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ASK Property Fund, KREEVA, Shapoorji Pallonji to invest ₹270-Cr in Gurugram luxury project

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ASK Property Fund, KREEVA, the real estate arm of the Kanodia Group, and ShapoorjiPallonji Real Estate will jointly invest over ₹270 crore in a luxury housing development in Gurugram. According to the company’s statement, the project in Sector 46 covers 1.74 acres and expects to generate over ₹1,200 crore in revenue over the next five years. Sector 46 is a well-established residential area in Gurugram, benefiting from its proximity to major job hubs and well-developed social infrastructure.

“We recognize the project’s revenue potential due to its prime location within an established catchment area. With significant equity from KREEVA and partnership with ShapoorjiPallonji Real Estate, this project effectively minimizes risk, making it a compelling investment opportunity for us,” said Bhavin Jain, CIO of ASK Property Fund.

Venkatesh Gopalakrishnan, Director of the Group Promoter’s Office, MD, and CEO of Shapoorji Pallonji Real Estate, said, “Our collaboration with KREEVA and ASK Property Fund for the Sector 46 project in Gurugram underscores our commitment to delivering high-quality residential developments that meet the evolving needs of discerning customers.”

Gautam Kanodia, founder of KREEVA and Co-founder of Kanodia Group, said, “Our collaboration with Shapoorji Pallonji Real Estate gives us the confidence to deliver this luxury project with a world-class experience.”

Mayank Jain, CEO of KREEVA, said, “Securing strategic investment from ASK -Asset & Wealth Management Group is a critical step for KREEVA. These funds will allow us to broaden our expansion plans.”

ASK Property Fund is the alternative asset investment division of the ASK Group, specializing in managing and advising real estate-focused funds. Kanodia Group, known for manufacturing cement and personal hygiene products, has recently expanded into the real estate and media sectors. This strategic move reflects the group’s growing presence across diverse industries.

Crown Basmati Rice partners with Zepto, Blinkit, and Swiggy Instamart for faster delivery

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December 4, 2024 II Crown Basmati Rice, DRRK Foods’ flagship brand, is now available on leading quick-commerce platforms Zepto, Blinkit, and Swiggy Instamart. This partnership aligns with the brand’s mission to deliver high-quality, authentic basmati rice while catering to modern consumers’ convenience-driven lifestyles. Initially launched in Delhi NCR and select markets of North India, the brand will soon be extending its reach to Chennai, Lucknow, and Chandigarh, targeting to bring premium rice to many more households. 

Crown Basmati Rice is renowned for its long, fragrant grains and superior quality, making it a household staple and a preferred choice for special occasions. With its availability on leading quick-commerce platforms, customers can now enjoy the convenience of receiving premium-quality rice delivery directly to their doorstep in a couple of minutes. All variants of Crown Basmati Rice are already available on Amazon and Flipkart. They have now expanded into the category of quick commerce platforms, receiving their orders instantly to create culinary masterpieces.

Commenting on this milestone, Mr. Vikram Marwaha, Joint Managing Director, DRRK Foods, stated, “We are excited to bring Crown Basmati Rice closer to our customers through Zepto, Blinkit, and Swiggy Instamart. This partnership reflects our commitment to providing premium-quality basmati rice with the convenience that today’s fast-paced lifestyles demand. With this expansion, we’re ensuring that authentic taste and quality are always within reach. The rise of quick-commerce platforms has transformed the way consumers shop, placing a premium on speed and convenience. By collaborating with leading platforms, Crown Basmati Rice is poised to meet this growing demand while upholding its promise of delivering excellence in every grain.

About Crown Rice

Crown Rice, a flagship brand of DRRK Foods, is renowned for its commitment to quality and innovation in the basmati rice industry. Focusing on delivering premium products, Crown Rice caters to both retail segments and the HORECA (Hotel, Restaurant, and Catering) sector while bringing Indian grain to an international audience.

Indian startups challenge global e-commerce giants with instant delivery: Zupee CEO

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Dilsher Singh Malhi, founder and CEO of Zupee

Indian startups are revolutionizing the e-commerce landscape, once dominated by foreign players, with cutting-edge instant delivery models, according to Dilsher Singh Malhi, founder and CEO of Zupee.

Speaking at the India Internet Governance Forum (IIGF) 2024 at Bharat Mandapam in Delhi on Monday, Malhi highlighted the pivotal role of Indian enterprises in reshaping the digital economy.

“First, the Indian e-commerce was driven and controlled by the foreign players primarily, but the instant delivery model of Indian companies is disrupting the e-commerce business,” he remarked.

Malhi credited this progress to strong government support, emphasizing the crucial role of policy frameworks and initiatives in driving innovation.

“I would also like to acknowledge this forum the pivotal role the government has played in shaping policies and regulations that have posted innovation government support and the principles-based rather than prescriptive approach towards regulation, 30 startups to innovate responsibly, and I am confident that a similar approach will continue to encourage entrepreneurs like us to stay committed to drive growth,” he said.

Malhi celebrated India’s rise as a global digital leader, highlighting its position as the world’s third-largest startup ecosystem. He attributed this growth to the development of robust digital public infrastructure, including UPI, Aadhaar, and advancements in mobile technology. Moreover, he expressed optimism about transformative initiatives such as the Bharat 6G Vision, the Semiconductor Mission, and the AI Mission, which he believes will propel India toward exponential economic growth. These efforts, he added, align with the nation’s ambitious target of achieving a USD 5 trillion economy.

Highlighting the role of startups, Malhi stated, “Startups are already redefining how we experience education, healthcare, travel, and even entertainment. The opportunities for innovation in newer areas are startups will continue to respond to the evolving needs of people and serve as painkillers and vitamins for good social health.”

Advancements in AI and blockchain technologies, fueled by dynamic sectors like gaming, are revolutionizing industries such as education, financial services, and cybersecurity, Malhi highlighted. He emphasized how these cutting-edge innovations reshape traditional systems and unlock new growth opportunities.

The India Internet Governance Forum (IIGF) 2024 showcased India’s remarkable digital progress. Malhi expressed confidence that Indian startups will spearhead the nation’s economic growth and innovation, cementing their role as key drivers of transformation in the global tech landscape.

Ninjacart launches Startup Program to boost FoodTech and AgTech growth

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Kartheeswaran KK, Co-Founder and CEO of Ninjacart

Ninjacart, India’s leading agri-tech startup, has launched its Ninjacart Startup Program to empower early-stage FoodTech and AgTech startups. The program offers valuable resources to help these startups scale quickly, including access to advanced technology, venture capital partners, financial backing, and expert business advisory.

With nearly a decade of experience transforming agricultural ecosystems, Ninjacart has collaborated with global agri-tech innovators to optimize supply chains and overcome distribution challenges. Moreover, the Ninjacart Startup Program leverages this extensive expertise to help participants accelerate growth, drive innovation, and lead the future of food distribution.

The program offers four key benefits to selected startups:

1. Access to Ninjacart’s Advanced Technology: Participants gain access to industry-leading, proprietary tools for supply chain management, including demand forecasting, sales management, pricing intelligence, and campaign management. Additionally, operational tools such as procurement, inventory management, logistics, and catalog management are provided to enhance efficiency.

2. Pitch to VC Partners: Startups will have the opportunity to present their ideas to top venture capital partners, including Syngenta Group Ventures and Base Capital, during Demo Day in February 2025.

3. Financial Backing: Ninjacart offers up to $50,000 in credits to offset platform and implementation fees during the first six months of participation, helping startups manage their costs.

4. Expert Business Advisory: Participants will receive tailored guidance from Ninjacart’s Domain experts on building scalable supply chains for fresh produce, meat, and staples, accelerating their path to profitability.

The program is open to emerging startups founded in 2020 or later, with up to $1 million in funding, and operates outside India. Eligible startups must be post-revenue and focused on innovating the food supply chain.

By offering this unique support, Ninjacart is helping shape the future of the agri-tech industry and empowering startups to thrive in the evolving market.

“At Ninjacart, we’ve always believed in the transformative power of technology to solve critical supply chain inefficiencies,” said Kartheeswaran KK, Co-Founder and CEO of Ninjacart. “The Ninjacart Startup Program is designed to empower innovators who are driving systemic change in food systems. By offering our expertise, technology, and network, we aim to help startups accelerate their startup journey and propel the collective transformation of the global agriculture ecosystem.”

Applications for the inaugural cohort of the Ninjacart Startup Program are now open. 

Inventurus Knowledge Solutions IPO sets price band at ₹1,265-1,329

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The highly anticipated Inventurus Knowledge Solutions IPO, backed by RekhaJhunjhunwala, has set its price band at ₹1,265 to ₹1,329 per equity share with a face value of Re 1. This IPO generates buzz among investors, given its strong backing and robust market potential.

The subscription for the IKS Health IPO opens on Thursday, December 12, and will remain open until Monday, December 16. Moreover, the allocation for anchor investors is scheduled for Wednesday, December 11, offering them an early opportunity to participate.

Additionally, with its competitive pricing and support from prominent investors, the IPO is expected to attract significant attention. Investors looking to diversify their portfolios should keep an eye on this offering as the subscription period approaches.

The price band for the Inventurus Knowledge Solutions IPO has been set at ₹1,265 to ₹1,329 per equity share, representing 1,265 times and 1,329 times the face value of Re 1, respectively. At the upper limit of the price band, the price-to-earnings (P/E) ratio based on diluted EPS for fiscal 2024 stands at 60 times, highlighting its valuation metrics.

Investors must bid for a minimum of 11 equity shares in the IPO and can place bids in multiples of 11 shares after that. This structure ensures accessibility for both retail and institutional investors.

With these details, the IPO offers an intriguing opportunity for those seeking to invest in a high-growth, well-backed company.

The Inventurus Knowledge Solutions IPO has allocated fewer than 75% of the shares to qualified institutional buyers (QIBs), at most 15% to non-institutional investors (NIIs), and up to 10% to retail investors. Additionally, the IPO has reserved 65,000 equity shares for employees.

The company will finalize the basis of allotment for the IPO on Tuesday, December 17. It will initiate refunds on Wednesday, December 18, and credit shares to the demat accounts of successful allottees on the same day. The shares will likely debut on the BSE and NSE on Thursday, December 19.

The company’s promoters include Sachin Gupta, Rekha Jhunjhunwala, and the Aryaman, Aryavir, and Nishtha Jhunjhunwala Discretionary Trusts. Their prominent backing and strategic share allocation are set to attract significant attention from investors to the IPO. 

Founded in 2006, Inventurus Knowledge Solutions Limited (IKS Health) provides specialized services to healthcare organizations, focusing on administrative support. The company helps doctors and healthcare providers manage their paperwork and other administrative tasks, allowing them to focus on patient care. IKS Health offers various services, including clinical support, medical documentation management, virtual medical scribing, and more.

This healthcare technology firm aims to streamline patient care access and reduce the administrative burden on healthcare professionals.

According to the red herring prospectus (RHP), IKS Health stands out in the market. No other listed companies in India or abroad offer a similar business model or operate at a comparable scale, making it challenging to compare the company with industry peers.

The Inventurus Knowledge Solutions IPO is a book-built offering, with 1.88 crore shares being offered entirely through an offer-for-sale (OFS) component. This unique opportunity presents potential for investors to enter the growing healthcare technology sector.

The selling shareholders in the Inventurus Knowledge Solutions IPO include the AshraFamily Trust, Joseph Benardello, Gautam Char, Parminder Boina, the AryamanJhunjhunwala Discretionary Trust, the Aryavir Jhunjhunwala Discretionary Trust, theNishtha Jhunjhunwala Discretionary Trust, Jeffery Phillip Freimark, Shane Hsuing Peng, and Berjis Minoo Desai.

Additionally, the book-running lead managers for the IPO are ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, and Nomura Financial Advisory and Securities (India) Pvt Ltd. Link Intime India Private Ltd serves as the registrar for the offering.

Moreover, the IKS Health IPO GMP (Grey Market Premium) today stands at +225, indicating that the shares are trading at a premium of ₹225 in the grey market, according to Investorgain.com.

Considering the upper end of the IPO price band and the current grey market premium, the estimated listing price of Inventurus Knowledge Solutions shares is expected to be around ₹1,554 apiece. This reflects a potential 16.93% gain over the IPO price of ₹1,329, presenting an attractive opportunity for investors.

Tivoli Group launches Five-Star property in Chattarpur, Delhi

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Tivoli Group has unveiled its first five-star hotel, The Tivoli, in Chattarpur, Delhi. This launch marks a pivotal moment in the company’s growth strategy, allowing it to target the premium market. Built on the site of a previous property, The Tivoli represents a significant upgrade and took five years to conceptualize and construct. According to a press release, the group aims to elevate its legacy with this new venture.

Speaking about the new launch, Akshay Gupta, executive director of Tivoli Group, stated, “We aim to deliver a premium hospitality experience to our guests and bring all facets of luxury under one roof- be it weddings, staycations or events. He added that Tivoli has been a renowned name for curating and hosting unforgettable moments, be it dream weddings or vacations, corporate or bespoke events.” 

The Tivoli Five Star will organize all of these with world-class amenities and luxury, taking its legacy to extraordinary new heights.

Highlighting the need to launch their first five-star hotel, Gupta emphasized that Delhi continues to thrive as a global hub for leisure, business, and celebrations, driving demand for integrated luxury venues that combine world-class amenities with exceptional experiences.

The Tivoli boasts 132 exquisitely designed rooms, including a presidential suite with private dining and dedicated butler service, a junior suite, and 130 premium rooms.

The hotel offers diverse event spaces tailored for various scales and styles. It features five state-of-the-art banquet halls, three grand outdoor lawns, and a Poolside Deck, perfect for hosting events of all sizes. These venues cater to everything from intimate gatherings of 15 to grand celebrations for up to 3,000 guests. The design of each space allows for customizable layouts, ensuring it adapts perfectly to any occasion.

Guests can also indulge in premium wellness offerings, including a luxurious spa with rejuvenating therapies, a fully equipped fitness center, and yoga sessions. This makes The Tivoli a one-stop destination for relaxation, celebration, and luxury, setting a new benchmark in hospitality.

In his statement, Akshay Gupta said, “The Tivoli offers heritage-inspired elegance with a modern edge, and every inch of the property combines traditional charm with modern comfort, luxury, and opulence.”

Absolute Barbecues opens its first all-day dining restaurant, Fulfil, in Pune

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Absolute Barbecues (ABs), India’s premier buffet dining chain, is thrilled to unveil its first-ever all-day dining restaurant, Fulfil, in Pune. This groundbreaking concept blends the allure of buffet-style dining with an exclusive à la carte menu, offering food lovers a reimagined casual dining experience. Strategically located in the vibrant Kalyani Nagar area, Fulfilenjoys is a prime spot, making it a must-visit destination for Pune’s dynamic and cosmopolitan crowd. Moreover, this innovative venture aims to cater to diverse culinary preferences, setting a new standard in the city’s dining scene.

Prosenjit Roy Choudhury, Founder of Absolute Barbecues, expressed his enthusiasm about this milestone, saying, “At ABPL, we are thrilled to bring Fulfil to Pune, offering an all-day dining experience that celebrates culinary diversity and provides unparalleled value to our guests. We believe Fulfil will redefine casual dining, fulfilling every guest’s culinary cravings innovatively and satisfyingly.”

The restaurant boasts a spacious and modern design, accommodating over 100 guests in a welcoming environment, perfect for family, friends, or colleagues to gather. The interiors blend contemporary design with a cosy atmosphere, enhancing the dining experience. Fulfil operates daily from 11:30 AM to 11:30 PM, offering various dining options, including lunch and dinner buffets and a specially curated à la carte menu. Whether celebrating a special occasion or enjoying a casual meal, Fulfil provides the perfect setting for any event.

Fulfill’s commitment to inclusivity makes it a top choice for diners with various dietary preferences. The menu features signature dishes that have made Absolute Barbecues a household name and exclusive new creations designed to delight every taste. Additionally, the pricing is competitive, embodying Absolute Barbecues’ philosophy of offering exceptional value without compromising quality. In the coming month, Fulfil will also introduce delivery and takeaway services, further highlighting the brand’s dedication to meeting the evolving needs of modern diners.

The launch of Fulfil represents a significant step forward in Absolute Barbecues’ growth journey. As a pilot project, it lays the groundwork for expanding this innovative concept to other cities, starting with Bangalore. Furthermore, Fulfil aims to offer more than just delicious meals; it promises an experience that celebrates cutting-edge dining concepts, convenience, and exceptional value. In addition, by combining buffet-style dining with the sophistication of à la carte options, Absolute Barbecues strives to set a new benchmark in India’s restaurant industry.

Info-X purchases ₹190-Cr Penthouse at Gurugram’s DLF Camellias

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Info-X Software Technology Pvt Ltd, led by its director Rishi Parti, has acquired a sprawling 16,000 sq. ft. Penthouse in the exclusive ultra-luxury project by DLF, The Camellias, Gurugram, for a record-breaking ₹190 crore. The transaction, among India’s most expensive apartment deals, was officially registered on December 2. According to data from CRE Matrix, a real estate analytics platform, the company also paid a hefty ₹13 crore stamp duty for the purchase.

“The transaction highlights the growing economy of India and how businesses are thriving. This has brought liquidity to the market, and one segment that has benefited most is the uber-luxury real estate,” said Ashwin Chadha, CEO of India Sotheby’s International Realty. “Top business leaders are willing to spend this much money on real estate, and we are seeing this trend pan-India.”

A recent transaction at DLF’s The Camellias in Gurugram set a record, with the property sold at ₹1,20,000 per sq. ft. on a super area basis, making it one of the most expensive deals in the country.

The rising demand for luxury real estate has pushed property prices in Gurugram and Delhi’s upscale areas to levels comparable to Mumbai’s prestigious neighborhoods. In these prime locations, the per-square-foot price has now exceeded ₹1,20,000.

Notably, around 15% of The Camellias’ homeowners have upgraded from DLF’s earlier high-end projects, The Magnolias and The Aralias, highlighting its growing popularity among affluent buyers.

Most buyers at DLF’s The Camellias in Gurugram hail from the Delhi-NCR region. Prominent owners include Aman Gupta, co-founder of BoAt; JC Chaudhry, founder of Aakash Educational Services; and the Elan Group, a leading real estate firm. Several startup founders have also invested in luxury apartments within the complex.

The Fern Hotels & Resorts announces New Retreat in Karjat

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Suhail Kannampilly, Managing Director, The Fern Hotels & Resorts

The Fern Hotels & Resorts, India’s top eco-friendly hotel chain, is pleased to announce a new property in Karjat, Maharashtra. The upcoming Fern Misty Hills Resort promises a peaceful, luxurious escape surrounded by Karjat’s stunning landscapes, further growing the brand’s presence in the state.

Speaking on the occasion, Mr. Suhail Kannampilly, Managing Director, The Fern Hotels & Resorts, remarked, “We are pleased to introduce The Fern Misty Hills Resort in Karjat, a beautiful destination known for its lush landscapes and serene ambiance. This resort will offer guests a unique experience, providing a perfect escape from the hustle and bustle of city life while still being easily accessible from Mumbai and Pune. We are confident that this property will become a sought-after destination for both leisure and corporate travelers.”

The Fern Misty Hills Resort, located in Misty Hills, Village Jamrungh, Post Ambivali, Karjat, will offer 74 elegantly designed rooms that blend modern comforts with nature-inspired aesthetics. Guests will enjoy a variety of premium facilities designed to enhance their stay.

The resort features a spacious indoor restaurant spanning 1,000 sq. ft. with seating for 60 guests, complemented by an outdoor seating area for 30 guests, allowing diners to soak in the scenic surroundings. Moreover, a 600 sq. ft. bar with seating for 30 will provide the perfect spot for relaxation and social gatherings.

Additionally, the resort caters to events and corporate needs with its grand 4,000 sq. ft. banquet hall, ideal for weddings and large celebrations, and a 1,750 sq. ft. conference hall designed for meetings and seminars. These versatile spaces make The Fern Misty Hills Resort a top choice for leisure and business travelers, combining luxury, functionality, and the beauty of Karjat’s natural landscape.

“We are honored to be a part of The Fern Hotels & Resorts family. This resort will offer an exceptional experience, seamlessly blending luxury with the serenity of nature. We are confident that this property will become a premier destination, providing both leisure and corporate travelers with a peaceful yet easily accessible retreat from the hustle and bustle of city life.” Rajendra Darshan Laad, Co-owner of The Fern Misty Hills Resort, Karjat, said.

Karjat, nestled amidst the scenic beauty of the Western Ghats, is a haven for nature lovers and travelers seeking a peaceful escape. This charming destination, known for its lush greenery, serene river views, and picturesque trekking trails, has become a favorite getaway for those looking to reconnect with nature.

Aelios bids $2.53B for Suntec REIT takeover

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Aelios, a Singapore-based company owned by billionaire Gordon Tang, has launched a $2.53 billion (S$3.39 billion) bid to acquire full ownership of Suntec Real Estate Investment Trust (REIT).

The offer includes purchasing the remaining shares Aelios doesn’t already own in cash at S$1.16 per share, matching Suntec REIT’s closing price on December 4. According to Reuters calculations, Aelios must spend $1.74 billion to complete the acquisition.

The bid follows Aelios’ recent purchase of over 62 million shares (2.14%) in Suntec REIT, increasing its stake from 29.31% to 31.45%. This triggered a mandatory general offer under Singapore’s rules.

Despite the takeover bid, Aelios intends to keep Suntec REIT listed on the Singapore Exchange. The company also confirmed that it has sufficient financial resources to support the offer, with United Overseas Bank and DBS acting as its financial advisors.

Shares of Suntec REIT have declined by 4.9% year-to-date, according to data from LSEG.

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