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<keyword id="12986120" type="General" weightage="100" keywordseo="pluckk" source="Orion">Pluckk</keyword>, a digital lifestyle-oriented fresh food brand in the fruits and vegetables (F&amp;V) space, on Tuesday announced the acquisition of <keyword id="17302404" type="General" weightage="80" keywordseo="kook" source="Orion">KOOK</keyword>, an Indian food-tech startup that offers a range of DIY meal kits, at a deal value of USD 1.3 million. The acquisition was through a combination of cash and equity, the company said in a statement. KOOK offers do-it-yourself (DIY) ready-to-cook meal kits that make cooking easier for everyone by providing pre-portioned ingredients and easy-to-follow recipes. With a reputation for catering to various dietary preferences and cooking skills, KOOK has a strong presence in Delhi and Mumbai. "With KOOK's strong target audience and expertise in meal kits, Pluckk is well-positioned to deliver the best quality fresh food to end-consumers in this thriving USD 15 billion market," it said. Speaking on the acquisition, Nelson D'Souza, CFO, Pluckk, said, KOOK's demonstrated expertise in building a world-class product in the meal-kit space, coupled with Pluckk's commitment to provide safe and chemical-free produce, will enable offering an unbeatable farm-to-fork experience to customers across India. "In the post-covid world, ready to cook meal kits have emerged as a sought after cooking trend with customers preferring to control the quality of food consumed while having more dining options which we look to leverage by offering this differentiator to our customer experience. "Further, from a unit economics point-of-view, this is a welcome addition to our portfolio and will help us accelerate our journey towards building a profitable business," he said. Pluckk's acquisition of KOOK is a strategic move to tap into the enormous growth potential of the meal kit market and presents significant opportunities for Pluckk, the statement said. The global market is projected to grow from USD 15.21 billion in 2021 to USD 31.5 billion by 2025, representing a 20 per cent CAGR. "The synergies between what we are building at KOOK and the lifestyle-first approach that Pluckk brings to the fruits and vegetables category seems very compelling. "Our range of DIY meal kits, combined with Pluckk's digital lifestyle-oriented brand, will allow us to offer even more convenience and healthy meal options to the discerning customers in the ever-growing markets Pluckk operates in," KOOK, co-founder, Arpitta Jerath said. KOOK, co-founder, <keyword id="17302405" type="General" weightage="50" keywordseo="nikhil-thatai" source="Orion">Nikhil Thatai</keyword> said, "We estimate the market size of meal kits to be around USD 1 billion by 2025 in India and we look forward to leveraging our expertise in meal kit delivery to offer healthy and delicious meal options to cater to this booming market in our country." KOOK is a DIY meal kit startup founded by ISB alumni <keyword id="2300" type="General" weightage="50" keywordseo="nikhil" source="Orion">Nikhil</keyword> and Arpitta in 2020. With presence across Delhi &amp; Mumbai, KOOK was started with a mission to make at home cooking hassle free and easy. Pluckk offers a farm-to-fork product line for health-conscious consumers, featuring safe and chemical-free produce through their ozone wash and traceability program. Customers can shop based on food trends such as gut health, heart health, and diabetes, and access a wide range of products beyond the basics, including organic and exotic produce. Pluckk's products are available on their own direct-to-consumer (D2C) platform and partner platforms like Blinkit, Swiggy, Zepto, Dunzo, and Amazon. Co-founded by Pratik Gupta and seed-funded by Exponentia Ventures (EV) with current operations in Bangalore and Mumbai, Pluckk offers a large variety of special selections of gourmet fruits and vegetables directly to end-consumers, doing away with mediators. The platform has already on boarded 500 plus farmers across Mumbai and Bengaluru and plans to reach the 1,000-mark in the next 6 months. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/april-auto-sales-maruti-suzuki-flags-decline-in-bookings-in-april-electric-two-wheelers-lose-momentum-due-to-fame-ii-irregularities/articleshow/99927888.cms">April Auto Sales: Maruti Suzuki flags decline in bookings in April, electric two-wheelers lose momentum due to FAME-II irregularities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-tvs-motor-eicher-motors-stock-rise-but-tata-motors-hero-motorcorp-down/articleshow/99927773.cms">Tata Motors, Hero MotoCorp stocks slip after April sales disappoint; Maruti Suzuki, TVS Motor, Eicher Motors rise</a>

Foodtech startup Pluckk acquires 100% stake in meal kit brand KOOK

<ul><li><keyword id="967069" type="General" weightage="100" keywordseo="thrive" source="Orion">Thrive</keyword> provides a self-service tool that enables restaurants to create their own direct-ordering platform in under 10 minutes, regardless of their location in the country. </li><li>According to projections, the online food delivery market in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> is expected to grow rapidly at a rate of approximately 35%. </li><li>The partnership is expected to provide <keyword id="6385848" type="General" weightage="20" keywordseo="coca-cola-india" source="Orion">Coca-Cola India</keyword> with access to potential business opportunities and improve its digital consumption offerings.</li></ul>Coca-Cola India has acquired a 15% minority stake in Thrive, an Indian foodtech platform. This marks the first time the beverage giant has invested in an Indian startup. Since the pandemic hit, restaurants have had to adapt to a new normal. Hashtag Loyalty, a company in the customer engagement and retention technology for retail and hospitality businesses, realised that the situation wasn't going to improve anytime soon, and that they needed to make changes. To better understand how the new normal was shaping up, they spoke to both their customers and their customers' customers. Their research revealed several insights, including that health is now a top priority, delivery is no longer a luxury but a necessity, and emotional loyalty is more important than ever. With these insights in mind, Hashtag Loyalty launched Thrive, an all-in-one restaurant-ordering platform that includes delivery, pickup and table ordering with built-in marketing features. <cmsannotation type="cmsannotation" annotationid="Letting restaurants create their own direct-ordering platform" comment="subhead" text="Letting restaurants create their own direct-ordering platform">Letting restaurants create their own direct-ordering platform</cmsannotation> Thrive, established in 2020 by Hashtag Loyalty co-founders <keyword id="11169609" type="General" weightage="50" keywordseo="dhruv-dewan" source="Orion">Dhruv Dewan</keyword>, Karan Chechani and Krishi Fagwani offers restaurants an alternative to partnering with food delivery giants like <keyword id="830092" type="General" weightage="50" keywordseo="zomato" source="Orion">Zomato</keyword> and Swiggy. “The biggest problems faced by restaurants in the online-ordering ecosystem in India include high commission rates charged by delivery aggregators, lack of control over customer data, and difficulty in competing with larger, established players in the market,” reads a LinkedIn article posted by the company. It aims to change this. Thrive provides a self-service tool that enables restaurants to create their own direct-ordering platform in under 10 minutes, regardless of their location in the country. The company has developed an all-in-one SaaS (software as a service) solution that aids restaurants in creating their own ordering experiences, allowing them to save up to 30% of their revenue and own their customer data. Restaurants partnering with Thrive can establish their own delivery network and gain access to customer data, which sets them apart from competing aggregators. Moreover, Thrive says it charges a notably low commission fee of only 3% per transaction, giving restaurants the opportunity to earn higher profits. Thrive has expanded its services to more than 10,000 restaurants across India. Thrive raised $2.5 million in a Series A funding round led by Jubilant FoodWorks Limited in December 2021. Before that, in November 2020, it had raised an undisclosed amount in a pre-Series A round led by Whiteboard Capital and Ahimsa Capital. <cmsannotation type="cmsannotation" annotationid="The Coca-Cola partnership" comment="subhead" text="The Coca-Cola partnership">The Coca-Cola partnership</cmsannotation> The partnership with Coca-Cola India will help Thrive enhance consumer experience by allowing them to order their preferred beverages alongside their desired meals from Thrive's affiliated restaurants. According to projections, the online food delivery market in India is expected to grow rapidly at a rate of approximately 35%, reaching a gross merchandise value of around $18 billion and accounting for about 18% of the total food service industry by fiscal year 2025. This will be driven by an increase in users from 20 million to 60 million. Coca-Cola India's investment in Thrive is expected to provide the company with access to potential business opportunities in this growing market and improve its digital consumption offerings.

Coca-Cola India invests in foodtech platform Thrive, which aims to change the way you order your meal online

<ul><li>Indian <keyword id="3105315" type="PERSON" weightage="20" keywordseo="Foodtech">foodtech</keyword> unicorn <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> has reported a 105% growth in revenue – from $192 million in FY19 to $394 million in FY20. </li><li>The company has also seen its EBITDA loss widen by 5.7% from $277 million in FY19 to $293 million in FY20. </li><li>Zomato founder <keyword id="476451" type="PERSON" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> said they expect to make complete recovery over the next 3-6 months.</li></ul>Indian foodtech unicorn Zomato has doubled its revenue from $192 million in FY19 to $394 million in FY20. The company has also seen its EBITDA loss has widened by 5.7% from $277 million in FY19 to $293 million in FY20. “While COVID-19 has impacted the size of our business, it has accelerated our journey to profitability. In terms of the size of the business, COVID-19 has set us back by a year or so – but a year is only a small blip when you are building a company for the next 100 years,” wrote Zomato CEO Deepinder Goyal in a blog. In the first quarter of FY21, with most restaurants being shut and operating on a takeaway only business, Zomato reported a revenue of $41 million and loss of $12 million. But Goyal believes that the COVID-19 pandemic has made their business healthy. “In July 2020, we estimate our monthly burn rate to land under $1m, while our revenue should land at ~60% of pre-COVID peaks ($23m per month). We expect to make complete recovery over the next 3-6 months while continuing to maintain tight control on costs/profitability,” he wrote. While Zomato had laid off 13% of its workforce due to the coronavirus pandemic, 75% of its employees volunteered for partial salary cuts resulting in a total reduction of 14% in payroll costs. However, the original salaries have now been reinstated and the burn rate of July includes the salary costs, said Goyal. Meanwhile, Zomato’s FY20 India food delivery Gross Merchandising Volume grew by 108% over FY19. “ In Q1 FY20, we used to make a contribution margin of –₹47 per order; in Q1 FY21, we made a contribution margin of +₹27 per order,” wrote Goyal. SEE ALSO: <a href="https://www.businessinsider.in/business/news/mukesh-ambani-jio-fiber-and-reliance-invit-set-to-raise-over-1-billion-from-abu-dhabi-and-saudi-sovereign-funds-for/articleshow/76888352.cms">Mukesh Ambani is not done – Jio Fiber to get over $1 billion as Abu Dhabi and Saudi sovereign funds are set to invest in Reliance InvIT</a>

Zomato has doubled its revenue and founder Deepinder Goyal says COVID-19 has made the company lean and mean

<ul><li><keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> is now present in 500 cities.</li><li>The company also said that one in four Indians has access to Swiggy. </li><li>Swiggy has also seen a rise in the number of its delivery executives moving back to their hometowns to work there. </li></ul>Indian <keyword id="3105315" type="PERSON" weightage="20" keywordseo="Foodtech">foodtech</keyword> unicorn Swiggy is on an expansion spree. It aims to kickstart operations across another 100 cities in three months, to reach 600 in all by 2020. “As we work towards enabling this for a billion Indians, expanding to Tier 3 and 4 cities is a critical step. Our steady expansion in these cities has shown that there is a growing need for quality food, convenience and accessibility in smaller towns,” Vivek Sunder, chief operating officer, Swiggy, said. The company also said that one in four Indians has access to Swiggy now. Swiggy built some interesting use cases as it expands to newer markets. In the hilly city of Shimla, Swiggy executives deliver food on foot. In Guntur of Andhra Pradesh, the app received more than 2,500 orders on the first day of its launch. As it expands to cities beyond Tier 1, Swiggy is also saw that a number of its delivery executives are moving back to their hometowns, to work. Swiggy became one of India’s fastest unicorn in June last year, getting the prime status within four years of operations. In December 2018, the food delivery startup further raked in a whopping $1 billion in funding, taking p its valuation to $3.3 billion. “With this funding, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, and developing our technology while keeping superlative customer experience at the core," said Sriharsha Majety, CEO, Swiggy had then said. The startup expanded its offerings to include Swiggy stores and Swiggy Go, on-demand delivery services.

Swiggy is expanding by four cities a day, aims to be in 600 by 2020

<ul><li><keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> has announced a 225% jump in revenue to touch $205 million in the first half of FY2020. </li><li>Its monthly burn rate is down to 60% from what it was 6 months ago. </li><li>Its active gold members have also gone up by 180%.</li></ul>Zomato said that its revenue for the first half of the year jumped by 225% to $205 million. The food aggregator said that it cut its losses as its monthly burn rate is down to 60% from what it was 6 months ago. Zomato has also said that its orders have gone up by 290% as compared to first half of FY19. Its customers are placing over three million orders in a month. “Our order volumes in top 15 cities have doubled in the last 12 months; while the remaining cities already contribute 35% to our order volumes,” said the company in a statement. Its active gold members have also gone up by 180%. Interestingly, Zomato’s monthly active restaurants have gone up by 177% in H1 FY2020, as compared to H1 FY2019. The number of restaurant listings globally on Zomato also grew from 1.2 million in September 2018 to 1.5 million in September 2019. This is in spite of Zomato being at the centre of a massive logout event in the last few months. Zomato was caught in the throes of a very public controversy thanks to its deep discounting programmes like Zomato Gold and infinity dining. Some of its offer provide consumers with offers like 1+1 on food and 2+2 on drinks. The National Restaurant Association of India (NRAI) launched a ‘logout’ movement last month claiming that the business practices of aggregators are unethical. Hundreds of restaurants delisting from the app, as a part of the movement. “At the start of the ‘logout’ campaign, we had over 6,100 restaurants in India on Zomato Gold (for Dining Out); as of today, we have over 6,300 restaurants in India on Gold (for Dining Out),” said the company.

Zomato’s revenue jumps by 225% and number of gold restaurants grew even during the logout movement

<ul><li><keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> to celebrate its 11th anniversary has partnered with <keyword id="6762469" type="UNKNOWN" weightage="20" keywordseo="TikTok">TikTok</keyword>. </li><li>TikTok creators and Zomato’s <keyword id="3101480" type="PERSON" weightage="20" keywordseo="Feeding-India">Feeding India</keyword> conducted a <keyword id="3801770" type="PERSON" weightage="20" keywordseo="food-drive">food drive</keyword>. </li><li>The food drive was held in 86 cities across 11 countries.</li></ul>Indian foodtech unicorn Zomato partnered with video sharing platform TikTok. Zomato, which is celebrating its 11th anniversary, had recently acquired Feeding India, a not-for-profit organization that aims to end hunger issues and food wastage problems in India. Zomato ran a food drive to serve one lakh meals a day and TikTok creators too contributed to the cause. “Our long-held mission of ‘better food for more people’ empowers us to target food wastage from different sources and direct them to less privileged parts of our society. This food drive was an opportunity for each one of us to live our mission,” said Durga Raghunath, Senior VP, Growth, Zomato. The food drive organized by Zomato was conducted in a total of 86 cities across 11 countries: India, UAE, Lebanon, Qatar, Indonesia, Australia, New Zealand, Portugal, Turkey, Philippines and USA. “This partnership is a testament to TikTok’s commitment as a responsible technology company by giving a platform to its creators to express themselves to a global audience and spread positive messages on the platform,” said Sachin Sharma, Director- sales and partnerships, TikTok India. More and more Indian brands have been leveraging TikTok as a messaging partner. Recently, Kerala government too had partnered with TikTok’s travel campaign.

Zomato and TikTok come together to spread the message on food wastage

<ul><li><keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> delivered 1.5 million food orders in March only on cycles. </li><li>The maximum delivery partners in cycles were in Bangalore followed by Mumbai. </li><li>Swiggy is also piloting delivery through EVs. </li></ul>Indian delivery <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> have been taking a turn towards “green” delivery by switching to <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> and cycles. <keyword id="3105315" type="PERSON" weightage="20" keywordseo="Foodtech">Foodtech</keyword> unicorn Swiggy introduced food delivery on cycles in 2017, and it seems to have finally taken off now. Swiggy reported that in March it delivered 1.5 million food orders on cycles. In tier 2 and 3 cities like Surat, Belgaum, Guwahati and Lucknow over 20% of Swiggy’s delivery partners use cycles for delivery. In India, 10,000 delivery partners use cycles, with maximum cyclists in Bangalore followed by Mumbai. “A couple of years back, we initiated concerted efforts to make millions of our deliveries more sustainable for the environment. With close to 10,000 delivery partners on cycles each day, we have found that in some of our cities, the average travel time for a delivery partner on cycles is even lesser than bikes or scooters,” said Srivats TS, VP, Marketing, Swiggy. Swiggy’s competitor Zomato too had introduced delivery through bicycles in February 2019. According to <a href="https://inc42.com/buzz/zomato-enrols-bicycles-e-bikes-for-delivery-in-12-cities/">reports</a>, Zomato had partnered with startups like Mobycy, Yulu, Zoomcar’s PEDL among others to start the delivery service. The next mile of delivery For delivery startups, fast innovation is defining their stand in the industry. Swiggy is piloting the use of Electric Vehicles for its deliveries in 10 cities. Last year, Swiggy’s delivery partners in cities like Delhi and Lucknow carried out deliveries on e-rickshaws. The company’s official statement said that the adoption of EVs will reduce the running cost by 40%. Going one step ahead, Zomato had earlier <a href="https://www.thehindu.com/business/Industry/zomato-acquires-drone-delivery-startup-techeagle/article25671762.ece">acquired</a> drone startup TechEagle innovations. With this, the startup is reportedly testing delivery via drones. Meanwhile, logistics startup DOT which offers last mile delivery through e-vehicles has been ramping up its business and is also looking at a <a href="https://www.thehindubusinessline.com/economy/logistics/logistics-startup-dot-eyes-rs-365-crore-revenue-in-fy20/article26356832.ece">revenue </a>of ₹360 crore by 2020. See Also: <a href="https://www.businessinsider.in/ubers-ipo-filing-in-the-us-cites-ola-zomato-and-swiggy-as-threats-to-its-india-business/articleshow/68882407.cms">Uber’s IPO filing in the US cites Ola, Zomato, and Swiggy as threats to its India business</a> <a href="https://www.businessinsider.in/from-swiggy-vs-bigbasket-to-paytm-vs-bookmyshow-indian-startups-are-growing-by-becoming-rivals/articleshow/68351389.cms">Do Swiggy, OYO, and Paytm lack Silicon Valley’s planning and conviction?</a>

Swiggy rides the green wave, delivers 1.5 million orders on cycles; electric vehicles are next

<ul><li>Established <keyword id="982553" type="PERSON" weightage="20" keywordseo="Indian-startups">Indian startups</keyword> are looking at ways to expand their boundaries and are thus encroaching each other’s territories. </li><li>Investors too have been backing up these expansion plans. </li><li>So, it brings up the near possibility of a consolidated market in India.</li></ul>India has grown to be the world’s third largest startup ecosystem, with over 20 unicorns some of which have already established a global foothold. But as India’s number of startups keeps growing, there’s also another unique problem that exists - established startups are looking at ways to expand their boundaries and are thus encroaching each other’s territories. Most recently, <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> made news for venturing into grocery delivery, a segment that has been dominated by startups like BigBasket and Grofers or even the delivery services startup Dunzo. Oyo is reportedly looking at entering the foodtech sector by acquisition of Freshmenu to offer more services to its customers. Paytm which has managed to stay in the news throughout last year for good and bad news, has already been experimenting by venturing into several different verticals like e-commerce (Paytm Mall), ticketing (giving competition to the likes of BookMyShow and MakeMyTrip), and of course, how can one ignore its big entry into the world of banks with the payments bank. So what’s making these startups force an entry into another’s territory? Vivek Durai, founder of paper.vc, a data platform for business intelligence and innovation, told Business Insider that one of the reasons could be simply laziness. “It means they did not have a well-thought out plan to achieve brand and product superiority in their growth vertical. It means that their financing rounds have involved significant amounts of introspection about their ability to sustain in a lead purely on the basis of their existing value proposition,” said Durai. But there’s a silver lining. Investors too have been backing up these expansion plans of startups, proving that these startups are showing space for growth beyond their current segment. And Durai says this is the other reason - an organic one. “The territories they enter are 'features' in a product roadmap and are logical next steps to deliver better value to customers which signals alignment,” he said. While startups might not be consciously encroaching into each other’s segments for growth, what it essentially boils down to is how they are planning their growth. Neha Singh, co-founder and CEO of data analytics platform Tracxn believes that it’s a product-oriented approach – whether these companies are focusing on a single offering or multiple. “In the US, companies are typically focussed on one particular product while Chinese companies have a different approach where they diversify much earlier. Which one is a better strategy is still an open debate especially when India has seen both sides of the coin,” said Singh. The choice between single strategy or multi-strategy approach has been seen in various Indian companies. “When you initially start with one product and then diversify, companies realise it’s difficult to handle and obviously, their burn increases. So while companies can meet with success on the multi-strategy approach, they might sometimes go through a heartbreak too,” said Singh. For example, a BookMyShow has essentially stuck to its basic offering of booking tickets, while a Paytm has diversified into multiple different segments. And there’s one lesson to learn – Paytm has the backing to burn cash. It remains to be seen what works out in the Indian market but with acquisitions and mergers heating up the Indian startup space, there strikes the pertinent question – is the Indian startup world headed towards consolidation? “Eventually, yes. But given that the market itself is evolving, growing slowly – the middle class is still too small compared to China. The need of the hour is to kickstart a production-based economy where Indians are able to spend more money simply because the Indian economy is benefiting from export income,” said Durai. See Also: <a href="https://www.businessinsider.in/paytm-takes-on-airbnb-makemytrip-oyorooms-and-trivago-with-its-latest-offer-hotel-bookings/articleshow/67755276.cms">Paytm is competing with almost everyone in Indian e-commerce</a> <a href="https://www.businessinsider.in/oyo-rooms-eyeing-acquisition-of-freshmenu/articleshow/68112104.cms">Oyo wants a bite of foodtech, may acquire Freshmenu: Report</a> <a href="https://www.businessinsider.in/swiggy-and-bigbasket-will-battle-softbank-and-mukesh-ambani-in-online-grocery/articleshow/68204293.cms">Online grocers are back in business in India with billions more to burn – and that may be good for consumers</a>

Do Swiggy, OYO, and Paytm lack Silicon Valley’s planning and conviction?

<ul class="summary-list"><li>BetterBrand wants to be the "Beyond Meat of carbs" with its high-protein bagels.</li><li>The food-tech venture makes baked goods without refined carbohydrates.</li></ul>Food-tech startup BetterBrand wants to change the way we eat. But instead of plant-based meat, it's using bagels.BetterBrand, which makes low-carbohydrate, high-protein Better Bagels, closed a $6 million Series A funding round, it said on Wednesday. The round valued the company at $170 million, not counting the new investment, according to the company. The valuation is similar to what Facebook and Tesla achieved when they raised Series A funding, the startup said in a press release.BetterBrand attracted several investors in its latest round, including Verso Capital, which led the round, as well as returning investors including Gaingels Fund and Seven Seven Six, Reddit co-founder Alexis Ohanian's venture capital firm. The Better Bagel contains 90% fewer carbs than a traditional bagel, BetterBrand's website says. Each bagel contains about as many carbs as two slices of a banana and one gram of sugar — roughly as much as in a stalk of celery, according to the company. It's particularly focused on making products that are lower in refined carbs, which are processed and generally contain fewer nutrients, such as fiber, than unprocessed ones.Instead, each bagel contains between 24 and 26 grams of protein. "We are transforming carb-heavy foods into foods that are functionally great for you that don't release the same sugar content and don't have the same effects," Aimee Yang, BetterBrand's founder and CEO, told Insider. <div type="image" title="BetterBrand founder Aimee Yang wears a white shirt and grey pants while sitting on a white chair against a white background." height="2180" width="2906" msid="101172384" hostid="261" sizebytes="92954"></div>BetterBrand's goal is to become the "Beyond Meat of carbs," Yang said. While the bagel is the company's only product at the moment, it has plans to launch new products later this year, she said.The market for alternatives to traditional carbohydrates is larger than the one for alternative proteins, Yang said. Startups have rushed into the alt-protein world even as demand for plant-based protein <a href="https://www.businessinsider.com/beyond-meat-healthy-taste-price-impossible-layoffs-2023-2">has fallen off.</a> Sales of plant-based meats fell 1% to $1.4 billion in 2022, according to the <a href="https://www.plantbasedfoods.org/2022-u-s-retail-sales-data-for-the-plant-based-foods-industry/#:~:text=Our%20most%20recent%20data%20set,%2C%20and%20animal%2Dbased%20foods." target="_blank" rel="noopener">Plant Based Foods Association.</a>Even big names, such as Beyond Meat and Impossible Foods, have <a href="https://www.businessinsider.com/impossible-foods-lays-off-20-plant-based-meat-struggles-2023-1#:~:text=The%20plant%2Dbased%20meat%20brand%20plans%20to%20eliminate%2020%25%20of,offering%20voluntary%20buyouts%2C%20Bloomberg%20reported.">laid off staff</a> as pandemic-era demand for the companies' burgers and nuggets has eased."You've heard how much funding has gone into plant-based and just how saturated that market has gotten," Yang told Insider. By contrast, she added, BetterBrand is part of a smaller group of companies trying to create low-carb versions of food. <h2>BetterBrand plans to boost sales, release new products</h2>Unlike other startups that made lots of new hires over the last few years, BetterBrand limited its headcount. The company has fewer than 10 full-time employees, and it works with contractors whenever possible, Yang told Insider. The company developed its own formulation and production process for its bagels, but it uses co-manufacturers instead of owning its own production facilities, for example.BetterBrand also plans to grow sales to between $30 million and $40 million over the next 12 months, Yang said. Over the last 12 months, the company generated between $5 million and $10 million, she said. The company already sells bagels in stores from Whole Foods to Foxtrot, and it plans to release new products later this year.Many startups are <a href="https://www.wsj.com/articles/more-startups-throw-in-the-towel-unable-to-raise-money-for-their-ideas-eff8305b?mod=markets_lead_pos2" target="_blank" rel="noopener">downsizing or folding altogether</a> as funding dries up. But Yang told Insider that keeping costs low and having a clear plan to increase sales made BetterBrand an easy sell to venture capitalists. "Investors are looking for opportunities that are safer," she said.

The $170 million startup behind Better Bagel says it's on a mission to be the 'Beyond Meat of carbs'

<ul><li>Thousands lost their jobs amid a deepening funding winter in 2022 amid massive layoffs by the tech companies.</li><li>According to a PwC <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> report, startup funding in India hit a two-year low at $2.7 billion in the third quarter of 2022.</li><li>Seed stage rounds also experienced a contraction and dropped by 38 per cent as compared to the previous year.</li></ul> Indian startups, which saw a massive 35 per cent drop in funding in 2022 -- from $37.2 billion in 2021 to $24.7 billion (till November) -- are bracing themselves for a deepening funding winter in 2023 as recession fears loom. Although some startups, like fintech platform <keyword id="6557529" type="General" weightage="50" keywordseo="kreditbee" source="Orion">KreditBee</keyword> ($200 million), Foodtech platform HealthKart ($135 million) and HRtech software-as-a-service (SaaS) platform BetterPlace ($40 million), raised decent funds in December last year and in the beginning of January, the scene overall is grim as VC money has squeezed. Thousands lost their jobs amid a deepening funding winter in 2022 amid massive layoffs by the tech companies, which still continues. According to a PwC India report, startup funding in India hit a two-year low at $2.7 billion in the third quarter of 2022. In 2022, the significant drop in funding was attributed to a decline in late-stage investments, which fell by 45 per cent from $29.3 billion in January-November 2021 to $16.1 billion for the same period this year, according to data provided by <keyword id="2779670" type="General" weightage="80" keywordseo="tracxn" source="Orion">Tracxn</keyword>, a leading global market intelligence platform. Seed stage rounds also experienced a contraction and dropped by 38 per cent as compared to the previous year. The report said that 22 startups entered the unicorn club in 2022, as compared to 46 in the previous year.The number of big ticket ($100 million and above) funding rounds dropped by 35 per cent to 55 as compared to 85 in the reported period. The number of funding rounds saw a drop of 30 per cent, from 2,647 last year to 1,841 this year, the report said. "The funding winter, which began in Q4 of 2021, will persist in 2023 as well. In order to survive the drought, startups are taking unit economics more seriously, which has been illustrated through the series of mass layoffs that have occurred this year," said <keyword id="520013" type="General" weightage="80" keywordseo="neha-singh" source="Orion">Neha Singh</keyword>, Co-Founder, Tracxn. "Although we are currently experiencing a slump, the situation is prompting startups to establish clearer and more sustainable paths to growth, as investors' evaluation metrics begin to emphasise good profitability over growth at all costs," Singh had said in a statement. The startup ecosystem's funding winter could last another 12 to 18 months and the industry may face "a lot of turmoil and volatility", Flipkart CEO <keyword id="6379357" type="General" weightage="80" keywordseo="kalyan-krishnamurthy" source="Orion">Kalyan Krishnamurthy</keyword> warned recently. According to <keyword id="12046361" type="General" weightage="80" keywordseo="shrijay-sheth" source="Orion">Shrijay Sheth</keyword>, Founder, Legalwiz.in, 2023 will continue to be the year of sustenance for most, and funders will continue to remain more cautious. "Both valuation multipliers and funding opportunities will go more conservative. Startups must build better units economics as opposed to expensive acquisitions driven growth channels. Geo-political issues, Global supply chain crisis and other macro issues are expected to prevail," he said. However, this also needs to be seen as a year where resilient, innovative and problem-solving entrepreneurs shall get an opportunity to stand out from the crowd. "As the macro environment gets tougher, we can expect some excellent business models to outshine the rest with high levels of innovation and frugality. Also, mostly the serious funding houses will prevail while we will see visitors in the VC world take a break," <keyword id="262579" type="General" weightage="80" keywordseo="sheth" source="Orion">Sheth</keyword> noted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/there-is-a-link-between-drinking-sugary-sodas-and-hair-loss-says-beijing-based-study/slidelist/96796018.cms">There is a link between drinking sugary sodas and hair loss, says Beijing-based study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/chaman-metallics-first-sme-ipo-of-2023-subscribed-197x/articleshow/96795916.cms">Chaman Metallics, first SME IPO of 2023, subscribed 197x</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/60-of-blue-and-grey-collar-jobs-go-to-freshers-with-tech-skills-billion-careers-report/articleshow/96795198.cms">60% of blue and grey collar jobs go to freshers with tech skills: Billion Careers report</a>

India's startup economy stares at deepening funding winter in 2023

<ul class="summary-list"><li>Vitaly Alexandrov is the founder of Food Rocket, a food-tech grocery delivery company.</li><li>After launching in <keyword id="11893136" type="UNKNOWN" weightage="60" keywordseo="san-francisco" source="Orion">San Francisco</keyword>, Alexandrov decided to move Food Rocket's HQ to Chicago in 2022.</li></ul>My company initially started as a <keyword id="6358815" type="UNKNOWN" weightage="100" keywordseo="tech" source="Orion">tech</keyword> <keyword id="11897892" type="UNKNOWN" weightage="60" keywordseo="startup" source="Orion">startup</keyword> called Foody that helped simplify how restaurants order their inventory. Once the pandemic hit, I felt it was time to pivot, and we decided to relaunch as <a href="https://www.businessinsider.com/ultraffast-delivery-rapid-grocery-rising-stars-talent-gopuff-gorillas-jokr-2021-12#vitaly-alexandrov-30-food-rocket-3">Food Rocket</a>, a 15-minute grocery delivery service.Since then, we've been holding our own in San Francisco against competitors like DoorDash and GoPuff. Despite our growth in Silicon Valley, in December I decided we would relocate HQ to Chicago in 2022. <h2>California put us on the map, but Chicago will keep us there</h2>California is an amazing state. The weather is gorgeous, the people are lovely, and everyone is keen to try the next tech trend, which makes it an ideal place for a startup like ours. We couldn't have asked for a better place to get our start than San Francisco, because the city and its people have taught us so much. But as our team of more than 70 continues to grow, we're ready to expand into new markets.While San Francisco is still the king of <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword>, many investors and companies are migrating to other emerging markets like <a href="https://www.businessinsider.com/austin-texas-silicon-hills-tech-capital-city-photos-2019-2">Austin</a>, <a href="https://www.businessinsider.com/florida-growth-jobs-economy-population-new-york-pandemic-employment-miami-2021-4">Tampa</a>, and <a href="https://www.businessinsider.com/raleigh-durham-north-carolina-innovation-entrepreneurship-tech-workforce-2021-6">Raleigh</a>, and I think it's important to make our move sooner rather than later.<h2>After a lot of research, I decided to move Food Rocket HQ to Chicago</h2>We did extensive market research before settling on Chicago. As one of the largest cities in the US, Chicago is a great place for any emerging business. For Food Rocket specifically as a grocery delivery company, the city's population density can help us understand how consumers buy groceries and how we can offer delivery services based on their preferences. Chicagoans have different wants and needs than San Franciscans, which means that we'll also have an opportunity to learn the demands of a new local market. We want to change the way America grocery shops, so I think it's essential for our team to experience different areas of the country to learn how to cater to and succeed in various regions.Real estate is also cheaper in Chicago, which will allow us to open more <a href="https://www.businessinsider.com/dark-stores-could-spread-as-nonessential-restrictions-ease-2020-4">dark stores</a> for our delivery operations and expand farther than we could have in San Francisco. Our overall operating costs will be lower, so we'll also be able to offer more competitive pricing for Chicago customers.<div type="image" title="Food Rocket employees" height="2813" width="3744" msid="89620715" hostid="261"></div>There's no mandatory requirement for employee relocation with our HQ move, as many of our employees already currently work remotely, but some employees have said they do plan to move with us. Remote employees directly involved in operations understand that I expect them to visit Chicago periodically to become familiar with the people and market, so it will also be a convenient central location. <h2>Overall, Chicago is an important part of our long-term business strategy</h2>Because the city is so different from San Francisco, it's almost like an entirely new business model, which is exciting for us. Since we're no longer a startup, we also wanted to explore a non-startup city environment. For other entrepreneurs considering an HQ move, focus on finding a location that has the most benefits for your business. Choosing someplace trendy might sound fun, but in the end if you're making a big move, make sure it's to a place where your business will thrive.<a href="https://www.linkedin.com/in/vitalexandrov/" target="_blank" rel="noopener">Vitaly Alexandrov </a> is the founder and CEO of Food Rocket, a food-tech startup that offers 15-minute grocery delivery.

I launched my startup in San Francisco. Now we're moving our HQ to Chicago — here's why.

<ul class="summary-list"><li>A looming recession is changing the game for venture investors and startups.</li><li>Investors rushed to supply-chain startups during the supply chain crisis of the last two years.</li></ul>When <a href="https://www.hbs.edu/ris/Publication%20Files/20-115_a9c405d6-351d-4dab-9c50-c0d657a77230.pdf">Harvard Business Review</a> researchers looked at what happens to venture capital in a series of recessions between 1976 and 2020, they noticed one category of tech didn't behave like the rest. While investments in new biotech, medical hardware, internet startups, and consumer products dropped or stagnated during recessions, the HBR researchers found that "industrial startups" — the sorts of players that make tech for factories, farms, and other supply chain players — actually grew, albeit slightly, in their share of all VC deals. The HBR working paper also confirmed what startups have been telling Insider for weeks now: With a recession looming, investors are intensifying their due diligence and insisting on a faster path to profitability. Gone are the free-wheeling ways of 2021.But the end of the boom times could spell opportunity for industrial or "upstream" startups. <h2>Up the river </h2>In supply-chain parlance, the end-consumer is the mouth at the end of a stream. The van that brings a package to their doorstep is a bit upstream of that final stop, the warehouse that packed the box is upstream of the van. Near the source of the stream are the folks making things like trucks and tech for factories and farms. There's plenty of tech to invest in here. Vision systems see and analyze everything happening <a href="https://www.businessinsider.com/one-founder-vimaan-amazon-industrial-innovation-fund-2022-5">in a warehouse</a> or <a href="https://www.businessinsider.com/apple-picking-robots-machine-learning-ag-tech-transform-food-2018-1">on a farm</a> and make recommendations. <a href="https://www.businessinsider.com/altana-pitch-deck-series-b-supply-chain-data-2022-10">Big data plays</a> create global "maps" of the buying and selling of raw materials all over the world. Robots pick strawberries and pick up pallets of goods. The startups working upstream are rarely household names, and likely never will be. But upstream startups today have an advantage even over their counterparts trying to raise funding in past recession: two years of supply chain pain. <h2>Why upstream needs innovation</h2>Investors got a crash course in supply chain principles over the last two years as the pandemic messed with everything from manufacturing in China to <a href="https://www.businessinsider.com/tech-startups-supply-chain-crisis-california-ports-2022-3">ports in Los Angeles</a>. The chaos of pandemic-induced <a href="https://www.businessinsider.com/tech-startups-supply-chain-crisis-california-ports-2022-3">supply chain bottlenecks</a> is still ingrained in the memories of investors and operators alike. All that chaos gave operators — the customers for upstream teach — a taste for innovation they may not have developed in less chaotic times. Startups that provide <a href="https://www.businessinsider.com/logistics-startup-project44-raises-202m-at-12b-valuation-2021-5">tracking services for cargo via software</a> and <a href="https://www.businessinsider.com/suppl-chain-startup-pitch-deck-landed-tive-54-million-2022-4">hardware got a big boost</a> when freight was suddenly showing up weeks later than expected. <a href="https://www.businessinsider.com/trucking-tech-startups-uber-freight-convoy-pandemic-gains-2021-6">Trucking startups</a> with a novel way of finding capacity in a strapped market did too. Name a supply chain problem, and there's likely a startup working on it. There are tech startups attempting to address the <a href="https://www.businessinsider.com/koffie-pitch-deck-series-a-trucking-insurtech-2022-7">need for more truck drivers on the roads</a> and <a href="https://www.supplychaindive.com/news/wearables-warehouse-trucking-worker-labor-safety/610466/">workers in warehouses</a>. Startups are creating building <a href="https://www.uptake.com/newsroom/crains-2021-most-innovative">sensors that know a machine is about to break</a> before it happens, and software to <a href="https://www.businessinsider.com/heres-the-pitch-deck-that-landed-tealbook-50-million-2021-12">find a new supplier</a> for the part to fix it. There's tech for <a href="https://www.fastcompany.com/3063134/food-safety-track-and-trace-data">faster food safety testing</a> for factories (remember the baby formula crush?). Not to mention, there's tech trying to <a href="https://www.businessinsider.com/top-sustainability-startups-according-to-vcs-2022-4">decarbonize every link in the chain. </a><h2>Why investors often overlook upstream tech </h2>Startups are supposed to scale as fast as possible, and the prevailing wisdom says a large addressable market and fast sales are required. The perception that upstream startups have neither keeps some investors from giving them a look. Indeed, the best customers for industrial tech, the big corporations with millions, even billions, to spend on new tech, tend to make such decisions at a snail's pace. "Increasingly, it's becoming clear that using vision systems like layers of quality control and insight is game changing. But it does require not doing things the way you've always done them," Brita Rosenheim, a seasoned food-tech investor and managing partner of Vita Ventures said. "If it's not broke or doesn't feel broken enough, then you know … " On top of a long sales process, the number of customers potentially interested in buying <a href="https://www.businessinsider.com/heres-the-pitch-deck-that-landed-exotec-335-million-2022-3">warehouse automation</a>, for example, is considerably smaller than that for a consumer technology or a workplace software product. But dismissing upstream startups as too niche is short-sighted, said Menlo Ventures partner Steve Sloane, who's led <a href="https://www.businessinsider.com/bain-invest-shipbob-amazon-speed-2021-6">investments in warehousing</a> and robotics startups. "I think you can be pleasantly surprised by the size of the global supply chain." <h2>Why investors will look upstream now </h2>In 2020 and 2021, more investors got hip to the opportunity that lies upstream in supply chains. "You only get to do kind of these massive tidal waves of capital infusion when you have people who are not specialists coming in," said Rosenheim. Supply chain tech startups raised $41.3 billion in 2021 — a 120% increase in funding for the category since 2019. That introduction of generalist investors to tech much farther from the consumer is likely to help those same startups raise follow-on funding in the coming recession, as HBR found and Insider reporting confirms. Perhaps excepting the whims of SoftBank, which has thrown hundreds of millions at <a href="https://www.businessinsider.com/bezos-softbank-farming-startup-plenty-insiders-2019-10">high-tech indoor farms</a>, <a href="https://www.businessinsider.com/bain-invest-shipbob-amazon-speed-2021-6">e-commerce warehousing</a>, <a href="https://www.wsj.com/articles/softbank-invests-100-million-in-online-marketplace-globality-11548160201">and procurement software</a> just to name a few, upstream tech rarely gets the kind of monster rounds consumer tech does. But the combination of lasting urgency to improve age-old practices and processes and a more initiated investor class with a suppressed appetite for consumer tech, could add up to some record-breaking rounds for upstream startups.

How a recession could be a huge opportunity for 'upstream' startups

The Indian Online <keyword id="6181" type="COMPANY" weightage="20" keywordseo="Food">Food</keyword> Delivery industry experienced many roadblocks in its growth story in 2016 with multiple players scaling down their operations or shutting shop. 
 
This was also visible in low investor sentiment wherein the industry saw a total funding of less than USD 80 million in 2016 against USD 500 million same period year before. 
 
<a href="http://www.businessinsider.in/heres-how-you-could-become-a-filmmaker-at-kala-ghoda-festival-2017-with-snapdeal/articleshow/56998397.cms">ALSO READ: Here’s how you could become a filmmaker at Kala Ghoda Festival 2017 with Snapdeal</a> 
 
Even in this scenario, the industry (aggregators and internet kitchens together) grew at 150% rate y-o-y last year with an estimated GMV of USD 300 million in 2016, according to a report by RedSeer Management Consulting. 
 
For Restaurants, the online platforms have helped them increase their reach and this additional business source has improved their resource utilization. 
 
<a href="http://www.businessinsider.in/get-50-off-on-food-and-alcohol-with-dineouts-great-indian-restaurant-festival/articleshow/57006971.cms">ALSO READ: Get 50% off on food and alcohol with Dineout’s Great Indian Restaurant Festival</a> 
 
Customer Behavior 
 
Customers have started to opt for the multiple choices offered by online platforms in place of ordering food by calling individual restaurants. This was confirmed in our study wherein, the share of online food delivery for partner restaurants (restaurants associated with online delivery platforms) covered in the study has reached to 30-35% of their total business and these numbers seems to be growing rapidly by the day. 
 
<a href="http://www.businessinsider.in/vh1-supersonic-2017-is-the-multi-genre-music-festival-you-should-be-attending/articleshow/57006545.cms">ALSO READ: Vh1 Supersonic 2017 is the multi-genre music fest you should be attending</a> 
 
Industry Size 
 
With more than 80% of orders coming in from Top 5 cities (out of 20+ cities where online food delivery is active), the established players are focusing on achieving operational efficiencies and profitability in these cities and have limited their expansion to newer markets. Internet kitchens with their niche offerings have come up in key cities during the period. 
 
Image Credits: Twigly

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