ITC takes nutrition-first approach with ‘Help India Eat Better’ framework

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September 20, 2022

In line with its ideology of Nation First – Sab Saath Badhein, the multi-business conglomerate ITC Limited has pledged to make a significant contribution to the PM’s “Poshan Abhiyaan” by using a framework called “Help India Eat Better” that emphasizes nutrition first.

To highlight the value of nutrition and well-being among its employee, customers, civic society, and other stakeholders, the company is celebrating the “Poshan Maah” (National Nutrition Month) during September as part of its ongoing and committed efforts in this area.

The ITC Next strategy has recognized nutrition as a key focus area, as ITC chairman Sanjiv Puri noted in his AGM address this year. ITC Foods’ “Help India Eat Better” framework, which is a component of this strategy, has been designed with a 4-pillar strategic model that emphasizes: 1) Development of a ‘good-for-you’ value-added product portfolio, 2) Developing Sustainable Food Systems, 3) Supporting Healthy Communities, and 4) Enhancing Consumer & Employee Awareness.

Hemant Malik, divisional chief executive, foods at ITC, said, “Given the changing lifestyle habits and nutritional preference of consumers, ITC’s Foods Division has undertaken efforts to deliver healthier value-added food offerings by leveraging the company’s deep R&D capabilities as well as its institutional synergies. We believe that given our strengths in science-based, consumer led product development, sustainable agri value chains and a strong community-based ecosystem, we can contribute meaningfully in supporting the Government’s initiative of a ‘Suposhit Bharat’.”

A “Good for You” portfolio has been developed using ITC’s agri-sourcing capabilities, the culinary skills of ITC’s hotel chefs, and the nutrition and wellness platforms at ITC Life Sciences and Technology Centre (LSTC). This portfolio aims to improve the nutritional value of products to address issues with anaemia, digestive health, diabetes, immunity, lactose and gluten intolerance.

Fynd joins with Vizard to personalize image-based marketing across channels

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September 19, 2022

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Retail omnichannel ecosystem and multi-platform tech company, Fynd has partnered with Vizard, a visual hyper-personalization tool to reimagine marketing initiatives.

With the help of the image personalization and no-code Vizard tool, communication on platforms like WhatsApp, push notifications, chatbots, and emails become more pertinent.

“Until now the personalization in marketing was limited to text,” said Amardeep Singh, founder of Vizard. “The next chapter of personalization is visual, this includes personalized images & videos. With Vizard, Fynd is now connecting with their customers at a deeper personal level and has seen an immediate positive impact on their conversions.”

Vizard strengthens client relationships by instantly generating a unique, customized image for every customer the brands are trying to reach. Brands can develop visual templates with customizable elements like name, city, and most-recently-searched-for product owing to its data-driven methodology. As a result, adaptable visuals are modified to resonate with each customer.

“We increased our cart abandonment campaign click-through rates by 80% right from the first campaign. Vizard has given us a competitive edge and added real value to our customers who now receive personalized messaging through our marketing campaigns as well as in our regular push notifications,” said Farooq Adam, co-founder of Fynd.

Vizag to have women cabbies soon

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September 13, 2022

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For the first time in Andhra Pradesh, a cab driver programme was launched for women in Visakhapatnam on Monday. About 10 women, who want to take up driving as a career, enrolled in the programme, namely ‘femi cabs’.

Fluentgrid is running the initiative in partnership with “help@11th.” Fluentgrid is the program’s sponsor, while “help@11th” is the nodal organization for the femi cabs initiative.

Fluentgrid corporate affairs vice-president, Winston SK Adams, said that the initiative is aimed at not only creating employment for the women but also improving the safety of those women who hail these cabs. “The women will be issued licenses after the training. As a result, more women will draw inspiration from these women cabbies,” said Adams.

After receiving their learners’ licenses from the transport authority, the women will undergo 30 days of training, according to Help@11th general manager BV Radhika.

“We have chosen only those who want to earn a living through driving. Some of these women are the sole breadwinners of their family and some are widowed. The project has been launched with an objective of empowering the women and providing them employment. We will tie up with various companies to engage these women. Based on the outcomes of the training in the next batches, we will scale up the initiative,” said Radhika.

Mensa Brands buys MyFitness, to make it ₹1,000-cr brand

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September 12, 2022

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Mensa Brands, a direct-to-consumer (D2C) company, announced on Monday that it had acquired health food startup MyFitness for an undisclosed sum to expand the brand to Rs 1,000 crore in the next three to four years.

The acquisition will help Mensa Brands expand to international markets, scale D2C, launch new categories, and invest in brand-building.

“MyFitness is a fast-growing consumer-loved brand, and we will scale the brand to have an omnichannel global presence by leveraging our tech-led playbook. We believe we can build MyFitness into a Rs 1,000 crore brand in the next three-four years,” said Ananth Narayanan, Founder and CEO of Mensa Brands.

Founded in 2019 by Mohammad Patel and Rahil Virani, MyFitness is popular among fitness enthusiasts, Millennials, Gen Z, and sportsperson.

In India, MyFitness is the first company to introduce a chocolate peanut butter variant and the first crispy peanut butter in history.

Delhi Capitals and Punjab Kings are its official IPL snacking partners.

“We’re thrilled to be partnering with Mensa Brands, a market leader proven to exponentially scale brands,” said Patel.

More than 30 SKUs (stock-keeping units) with an average selling price of Rs 500 are currently available at MyFitness.

Former CEO of Myntra and Medlife Narayanan launched Mensa Brands, backed by international investors including Accel Partners, Falcon Edge Capital, Norwest Venture Partners, Prosus, and Tiger Global Management.

In its first year of business, it registered a net revenue run rate of Rs 1,500 crore.

Lemon Tree Hotels signs a new hotel in Erode, Tamil Nadu

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September 9, 2022

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Lemon Tree Hotels has announced its newest addition: Lemon Tree Hotel, Erode. Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited will manage this property, which is expected to open in December 2023.

Industries and trade play an important role in the Erode district’s economy. Handloom weaving, carpet manufacturing, cart manufacturing, oil pressing, brass vessel manufacturing, and other industries thrived in the area in the early days. However, the focus is now on the cotton textile industry in Coimbatore and the handloom industry in Erode, which has encouraged the growth of various ancillary industries to meet the needs of the textile mills.

Tourist attractions include the Erode Government Museum, a rich repository of art, anthropology, and archaeology objects and one of Tamil Nadu’s largest storehouses of art and culture. Birds Sanctuary, Vellode, home to many foreign birds, is ideal for aspiring ornithologists. There are Bannari Amman Temple, Sangameshwarar Temple, Bhavan and Murugan Temples for the religiously inclined.

This hotel will have 64 well-appointed rooms and suites, a restaurant, a bar, and a meeting room.

Speaking on occasion, Mahesh Aiyer, CEO – of Carnation Hotels Private Limited – said, “We are delighted to expand our reach in Tamil Nadu with our valued partner, Hotel Le Jardin. This will be our sixth property in the state and will help us grow our footprint in a state famous for its tourism and business potential, which plays host to a large number of tourists and business travellers every year. We aspire to expand and diversify our existing portfolio by signing and opening more hotels to enlarge our offerings to our guests as well as owners and partners in the tourism and hospitality sector.”

Wow! Momo receives ₹125-cr from OAKS Asset Management

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September 8, 2022

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Quick service restaurant (QSR), Wow! The company announced Thursday that Momo had raised Rs 125 crore from OAKS Asset Management at a valuation of Rs 2,125 crore.

According to the press release, the new funding is part of a two-tranche raise, with the company planning to raise another Rs 100 crore in the coming quarter.

“We are a brand that is funded by the consumers and guided by the investors,” said Sagar Daryani, CEO & co-founder, Wow! Momo Foods.

The funds will be used to strengthen the company’s capabilities for its entry into tier 2 and 3 markets and fortify its FMCG growth, read the press release. The brand currently has a presence in 21 cities and operates over 480 outlets. With the new expansion strategy, it hopes to reach over 100 cities.

“We expect Wow! Momo to not only gain domestic market share in India but also to be the first global sized QSR company from India,” said Vishal Ootam, Founder & CEO of OAKS Asset Management.

Launched in August 2008, Wow! Momo Foods operates 3 brands – Wow! Momo, Wow! China and Wow! Chicken and claims to have a monthly revenue run-rate of over Rs 40 crore. The company intends to double its growth by mid-next year and achieve more than Rs 450 crore in revenue. Its revenue in the previous fiscal year was Rs 220 crore.

Flipkart enters into the hospitality sector, opens hotel bookings

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September 7, 2022

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Flipkart, a homegrown e-commerce platform, announced that it had entered the hospitality sector with the launch of a new hotel-booking feature — Flipkart Hotels — on its platform to bolster its offerings in the travel sector.

According to the platform, Flipkart Hotels will allow customers to book over 3 lakh domestic and international hotel rooms. Backed by Cleartrip’s API, Flipkart Hotels will benefit from Cleartrip’s deep understanding of travel customers and sectors.

“We are excited to launch Flipkart Hotels on the Flipkart app, which will provide access to affordable hotel stays convenient for the customers. Flipkart Flight is on a steady path of growth in the travel industry since we entered this space,” Adarsh Menon, Senior Vice President of Flipkart, said in a statement.

“With Flipkart Hotels, we are strengthening our commitment to provide a better experience and superior service to our customers across metros and beyond tiers. With our banking partner’s financial offerings, the customers will unlock great value in this segment and enhance Flipkart’s capabilities as a preferred one-stop shop for the travel booking needs of Indian customers,” Menon added.

Flipkart stated that with the launch of hotel services, it hopes to offer its customers a slew of affordable benefits, such as flexible travel and booking-related policies, easy EMI options, and so on, to make travel more affordable.

This new platform, available on the Flipkart app, is said to provide a hassle-free booking experience and timely communication via popular messaging apps.

Flipkart Hotels aims to improve its customer service and provide a better experience and attractive deals. A dedicated customer care center has been established to assist customers with user-related queries for their convenience and to provide a great experience.

Skill assessment startup Equip.co bags ₹3.2 crore investment

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September 6, 2022

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Equip.co, a skill-based hiring platform that aims to automate the recruitment and screening process, has raised a $400,000 pre-seed round from Better Capital.

According to a statement, the funds will be used to hire for the product, engineering, and marketing roles and to onboard subject-matter experts to help broaden the scope of skills currently tested.

As the hiring process moves online, the number of candidates applying for open positions has skyrocketed. Equip’s automated skill assessments assist recruiters in filtering candidates for roles such as engineering, data science, sales and support, and so on.

Jayanth Neelakanta, Founder & CEO, Equip.co, said, “We are delighted to announce our first round of funding. As the name suggests, we want to equip recruiters with identifying great talent. Equip will not only help companies reduce the time and effort to hire, but also help them look beyond CVs and pedigree, and focus on candidates’ skills.”

Vaibhav Domkundwar, Founder & CEO of Better Capital, said, “We are making skill assessments 100X easier with Equip and putting it everywhere it’s needed without forcing users to go on different workflows and journeys. We are excited to be the founding stage partner to Equip.”

1mg becomes unicorn after fresh fund infusion from Tata Digital

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September 6, 2022

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Online pharmacy 1mg has joined the unicorn club after an internal round of funding led by Tata Digital, sources briefed on the matter said.

According to people briefed on the matter, the company raised $41 million, which was valued at $1.25 billion. In June of last year, Tata Digital paid approximately $450 million for 1mg.

“The new financing has happened at a significant premium.. The discussions were to close at a higher valuation before the markets turned choppy. The company will look to raise a bigger round later this year or next year,” one of the people mentioned above said.

According to regulatory filings, approximately $40 million in funding has already been received, with Tata Digital and others participating. In addition, other existing investors and Tatas have participated in the round, according to a person briefed on the matter.

When contacted, 1mg founder Prashant Tandon declined to comment, and an email sent to Tata Digital received no response when publishing the story.

In the fiscal year 2022, the Gurugram-based company’s revenue from operations more than doubled to Rs 627 crore from Rs 309 crore. On the other hand, its losses increased nearly 70% to Rs 526 crore.

The new funding comes when 1mg rival PharmEasy is also looking to raise new funds after canceling its IPO plans.

Revenue-based financing platform Klub closes ₹200-cr maiden fund

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September 5, 2022

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Klub, a Sequoia Capital-backed revenue-based financing platform, announced the closure of its Rs 200 crore maiden fund on Monday. In a prepared statement, Klub, a Sebi-registered Category II Alternative Investment Fund, said it aims to accelerate disbursements across growth-stage businesses during the holiday season.

The fund has made 33 investments in growth businesses in the last few months, including BluSmart, Ben Franklin, Bewakoof, Furlenco, Smoor Chocolates, and The New Shop.

Klub, founded in 2019, provides digital businesses flexible capital without requiring equity dilution. It provides liquidity for recurring marketing, inventory, and capital expenditure (capex), focusing on e-commerce, direct-to-consumer, and edtech companies.

The fund has disbursed 30% of its total corpus and is looking to make more investments in the coming few months.

Klub invests anywhere between Rs 5 lakh to Rs 30 crore in businesses for a tenure of up to 24 months.

“Revenue based financing fits perfectly for the festive season capital needs of businesses. This festive season we will expand our investments in small businesses as well as unicorns by two-fold (2x) through our RBF Fund over the next six months,” said Anurakt Jain, co-founder and chief executive officer (CEO) at Klub.

The fund’s advisory council includes startup founders such as Naveen Tewari, founder, and CEO of InMobi Group, Vidit Aatrey, co-founder and CEO of Meesho, and Dr Apoorva Ranjan Sharma, co-founder of 9Unicorns.

Klub has funded over 300 brands through 600 investment rounds since its inception. It has the backing of Antler Global, Japan-based GMO Venture Partners, 9Unicorns, and Sequoia Capital India’s Surge accelerator program.

Other revenue-based financing platforms, such as GetVantage, have invested in consumer businesses such as Rage Coffee, Magic Crate, and AutoBrix.

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