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New Delhi, Feb 19 () Food ordering and delivery platform Swiggy on Wednesday said it has raised USD 113 million (over Rs 805 crore) in the latest funding round led by existing investor Prosus NV. Meituan Dianping and Wellington Management Company also participated in the funding round. Having grown beyond food delivery, the company aims to use the funds to further develop its new lines of business, addressing visible gaps in the market, Swiggy said in a statement. The company will continue to invest in new growth areas (Stores, Go and SuprDaily) as it delivers on its promise of bringing unparalleled convenience to the lives of urban consumers, it added. "We have become synonymous with exceptional customer experience and created multiple growth avenues for our partners while continuing to invest in new lines of business," Swiggy CEO Sriharsha Majety said. The company is focused on continuing to execute on its vision while building a sustainable path to profitability, he added. "Swiggy continues to exhibit strong execution and a steadfast commitment to delivering the best service to consumers and has one of the best operational teams in food delivery globally. We are confident Swiggy will continue on a path to earn a significant place in the daily lives of Indians," Prosus Ventures and Food CEO Larry Illg said. AKT HRS

Swiggy raises USD 113 mn from investors led by Prosus

<ul><li>As consumers started cooking or baking more evolved, gourmet dishes at home during the lockdown, <keyword id="9613152" type="COMPANY" weightage="20" keywordseo="britannia-cheese">Britannia Cheese</keyword> witnessed an increase in its demand. </li><li>We caught up with <keyword id="917197" type="PERSON" weightage="20" keywordseo="Gunjan-Shah">Gunjan Shah</keyword>, CCO, <keyword id="146218" type="COMPANY" weightage="20" keywordseo="Britannia-Industries">Britannia Industries</keyword> to understand if the brand has been able to retain the demand it saw in the beginning and how it has changed its marketing strategy in the unlocking period. </li><li>He also told us how the company transformed its business digitally during the lockdown and all about its biggest digital campaign, Britannia Cheese StarChef starring Saif Ali Khan, that brought in the highest growth for the brand till date. </li></ul>With the pandemic-induced lockdown, consumers started brushing up their cooking or baking skills and eating became more of a family exercise. It brought out people’s hidden talent for cooking, especially among the urban masses, which they were exploring only now, thanks to them staying at home and not having to travel to work everyday. In April, recipe searches also surged on the internet, as people began experimenting with a variety of cuisines ranging from the easy to the complex, gourmet varieties. Cheese became one of the ‘star ingredients.’ Britannia Cheese was quick to recognise this opportunity and it amped up its digital marketing strategy to latch onto the increasing demand for cheese, which became an integral part of consumers’ grocery list -- providing a huge impetus for the growth of the category. As a result, cheese became one of the highest growing food categories during the lockdown. As per Nielsen’s report on COVID-19 Impact on FMCG &amp; Retail, the cheese category saw a 60% growth. The report also highlighted how the rapidly evolving preference of urban consumers includes cheese as part of the monthly shopping cart. <div type="image" title="cheese trend" msid="78258099" hostid="261"></div>(Source: Nielsen RMS) Britannia Cheese saw 300% of its business coming from E-commerce during April to August. To leverage this demand, Britannia executed a three-way plan. Elaborating on the company’s digital plan, Gunjan Shah, CCO, Britannia Industries, said, “We provided ease of discoverability and convenience to new users on key ecommerce platforms like BigBasket by creating Britannia Cheese Brand stores on the home pages for an extended shop-in-shop experience. Secondly, we have tied up with several subscription-based e-commerce platforms like Milkbasket and Supr Daily, which provide daily essentials delivery services across all major metros. This helped us recruit new users, gain consumer retention and increase stickiness by incentivizing purchase frequency. Thirdly, to strengthen the last-mile delivery, we have also entered into partnerships with portals like Dunzo, Swiggy and Zomato which provide superior hyper local grocery delivery services.” Star campaign on digital mediums To become a part of people’s daily meals, Britannia Cheese launched a digital campaign with Saif Ali Khan called Britannia Cheese StarChef. The show transforms Khan into a StarChef as he learns to cook from MasterChef winner Shipra Khanna. It targeted newbie cooks and keen learners and provided easy-to-cook recipes. Sharing the insight behind the campaign, Shah said, “The dramatic rise in in-home cooking since the outbreak of the pandemic, was the key trend that informed the making of the show. We worked on the insight that every home chef is looking for extraordinary dishes that makes her a star in the kitchen! And Cheese is the magical ingredient that has the power to help make those dishes. The adage ‘Life is great, Cheese makes it better!’quite sums up the universal love for cheese. The Britannia Cheese StarChef show hones in on Cheese as that special, star ingredient that turns a good dish into a dish extraordinaire.” It soon became the company's best performing digital campaign. Shah said, “The Campaign was significant on two fronts- first, it is the largest single brand Digital Campaign that Britannia has ever embarked upon and second it has performed the best in terms of the metrics that we track for our digital investments. The Click throughs achieved on our promos have been between 200-250% of the industry benchmarks and the campaign has helped drive a significant spike in growth for Britannia Cheese Year till date. The overwhelming response to the campaign made us take it to mainstream TV media towards the end of August.” Altering marketing strategy with changing times The lockdown period proved to be challenging for companies across business verticals in India. There was no rulebook in place for an unprecedented situation such as a pandemic. However, Britannia Cheese understood the magnitude of the situation. To seize the opportunity, it altered its strategies and concentrated on achieving short-term goals. Sharing how the company responded to lockdown, Shah said, “First and foremost, we responded quickly to the changing consumer preferences by keeping our ears on the ground. The Britannia Dairy Team reached out to over 500 retailers in the first month of the lockdown, analyzed the demand-supply situation and the swiftly emerging consumer trends. Anticipating a rapid uptick in cheese consumption, we worked with our manufacturers to ramp up supply by removing bottlenecks and increasing the supply of the fastest moving formats like Cheese Slices, Cubes, Blocks and ‘Cheezza’. Secondly, on the field, we focused on Pareto outlets to ensure that we get a massive increase in throughput from the same stores. We also mapped geographies displaying a huge shift in consumer awareness and adoption to increase our width and depth of distribution of cheese, in the process leading to a sustained growth in our cheese business and growing revenue from E-commerce by over 300% (Apr-Aug’20).” Changing consumer preferences after lockdown Globally, more than <a href="https://www.marketresearchreports.com/blog/2020/07/07/cheese-market-india-leading-players-industry">3,000</a> varieties of cheese are available for consumption, whereas only about 30 to 40 variants are marketed in India. With the changing preference, this presents a huge opportunity for global and local players to grow in the country. As we start entering the unlock phases, the consumer is demanding a range of products to experiment with. Britannia Cheese is also working on expanding its portfolio to meet this demand. “We have put the focus on new outlets and towns and will scale up both range and depth to ensure that we are ahead of the curve, while continuing to tap the potential of e-commerce platforms. Driving availability of even smaller SKUs like Spreads and Cream Cheese is becoming more important and hence, Britannia is driving the width of availability,” said Shah. “The extended stay-at-home period has led to consumers learning how to use the many available cheese formats for the first time. This has led to inorganic business growth in new stores and new towns. Post unlock phase, it’s imperative for us to nurture these stores and towns through loyalty programs, tracking and monitoring,” added Shah. On the brand’s unlocking strategy, Shah said, “With demand stabilizing, the market is again becoming competitive and hence there is a need to increase investment in the ATL and BTL space. We have now taken Britannia Cheese StarChef content on to TV which still delivers the widest reach for us. We have also increased our in –store investment.” Britannia’s focus is going to be on staying agile and invested in making the most out of the behavioral shifts and macro consumer trends. Vision for the brand Britannia is currently the second-largest player in the Rs 850+ crore Indian retail cheese category. Even post-COVID, it aims to be the consumers’ most preferred ally for culinary experimentation. “We will continue to build preference for Britannia Cheese. In the past few years, a lot of consumers have made us an integral part of their cooking forays and celebrations. We value this and are committed to stay invested with a unique positioning and taste delivery, peerless quality and easy accessibility. We aim to build an ever-expanding consumer franchise firmly rooted in their passion point of cooking,” said Shah.

Strategy behind Britannia Cheese’s 300% growth in online sales between April and August 2020

<ul><li><keyword id="3269053" type="PERSON" weightage="20" keywordseo="Rapido">Rapido</keyword> is aiming to achieve at least 1.5x growth than last fiscal. It is the only mobility company that is eyeing profits this year. </li><li>Rapido has already seen 25% of its business bouncing back. </li><li>Pavan Guntupalli, Co-founder, Rapido, talks to us about the story behind launching the brand, its growth, and mantra behind its road to profitability. </li></ul>The lockdown impacted most businesses across the globe. Some shut down and some learnt how to evolve with the changing tides. Home-grown brand Rapido, a Bike-Taxi service provider, saw its revenue plunge in the first two months after COVID hit the country and people were locked inside the four walls of their houses. With it, mobility came to a complete standstill. However, it soon saw a silver lining in June and July as 25% of its business bounced back. One of the reasons behind this demand was that people started avoiding public places and transport. Although, according to Rapido, 80% of India still doesn’t own private vehicles and due to COVID, they needed a safe and secure commute. This presented an opportunity in adversity for Rapido. Explaining why the brand’s demand came back, Pavan Guntupalli, Co-founder, Rapido, said, “Customers became aware that bike taxi is a more open and personalized way for intra-city travel. The customer has an advantage of less exposure to any infection due to his/her limited interaction with the captain (driver) and less touch points.” People also started renting its bikes for longer commutes. “Our average distance has suddenly changed, earlier people were using us for the last mile 3-5km but suddenly because of unavailability of regular public transport, our average distance has increased to 35% in some cities and overall, we saw 25% increase. Now people are using us for home to home travel and not just for last mile connectivity. Somewhere in December, we are hoping to come back to 100% of our business as before,” said Guntupalli. Shifting gears Rapido was growing at around 15% month-on-month from the last 3 years before the pandemic-infused lockdown hit India. It also doubled its presence from 50 cities to 100 in 6 months. Post lockdown, it had to shift its business model from offering bikes and taxies from consumers to distributors. Around 92% of its business came from bike and taxi model (intra-city mobility) and 8% came from logistics (essential supplies). Now, 30% of its total business comes from logistics and 70% from bike taxis. So, it decided to pivot its focus on accelerating the existing logistics business model by following a few initiatives such as delivering essentials at home, supporting the government to resolve supply-chain challenges, etc. “Rapido has been operating delivery services for e-commerce companies for close to 2 years now namely Zomato, Swiggy, Delhivery.com, Myntra, Eat.Fit. SuprDaily, Mapprr, 24*7 Stores, Kalerya, Bharatpe. During the lockdown, we amped up the existing Rapido-Delivery services to provide for the delivery of essential goods and partnered with major online companies like Big Bazaar, Big Basket and Spencer’s for delivery of essential goods,” shared Guntupalli. Building on the demand for logistics further, Rapido launched Rapido Local, a person-to-person delivery service. “Rapido Store is a convenient tool for offline and online businesses to help them reach out and deliver products to their customers in these challenging times. Rapido Store helps local businesses take care of multiple customer deliveries simultaneously in the most affordable and trusted manner. The service is currently operational in Bangalore &amp; Vijayawada and will scale to all cities Rapido is present in,” explained Guntupalli. Marketing Strategy and Understanding Consumers To gain its consumers' trust in a volatile market, Rapido introduced Safety Shields that helped consumers to maintain a safe distance from the driver or Captain, as Rapido calls them. <div type="image" title="rapido safety shields" msid="78221466" hostid="261"></div> Guntupalli said, “The Shield weighs around 400 gms -- it is a lightweight, PVC board that is attached to the Captain’s back like a rucksack. The shield covers the Captain’s body and makes for a considerable distance between the customer and our Captain. Apart from the usual measures, like using masks, sanitizers and the ArogyaSetu App, that we have taken, we felt the Safety Shields will be an added measure of safety during the rides.” It also tweaked its marketing strategy to increase awareness about the safety measures they followed. Its strategy is multi-lingual and regional. “We are trying to help change consumer behaviour towards safety, by helping them embrace the new norms through best practices when it comes to precautions, like bringing their own helmet, and avoiding stepping out. We also ensure that we leverage push notifications, SMS, emailers, in-app training videos, social media campaigns and marketing campaigns in various languages like Tamil, Telugu, Kannada and Hindi, to communicate regularly on our company updates and initiatives. We recently launched our first-ever video campaign, #PromiseofProtection, that showcases Rapido’s commitment to the safety and protection of its users, through an understanding of different relationships in our lives. In the initial phase of COVID, we launched a fundraiser for the Captains to provide them with the support they needed to weather the difficult times,” said Guntupalli. Goals for this fiscal As we inch towards normalcy and people have started stepping out, Rapido is aiming to achieve at least 1.5x growth over last fiscal. It is the only mobility company that is eyeing profits this year. According to PGA Labs, bike taxi service is now a $150 million market, growing at 20% month-over-month. In India 300 million people commute every day out of which only 1% happens via apps. It is estimated that bike taxis in India have the potential to create 5+ million livelihood opportunities, generating a revenue of $10 billion. With rapid urbanisation and smart status of cities, bike-taxi is becoming the future of intra-city transport. Due to COVID, they are also avoiding public transport. As a result, Rapido has become the third largest ride sharing platform in the country that sees around 10 million transactions in a month. Now, after securing a leadership position in the Bike Taxi ecosystem across cities, Rapido’s next focus area is to use technology to propel newer models that will help serve end users as well as businesses in the post COVID world. However, vehicle ownership in India is less. Hardly 18-20% people own a vehicle, that means 80% people still don’t have their own vehicle. When the pandemic hit, a huge problem statement was the need for a safe and secure commute. This became an opportunity in adversity for Rapido, as it saw a 25% spike in the month of June and July. Where it all began Rapido introduced bike sharing in our country in 2015. The product was built to bridge the last mile connectivity gaps. People in Tier II, III and beyond towns and cities have limited public transport solutions, some are not even available late in the evenings, making it difficult to look for an affordable option to travel within the city and getting shared autos are a hassle especially if you are a woman. However, being a first mover has its own set of challenges. Rapido was dealing with both cultural and social challenges. People did not feel comfortable sitting behind a stranger. So to woo consumers, Rapido took a quirky route. Guntupalli said, “We took a multilingual approach for our consumer outreach. The idea was to reach larger sets of audiences across Tier I, II and III cities and build affinity with the message. We worked on short, quirky videos that are a trend among tech-savvy millennials. We introduced the brand in a fun and different way to them through 7 videos with themes such as <a href="https://www.youtube.com/watch?v=bgGQYrlpRHA">Don’t be late, Save Your Date</a>, <a href="https://www.youtube.com/watch?v=cMOxf64njqE">KabhiBhiKahinBhi</a>, <a href="https://www.youtube.com/watch?v=jXPThvwLKSo">Don’t’ Get Crushed Away In Traffic</a>,<a href="https://www.youtube.com/watch?v=TbvxRnLayYI"> Late for Exam, Just Stay Calm</a>.” It also partnered with traffic police in cities like Vijayawada, Mangalore, Mysore, Kota to name a few, to drive awareness about road safety with helmet distribution campaigns. To make its women customers feel safer, Rapido masks their phone numbers from its captains. It was also the first bike taxi company in India to introduce insurance for both customers and Captains from Day 1. Rapido is now present in 100 cities serving over 10 million customers with 15 lakh+ registered Captains. It is the 3rd largest ride sharing platform in the country with 10 million transactions a month and has recorded over 25 million app downloads.

Rapido shifts focus to logistics; sees 25% business recovery and aims for 1.5x growth next year over FY20

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Swiggy raises USD 113 mn from investors led by Prosus

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Strategy behind Britannia Cheese’s 300% growth in online sales between April and August 2020

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Rapido shifts focus to logistics; sees 25% business recovery and aims for 1.5x growth next year over FY20

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