Snapshots of Food Industry News
Rajasthan first state to launch indigenous olive oil
Rajasthan is all ready to launch its own brand of olive oil. This is a state government venture between India based Finolex Plasson industries and Indolive Industries of Israel. The oil will be manufactured under the brand ‘Raj Olive Oil’ and they would look for markets and look to increase production and market 4,500 litres under the brand. The state has auctioned nine tonnes of olive oil.
Six years ago 1.12 lakh saplings, in seven varieties were brought from Israel. The saplings were planted in 182 hectares which has now increased to 800 hectares in the districts of Bassi, Bakalia, Santhu, Barore, Tinkirudi, Lunkar ansar and Bsabasina villages. There is a growing demand for olive cultivation in Rajasthan as the fruit gives higher returns per hectare as well as attracts subsidies. The plants can survive the rough climate conditions of Rajasthan which is similar to that of Israel. At the Centre of Excellence for Agriculture they have also embarked on a new venture that of developing olive tea in mint, ginger, lemon and tulsi flavour which also has a market.
Parag Milk Foods plans to open 120 Gowardhan Shopees
Pune based dairy company, Parag Milk Foods has plans to open around 150 Gowardhan shopees by March 2017. It has begun the pilot in Hyderabad and plans to convert its existing shops in Maharashtra to the Gowardhan Shopee format. Parag Milk Foods has the second largest presence in the cheese market and provides packaged milk and other milk products. Now the company has plans to expand the four brands to seven. The first new product they will launch is ‘Milk Rich’ which is a dairy whitener. Another product on the anvil is a whey product and for whey products they are setting up a separate factory.
Parag launches new products
Parag Milk Foods have also launched new flavours of cheese slices called Piri Piri, Schezwan, Achari and Kacha Aam. These cheeses will be available in all metros and urban centres. Their earlier launch of Chutney Cheese slices for sandwich making has encouraged them to go ahead with these new trendy flavours. The new cheese slices have the right mix of traditional and international flavours and can be used in parathas, sandwiches, burgers, pakoras and even dosas.
Parag says that the right marketing campaign on mainstream and social media has already helped capture 20% of the cheese sales from Chutney Cheese. Right now the flavoured cheese category is just evolving. Parag is aware that today consumers pay a lot of attention to health and nutrition and their products fill that niche. The cheeses are also available in a combo pack of all flavours, which is an experiment to see if consumers prefer individually packed cheeses or the combo pack.
MOPE invests Rs.1, 100 million in Dairy Day ice-creams
Motilal Oswal Private Equity (MOPE) have invested Rs.1, 100 million for a minority stake in the Bengaluru-based Dairy Classic Ice Creams Pvt Ltd (Dairy Day), which manufactures and sells ice creams and frozen desserts. This is the first round of private equity investment in the company. Dairy Day has a strong supply chain and more than 15, 000 retailors in Karnataka and Tamil Nadu where it operates. The company has a state-of-the-art centralised manufacturing facility near Bengaluru.
Partnering with MOPE will help Dairy Day achieve its multi-pronged goals of becoming one of the leading ice cream brands in southern India as they already have brand awareness and acceptance. As a premier private equity fund MOPE manages several companies and so they bring a lot of value. Therefore the funds will be used for capacity expansion in Tamil Nadu and Karnataka by deepening the distribution network and brand building.
Badal and French industry players discuss food processing collaborations
Harsimrat Kaur Badal, minister of food processing industries, met key industry players from the European nation on her recent official visit to SIAL Food Show 2016 in France. The Minister discussed investment and collaboration opportunities between the two countries in the food processing, food technology and retail.
She shared with the French companies the huge business potential in India’s food processing sector and encouraged the French companies to explore India as an investment destination. The minister has also met Stephane Le Foll, France’s agriculture, food and forestry minister, to discuss cooperation in the food processing sector.
Badal had one-on-one meetings with the senior leaders of French companies like Savencia Fromage and Dairy – leading cheese company, Sodiaal – leading dairy co-operative, Groupe Auchan- country’s leading retail chains, Axreal – the topmost grain co-operative, Lesaffre – a yeast processor , Mandar-herb processor, Rouquette-starch producer and Monin a leader in syrups. She also met company representatives of other countries looking to invest in India like Gordon Food Services of the USA, Friesland Campina of the Netherlands and Belgium’s the Colryut Group. Badal also met food processing machinery manufacturers. She encouraged companies to participate in the World Food Summit 2017, a three-day flagship event which will be organised by the ministry of food processing industries.
Box8 raises 50 crore INR funding
Box8, one of the India’s fastest growing food delivery start-ups has raised Rs.50 crore in funding from IIFL Seed Ventures Fund & Mayfield. Box8 specialize in preparing and delivering delicious Indian food at an affordable price. Box8 serves 12,000 meals every day to its large consumer base through a network of 60 stores across three cities Mumbai, Pune and Bangalore. The menu consists of a diverse mix of 100 dishes and all – in- one Indian meal, biryanis, wraps, sandwiches and salads. Box8 has a team of over 1,200 which makes it efficient in all areas of operations.
Yumist looks to spread out to other cities
Yumist, a Delhi-based food tech start-up, which operates in the daily meals segment, is planning to raise 2 million USD to scale up operations. Yumist serves home-style meals, prepared in its own kitchens. Recently it has opened a 12, 000 sq. kitchen to serve the Delhi-NCR market. The food tech start-up is backed by Ronnie Screwvala’s fund Unilazer Ventures and Rehan Yar Khan’s Orios Venture Partners. In December 2015, Yumist raised $2 million though Unilazer Ventures. Existing investor Orios Venture Partners also participated in the round. The start -up might have shut down its Bengaluru operations but the company plans to spread its wings to other cities as competition in the food-tech space has eased off.
Teabox offers innovative tea packs for tea-lovers
Teabox, that sells the world’s freshest loose leaf tea, has announced the launch of its TeaPacs. The company will provide the first individually packaged tea bags, sealed at source, using a natural nitrogen flush which keeps the tea as fresh as the day it was picked. The company’s use of natural nitrogen flushes creates and environment that protects the TeaPac tea from oxygen, light, heat and moisture. These are the very elements that can spoil the taste of tea, cause deterioration and ultimately, loss of flavour. The technique is used commonly in the food industry especially for potato chips. The innovative TeaPacs will allow anyone to enjoy the world’s freshest tea, anywhere at any time. Teabox will launch 18 varieties of TeaPacs including the popular English Breakfast and Earl Grey, and specialty blends like Masala Chai and Mountain Rose.