iD Fresh Food appoints Rajat Diwaker as India CEO; PC Musthafa assumes Global CEO role

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January 5, 2024

iD Fresh Food, a company specializing in ready-to-cook packaged foods, recently announced the appointment of Rajat Diwaker as the India CEO and PC Musthafa as the Global CEO. This move aims to enhance the company’s leadership team both domestically and globally, according to a media release on Friday.

Rajat Diwaker, a seasoned professional with over 20 years of experience in the FMCG industry, has taken on the role of India CEO. In his previous position, he held the position of managing director at Marico Bangladesh and currently serves as a director on the board of Foreign Investors’ Chamber of Commerce and Industry (FICCI) in Bangladesh.

Moving forward, Musthafa will retain his role as the chairman of the board of directors. In this capacity, he will oversee global expansions, develop food-tech capabilities, pursue strategic acquisitions, foster an inspiring organizational culture, and spearhead innovative initiatives for iD Fresh’s global market presence.

As a part of its growth strategy, iD Fresh will assign dedicated Business Heads and CEOs for each international market. The company is actively recruiting a CEO for its US operations. Currently, more than a third of its revenues come from outside India.

In the year 2024, the company has ambitious plans to venture into new markets, including Singapore and Australia. Simultaneously, it aims to broaden its presence in the markets where it is already operating.

Commenting on the latest development, PC Musthafa, Global CEO of iD Fresh Food, said, “I am delighted to welcome Rajat Diwaker to the iD Fresh family. Under his able and forward-looking leadership, I’m confident that we will scale new heights and win more hearts in the years to come. And as we embark on new adventures, I am thrilled to lead the brand into new global markets, driven by the incessant consumer love that we have garnered over the years.”

This announcement from the company coincides with a surge in consumer demand for fresh and healthy foods, along with significant opportunities for expansion in international markets. Capitalizing on this growth trend, the company intends to initiate an Initial Public Offering (IPO) within the next three to four years.

Recently, the company appointed Megha Latawa as the Chief Human Resources Officer (CHRO) for both India and international markets. Additionally, Enakshi Dasgupta has taken on the role of Head of New Business and New Product Development (NPD). These strategic appointments underscore the company’s commitment to robust leadership as it accelerates its global growth plans. The focus remains on building a strong foundation for a promising future in the competitive market.

In 2022, the company successfully secured Rs 507 crore in a Series D round of funding, marking one of the most substantial deals in the food start-up landscape. This funding round was spearheaded by a prominent global private equity firm specializing in the Asia-Pacific region in collaboration with the existing investor, Premji Invest.

Founded in 2005, the company has expanded its reach to over 45 cities in India, the United States, and the United Arab Emirates. Its workforce comprises over 1500 employees, demonstrating a robust and extensive presence in key markets.

Country Delight raises $20mn in funding

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January 5, 2024

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Gurugram-based dairy brand Country Delight secured approximately Rs 165 crore (around $20 million) in funding. This round saw continued support from existing investors like Temasek and welcomed new investors, including Seviora Capital, according to regulatory filings.

To facilitate this funding, Country Delight’s board approved the issuance of 78,157 Series E compulsory convertible preference shares (CCPS) at a price of Rs 21,045 each, raising a total of about Rs 165 crore. In this round, Temasek, a leading investor, contributed Rs 78 crore, while Venturi Partners added Rs 29 crore. The remaining Rs 58 crore came from Seviora Capital, a new investor joining the company.

Seviora Capital, a Singapore-based investor with a focus on Asia, participated in the funding round.

Although Country Delight did not disclose its current valuation, reports indicate that the company is now valued at approximately $750 million. This marks an increase from its valuation of around $615 million during its previous funding round in May 2022. The May 2022 round was the company’s largest to date, raising $108 million from investors Venturi Partners and Temasek.

Venturi Partners, known for supporting consumer brands such as Livspace, played a significant role in this funding.

Established in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight operates a comprehensive subscription model. The company manages its cow farms and oversees the entire process, including pasteurization, testing, and delivery of milk, cutting out intermediaries.

Country Delight sees significant growth potential, especially considering that more than 60 per cent of the fresh foods market remains unorganized and has limited cold storage infrastructure. The company is optimistic about India’s fresh food and staples market, projecting it to surpass $50 billion by 2025.

The unorganized food market faces challenges such as a fragmented logistics chain and insufficient visibility of product quality throughout the supply chain. Country Delight aims to tackle and resolve these issues.

The company provides dairy essentials, fruits, and vegetables directly to consumers’ doorsteps. It asserts that it can deliver fresh groceries within 24-36 hours, sourced directly from farms, utilizing its fully integrated just-in-time supply chain model.

Sofitel Mumbai BKC receives Green Key Certification

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January 5, 2024

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Sofitel Mumbai BKC has proudly received the prestigious Green Key Certification from the National Jury Green Key India and the Center for Environment Education (CEE). This accomplishment marks the hotel as the first in the country to achieve such recognition.

Green Key, introduced in India in 2023, stands as the foremost standard for excellence in environmental responsibility and sustainable practices within the tourism sector. The Center for Environment Education (CEE) Ahmedabad, a full member of the Foundation for Environmental Education (FEE), is responsible for implementing the Green Key certificate in India. Notably, Green Key India is an initiative led by CEE, Ahmedabad.

“This past year has been thrilling for us, with numerous accolades being awarded to the hotel. The Green Key Certification is not just another feather in our caps; it’s a symbol of our collective efforts and commitment as a team to sustainability. Sofitel Mumbai BKC now stands as the inaugural recipient of this certification in India, one of only two such certifications globally, among the very best in their category, available worldwide. For our parent company Accor, and for all the hotel brands under the Accor umbrella (including Sofitel Hotels and Resorts), sustainability is at the very core of our business – sustainable transformation is a commitment we take very seriously, and our global mission is to have 100% of all Accor hotels certified in the next few years. We are delighted to be able to support the Accor vision with our local efforts, and hope to pave the way for many more sustainability-led breakthroughs in 2024,” said general manager of Sofitel Mumbai BKC, Manish Dayya.

Maidaan raises pre-seed funding from Inflection Point Ventures and EvolveX

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January 4, 2024

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Maidaan, a social edutainment platform, has raised an undisclosed amount in a pre-seed round led by investors such as Inflection Point Ventures and EvolveX, with participation from We Founder Circle.

The funds raised will predominantly support the enhancement of product development and innovation in content, games, and tournament formats, as per an official statement.

Maidaan’s approach involves live, bite-sized olympiads and tournaments, offering a unique channel for educational exploration and community-building beyond the confines of traditional schooling. The platform envisions empowering over 100 million Indian students from a young age. As stated in the release, Maidaan’s mission extends beyond traditional classroom education, creating an environment where growth and learning transcend conventional limits.

“Today, when everything is digital, our education still relies on outdated methods and uninspiring textbooks. Maidaan addresses this by integrating learning into interactive games and quizzes, challenging the conventional notion that education is limited to the classroom,” Rahul Wagh, managing director of Inflection Point Ventures, says.

Maidaan asserts that its pilot version successfully engaged students from over 100 schools spanning 25 cities in India. The platform has introduced strategic annual and quarterly collaboration plans with schools, starting with Pune as the primary city for expansion.

“Beyond the top 5% elite in India, millions of students don’t get a chance to experience a world beyond the walls of their schools before Class 12, reducing the potential of social mobility. The only way to solve this is to make exposure-beyond-school truly accessible and affordable in a language and format that students understand and speak themselves,” Judhajit Bal, co-founder and CEO of Maidaan, said.

Having established crucial partnerships with schools annually and quarterly, Maidaan asserts that it sustains high engagement and robust user retention rates on the platform. The age group of 5-15 in Middle-India households is anticipated to surpass 100 million children by 2030, signalling a substantial market. Additionally, the supplemental learning segment, covering education beyond schooling, is predicted to attain a significant market value of $5 billion in India alone by 2030, as per the statement.

Renowned Business Coach Kishore Chainani Unveils Groundbreaking Book ‘Be’ The Outlier

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January 4, 2024

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India’s acclaimed relationship expert and business coach Kishore Chainani is causing a stir with his latest release, ‘Be’ The Outlier. Garnering praise from readers, entrepreneurs, and business professionals alike, this transformative book, published by Pendown Press, sheds light on the essential but often overlooked aspect of business success – building meaningful relationships.

Business Coach and Relationship Expert Mr. Kishore Chainani

In an era marked by intense competition and prolonged work hours, stress and disappointment have become the norm in the corporate world. With declining profits, increasing employee attrition rates, and unpredictable market scenarios, many entrepreneurs find themselves grappling with the challenges of the business landscape. Kishore Chainani’s keen insight, outlined in his book, attributes these struggles to a lack of focus on cultivating win-win relationships with customers and employees. The book not only identifies the root causes of business failures but also provides practical solutions.

Mr. Kishore Chainani said, “Success is not a destination but a journey shaped by the bonds we build along the way. It is actually all about one’s mindset. If you make your mind work on your goals, it will never fail you. ‘Be’ The Outlier is not just a book; it’s a roadmap to transforming relationships and thriving in both business and life.”

Through his pathbreaking Zoom programs, a fusion of spiritual knowledge and a neuro-scientific framework, Kishore Chainani provides leaders with a toolkit to foster meaningful relationships. He emphasizes that many businessmen, despite great ideas and products, fail due to a lack of zest for building deep bonds and strong relationships. What sets Kishore Chainani apart is his rare combination of exercises within a neuro-scientific framework. This blend seamlessly incorporates spiritual wisdom with cutting-edge insights from Neurosciences and Quantum Physics. The transformative impact of these programs is evident as countless entrepreneurs find themselves at the peak of their careers, basking in success. His workshops also provide employers with effective tools and techniques for employee retention, resulting in phenomenal success and a flood of mentorship offers.

For leaders yearning to thrive in their businesses, ‘Be’ The Outlier is a must-read. Additionally, tuning in to Kishore Chainani’s Zoom programs promises invaluable insights into the art and skill of relationship building.

For further information on Mr. Kishore Chainani’s Zoom Programs, please contact at kckishorechainani@gmail.com.

About Kishore Chainani

Kishore Chainani is one of India’s most popular leadership and business coaches, and what sets him apart from others is that he actually has spent 22 years in Senior Leadership positions at conglomerates such as Tata AIG and Genpact and built multi-crore businesses for them from scratch. He excels in mentoring entrepreneurs and business leaders, guiding them toward business success through the model of building relationships and forging bonds. Using a rare combination of exercises within his neuro-scientific framework, he seamlessly blends spiritual wisdom with cutting-edge insights from Neurosciences and Quantum Physics. The growing clientele list stands as a testament to his popularity and expert ingenuity. His book ‘Be’ the Outlier as well as his Zoom workshops are highly acclaimed by his clientele, receiving rave reviews for their transformative impact.

Key insights for successful financial planning in 2024

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January 4, 2024

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As we step into the new year, its crucial to set ourselves up for financial well-being. Financial planning isnt just for the experts; its something everyone can and should do. Here are some important points to guide you through the process of financial planning.

Financial Planning For 2024

Assess your current financial situation: Before diving into the future, take a moment to understand your present finances. List your income sources, monthly expenses, debts, and savings. This will help you lay the foundation of your financial plan.

Set clear financial goals: What do you want to achieve financially in 2024 Whether its saving for a vacation, paying off debt, or building an emergency fund, having clear goals will help you stay focused and motivated.

Create a budget: A budget is like a roadmap for your money. Allocate specific amounts to essential expenses, savings, and discretionary spending. Stick to your budget to avoid unnecessary financial stress.

Emergency fund: Consider building or reinforcing your emergency fund. This fund acts as a safety net, providing financial security in unexpected situations. Aim for three to six months worth of living expenses.

Importance of investments: Investing is a powerful tool for wealth creation. Explore various investment options based on your risk tolerance and financial goals. Diversifying your investments can help mitigate risks. You can consider investing in mutual funds to build wealth gradually.

Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. They offer a convenient way for individuals to access professional portfolio management.

Systematic Investment Plan (SIP): An SIP helps you regularly invest a fixed amount at predefined intervals in your preferred mutual fund scheme. It helps in disciplined investing, reduces the impact of market volatility, and harnesses the power of compounding. SIP investments provide a disciplined approach to investing, allowing you to benefit from the markets ups and downs without trying to time it. It can be a good option for those looking to start investing with smaller amounts regularly.

You can consider starting an SIP in the Bajaj Finserv Flexi Cap Fund offered by Bajaj Finserv AMC. To generate long term capital appreciation by investing predominantly in equity and equity related instruments across market capitalization. However, there is no assurance that the investment objective of the scheme will be achieved.

Tax planning: Understand the tax implications of your financial decisions. Utilize tax-saving instruments such as Equity-Linked Savings Schemes (ELSS), Public Provident Fund (PPF), or National Pension System (NPS) to optimize your tax liabilities. Also, keep track of your investments and submit proofs to your employer for tax benefits. This step is crucial to ensure you receive the tax deductions you are entitled to and avoid unnecessary tax burdens.

Regularly review your finances: Financial planning isnt a one-time task. Set aside time periodically to review your financial plan. Assess whether you are on track to meet your goals and make adjustments as needed.

In conclusion, financial planning is about making intentional choices with your money to achieve your desired future. By assessing your current situation, setting clear goals, and making informed investment decisions, you can pave the way for a more secure financial future in 2024 and beyond. Remember, the key is consistency and adaptability as you navigate the ever-changing financial landscape.

About Bajaj Finserv Asset Management Ltd.

Bajaj Finserv Asset Management Limited, a wholly-owned subsidiary of Bajaj Finserv Limited, has announced its presence in the investment solutions industry. Backed by one of India’s most respected and oldest brands, it offers a host of innovative products and solutions to every Indian. With a future-focused and differentiated investment strategy, its ambition is to help every Indian achieve his/her financial goals.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Aimore Technologies Marks 12 Years as Chennai’s Premier Software Training Institutes with Expanded Services

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January 4, 2024

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Aimore Technologies, renowned as one of the best software training institutes in Chennai, marks its 12th anniversary with a remarkable record of training over 13,000 students and placing more than 5,500 in the IT sector. With three strategically located branches across Chennai, Aimore Technologies is a beacon of expertise and innovation in software training.

Since its inception, Aimore has significantly contributed to the IT sector by nurturing thousands of students, with a particular emphasis on equipping non-IT professionals with vital IT skills. Their commitment to quality education is reflected in their 30 full-time employees and a diverse pool of over 50 part-time trainers, ensuring personalised attention and a comprehensive learning experience.

Aimore Success Stories – A Glance

Offering both online and offline batches, Aimore Technologies provides flexible and customizable training programs catering to the diverse needs of its students. Students have greatly benefited from Aimore Technologies through a comprehensive learning approach that blends theoretical knowledge with practical skills. The training programs are designed to meet the evolving demands of the IT industry, ensuring students are well-equipped with current technologies and methodologies.

The institutes vision for the next five years is centered on broadening its educational influence, introducing innovative courses, and persistently working to close the skill gap in the IT industry. Aimore aims to empower more individuals with IT skills, contributing significantly to the digital transformation of the workforce. This strategy has established Aimore Technologies as a frontrunner in the field, adept at transitioning individuals from non-IT backgrounds to proficiently handle challenging roles in the IT sector.

Aimores unwavering dedication to student success is evident in its robust placement assistance program, which has enabled countless graduates to secure prestigious positions in the IT industry. This hallmark of excellence underscores Aimore Technologies position as the best software training institutes in Chennai, setting a benchmark for quality and innovation in IT education.

About Aimore Technologies

Established in 2010, Aimore Technologies has been at the forefront of IT education in Chennai. Known for their practical approach to training and strong industry connections, Aimore offers specialised IT programs in pivotal domains such as Web Development, Snowflake, Software Testing, AWS, Data Science, and Python.

Their state-of-the-art facilities, combined with an experienced faculty, ensure an enriching learning experience for all their students.

To learn more about Aimore Technologies and its courses, visit www.aimoretechnologies.com.

Silicon Valley startups had their worst funding year since 2019

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January 4, 2024

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In 2023, the US witnessed a decline in the value of venture capital deals, reaching levels reminiscent of 2019, revealing a tumultuous year for startups.

Significant investments flowed into artificial intelligence startups throughout the past year while the broader industry faced challenges. Initial data from research firm PitchBook, released on Thursday, indicates that venture capitalists injected $170.6 billion into the US in 2023, spanning around 15,000 deals. This marks a roughly 30% decrease from the deal value recorded in 2022.

Globally, the venture capital industry experienced a decline in 2023. Investors allocated $345.7 billion to startups worldwide, marking a 35% decrease from the previous year and representing the lowest investment level since 2017.

Venture capital plays a crucial role in the global business ecosystem. The support from VCs has been instrumental in fostering transformative companies such as Amazon.com Inc., Google, and OpenAI. The processes of raising and investing venture dollars significantly influence growth and innovation.

But spending has fallen precipitously since the pandemic boom times of 2021. “Everything is trying to find a balance,” said Kyle Stanford, venture capital analyst at PitchBook. Stanford noted that the venture capital industry is in a readjustment phase following recent peak years. Despite VC dollars typically being directed toward companies with a high potential for substantial growth, there are around 54,000 venture-backed companies in the US, a figure he deemed “too many.”

In terms of fundraising, the VC landscape experienced a decline last year. Funds raised by US venture investors dropped by nearly two-thirds compared to 2022, while globally, there was an almost 50% decrease. US venture funds secured $66.9 billion in 2023, while global funds raised amounted to $160.9 billion.

The entire year’s decline was more pronounced than the fourth quarter, signalling challenges that began in late 2022. In Q4, US venture deals amounted to $37.5 billion, a slight decrease from the $39.8 billion recorded a year earlier. Globally, venture deals in the quarter totalled $76.6 billion, down from $94 billion in the same period the previous year.

One positive aspect amid the challenges was the performance of Latin American VC firms. In the region, though deal value dropped by more than half to $4 billion from the previous year, VC fundraising experienced a growth of over 40%, reaching $2 billion. An exciting addition to the Latin American scene last year was Bicycle Capital, a firm initiated by former SoftBank Group Corp. executives Marcelo Claure and Shu Nyatta, which unveiled a $500 million Latin America fund.

Online meat startup Captain Fresh secures Rs 110-Cr in funding

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January 3, 2024

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Captain Fresh, the B2B seafood products platform, secured Rs 110 crore (approximately $13.3 million) in a new funding round, according to regulatory filings. Nekkanti Sea Foods from Andhra Pradesh led the funding, with participation from other investors and traditional businesses.

The Bengaluru-based startup’s board approved a special resolution to issue 1,102 Series C6 Compulsory Convertible Preference Shares (CCPS) at a price of Rs 9,98,369 each, totalling Rs 110 crore ($13.3 million). Captain Fresh plans to utilize the funds for capital expenditure and business expansion, as per the regulatory filings.

Out of the 1,102 shares issued, Nekkanti Sea Foods acquired 501 Compulsory Convertible Preference Shares (CCPS) in Infifresh, the parent company of Captain Fresh. Shakti Finvest Pvt Ltd secured 301 CCPS, Ravi Shankar Pemmasani obtained 275 CCPS, and the remaining 25 shares went to Shibu Mathai in Captain Fresh.

Following a recent funding round where Captain Fresh secured $20 million from investors including Accel, Matrix Partners, and Prosus in September, the platform has now raised an additional Rs 110 crore. With a total funding amount exceeding $130 million, as reported by private markets data provider Tracxn, Captain Fresh plans to utilize these funds for its expansion into Africa, the Middle East, and other parts of Asia.

Additionally, the company has expressed intentions to launch its services in the US and European markets in the upcoming quarter and extend its presence in states such as Kerala, Tamil Nadu, and West Bengal.

The current funding round for Captain Fresh appears to be ongoing, and there is a possibility that the company may secure additional funds as part of this process.

The current funding round for Captain Fresh appears to be ongoing, and there is a possibility that the company may secure additional funds as part of this process. The initial report about the fundraise was covered by the news website Entrackr.

Captain Fresh faces competition in the meat delivery space, notably from FreshToHome, which is backed by Amazon and has raised approximately $290 million from various investors. Operating in the online meat delivery market can be challenging, as evidenced by Swiggy shutting down its meat marketplace. Larger companies also acquired smaller players like Tendercuts.

SaaS platform Kiko Live launches on ONDC, to activate 50,000 retailers in next six months

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January 3, 2024

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Kiko Live, a SaaS solution for neighbourhood stores, has become a participant in the Open Network for Digital Commerce (ONDC) as a seller network participant.

Initially designed to assist local retailers in handling delivery orders through phone calls and WhatsApp, the Kiko app now seeks to reach a wider customer audience by joining the ONDC network, offering more options for buyers.

“We are gradually onboarding our list of retailers onto the ONDC network due to the overwhelming surge in orders. Some sellers are already receiving 20-25 orders daily without running promotions. Orders are growing at over 100% week on week, leading us to scale our operations and support teams, too. Our sellers maintain a near 100% fill rate and successful delivery rate, a trend we aim to sustain during our expansion,” said Kiko’s founder, Alok Chawla.

Merchants using the Kiko app can explore and accept orders from a large group of potential customers through the ONDC network. The Kiko seller app provides integrated payment and hyperlocal logistics solutions to registered retailers. The company plans to assist more than 50,000 new sellers, especially those venturing online for the first time, in joining the network in the coming quarters.

Hindustan Unilever Limited (HUL) announced in November its commitment to onboard approximately 1.3 million kirana stores on ONDC, supporting them in competing with e-commerce and fast-service grocery retailers.

“We are delighted to witness Kiko’s remarkable growth on ONDC. We strive to create a transparent ecommerce ecosystem with equal opportunities for all and Kiko’s success adds to the vibrancy and success of our Network,” said ONDC MD and CEO T Koshy.

Kiko Live is backed by early-stage investors, including 9 Unicorns, Venture Catalysts, SOSV, and GSF, and angel investors, such as the CEOs of Indiamart, Spotify India, and Nazara.

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