent from the government of Himachal Pradesh to establish a malt distillation and saturation plant.

“The investment of INR 100 crores will help us double our business in the coming 2-3 years. We have gained exemplary command over the world-class manufacturing processes during our earlier collaborations, and the widespread recognition of W&B and Golfer’s shot has motivated us to grow bigger,” shared Romesh Pandita, Chairman and MD, Alcobrew Distilleries.

Alcobrew has already launched ‘Golfer’s Shot’ in premium whiskey range and ‘White & Blue’ in the semi-premium range. Alcobrew began its business in 2006 by manufacturing and bottling ‘Old Smuggler’ in India, a brand from Gruppo Campari.

It has refined its work-class manufacturing and business practices during its international collaboration and thrives to enhance itsquality services through its own product range.

“From the newly established plants in Himachal Pradesh, we estimate using 70% malt for our own brands because semi-premium and premium whiskey segment have the potential of the fastest growth in the market,” added Pandita.

Tata Global Beverages (TGBL) is planning to invest Rs 100 crore for setting up a tea packaging unit at Tata Steel Special Economic Zone in Odisha.

TGBL said, "The company has entered into a letter of Intent (LOI) with Tata Steel Special Economic Zone Ltd, a wholly-owned subsidiary of Tata Steel Ltd, for setting up a tea packaging unit in Gopalpur Industrial Park, Odisha."

The two companies estimate an aggregate investment of around Rs 100 crore over a period of time for setting up this new unit.

The facility will have the capacity to produce 36 million kgs per annum. It is expected to be operational by 2020 after obtaining all statutory and regulatory clearances.

The new plant will be used for the operation of manufacturing and storage of tea. It will also be used as warehouse of all products of the company, including its subsidiaries, associates and joint-venture companies.

Japanese investor SoftBank's Vision Fund is in final discussions to lead a new $120-150 million financing round in Grofers, a Gurugram-based online grocery firm.

A fund with a corpus of $100 billion will move the earlier investment Softbank made in Grofers from its own balance sheet also to this entity. 

The move of SoftBank to further invest in Grofers also puts a stay on rumours of the merger with a bigger rival Alibaba-backed BigBasket.

A people close to the matter said, "SoftBank has decided to double down on its investment in Grofers as talks with Alibaba for a possible merger with BigBasket have not progressed. The round may see the participation of a new financial investor as well in which case the round size may go up $200 million."

PepsiCo is planning to invest $5 million by 2020 to expand its agricultural programmes in India. Currently, the food and beverages company is working with 24,000 farmers in the country for growing potato, rice, corn and citrus for its products like Lays, Uncle Chipps, Kurkure snacks and Tropicana juice.

Christine Daugherty, global vice president of sustainable agriculture at PepsiCo, said, "The company has plans to double the collaborative farming network in the next five years, including expansion to new geographies." 

“PepsiCo is also keen to bring digital technology to the farms. We are connecting farmers to mobile apps which gives information from pest management to weather information,” she added.

PepsiCo, through the sustainable farming programme, is providing education on field agronomy, fertilisers, irrigation, plant protection techniques and new technologies.

Daugherty further said, "We want to make a global impact which is locally relevant through our sustainable farming programme. We know we can’t just come in with complete Western agricultural practices as they may not work in India. So, our programme goes in and does risk analysis and assessment of environmental, social and economic factors. Post that risk assessment, we decide on how to engage with the farmers so they can grow better quality products with fewer input costs which are resilient to environmental and economic shocks."

Ant Financial, the Alibaba-owned payment affiliate, has invested another $210 million in restaurant discovery and food-delivery platform Zomato.

As a result of the infusion from Alipay Singapore Holding Pte Ltd or other affiliates of Ant Financial, Info Edge's (India) ownership in Zomato will fall from 30.91% to 27.68%.

Info Edge said, "We would like to bring to your knowledge that Zomato has signed a definitive agreement to undertake a primary fund raise of approximately USD 210 million from Alipay Singapore."

The development comes after Zomato had raised $200 million in a funding round led by Ant Financial in February. Under this deal, Alipay had pumped in $150 million as primary capital in Zomato.

<p>वेंचर कैपिटल फंड हंच वेंचर्स यूएस आधारित बर्गर चेन वेंडी और भारत में फाइन डाइनिंग चेन जेमी के इतालवी ऑपरेटिंग दो कंपनियों में 100 करोड़ रुपये का निवेश करेगी। फर्म अंतर्राष्ट्रीय बाजार प्रबंधन (आईएमएम) के संयुक्त रूप से स्वामित्व वाली सिएरा नेवादा रेस्टोरेंट और डोलोमाइट रेस्टोरेंट में 50% हिस्सेदारी लेने के लिए निवेश कर रही है।</p>

<p>आईएमएम एक लंदन स्थित उपभोक्ता ब्रांड है, जो उद्यमी-रेस्टॉरिएटर जैस्पर रीड की अध्यक्षता में है।</p>

<p>रीड ने कहा, "वेंडी को अब भारत के लिए सही मॉडल मिला है और अगले 5-10 वर्षों में 300 वेंडी के आउटलेट खोलने की योजना बना रहा है। कंपनी इसी अवधि के दौरान लगभग 80 जेमी के ब्रांडेड रेस्टोरेंट&nbsp; खोलने की योजना बना रही है।"</p>

<p>हंच के संस्थापक करणपाल सिंह ने कहा, "हम सही खाद्य व्यवसायों की तलाश में हैं, जो स्केलेबल हैं और तकनीक, मीडिया और हमारे आतिथ्य ज्ञान जैसी अन्य संपत्तियों के साथ एकीकृत करने में सक्षम हैं। हम उन सभी अलग-अलग क्षमताओं का लाभ उठाना चाहते हैं।"</p>

<p>अब तक, हंच ने विभिन्न तकनीकी फर्मों में $ 150 मिलियन का निवेश किया है, जिसमें इंडियूट्स डॉट कॉम, हेल्थकेयर उद्यम और अन्य इकाइयों के बीच उच्च अंत कंसीयज सेवाएं शामिल हैं।</p>

<p>एमटेक ग्रुप कंपनी रोलटाइनर्स के बाद यह समझौता आया है, जिसने वेंडी में आईएमएम में अपनी 50% हिस्सेदारी बेच दी थी।</p>

<p>&nbsp;</p>

Venture capital fund Hunch Ventures will invest Rs 100 crore in two companies operating US-based burger chain Wendy's and fine dining chain Jamie's Italian in India. The firm is making the investment to pick up 50% stake in Sierra Nevada Restaurants and Dolomite Restaurants, jointly owned by International Market Management (IMM).

IMM is a London-based consumer brand headed by entrepreneur-restaurateur Jasper Reid.

Reid said, "Wendy's has now found the right model for India and is planning to open 300 Wendy's outlets in the next 5-10 years. The company plans to open about 80 Jamie’s branded restaurants during the same period."

Karanpal Singh, Founder of Hunch, said, "We have been looking for the right food businesses that are scalable and to be able to integrate with our other assets like tech, media and our hospitality knowledge. We want to leverage all those different capabilities."

So far, Hunch has invested about $150 million in various tech firms, which includes Indiaroots.com, healthcare venture, and high-end concierge services among other entities.

The agreement comes after Rollatainers, Amtek group company, had sold its 50% stake in Wendy's to IMM. 

खाद्य प्रसंस्करण राज्य मंत्री साध्वी निरंजन ज्योति ने कहा कि भारत के खाद्य प्रसंस्करण क्षेत्र ने भारी निवेश को प्रभावित किया है और अमेरिका उद्योग की पहल में एक प्रमुख भूमिका निभा रहा है।

उन्होंने कहा, "वैश्विक मानकों पर खाद्य प्रसंस्करण लाने का भारत का लक्ष्य भारी निवेश लाया है और अमेरिका उद्योग की पहलों में महत्वपूर्ण भूमिका निभा रहा है।"

मंत्री ने कहा कि हाल के वर्षों में भारत और अमेरिका ने अपने संबंधों को मजबूत किया है। उन्होंने यह भी कहा कि सरकार 'सबका साथ, सबका विकास' के मिशन की दिशा में अथक रूप से काम कर रही है।

साध्वी ने आगे कहा, "समावेशी विकास की यह भावना न केवल भारतीय किसानों के लिए फायदेमंद है, जिनकी आय सरकार ने 2022 तक दोगुना करने की मांग की है, बल्कि अमेरिका जैसे अंतर्राष्ट्रीय भागीदारों के लिए भी और सभी के लिए आर्थिक समृद्धि पैदा कर सकते हैं।"

यस बैंक के वरिष्ठ प्रेसिडेंट और वैश्विक प्रमुख (खाद्य और कृषि सामरिक सलाहकार और रिसर्च), नितिन पुरी ने कहा, "भारत सरकार खाद्य प्रसंस्करण में अभूतपूर्व बदलाव ला रही है और इस माहौल ने भारत और अमेरिका के बीच सहयोग के लिए कई अवसर पैदा किए हैं। इस सहयोग के लिए मार्ग संपूर्ण मूल्य श्रृंखलाओं में निवेश हो सकता है। इससे फ़ूड वेस्टेज का नुकसान कम हो सकता है, वैश्विक सर्वोत्तम प्रथाओं और सुपीरियर कोल्ड चैन्स जैसी टेक्नोलॉजी भारत को मिल सकती हैं और भारतीय सामान को वैश्विक बाजारों में बेच सकते हैं।"

Sadhvi Niranjan Jyoti, Minister of State for Food Processing, said that India’s food processing sector has captivated heavy investment and the US is playing a major role in the industry's initiatives.

She said, "India's goal of bringing food processing to global standards has brought about heavy investment, and America is playing a significant role in the industry's initiatives."

The Minister stated that in recent years India and the US have strengthened their relations. She also said that the government is working tirelessly towards the mission of 'Sabka Saath, Sabka Vikas'. 

"This spirit of inclusive growth is not only beneficial for Indian farmers whose income the government has sought to double by 2022, but also for international partners like America, and can create economic prosperity for all," Sadhvi further added. 

Nitin Puri, Yes Bank’s Senior President and Global head (Food and Agri Strategic Advisory and Research), said, "Indian government is catalysing a revolution in food processing, and this environment has created many opportunities for collaboration between India and the US. A recommended pathway for this collaboration can be an investment in entire value chains. These can mitigate food wastage losses, bring global best practices and technologies like superior cold chains to India, and sell Indian goods in global markets."

सीट्रिप  चीन की सबसे बड़ी यात्रा-बुकिंग साइट, ऑनलाइन रेस्टॉरेंट खोज और खाद्य वितरण प्लेटफार्म ज़ोमैटो में $ 100 मिलियन का निवेश करने की वार्ता में है।

नास्डैक-सूचीबद्ध सीट्रिप, एंट फाइनेंशियल (एक अलीबाबा एफिलिएट) और कुछबैकर्स  गुड़गांव स्थित फर्म का मूल्यांकन 1.8-2 अरब डॉलर के करीब 400 मिलियन डॉलर निवेश करने की संभावना है।

चर्चा करने वालों के लिए एक व्यक्ति ने कहा, "सीट्रिप के साथ चर्चा आखिरी स्टेज में है, केवल अंतिम राशि का फैसला किया जा सकता है। यह लगभग 100 मिलियन डॉलर होने की संभावना है। हालांकि निवेश पूरी तरह से वित्तीय है, दोनों कंपनियां सहकर्मी तलाश सकती हैं, जो प्रकृति में और अधिक रणनीति होकर आगे बढ़ेगी।"

$ 20 बिलियन से अधिक का बाजार पूंजीकरण होने के कारण, ज़ामैटो के साथ सीट्रिप का सौदा महत्वपूर्ण होगा, क्योंकि कंपनी यात्रा सेवाओं के बाहर पहली बार निवेश करेगी। सीट्रिप  दुनिया भर में शीर्ष चार ऑनलाइन ट्रैवल एजेंसियों में से एक है।

दो साल पहले, सीट्रिप ने स्कॉटिश यात्रा साइट स्काईस्कैनर $ 1.7 बिलियन के लिए अधिग्रहण किया था। कंपनी टूर्स 4 फन, ट्रैवल रिसर्च साइट ट्रिप डॉट कॉम और स्काईस्कैनर द्वारा ट्रिप का मालिक है।

यह सौदा गुड़गांव स्थित फर्म के लिए भी महत्वपूर्ण कदम होगा, क्योंकि यह अंतरराष्ट्रीय बाजारों में आक्रामक रूप से विस्तार और विकास करने का प्रयास करता है।

Ctrip, China's largest travel-booking site, is in talks to invest around $100 million in online restaurant discovery and food-delivery platform Zomato.

The Nasdaq-listed Ctrip, Ant Financial (an Alibaba affiliate) and a couple of backers are likely to invest around $400 million, valuing the Gurgaon-based firm at $1.8-2 billion.

A person privy to the discussions said, "The discussions with Ctrip are in the last leg, with only the final amount yet to be decided. It is likely to be around $100 million. While the investment is purely financial, the two companies may explore synergies, which will be more strategic in nature going forward."

Having a market capitalisation of over $20 billion, Ctrip’s deal with Zomato will be significant as the company will invest first-time outside of travel services. Ctrip is ranked among the top four online travel agencies worldwide.

Two years ago, Ctrip had acquired Scottish travel site Skyscanner for $1.7 billion. The company also owns Tours4Fun, travel research site Trip.com and Trip by Skyscanner.

The deal will also be a significant move for the Gurgaon-based firm as it attempts to expand and grow aggressively in international markets.

द. अफ्रिकी मीडिया दिग्गज नैस्पर्स, संगठित क्षेत्र को सेवाएं देने वाले तकनीक-आधारित स्टार्टअप हंगर बॉक्स में $12-15 मिलियन निवेश की तैयारी कर रहा है। नैस्पर्स फ़ूड-डिलीवरी फर्म स्विग्गी में सबसे बड़ा हिस्सेदार है। 

संदीपन मित्र द्वारा संस्थापित हंगर बॉक्स, संगठित क्षेत्र में कैफेटेरिया संचालन का अंकीकरण और प्रबंधन करने के लिए तकनीकी हल देता है, अन्न सुरक्षा और अनुपालन की देखरेख करता है और अपने मंच पर विक्रेताओं को प्रशिक्षित करता है। 

दी सेबर पार्टनर्स और लायनरॉक कैपिटल द्वारा समर्थन-प्राप्त कंपनी हर दिन 200,000 से अधिक ऑर्डर्स दर्ज करती है। वह वर्तमान में मुंबई, दिल्ली - एनसीआर और बेंगलुरु समेत 10 शहरों में 70 से अधिक क्लाइंट्स को सेवा पहुंचा रही है। 

हंगर बॉक्स 2018 के अंत तक 350,000 से अधिक दैनिक ऑर्डर्स की आशा करता है। अगस्त में, कंपनी ने 250 करोड़ रुपये की वार्षिक आय को पार कर लिया है। 

मित्र ने कहा, "हमने 10,000 से अधिक कार्यबल के 11 भारतीय कॉर्पोरेट फर्म्स (आईटी, आईटीईएस, बीपीओ, केपीओ आदि) को पहचान लिया है और अगले 6 महीनों में हम उन सबको हंगरबॉक्स के मंच पर ले आएँगे।"

South African media giant Naspers is planning to invest $12-15 million in HungerBox, a tech-enabled corporate catering startup. Naspers is the largest shareholder in food-delivery firm Swiggy.

Founded by Sandipan Mitra, HungerBox provides technology solutions to digitise and manage corporate cafeteria operations, undertake food safety and compliance, and curate vendors on its platform. 

The Sabre Partners and Lionrock Capital-backed firm records over 200,000 orders per day. Having over 70 clients, the firm is presently operating in 10 cities including Mumbai, Delhi-NCR, and Bengaluru.

HungerBox is expecting over 350,000 daily orders at the end of 2018. In August, the company crossed Rs 250 crore in annualised revenue.

Mitra said, “We have identified the top 11 Indian corporate firms (across IT, ITeS, BPO, KPOs, etc) with a workforce of over 100,000 and in the next 6 months, all of them will be on Hungerbox’s platform.” 

ब्रिटानिया इंडस्ट्रीज (बीआईएल) बंगाल में एक नई अत्याधुनिक सुविधा में 300-350 करोड़ रुपये निवेश करने की योजना बना रहा है। कंपनी लंबे समय बाद इस राज्य में निवेश करेगी।

तारताल में स्थित प्लान्ट ब्रिटानिया इंडस्ट्रीज का सबसे पुराना प्लान्ट है। इसके अलावा, कंपनी का डंकुनी के पास एक कॉन्ट्रेक्ट पर दिया मैन्युफैक्चरिंग यूनिट है।

बीआईएल के शीर्ष अधिकारी ने कहा है, "पिछले 10 वर्षों में, कंपनी ने बिहार, ओडिशा और असम में निवेश किया है, लेकिन बंगाल में कोई नया निवेश नहीं किया था, लेकिन अब हम ऐसा कुछ करने की योजना बना रहे हैं।"

ब्रिटानिया भारत में अग्रणी खाद्य कंपनियों में से एक है। देश में कंपनी के लिए पश्चिम बंगाल तीसरा सबसे बड़ा बाजार है, क्योंकि इससे 750 करोड़ रुपये से अधिक राजस्व अर्जित होगा।

अपनी राष्ट्रीय योजना के भाग रूप, कंपनी पश्चिम बंगाल में कोल्ड चेन इंफ्रास्ट्रक्चर भी स्थापित कर सकती है। वर्तमान में, ब्रिटानिया पुणे के पास रंजनगांव में कोल्ड चेन इंफ्रास्ट्रक्चर स्थापित कर रही है।

Britannia Industries (BIL) is planning to invest Rs 300-350 crore in a new state-of-the-art facility in Bengal. The company will be investing in the state after a long time.

The plant at Taratala is the oldest plant of Britannia Industries. Besides this plant, the company has a contract manufacturing unit near Dankuni.

BIL’s top official said, “In the last 10 years, the company has invested in Bihar, Odisha and Assam but there was no fresh investment in Bengal. But now, we are planning to make some.”

Britannia is one of the leading food companies in India. West Bengal is the third largest market for the company in the country as the revenue earned from it is over Rs 750 crore.

As part of its national plan, the company may also set up cold chain infrastructure in West Bengal. Presently, Britannia is setting up cold chain infrastructure at Ranjangaon near Pune.

Swiggy has raised another round of funding by bagging $210 million from DST Global, Naspers.

With this round of funding, the food delivery start up becomes the latest startup to join the Unicorn club.

The company said that hedge fund Coatue and existing backer Meituan Dianping are also participating in this round, as it beefs up its war chest to battle Ant Financial-backed Zomato and new rivals like Ubereats and Ola-owned Foodpanda.

Swiggy is planning to invest the amount to ramp up its supply chain network and expand to new markets.

"The company will also double its technology headcount to build for robust operations, deep personalization and connected supply chain systems," it said in a statement.

Founded in August 2014 by Sriharsha Majety, Nandan Reddy and Rahul Jaimini, Swiggy will cross $466 million funding.

“We’re thrilled to have grown the online food delivery market in India at an exponential rate, always keeping our consumers at the helm. With this investment, we will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem," said Majety, CEO of Swiggy, in a statement.

For DST Global, one of the world's most influential tech investor which counts Facebook, Airbnb, and Alibaba in its investment portfolio, this will be its third India investment after India's largest online retailer Flipkart in 2014 and cab hailing Ola in 2015. A personal investment vehicle of DST's partners, called Apolleto Asia had invested in Swiggy in 2015.

"Swiggy’s rapid growth, along with highly engaged users, restaurants, and delivery partners, shows the strong value proposition they have for all participants in the ecosystem,” said Saurabh Gupta, Managing Partner at DST Global.

After the primary investment of Rs 100 crores by Samena Capital in Series B round, Bloom Hotels (“Bloom”) is swiftly moving ahead with its expansion plans. The investment values Bloom at 330 crores and will help roll out the company’s innovative affordable brands to all Indian cities. With this investment, Samena Capital has taken a 35% stake in Bloom Hotels.

After pioneering its unique hotel concepts across key India markets like Bengaluru, New Delhi, Gurgaon, and Goa, Bloom has recently picked up the pace of expansion in pursuit of its aim to set up 100 hotels across South Asia. The expansion coincides with India becoming the world’s third-largest airline market. Demand growth is also being driven by the emerging middle-income group and growing discretionary consumption.

“We are delighted to partner with Bloom, a truly differentiated company that can bring transformational change to the industry. Bloom has proven its unique business model by achieving operational profitability across its current portfolio in a very short period of time.” Said Mr. Shirish Saraf, Founder, and Vice-Chairman of Samena Capital while commenting on the investment.

“We are proud to have Samena on board as we grow the Bloom brand across South Asia in quick time. We look forward to benefiting from the Samena team’s proven track record in working with consumer-facing companies at the high growth stage,” COO of Bloom, Sanjeev Sethi said.

As part of the pan India rollout, in February this year, Bloom Hotels opened two properties in Calangute, Goa. This included the official launch of the newly minted BloomSuites brand at a 140-room hotel. The company has also lined up hotel launches in 20 other locations across the country, from Hyderabad to Kochi to Mumbai.

Global technology hedge fund Coatue Management is mulling over to invest $50-100 million in online food delivery platform Swiggy.

The move comes less than two months after South African media giant Naspers and Chinese e-commerce firm Meituan-Dianping invested $100 million in the Bengaluru-based startup, underlining how the pace of investment in India’s digital market is picking up again.

Coatue and Meituan-Dianping, besides two other investors who could not be identified, are in talks to invest in Swiggy, which was valued at $700 million last month. Meituan-Dianping invested $40 million in the $100-million round.

"Coatue has been talking to Swiggy for the last few months before the previous round of funding was closed," said one of the people, adding that a deal was not final yet. It is not clear if the investment will be an extension of the previous round or a new one, as Swiggy looks to beef up its war chest as it competes with Ant Financial-backed Zomato besides new entrants like Ola and UberEATS.

A technology-focused hedge fund, New York-based Coatue is led by former Tiger Management executive Philippe Laffont and has over $15 billion in assets under management. Its interest in the Indian Internet ecosystem follows the penetration of affordable data in India a move that Laffont believes will help deepen customer acquisition through deeper penetration, as per a report in Forbes last month.

India’s dairy manufacturer Ananda today said it plans to invest Rs 10 crore to launch about 150 stores in Kanpur by financial year 2018-19, as part of its Rs 500 crore investments committed in Uttar Pradesh.

In addition to its six already present in the city, Ananda has revealed two company owned company operated (COCO) stores.

The company, which is stepping up for expanding its retail presence rapidly to augment its market share, last month announced opening 500 retail COCO outlets by the end of next fiscal in states like Delhi-NCR, Haryana, UP and Punjab.

"We see a huge potential in the Kanpur market and are certain that the city will play a huge role in our expansion plans for Uttar Pradesh," Ananda Group Chairman Radhey Shyam Dixit said.

The company expressed its plans to launch an average of 10 COCO stores on a monthly basis.

Headquartered in Noida, Ananda has a current production capacity of over 12 lakh litres of milk a day. It sells over 50 products and has presence in most of the diary products, except ice creams.

Venture debt firm Alteria Capital made its first investment in ready-to-cook food brand Fingerlix in a quick succession after the first close of its maiden Rs 1,000 crore fund.

The Mumbai-based startup, which is backed by Accel Partners and Zephyr Peacock, raised Rs 8.5 crore in its first debt financing exercise.

With this funding, the total capital raised by Fingerlix reached Rs 71.5 crore, including equity and debt. Fingerlix will use the proceeds to build production capacity for its existing presence in the country’s top six cities.

The firm, which has a kitchen in Mumbai, will build one in Delhi immediately and follow it up with another for the southern market.

“The investment in Fingerlix represents the ideal type of transaction that we will seek out of a high-quality business with the potential to generate high returns, being driven by a great team and strong investor support," shares Ajay Hattangdi, Managing Partner, Alteria Capital.

Fingerlix will use a portion of the fund to also boost its distribution channel and increase presence in retail and other distribution outlets.

As the consumer brand and FMCG play in the Indian startup ecosystem grows, both equity and debt investors are looking to build significant portfolios in the space.

Commenting on the same, Vinod Murali, also a managing partner at the venture debt firm adds, “India has been starved of a lot of good quality brands. While we are sector agnostic, the consumer pipeline for Alteria Capital is quite strong and will be evident in the deals to come.”

In a fresh funding, Grocery delivery Instacart has raised $200 million, boosting its valuation and providing new resources for the startup to compete against heavyweight Amazon.com Inc.

The San Francisco-based company Instacart that shops for and delivers groceries from about 200 retailers including Target Corp and Costco Wholesale Corp, said the new funding values the company at about $4.2 billion. That's up from the $3.4 billion valuation the company commanded when it raised $400 million nearly a year ago.

In the new round Coatue Management led the deal and included Glade Brook Capital Partners and existing investors. Sequoia Capital, Andreessen Horowitz and Whole Foods Market, among other investors have invested in Instacart previously.

Instacart allows shoppers to order groceries online via their app that are delivered to their home the same day. The company makes money through delivery fees and also through promotions and coupon deals it has with a number of brands including General Mills Inc, Coca-Cola Co and Pepsico Inc.

But Instacart faces uncertainty with the recent acquisition of Whole Foods by Amazon. Whole Foods has been one of Instacart's largest and most important grocery supply partners after the two signed a multiyear deal between the startup in 2016 for delivery provider for most Whole Foods goods. But Amazon, which has been steadily pushing into grocery delivery, said last week it is testing free two-hour delivery of Whole Foods groceries to Amazon Prime customers in certain U.S. cities.

Leading online food-delivery company Foodpanda has decided to invest Rs 400 crore to scale up technology, ensuring seamless experience for partner restaurants, users and riders across all the metros and other key cities in the country. A top company official said the company in addition plans to hire 2, 5000 delivery riders in the next 12 to 15 months.

It said, the company is focussing more on enhancing the inter-restaurant relationships. Foodpanda is planning to provide them with superior backend technology and provide assistance through their own delivery network.

The company said it is also looking for selected interventions for key partner restaurants to create a significant long term business value.

The investment further will focus on creating transparent, more efficient and timely procedures for delivery logistics. The investment would also entail partner and rider recognition programs for better performance.

Pranay Jivrajka, CEO, Foodpanda India said, “Creating a strong delivery ecosystem backed by technology is one of the most fundamental needs of the Indian food tech industry. We at Foodpanda recognise this and are investing INR 400 crore to further strengthen our delivery network across all the metros and other key cities.”

Jivrajka added, “We are also ramping up our last mile connect by hiring 25000 delivery riders. This is in-line with our go to market strategy to make a difference in the food ordering experience of our restaurant partners, customers and riders.”

Ahmedabad based Food Memories which is the online source for Indian delicacies has secured an undisclosed amount in seed funding from a consortium of eight investors led by Bhavesh Manglani and Suraj Saharan, the co-founders of logistics firm Delhivery.

The other investors include legal professionals, investment bankers and entrepreneurs.

Founded in September 2016 by Harmitsingh Sikh, Food Memories aggregrates popular regional food brands and delicacies unique to particular Indian geographies.

The company said in a statement that it would utilize the money to accelerate its expansion plans. It will also invest in setting up physical retail stories in major Indian cities.

Delhivery co-founder Manglani said, “With the Indian sweets and savouries market pegged at Rs 50,000 crore and a promising $30 billion export food market, Food Memories is uniquely placed to capitalise on growing demand for delicacies of iconic local brands/establishments”

The platform owned and operated by One Click Innovations Pvt. Ltd features more than 200 major brands and more than 3,000 Indian food products. The items are delivered across the globe.

Sikh, who is also Food Memories’ chief executive officer said, “We’re now operational in 26 states across India and with the support of our investors, our first retail touch point will come up in Ahmedabad followed by gradual expansion to strong demand centres in the country.”

Many ventures in the broader food and beverage (F&B) segment have attracted investment in recent months.

HungerBox, an online platform that connects caterers and corporates, raised $2.5 million (Rs 16 crore) in a pre-Series A funding round led by Singapore-based Lionrock Capital last month.

HW Wellness Solutions Pvt. Ltd the Pune based wellness firm which owns and operates health foods startup True Elements, raised Rs 5 crore ($788,500) in a pre-Series A funding round led by the RP-Sanjiv Goenka Group in the same month. January also witnessed Morgan Stanley Private Equity Asia investing Rs 152 crore ($23 million) in Southern Health Foods, which markets its products under the brand ‘Manna Foods’.

Last December, Ratan Tata-backed speciality tea e-tailer Teabox.com, operated by Bengaluru- and Singapore-based AsianTeaxpress Pte. Ltd, raised $7 million (Rs 45 crore) in a Series B round from Singapore-headquartered investment firm RB Investments and existing investors.

Vahdam Teas Pvt. Ltd a Delhi-based tea e-tailer in the same month had raised $1.4 million (Rs 9 crore) in a Series A round of funding led by existing investor Fireside Ventures.

Soft drink maker Coca-Cola is set to introduce its core aerated soft drink brands Sprite, Limca and Fanta with fruit juice this summer.

In last three years since PM Modi first urged cola companies to blend aerated drinks with 5% juice from fruits produced by farmers Coca Cola is experimenting on fruit based drinks.

A Coca-Cola spokesperson said, “Under our virtuous fruit circular economy initiative, we propose to use Indian fruit products in as many beverages as possible; adding juice to our carbonated flavour products is one of those options. As we go forward, we will continue to explore with other carbonated flavour brands.”

An official directly aware of the developments said, “Coca-Cola’s global leadership team including Asia Pacific group president John Murphy, who was in Kolkata last weekend, reviewed the upcoming launches for India — the beverage giant’s sixth biggest market globally.”

He added, “The products have already been developed. Fruit juices are being added across Coca-Cola’s non-cola aerated drinks portfolio; these will be irrespective of tax incentives by the government for fruit-based aerated drinks. He added that besides broadbasing its beverage portfolio, the company is hopeful that addition of fruit juice could bring back consumers who have turned away from sugary aerated drinks.”

A Coca-Cola spokesperson also said that the company’s existing products will be available alongside the fruit based drinks.

Zomato, online restaurant discovery and food delivery firm is taking pole position by raising $200 million from Ant Financial, the payments  affiliate of Chinese e-commerce giant Alibaba. The deal values Zomato at $1.1 billion with a pre-money valuation of $945 million according to two sources, finally earning it the elusive unicorn tag. Ant Financial will hold around 18% stake in Zomato post the investment.

The deal will see Alipay invest $150 mn as primary capital and other secondary share transactions. Existing investor Info Edge will dilute its holding worth $50 million in Zomato. Post the dilution, Info Edge will hold about 31% in Zomato but will continue to retain its position as the single largest shareholder in the company.

Zomato’s strong presence in South East Asia and Middle East has been crucial in sealing the deal with Ant Financial which is looking to forge a strong global play through this fund raise.

The capital raise comes over two years after the Info Edge backed company last raised $60 million from Temasek and Vy Capital in September 2015, one which valued Zomato at about $960 million.

The fund raise is expected to be completed by April and signals a significant turnaround for the once beleaguered food tech sector that struggled to raise funds until two years ago.

South African media giant Naspers led a $80-million round in Zomato’s main rival Swiggy last year, while global tech giants such as Uber and Google also launched operations in this market.

ET had reported in January that Naspers is in talks to lead a $150-200 mn round in Swiggy and may partner Tencent for the deal.

Zomato has been steadily fortifying its balance sheet with revenues surging 80% to Rs 332 crore in FY17. But the game changer has been its ability to sizably shrink its annual operating burn by a whopping 81% to Rs 77 crore in FY17 from the Rs 441 crore it burned in FY16. Zomato also significantly scaled back on operating losses which fell 34% to Rs 389 crore in FY17 from Rs 590 crore in the previous year.

But Zomato which earns a lion’s share of its revenues from its advertising business is also locked in a battle for market leadership in the food delivery space, which is more capital intensive. Zomato claimed to have delivered over 3 million monthly orders for the first time in July 2017 compared to competitor Swiggy's claims of over 4 million monthly orders. Zomato has been looking to increase its share of self-fulfilled deliveries through its acquisition of hyperlocal delivery startup Runnr to over 10% of its deliveries.

Ant Financial’s interest in Zomato is because of parent Alibaba’s interest in world market seen as a strategic part of the payments business, as it has high frequency. Both Alibaba and Ant Financial have made similar bets in their home market as they have poured more than $2 billion in Chinese food ordering platform Ele.me since 2016.