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Ventive Hospitality plans to raise Rs 2,500-Cr IPO

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Ventive Hospitality, a joint venture between Blackstone Group and Pune-based Panchshil Realty, plans to file a draft prospectus for an initial public offering (IPO) in the next few weeks, according to sources.

The joint venture, which could become India’s largest international multi-brand hotel owner by EBITDA, aims to raise around INR 2,500 crore through a fresh issue of shares.

Ventive Hospitality owns luxury hospitality assets, including nine in India, three in the Maldives, and one in Sri Lanka. The company also manages five office parks and retail spaces connected to these hotels, totaling around 3.5 million sq ft.

The company has appointed JM Financial and Kotak Mahindra Capital to manage the IPO. It may also hire additional bankers before the filing, sources said.

Blackstone, Panchshil, JM Financial, and Kotak Mahindra did not immediately respond to requests for comment.

Ventive Hospitality reportedly posted an EBITDA of around INR 875 crore last year, up from INR 771 crore the previous year, surpassing Chalet Hotels. The company has a portfolio of around 2,400 keys, with about 400 under development. Six of its Indian hotel properties are in Pune, two in Bengaluru, and one in Varanasi.

2019 Chalet Hotels, owned by real estate developer K Raheja Corp, launched an IPO. Chalet Hotels currently operates 10 hotels with 3,052 keys, including JW Marriott Mumbai Sahar and The Westin Mumbai Powai Lake. Last fiscal year, it reported a 20 percent rise in EBITDA to INR 604 crore and a 52 percent increase in profit after tax to INR 278 crore.

Ventive Hospitality’s luxury assets, including JW Marriott and The Ritz-Carlton in Pune and Conrad and Anantara in the Maldives, contributed over 80 percent to its revenue in the last three fiscal years.

This IPO would mark Blackstone’s first in India’s real estate segment. Previously, Blackstone and its partners launched three real estate investment trusts (REITs): Embassy Office Parks, Mindspace Business Parks, and Nexus Select Trust.

Agetech platform WisdomCircle enters UK and Europe markets

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Basav Ray Chaudhuri, CEO of WisdomCircle - UK and Europe

WisdomCircle, an agetech platform connecting retired professionals with work opportunities, announced on Wednesday its expansion into the UK and European markets.

This expansion will help the company meet the rising demand for skilled and experienced workers across these regions.

Since its founding in 2022, WisdomCircle has partnered with over 800 organizations and onboarded over 70,000 verified retired professionals. The platform believes retirement should continue to offer meaningful engagement. It allows experienced individuals to keep contributing to society and combat cognitive decline, which often comes with retirement. Using an AI-powered matching algorithm, WisdomCircle ensures organizations quickly find the right talent for full-time roles, consultancy, or project-based work.

Europe faces unique challenges as its population over 65 is set to outnumber the youth in the coming years. This demographic shift and a growing labor shortage in skilled professions highlight the urgent need to integrate older adults into the workforce. The agetech market is expected to reach $2.7 trillion by 2025.

WisdomCircle has appointed a leadership team for the UK and Europe to lead this expansion. Basav Ray Chaudhuri, the new CEO for these markets, brings over 35 years of international experience in general management, finance, and strategy. Shilpi Bordoloi joins as an advisor with more than 25 years of leadership recruitment experience across the UK, Europe, and Asia.

“This expansion is more than just geography; it’s about building a worldwide network of experienced talent that can contribute meaningfully to businesses and society. With the longevity economy only growing, it allows us to leverage agetech to create inclusive workplaces and help older adults reinvent retirement,” said Neeraj Sagar, founder, and CEO of WisdomCircle.

“As populations age and the traditional workforce shrinks, the demand to harness the experience of older workers is growing. Research consistently points to a rising trend in this demographic’s workforce participation. The International Labour Organisation forecasts that by 2030, older workers will increase to 55% of the labour force in most EU countries,” said Basav Ray Chaudhuri, CEO of WisdomCircle – UK and Europe. 

This move underscores the need to integrate older adults into the workforce and the economic benefits of doing so.

By August 2024, the company has 70,000+ verified retired professionals on its platform and aims to reach 100,000 professionals by the end of 2024.

Farmery introduces authentic Cow and Buffalo Ghee for the new generation

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Mrs Kamakshi Nagar, Founder of Farmery

New Delhi, 03 September 2024: Farmery, a D2C disruptor redefining the consumer experience with fresh, organic food through its farm-to-fork ethos, is thrilled to announce the launch of its latest products: Farmery Cow Ghee and Farmery Buffalo Ghee. These offerings, set to be available in September 2024, embody the brand’s commitment to sustainability, transparency, and quality while bringing the rich heritage of traditional ghee-making into modern kitchens.

Farmery Cow Ghee is crafted using age-old methods that preserve the authentic desi flavour familiar to many households across India. This ghee is more than just a cooking medium; it’s a return to the trusted taste of tradition. Made from high-quality milk sourced from reliable local dairy farms, Farmery Cow Ghee is produced through a meticulous clarification process, ensuring a lactose and gluten-free product. With its high smoke point, Farmery Cow Ghee is perfect for versatile cooking, whether sauteing, stir-frying, or deep-frying. Its rich, flavorful profile adds depth to any dish, making it a staple in everyday cooking. Farmery Cow Ghee also stands out as a budget-friendly choice, allowing families to enjoy the benefits of ghee without compromising on quality.

For those seeking a unique culinary experience, Farmery introduces its Buffalo Ghee, which is made from milk sourced from local Murrah buffaloes. Known for its superior quality, Murrah buffalo milk lends the ghee a distinct nutty flavour with a hint of caramelized nuttiness. This ghee is ideal for high-heat cooking, boasting a high smoke point that suits various cuisines. Beyond its rich taste, Farmery Buffalo Ghee is designed with health in mind. It is rich in butyric acid, which supports gut health and immunity, making it a functional addition to any diet.

At Farmery, quality is paramount. Cow Ghee and Buffalo Ghee undergo rigorous quality control processes to meet the brand’s high standards. Each batch is carefully tested for purity, and the ghee is packaged in double-layer recyclable glass jars, reflecting Farmery’s commitment to sustainability.

Mrs Kamakshi Nagar, Founder of Farmery, reflects on the new product launch: “Our journey with Farmery began with a quest for quality food that could transform lives and improve health. With the introduction of our Cow and Buffalo Ghee, we are proud to continue this mission by offering the finest organic ingredients that honour traditional methods while catering to modern, health-conscious lifestyles. These ghee products are a significant step forward in our commitment to providing fresh, organic food that supports a sustainable and healthier way of living.”

As consumers become increasingly health-conscious, a growing demand for products that align with traditional values while meeting modern dietary needs is growing. Farmery’s new range of ghee is poised to fulfil this demand, offering a perfect blend of tradition, quality, and flavour.

About Farmery

Farmery is a direct-to-consumer (D2C) brand redefining fresh food delivery with its farm-to-fork philosophy. Committed to sustainability, transparency, and quality, Farmery offers a wide range of certified organic products, including seasonal produce, dairy items, and pantry staples. By emphasizing sustainable practices, local sourcing, and ethical production, Farmery ensures that customers receive farm-fresh quality with every order. The brand’s user-friendly online platform and efficient delivery services make high-quality, wholesome food accessible while supporting local farmers and reducing environmental impact.

Pansari Group expands its portfolio with customizable TVOY flavoured wellness Tea Hampers

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New Delhi, September 02, 2024 || Pansari Group, a leading name in the FMCG sector, is set to expand its product portfolio with TVOY Premium Wellness Tea gift hampers. The brand’s TVOY range offers a diverse selection of teas, segmented into four categories: Timeless Classic, Floral Bouquet, Wellness Wonders, and Black Tea. Each category is crafted precisely, using superfine, direct-from-source tea leaves, infused with 100% natural herbs and flavors, and packaged in biodegradable tea bags. 

The four exotic categories of the TVOY range are designed to provide superior wellness and care and deliver an exceptional tea-drinking experience. Unlike traditional green tea, these products have no bitter taste and are carefully packed with safety and sustainability, ensuring that consumers enjoy quality and peace of mind. 

Commenting on the expansion, Shammi Agarwal, Director of Pansari Group, says, “We are excited to introduce TVOY Premium Wellness Tea to our growing portfolio. We always believe in offering products that not only meet the highest standards of quality but also resonate with the values of health and sustainability. Also, with the coming festive season, we aim to provide our customers with an experience that is both affordable and customizable. Whether it’s a daily ritual or a special gift, TVOY Premium Wellness Tea promises to bring a touch of wellness and sophistication to every cup.”

Additionally, the brand offers customization options for the TVOY gift packs. Consumers can curate their gift hampers with various elegant packaging options, including big glass jars, glass tubes with wooden corks, big round copper caddies, drawer caddies, round small caddies with transparent tops, and many other bespoke products. These customizable options make TVOY Premium Wellness Tea the perfect choice for thoughtful and health-conscious gifting.

About Pansari Group

From Humble Beginnings to Healthy Success, the brand’s vision is to lead a health-centric food products company for home cooking with products ranging from edible oils to instant mixes. Their mission is to create customer delight through safe, healthy, and nutritious food cooked at home with ease and joy. Pansari Group is a continuous learner who doesn’t shy away from embracing new possibilities. They constantly strive to achieve more through technology and innovation, keep a close eye on the consumers’ ever-evolving needs, and adapt readily to changing circumstances.

From Teaching to Tech: Jasmeet Kaur’s Journey to Digital Marketing Success

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Jasmeet Kaur, Founder: JK Growth Media

Meet Jasmeet Kaur—a visionary who turned her passion for teaching into a thriving digital empire. As the founder of JK Growth Media, Jasmeet has redefined success, becoming a guiding light for aspiring content creators and marketers. Her journey from the confines of a classroom to the vast digital landscape is a testament to her unwavering determination, strategic insight, and relentless pursuit of excellence. Jasmeet’s story is about ambition, bold decisions, and unstoppable growth. What began as a simple desire to reach beyond the walls of traditional education has blossomed into an influential career in content creation, digital marketing, and agency leadership. Her rapid rise on platforms like Instagram and LinkedIn has made her a respected and influential figure in the industry, and she is admired for her professional understanding and ability to connect on a personal level.

In this exclusive interview with Business Review Live, Jasmeet Kaur discusses her challenges, the strategies that fueled her success, and the invaluable lessons she’s learned. Whether you’re an aspiring entrepreneur, a seasoned professional, or someone ready to leap of faith, Jasmeet’s story will resonate deeply, inspiring you to turn your dreams into reality.

BRL: What motivated you to shift from teaching to content creation and digital marketing?

I didn’t want to confine myself to teaching in a school; I had bigger ambitions and wanted to be recognized. So, I began creating content on YouTube and Instagram to pursue my dream. Slowly, I started gaining attention. During this time, a Spanish startup contacted me to manage its Instagram profile. Back then, I wasn’t aware of digital marketing as a career and never imagined I’d pursue it. However, I saw it as a great opportunity, so I took it and started learning the terminology. I already knew how to grow on social media, but I also began studying the professional and theoretical aspects. I grew their page to over 10k followers in just four months, boosting my confidence to consider this a full-time career. I wasn’t satisfied with my teaching job due to being underpaid and overworked, so I decided to leave and pursue freelancing full-time. Once I had a steady stream of clients, I decided to delegate tasks and started JK Growth Media.

BRL: How do you balance content creation and running an agency?

Managing an agency involves several responsibilities, including strategy development, client communication, and team management. I delegate tasks whenever possible and trust my skilled team to handle daily operations. Effective time management plays a crucial role. I set aside specific days and time slots for content creation each week, ensuring I consistently provide value and engage with my audience. I ensure that my brand and agency flourish without compromising by staying organized, focusing on a clear workflow, and utilizing my team’s strengths.

BRL: What challenges did you encounter when transitioning from freelancing to running an agency?

As a freelancer, I handled everything, from client communication to content creation. However, as I expanded, I realized the importance of delegation and building a reliable team. Finding talent that matched my vision was a challenge. Transitioning from a hands-on role to a leadership position required a mindset shift—I had to learn to trust others with tasks I once did myself. Another challenge was creating standardized processes to maintain quality and consistency across projects. Managing multiple clients simultaneously while ensuring each one felt valued was also tricky. Financial challenges included managing cash flow, investing in tools, and ensuring sustainable growth. Overcoming these obstacles required patience, learning, and adapting, but they were essential for growing and building something bigger than myself.

BRL: What strategies did you use to grow your following on Instagram and LinkedIn so rapidly?

I took a strategic approach to growing my following, focusing on consistency and continuous content enhancement on Instagram and LinkedIn. My primary strategy involved delivering valuable content tailored to my target audience while closely analyzing what resonated and what didn’t. Experimentation was crucial as I tested various content formats, posting schedules, engagement strategies, and storytelling techniques to identify what worked best. Additionally, I prioritized building authentic connections by actively engaging with my audience and fellow creators.

BRL: What advice would you give aspiring content creators wanting to monetize their social media presence?

I advise aspiring content creators to look beyond just brand collaborations. While these can be a great income source, they aren’t always consistent or reliable. Instead, think about creating a business around your social media presence. Identify what makes you unique—your value proposition—and consider offering that value in various formats like digital products, online courses, consulting, or memberships.

BRL: What’s the most valuable lesson you’ve learned from transitioning from teacher to entrepreneur?

My most valuable lesson is that implementation is crucial—ideas alone don’t matter unless you take action. I’ve realized that seeking perfection is a myth; you’ll never be perfect, and there’s always room for improvement. Instead of waiting for the “perfect” moment or product, starting where you are with what you have is essential. Progress over perfection has been my guiding principle, helping me grow from a teacher to an entrepreneur. This mindset has empowered me to innovate, take risks, and progress despite uncertainties.

BRL: What are your unique approaches to making a brand shine?

I start with a thorough competitor and market research. My priority is understanding industry trends, challenges, opportunities, and what competitors are doing right or wrong. This helps me identify gaps and position the brand uniquely. I don’t just observe; I quickly implement effective strategies and ideas that work well in the industry while experimenting with fresh, creative approaches tailored to the brand’s identity. Staying updated with market dynamics and being agile in execution helps the brand stay ahead and remain relevant. By combining data-driven insights with creative storytelling and quick adaptation, I ensure the brand stands out and stays top-of-mind for its audience.

CredAble introduces credit line to help MSMEs manage working capital more efficiently 

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Nirav Choksi, Co-founder and CEO of CredAble

To address the financial challenges of MSMEs, fintech company CredAble recently introduced ‘Revolving Short-Term Loans,’ a credit line designed to transform small businesses positively.

These loans, built with a forward-thinking approach, cater to the financing needs of small businesses and dramatically reduce credit turnaround time. It’s a pay-as-you-use working capital credit line, allowing firms to pay interest only on their funds. This product blends digital assessment with the flexibility of collateral-free borrowing.

Satyam Agrawal, Global Head of Product & Retail Business Lending, MD ASEAN & ME at CredAble, says that, unlike traditional credit lines, their solution caters to transactions with counterparties that aren’t large-rated entities. “This empowers MSMEs to manage their cash flow effectively and seize growth opportunities. It is particularly beneficial for micro MSMEs, which often face erratic cash flows, by providing them with a collateral-free line enabling them to scale quickly,” he says.  

Elaborating further, Agrawal says that it offers the flexibility to access funds only when needed and with complete transparency costs, allowing small businesses to access capital without worrying about high charges. “We anticipate that the revolving short-term loans will significantly enhance financial stability for MSMEs and help them navigate market challenges,” he adds.

Achieving last-mile financial inclusion is vital for MSMEs in India, as many businesses depend on transactions with other small businesses. Without adequate support, a significant opportunity for GDP growth in India remains untapped.

Reports indicate that 66% of SMEs seek faster credit solutions, and 55% need financing within 7 days. Reloadable credit models can quickly disburse funds, effectively meeting the urgent financial needs of SMEs. “By bridging the financial gap at grassroot levels, we aim to unlock the true potential of these businesses, driving economic growth and sustainability across the nation,” Agrawal states. 

In recent years, rapid advancements in fintech have dramatically transformed the financial services ecosystem. New use cases for on-time and affordable financing have emerged, real-time payments have gained momentum, and the lending landscape has been redefined—all to better meet the needs of the MSME sector.

Nirav Choksi, Co-founder and CEO of CredAble, states that the need of the hour is to build solutions for thin-file, small-ticket borrowers. “Our investment in technology has given us the opportunity to develop new tools and processes that extend the reach of credit and power innovation in MSME financing,” he highlighted. 

Sarovar Hotels expands Delhi portfolio with launch of Deventure Sarovar Portico Patel Nagar 

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Ajay Bakaya, managing director, Sarovar Hotels and Director, Louvre Hotels India

Sarovar Hotels proudly announces the grand opening of Deventure Sarovar Portico, Patel Nagar, further strengthening its presence in Delhi (NCR), where it now manages 15 hotels.

Located just a short walk from Shadipur Metro Station and close to Connaught Place (7 km), the railway station (7.5 km), and the international airport (12 km), the hotel offers exceptional convenience. This is the second property launched in collaboration with Deventure Group of Hotels, following the successful Deventure Sarovar Portico Kapashera.

The hotel caters to all travelers with a range of accommodations. It features 24 well-appointed executive rooms, each offering 220 sq. ft. of space, available in 15 twin-bedded and 9 double-bedded options. Additionally, there are 15 Club Rooms, each providing a spacious 350 sq. ft. area.

Guests can indulge in a delightful dining experience at “Temptation,” a multi-cuisine restaurant with seating for 80. For corporate events and conferences, “Oasis Hall” offers a versatile space of 3,400 sq. ft., perfect for hosting significant meetings and events.

On the occasion of the opening, Ajay Bakaya, managing director, Sarovar Hotels and Director, Louvre Hotels India, shared his enthusiasm, saying, “We are thrilled to expand our presence in Delhi with the grand opening of Deventure Sarovar Portico in Patel Nagar. This new hotel embodies our commitment to delivering exceptional hospitality and comfort. We look forward to welcoming guests and providing them with the blend of convenience and comfort that Sarovar Hotels is known for.”

Rajeev Mukul, founder and chairman, Deventure Group of Hotels, added, “The opening of Deventure Sarovar Portico in Patel Nagar marks a significant milestone for Deventure Group of Hotels. We are proud to partner with Sarovar Hotels to bring this premium property to Delhi. This hotel represents our dedication to providing superior hospitality and creating memorable experiences for our guests. We are confident that it will quickly become a preferred choice for both business and leisure travellers.” 

IPO-bound Rebel Foods’ losses shrink to ₹378-cr in FY24

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Rebel Foods, the unicorn cloud kitchen startup behind popular brands like Behrouz Biryani, Oven Story, and Faasos, reduced its losses to ₹378 crore in FY24, down from ₹657 crore the previous year. This improvement was driven by better margins and economies of scale across its portfolio.

The company’s revenue from operations increased slightly to ₹1,420 crore in FY24, up from ₹1,195 crore in the previous year, while expenses remained steady at ₹1,857 crore, according to regulatory filings accessed by business intelligence platform Tofler.

“We are able to address large food categories from a single infrastructure through strong brands. Also during the year, we further strengthened our portfolio on the back of strong customer insights and culinary innovations,” the company said on Friday. “The board of directors are confident that the company will break even soon and will have a high growth rate in the years to come.”

In July, the Mumbai-based firm plans to invest up to ₹200 crore to expand its physical presence, including its EatSure food court format, as dining out regains popularity post-pandemic.

This expansion aligns with Rebel Foods’ broader strategy, as the company aims for a potential stock market listing in FY26. This shift towards offline growth comes as the post-pandemic boom in cloud kitchens slows in favor of in-store dining.

Currently, Rebel operates over 450 cloud kitchens across 75 cities in India, the Middle East, North Africa, Indonesia, and the UK. The company also manages 150 Wendy’s outlets in India and runs eight outlets under its EatSure food court format.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods competes with both major fast-food chains and independent cloud kitchen operators.

India’s food services market is expected to nearly double to ₹9 trillion by the end of the decade, up from ₹5.5 trillion, driven by a growing customer base, increased consumption, and a surge in new eateries, according to a report by Bain & Company and Swiggy.

The smaller ghost kitchens are reassessing their strategies as competition increases and costs rise. Many of these smaller players, who have adopted an omnichannel approach with both online and offline presences, are now considering downsizing operations or merging with larger entities, highlighting the challenges even established businesses face in this evolving market.

M3M India, Oravel partner to launch India’s largest SUNDAY Hotel in Gurugram

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M3M India, a leader in luxury real estate development, and Oravel Stays, the parent company of OYO Hotels & Homes, have signed a landmark MoU to launch India’s largest SUNDAY Hotel. This ambitious project will feature 220 rooms at M3M SkyLoft on New Golf Course Road Extension in Gurugram, covering approximately 1.67 lakh square feet of the total 15 lakh square feet available.

Located near the proposed Cyber City 2 on Southern Peripheral Road (SPR) in Gurugram, the hotel will be an attractive option for business travelers, professionals working in the area, and those attending meetings and conferences.

This strategic location meets the high expectations of discerning travelers who seek exceptional experiences, state-of-the-art amenities, modern design, and unparalleled services.

The Hotel cum Residences will redefine luxury, convenience, and quality, setting new benchmarks in the commercial real estate and hospitality sectors.

This initiative is part of a more significant partnership to develop luxury hospitality spaces across 15 lakh square feet, with 1000 rooms spread across multiple destinations in Gurugram and NOIDA.

Corevest Advisory, a well-known transactional advisory and consultancy firm, successfully facilitated this transaction.

The MoU between M3M India and Oravel Stays reflects their shared commitment to enhancing the urban environment and delivering exceptional services and amenities. This strategic alliance is expected to boost the local economy, create job opportunities, and set new standards in the commercial and hospitality industries.

As the project nears market entry, it is poised to attract many stakeholders, including investors, business owners, and tourists seeking upscale experiences in a prime location. The development is designed to meet the growing demand for superior commercial spaces and hospitality services in the area.

Mr. Zubin Cooper, CEO of Bentel Associates International, is leading the project’s architectural design. His renowned expertise will ensure that the development exudes unmatched sophistication and functionality, making it a standout in the luxury market.

Sudeep Bhatt, president, M3M India, said, “We are thrilled to announce the signing of this significant Memorandum of Understanding with Sunday Hotel, marking a pivotal moment for M3M India. This collaboration is a testament to our shared vision of creating unparalleled commercial spaces that redefine luxury and convenience. With this MoU, we are poised to develop 1.5 million square feet of world-class facilities that will set new benchmarks in the industry. We are confident that this partnership will bring immense value to our stakeholders and contribute to the fast growing region.”  

Aditya Sharma, business head, Oravel Stays Private Limited added “The SUNDAY Hotel partnership with M3M India allows us to expand our footprint in the luxury segment in metro cities beginning with Gurugram which has emerged as one of the key destinations for social events, domestic tourists and long stay international guests. Our shared vision is to create a landmark property that offers the best of comfort, convenience, and sophistication.”

M3M India’s portfolio includes 56 projects across retail, residential, offices, and service apartments. All projects launched before 2019 have already been delivered, and construction is in full swing for the remaining projects. The company also holds an impressive land bank of 3,000 acres across Gurugram, Noida, and Panipat.

SUNDAY Hotel, a premium hotel brand, was originally launched in May 2023 through a joint venture between the Softbank Group and Oravel Stays. The first SUNDAY Hotel was opened in Jaipur, followed by launches in Vadodara, Chandigarh, London, and Dubai.

Character.AI lays off at least 5% of its staff 

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Chatbot startup Character.AI has laid off at least 5% of its staff, The Information reported on Thursday, citing a source informed by company leaders.

The laid-off employees were mainly from the marketing and recruiting teams, according to the report.

“We are refocusing the company to ensure all roles align with our new direction to build personalized AI (artificial intelligence) products,” a Character.AI spokesperson told Reuters. 

“As a result, we have made a small reduction in our workforce,” the spokesperson said, without giving the numbers of the laid off employees. 

Earlier this month, the startup signed a deal with Alphabet’s Google, giving the tech giant a non-exclusive license to the startup’s large language model technology.

As part of this deal, Character.AI will receive additional funding from Google, although the startup did not disclose the amount in its blog post.

Previously, Character.AI raised $193 million in venture capital from investors, including Andreessen Horowitz. In November, Reuters reported that the startup was in talks to raise hundreds of millions more from Google.