Sanjiv Goenka Group looks for retail, IT sector targets

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March 24, 2022

As the diversified Indian conglomerate RP Sanjiv Goenka Group aims to build up swiftly, it aims to acquire companies in the local retail, technology, and power distribution sectors.

“We are poised for a very aggressive expansion,” Group Chairman Sanjiv Goenka said.

After acquiring niche sector player Nature’s Basket in 2019, the Kolkata-based company planned to acquire other retail chains and related infrastructure. When asked how he plans to compete with sector giants like Mukesh Ambani’s Reliance Industries Ltd. and Amazon.com Inc., he said the goal is to “gain more critical mass” and “greater mass.”

With $4 billion in annual revenue, the company is also looking for targets in power utilities and IT-enabled services, where it has already acquired three businesses in the last year. On the other hand, Goenka avoids debt-fueled expansion favoring internal accruals.

“Theoretically, we could have been more aggressive,” he said. “We could have taken more debt. But we prefer not to grow by debt.”

Goenka is trying to get more electricity from renewable energy sources and increase the group’s power distribution business, which comprises listed utility CESC Ltd.

“We are not investing at all in the thermal power business,” he said. “It’s a conscious decision the board has taken.”

“We do see an impact of oil prices and there’s a mismatch in the supply scenario. In the short term, there’s a definite impact,” Goenka said. “We do believe it’s short term and won’t be significant in the long term.”

Meesho introduces integrated e-commerce app for buyers, sellers

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BRL Editor

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March 23, 2022

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As part of initiatives to promote the digitalisation of small enterprises in the country, internet commerce business Meesho announced the launch of an integrated e-commerce mobile app for buyers and sellers on Wednesday.

Meesho users may now switch between the buyer and seller interfaces with a single click on the latest Android version of the app.

“In a bid to further aid the digitisation of small businesses in the country, Meesho…today announced the launch of an integrated e-commerce mobile app for Android users,” the company said in a statement.

Sellers, in particular, can expect a stronger e-commerce experience with access to many features previously only available on the web versions of the app.

Order processing, payment monitoring, inventory management, and seller support are among them.

More than 4 lakh sellers on the platform are likely to benefit from the consolidated app and its capabilities.

Kirti Varun Avasarala, Chief Product Officer, Meesho, said, “A significant number of Meesho sellers don’t have easy access to desktops or laptops, which were earlier essential for accessing all the features available on our platform”.

Avasarala added that the company had chosen a mobile-first approach to provide them with a more seamless e-commerce experience. This will let sellers manage their business on the road with less effort.

Cybersecurity startup Technisanct raised fresh investment of ₹2 crores

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March 23, 2022

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Technisanct, a cybersecurity startup with a research center in Kochi, has opted to expand its workforce after receiving a Rs 2 crore investment. Shashidhar Pai (S3K Ventures), K T Chandy (Partner-EY), and Surabhi Marwah (Partner-EY) were among those who participated in the investment, according to the company.

Technisanct, which offers managed services in digital risk management, recently received a Rs 22 lakh start-up grant from IIT Kanpur’s SIIC incubator as part of their inaugural batch of 13 cybersecurity start-ups chosen from across India, according to a press statement.

Pai stated that cybersecurity has shown to be an urgent requirement, especially in light of recent events throughout the world.

“The commitment of Technisanct in securing cyberspace for its diverse clientele has been very impressive. We believe they will create a first-hand imprint in the industry with their avant-garde technology,” Pai said.

Nandakishore Harikumar, CEO and Founder of Technisanct, said the investment received was significant since a brand’s or an individual’s digital security was most vulnerable.

“The fresh capital would help us to scale up technological advancement by improving our AI capability in threat detection and data analytics,” Harikumar said.

Using big data and Integrite, a self-developed AI-powered digital risk monitoring platform, the company intends to eliminate cyber risks, privacy, and data breaches.

Kouzina Food plans to add 90 new cloud kitchens

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March 21, 2022

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Kouzina, a cloud kitchen company, plans to grow to 150 total kitchens in 12 to 18 months. The company will continue to expand in metros where it already has a strong presence, such as Pune and Hyderabad while doubling focus on tier-2 cities.

From a network of cloud kitchens across India, Kouzina owns and manages various delivery-led food companies powered by technology. Warm Oven, Indiana Burgers, and Kaati Zone are some of the company’s brands. The brands are present in over 15 cities and operate over 60 kitchens.

Bengaluru is the largest city in terms of generating revenue for the company. “That said, it is our oldest city and also the city with the highest density of kitchens. Other cities are relatively new and will start to ramp up over the next six to 12 months,” Gautam Balijepalli, co-founder and CEO at Kouzina Food Tech Pvt Ltd, informed.

Food delivery has expanded beyond tier-1 cities in two to three years. “Our understanding is that non-metro towns are increasingly becoming important for the food delivery ecosystem and this is evident from some of the publicly announced plans of the aggregators Most of these markets are supply starved with the lack of good quality restaurant brands and we plan to expand beyond metros to capture this opportunity,” he further added.

The average order value for all brands is currently approximately INR 375. However, given that the company manages one of the leading online cake brands, WarmOven, according to Balijepalli, the number will only rise as the brand expands nationally.

According to him, there is a lot of data available in today’s digital-first restaurant industry, but obtaining vital insights from it is crucial. Commenting on the same, he added, “Our platform aggregates various data points (customer ratings, comments, preparation times, product mix for each brand etc) across our kitchen network to make improvements every single day. By leveraging all of this data in its operational processes, we are creating a strong culture of continuous improvement, which would set it apart from its competitors over time.”

Kouzina strives to introduce new brands in the two most popular online categories, biryani, and pizza.

Rester Hotels plans to make a presence in India

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March 19, 2022

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Rester Properties & Resorts, a homegrown hospitality management firm engaged in providing heartfelt moments to guests, team members, and stakeholders, is set to open its hotels in India.

Rakshit Sharma, CEO of Rester Hotels & Resorts, commented, “We are delighted to welcome guests with warm hospitality. We will manage Rester Hotels & Resorts in India under three brands i.e. Rester Resorts, a mid-market leisure brand, Rester Select, a midscale full service hotel brand and Rester Xpress, a hotel brand for on the go traveller.”

Rizwan Sheikh, COO, Rester Hotels & Resorts, further added, “We are excited to announce the opening of our first hotel in Telangana. We look forward to extending the Rester family in Maharashtra, Gujarat, Rajasthan, Uttarakhand and Himachal Pradesh soon. All our hotels will be ideal places to Rest, Revive and Rejuvenate for business and leisure travellers.”

IWG to open over 1,000 new locations globally in 2022

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March 19, 2022

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Due to increased demand for the hybrid work model in a post-pandemic environment, office rental company IWG announced that it plans to open more than 1,000 new locations globally in 2022, with a special focus on suburban areas.

The decision by the London-listed company comes as office landlords slowly recover from the COVID-19 pandemic, with businesses turning to a permanent hybrid model in which employees spend their time between home and office.

“The shift from fixed workspace to flex is now irreversible and the business will continue to accelerate its growth adding a thousand locations in the next year alone,” said Chief Executive Officer Mark Dixon at the international property conference MIPIM.

The firm that owns the Spaces and Regus brands has around 3,500 buildings in more than 120 countries and serves 83% of Fortune 500 companies. IWG, on the other hand, did not give a net increase of its centres for the year, which includes any closures.

Customers of IWG have access to the firm’s extensive network of locations, with a variety of plans to choose from, providing employees with much-needed geographic flexibility.

As office space providers benefit from the hybrid work trend, the Switzerland-based firm announced earlier this month that it would integrate its digital assets with flexible workspace platform The Instant Group.

Zomato in discussions with restaurants, cloud kitchens for 10-minute deliveries

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March 18, 2022

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Five people with direct knowledge of the talks stated that food delivery platform Zomato is in talks with multiple restaurant partners and cloud kitchen companies to launch ultra-fast delivery.

The company is in early conversations with its existing restaurant partners, and the goal is to bring food delivery within 10 minutes.

“Zomato is introducing a sort of a marketplace where they are promising a 10-minute delivery,” said one of the people, who was approached by the company for the experiment. “That is something they will do through their own kitchens or warehouses.”

“We have been approached by them (Zomato) to set up a kitchen alongside them … they are setting up these warehouses and giving ‘co-working’ style cooking stations to these brand owners,” said a senior executive at a cloud kitchen startup.

According to the people, the company is expected to launch a pilot programme in a few cities starting in April, with Gurgaon likely to be the first, who spoke on the condition of anonymity because the experiment has not yet begun.

According to an industry insider, Zomato experimented with a 10-15-minute food delivery in four locations in Bengaluru last year, and the current expansion plan is being structured based on those learnings. According to the person, it is working on a plan for quick delivery, with an internal goal of delivering in under 20 minutes, depending on the cuisine and location.

Amazon acquires Hollywood studio MGM for $8.5 billion

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March 17, 2022

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Two days after European regulators said the deal “would not significantly reduce competition” in European markets, Amazon said Thursday that it had completed its acquisition of Hollywood studio MGM.

The $8.5 billion deal was announced in May, making it the retailer’s second-largest acquisition after the $13.7 billion deal with Whole Foods in 2017. The latest acquisition was made to help Amazon compete with Netflix and Disney’s streaming services.

MGM has more than 4,000 film titles, 17,000 TV episodes, and awards, according to Amazon, which “will complement Prime Video and Amazon Studios’ work in delivering a diverse offering of entertainment choices to customers.”

Amazon intends to create new movies and shows based on the massive MGM library, including well-known characters such as Rocky, RoboCop, and Pink Panther.

“We are excited for MGM and its bounty of iconic brands, legendary films and television series, and our incredible team and creative partners to join the Prime Video family,” MGM’s Chief Operating Officer Chris Brearton said.

HDFC Capital buys 7.2% stake in realty startup Loyalie

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March 17, 2022

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HDFC Capital Advisors Limited (HCAL), a wholly-owned subsidiary of the company, has entered into a share subscription agreement with Loyalie IT-Solutions Private Ltd to acquire 3,90,666 equity shares for ₹1.1 crores. HDFC Capital Advisors Limited is a wholly-owned subsidiary of HDFC Ltd and manages real estate private equity investments.

The acquisition will entitle HCAL to about 7.20% of Loyalie’s equity share capital after allotment on a fully diluted basis.

“Investment in Loyalie is proposed to be made by HCAL under its HART initiative programme to invest in technology companies for the benefit of the real estate ecosystem. A binding share subscription agreement in relation to such proposed investment has been entered into by HCAL,” HDFC said in a stock exchanges statement.

The stock is being purchased at a price of ₹28.16 per equity share.

Loyalie is in the business of providing marketing schemes proposed by its clients, loyalty or reward bonuses proposed by its clients, and real estate brokerage services customized to their needs.

Following the deal’s completion, HCAL’s shareholding in Loyalie will be as follows on a fully diluted basis, assuming no new investments, changes to Loyalie’s share capital, or other corporate action in the interim, according to the company.

Loyalie’s turnover increased to ₹2.02 crore in the financial year 2020-21 from ₹1.33 crore the previous year, according to regulatory filings.

The startup works with Godrej Properties, Mahindra Lifespace Developers, and Shapoorji Pallonji Real Estate, among others, and has a presence in more than 10 cities.

Britannia plans 50% women in the workforce by 2024

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BRL Editor

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March 17, 2022

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Britannia Industries, a major FMCG company, stated that it aspires to attain a diversity ratio of 50% by 2024 by increasing the number of women in its workforce. Amit Doshi, Chief Marketing Officer (CMO) of Britannia Industries, stated that women presently make up 38% of the company’s workforce.

“We want to promote gender equality in the company,” he said.

He said the proportion of women in the workforce at Britannia’s Guwahati factory is 60% and will be increased to 65%.

According to Doshi, the company has already established a start-up contest among female entrepreneurs to empower women.

He said the company offered Rs 10 lakh in seed capital to 30 women entrepreneurs for start-ups in e-commerce, digital services, ophthalmological care via mobile vans, and child education.

He also mentioned that the company has partnered with Google to provide skill training to women around the country.

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