Category: News

Singapore’s state-owned private equity firm Temasek has acquired a 10% stake in Haldiram Snacks Food for ₹85,000 crore ($1 billion), valuing the company at $10 billion.

This marks one of the largest deals in India’s packaged food industry, reinforcing Temasek’s commitment to the country’s growing consumer sector after months of negotiations, during which firms like Blackstone and Bain Capital were also in the race.

The fresh capital will support Haldiram’s expansion in India and abroad. The company, with annual revenue of over ₹12,500 crore in FY24, may bring in another investor and is also considering an Initial Public Offering (IPO) next year.

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Haldiram, founded in 1937 in Bikaner, has grown into a global brand selling in over 80 countries. Known for namkeen, sweets, and ready-to-eat meals, it has expanded with sub-brands like Minute Khana, Cup Shup, and Cookie Heaven while acquiring Babaji Namkeen, Akash Namkeen, and Atop Foods.

Family divisions led to separate units in Delhi, Nagpur, and Kolkata, with the Delhi and Nagpur units merging in 2023 to form Haldiram Snacks Food Pvt Ltd, while the Kolkata unit operates as Haldiram Bhujiawala.

With the National Company Law Tribunal approving its merger process, Haldiram is set for further growth. Meanwhile, Temasek-backed Licious is also planning an IPO, reflecting the rising investor interest in India’s food sector.

Swiggy Instamart, a leading quick-commerce platform, has broadened its footprint by launching services in 100 cities across India, addressing the growing demand for ultra-fast 10-minute deliveries, particularly in tier II and III cities.

This expansion provides millions of customers with access to an extensive catalog of over 30,000 items, including groceries, daily necessities, electronics, smartphones, apparel, cosmetics, toys, and more—delivered within just 10 minutes, the company revealed.

As part of this growth, Swiggy Instamart recently extended its operations to cities such as Raipur, Siliguri, Jodhpur, and Thanjavur.

“We have noted that there is significant traction for convenience-led retail much beyond Indian metros, as both consumer behaviour and the value-proposition of quick-commerce evolve in tandem. Our expansion to 100 cities strengthens our reach and allows us to better serve growing consumer needs in underserved geographies,” Swiggy Instamart CEO Amitesh Jha said.

To support this expansion, Swiggy Instamart is scaling up its darkstore network with the introduction of ‘megapods’—large storage facilities ranging from 10,000 to 12,000 square feet.

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These fulfillment centers can accommodate up to 50,000 stock-keeping units (SKUs), tripling the product variety compared to traditional darkstores.

“The expanded assortment opens up non-grocery categories but also enhances grocery selection available on the platform. This includes a mix of FMCG and D2C brands, as well as local brands tailored to the unique preferences of customers in each city,” the company added.

Delhi-based eco-friendly startup Ecoil, appeared on Shark Tank India Season 4, Episode 51.

The company, founded by Sushil Vaishnav and Kirti Vaishnav, promotes a sustainable waste-to-energy business model by collecting and recycling used food oil into biodiesel.

During their pitch, the founders sought an investment of ₹1 crore for 1.25% equity, valuing the company at ₹80 crore.

Sushil and Kirti Vaishnav, who met and married in Rajasthan, were struck by the large-scale waste oil production in the food industry.

After gaining experience in supply chains and blockchain, they returned to Jaipur in November 2019 and launched Ecoil.

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Ecoil specializes in collecting burnt cooking oil and fats from eateries, offering the highest purchase price. The collected oil is then processed into biodiesel.

The company provides a range of services to help manufacturers efficiently manage their waste oils and fats.

To minimize waste-related challenges, Ecoil offers customized solutions tailored to the needs of food industries and fast food outlets.

With its structured approach and competitive pricing, Ecoil stands out as an ideal choice for selling used cooking

The founders revealed that they have gathered 75 lakh liters of waste oil, leading to a reduction of 1.6 crore kg in CO2 emissions.

Recognizing the potential of this initiative, Ritesh Agarwal and Chirag Nakrani invested ₹50 lakh for 1% equity, along with 0.6% advisory equity, and provided ₹50 lakh in debt at 9% interest for three years.

This deal set Ecoil’s valuation at ₹50 crore.

With this investment, Ecoil plans to enhance its operations, expand its reach, and contribute to India’s sustainable energy transition.

Global footwear brand Skechers has signed Indian cricketer Jasprit Bumrah as its brand ambassador. As part of the partnership, Bumrah will compete in Skechers cricket footwear and feature in the brand’s marketing campaigns, promoting both its performance and lifestyle collections.

Bumrah’s addition to the Skechers family strengthens the brand’s roster of ambassadors, which includes Yastika Bhatia and Ishan Kishan.

Skechers has also become the official kit sponsor of the Mumbai Indians team, further strengthening its presence in Indian cricket.

“I joined the Skechers family as they are known for blending comfort with cutting-edge innovation,” said Bumrah. “Their wide range of offerings makes it a perfect fit for athletes who value performance without compromising on style, especially for bowlers like me. I’m proud to represent a brand that resonates with my approach to both cricket and life.”

Rahul Vira, CEO of Skechers South Asia, expressed enthusiasm about the partnership, highlighting that Jasprit Bumrah’s relentless pursuit of excellence aligns with Skechers’ commitment to innovation and performance.

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Vira emphasized that the Skechers team of athletes exemplifies how the brand’s cricket footwear offers both comfort and performance, benefiting players at all skill levels.

He further noted that Skechers is eager to expand its presence in cricket and contribute to shaping the future of sports culture in India.

Bengaluru-based men’s fashion brand The Bear House made a notable appearance on Shark Tank India Season 4, Episode 49.

Founded by Harsh Somaiya and Tanvi Somaiya, the brand draws inspiration from European fashion, offering premium, stylish, and comfortable apparel tailored for modern men.

Whether it’s a crisp office shirt or a laid-back evening look, the brand effortlessly blends luxury with everyday wear.

During their pitch, the founders sought ₹3 crore for 1% equity, valuing the company at ₹300 crore.

The founders captivated the sharks with their product demonstration, showcasing the brand’s standout feature—420 GSM fabric.

Since its inception in 2017, the company has seen remarkable growth. From generating ₹2 crore in revenue in FY18, it has skyrocketed to ₹96.5 crore by FY24.

A key driver of its success has been its flannel shirts, which have emerged as the brand’s hero product.

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FitFeast Secures ₹1 Crore Deal on Shark Tank India Season 4

The Bear House has also expanded its reach by being available across multiple e-commerce platforms, making its high-quality clothing accessible to a wider audience.

As the Sharks evaluated the business, discussions centred around the brand’s rapid growth and market positioning.

After intense negotiations, Namita Thapar stepped in, sealing a deal of ₹1 crore for 1% equity, along with ₹2 crore in debt at a 10% interest rate for five years, valuing the company at ₹100 crore.

Harsh said, “We’re thrilled to have partnered with Namita Thapar. Her expertise and guidance will be invaluable in taking The Bear House to the next level.”

“Our experience on Shark Tank India was incredible, and we’re grateful for the opportunity to showcase our brand. We’re proud of our brand’s unique proposition and the quality of our products. The sharks’ feedback was amazing, and we’re excited to work with Namita to expand our reach and grow our business.”

New Delhi-based FitFeast, a brand dedicated to high-protein and sustainable snacking, made a remarkable appearance on Shark Tank India Season 4, Episode 49.

Founded by Aditya Poddar, the company offers protein-rich and nutrient-dense snacks across categories such as peanut butter, protein bars, chips, and shakes.

During his pitch, Aditya Poddar sought ₹1 crore for 6.5% equity, valuing the start up at ₹15.38 crore.

The founder claimed that with unique flavors like mocha, brownie, malai kulfi, mango, and white chocolate, FitFeast sets itself apart in the health food market, aiming to address protein and nutrient deficiencies while offering delicious snacks.

As the Sharks sampled his products, Aman Gupta found the chips unimpressive, while Namita Thapar and Anupam Mittal praised the protein bars.

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Kunal Bahl questioned the packaging’s similarity to other brands, and when pressed by Anupam, Aditya backtracked on admitting to copying a design.

Aditya highlighted growing quick-commerce sales and a pending 3% equity deal with cricketer Axar Patel.

The pitch took a turn when Viraj Bahl offered ₹5 crore for a 51% stake, later suggesting ₹1 crore for 20% equity.

As Aditya explored options, Aman asked, “Do you want to sell or not?” Staying firm on his vision, Aditya declined majority deals, prompting Namita, Aman, and Kunal to step out.

Anupam then offered ₹1 crore for 12.5% equity, cautioning that stepping away to deliberate could change the valuation. As discussions continued, Anupam and Viraj teamed up, revising their offer to ₹1 crore for 16% equity.

Aditya attempted to negotiate for 11%, but Anupam remained firm, calling their partnership a “powerhouse combination.” After intense negotiations, the deal closed at 18% equity.