Marico Innovation Foundation’s Scale-up Program Welcomes 6 New Startups, Program Member S4S Technologies Hits Annual Revenue of INR. 100 Cr

S4S Technologies achieves Growth Milestone THROUGH mentor-led interventions; new cohort features innovations across agri-tech, sustainability and waste management solutions

Marico Innovation Foundation (MIF) announced the latest milestone achieved by its Scale-Up Program member, S4S Technologies, as they hit an annual revenue of INR. 100 cr. S4S Technologies is India’s only full-stack food-processing platform that has created a solar-powered dehydration system to unlock value for farmers, industrial customers, and the environment. Sin MIF’s Scale Up Program has worked closely with S4S Technologies since 2019 to help solve their key business challenges. The first innovation to have achieved the soonicorn milestone from the MIF portfolio was Atomberg Technologies in year 2021.

Incepted in 2016, MIF’s rapid acceleration program Scale-Up, provides hand-picked innovations with equity-free support, bespoke mentorship and access to capital and markets. Over the years, the program has supported 50+ innovations to achieve exponential growth.

“Innovations are a vital driver in creating a positive social, economic, and environmental impact for the country. Through MIF’s flagship program - Scale-Up, our goal is to catalyse the growth journey of disruptive innovations like S4S Technologies that are paving the way for India’s new age economy.” said Harsh Mariwala, Founder, Marico Innovation Foundation & Chairman, Marico Ltd.

On its INR 1-100CR growth journey, the Scale-Up Program helped S4S Technologies overcome multiple business challenges through deep rooted strategic and functional mentorship, which helped them build capacity and revenues. The interventions successfully addressed challenges ranging from packaging and procurement inefficiencies to increasing their manufacturing capacities, new product launches to business pivoting from B2C to B2B model.

Vaibhav Tidke, Founder and CEO, S4S Technologies, commented “With Scale-Up program’s deep-rooted intervention and strategic guidance, we are thrilled to have achieved this breakthrough. This association played a critical role in shaping the trajectory of S4S Technologies’ exponential growth. Using this as a steppingstone, we hope our innovation can further disrupt the agri-tech sector through digitalisation and expansion.”

Speaking on the success of S4S Technologies Suranjana Ghosh, Head, Marico Innovation Foundation said, “The bespoke interventions designed by MIF's Scale-Up Program for S4S Technologies have accelerated their growth and resulted in a direct impact on sustainability and livelihoods. At MIF, we are intentional about the innovations we work with, for each of them to have a similar potential to grow exponentially through our strategic support and contribute to the need of the hour - a sustainable future.”

In addition to the success of S4S Technologies, the foundation also announced the addition of six game-changing innovations that were onboarded to the Scale-Up Program in FY 22-23. The Program works with innovations across sectors like agriculture, food supply chain, circularity in plastics, healthcare, education, and clean technology. These members are driven by a common goal of creating social, environmental, and economic impact at scale.

The six new members in MIF's Scale-Up Program are:

1. Uravu Labs

• Founded in 2017
• Headquarter: Bangalore
• Sector: Clean Energy

A pioneering innovation focused on creating 100% renewable water from air, Uravu Labs harnesses the power of atmospheric moisture and intends to address water scarcity challenges and provide clean, safe drinking water to communities in need.

2. Indra Water

• Founded in 2018
• Headquarter: Mumbai
• Sector: Sustainability

Committed to sustainable water management through their advanced techniques and comprehensive solutions, Indra Water is focused on conserving water resources, improving water quality, and ensuring a sustainable water supply for future generations.

3. Wastelink

• Founded in 2018
• Headquarter: New Delhi
• Sector: Sustainability

Dedicated to reducing food waste and its environmental impact by transforming waste food into high-quality animal feed, Wastelink offers an innovative solution that not only mitigates waste but also addresses the challenges of feeding livestock sustainably.

4. Gramcover

• Founded in 2016
• Headquarter: Noida
• Sector: Fintech

An inclusive insurance provider focused on rural India with a mission to protect farmers and vulnerable populations from climate risks, Gramcover offers accessible and affordable insurance solutions tailored to the unique needs of rural communities.

5. New Leaf Dynamic:

• Founded in 2012
• Headquarter: Noida
• Sector: Food tech

This innovation specializes in sustainable refrigeration solutions for perishable food items. By implementing energy-efficient and environmentally friendly technologies, New Leaf Dynamic aims to reduce food wastage and ensure the freshness and safety of food throughout the supply chain.

6. GreenPod Labs:

• Founded in 2019
• Headquarter: Chennai
• Sector: Agri-tech

The start-up provides cost-effective post-harvest solutions to extend the shelf life of fruits and vegetables during storage and transport. They are committed to the United Nation’s Sustainable Development Goal of halving food waste by 2030

About Marico Innovation Foundation:

With an aim to nurture and propel Indian innovations, Harsh Mariwala founded the Marico Innovation Foundation (MIF) in 2003 as a Not-For-Profit arm of the parent company, Marico Limited. Over the past 2 decades, MIF has become India’s coveted innovation focused platform, which recognizes disruptive Indian innovations and supports their journey to scale impact through its flagship programs:

Innovation for India Awards: Launched in 2006, the biennial Innovation for India Awards is the first Indian platform to recognize and celebrate the pioneering work of disruptive Indian innovations across business and social categories.

Scale-Up Program: Launched in 2016, Scale-Up is a 360-degree, no-equity, sector agnostic rapid acceleration program that provides customized deep-rooted mentorship to help disruptive Indian innovations scale their social, economic, or environmental impact and support them in their growth journey to become a self-sustaining enterprise.

SECTORAL INTERVENTIONS: Sector-specific intervention to hunt, recognize, and scale up innovative organizations, to boost that sunrise sectors innovation ecosystem by rapidly deploying winning solutions.

Marico Ties up with Swiggy, Zomato to Deliver Goods During Lockdown

FMCG firm Marico on Friday said it has tied up with online food ordering platforms Swiggy and Zomato to deliver essential food items to consumers during the lockdown period.

Under this partnership, Swiggy and Zomato would deliver essential food items under the Marico portfolio which includes Saffola Oils, Saffola Plain Oats, Saffola Masala Oats and Coco Soul Virgin coconut oil, at doorsteps of the customers.

"Through this collaboration, in line with its commitment to provide safe and nutritious food, Marico Ltd aims to supply necessary food items to consumers without having them to step out of their homes, in these times of turmoil,” said a joint statement.

This service is available on Zomato in Delhi-NCR and Bengaluru. It will be activated in other cities such as Mumbai, Kolkata, Chandigarh and Ahmedabad from next week, it said.  

While Swiggy stores have started the delivery in Gurugram, the service in Delhi-NCR, Bengaluru and Mumbai will begin this weekend, it added.

"As one of India's leading consumer companies, we are working towards ensuring the availability and easy access of essential food items to consumers. In an effort towards this, we have partnered with Swiggy and Zomato to provide Saffola and Coco Soul products to individuals' doorstep in a safe manner,” Marico Chief Operating Officer- India Sales & Bangladesh Business Sanjay Mishra said.

Swiggy Chief Operating Officer Vivek Sunder said through this partnership , Swiggy will leverage and engage its extensive delivery fleet to ensure that essential products such as cooking oil and oats reach consumers quickly and in a safe manner.
 
On Thursday, ITC Foods announced its partnernship with Domino's Pizaa by launching “Domino's Essentials” to deliver groceries and packaged foods to customers during the lockdown period.

The government has imposed a 21-day nationwide lockdown till April 14 to stem the spread of coronavirus infections. PTI KRH.

Mitsubishi's MUFG Bank Acquires Stakes in Indian Firms including Tech Mahindra, Tata Global Beverages

Mitsubishi UFJ Financial Group (MUFG), one of the main companies of Japan's Mitsubishi Group, has acquired significant stakes in several Indian companies, including Dr Reddy's, Tech Mahindra, Tata Global Beverages, Godrej Consumer, Marico and Cyient through acquisition of entities that hold shares of the companies.

The acquisitions of indirect stakes in different companies follow MUFG's acquisition of First State Investments (UK), First State Investments (Singapore) Colonial First State Asset Management (Australia), First State Investments Ltd, Mitsubishi UFJ Trust and Banking Coporation and Mitsubishi UFJ Kokusai Asset Management on August 2.

These entities held stakes in the said companies, according to separate regulatory filings.

Godrej Consumer Products Ltd (GCPL) said following the transaction, MUFG has an aggregated interest of 5.47 per cent.

Similarly, Marico Ltd said MUFG's stake in it has gone up to 6.47 per cent from 0.02 per cent earlier.

Pharma major Dr Reddy's said MUFG has acquired an indirect interest amounting to 8.41 per cent, up from 0.05 per cent stake earlier.

Likewise, MUFG also acquired an indirect interest of 9.93 per cent stake in Tata Global Beverages Ltd following acquisition of entities that hold shares of the company.

A filing by Tech Mahindra showed that MUFG had acquired an indirect interest of 9.01 per cent. "The thresholds for disclosures ...are met and currently, MUFG has an aggregated interest in Tech Mahindra of 9.01 per cent ordinary share capital as on August 2, 2019, which is the date of acquisition. This is based upon a total of 88,786,599 shares held and a total of 9,85,201,274 voting rights on issue," it said.

Similarly, a filing by Cyient said MUFG has acquired an indirect interest of 9.81 per cent in the company. PTI RKL SR

FMCG Major Marico To Invest in Mumbai-based Fitness Startup Revofit for 23% Stake

FMCG major Marico has announced that it will acquire up to 22.5% stake in Mumbai-based Revolutionary Fitness Pvt. Ltd, which owns health and fitness app Revofit, and incubated at Ant Farm, the startup accelerator founded by former Times Internet chief executive Rishi Khiani.

The move is expected to help Marico get a stronger foothold in the digital space, especially at a time when it is looking to expand its footprint in the nutraceuticals and wellness space with brands such as Saffola.

Reportedly, Marico will initially pick up 12.66% stake in Revolutionary Fitness Pvt. Ltd. The remaining 9.84 per cent stake will come into play once Revofit achieves certain milestones which have been specified in the agreement of investment.

Incorporated in 2014, Revofit helps urban, health conscious, working professionals build healthy habits and enables easy access to all health needs, be it diet, fitness, nutrition or exercise, the company said in a statement. The startup had a revenue of Rs.1,97,198 in financial year 2016 and Rs.2,31,043 in financial year 2017, according to Abneesh Roy, senior vice-president-institutional equities-research analyst, Edelweiss Securities Ltd.

Apart from the app, it also operates an offline business as it is also involved in the development and sale of ready-to-eat food through its online platform and at its physical locations. The startup may launch FMCG products in the future.

“I am delighted with the partnership with Revofit, a next generation digital wellness platform,” said Saugata Gupta, MD and CEO of Marico. “This complements Marico’s aspiration to participate in the nutraceuticals and wellness space. This win-win alliance offers a wider choice to consumers looking to incorporate wellness, fitness and nutrition into their daily lifestyle”.

This is not the first time Marico has invested in a startup, as earlier in January 2017, Bengaluru-based medical technology startup Yostra Labs Pvt Ltd has raised an undisclosed amount of funding from Marico.

Later in March 2017, Marico acquired 45% stake in Zed Lifestyle, a male grooming firm selling product under brand name 'Beardo', for an undisclosed sum in an effort to widen its portfolio with niche and high margin products.

Notably, Marico also runs a website -- fitfoodie.in, where it shares videos and recipes to enable a healthier lifestyle.

[Via - Times of India]

Marico Acquires 45% Stake in Men’s Grooming Segment Beardo

Marico has acquired 45% stake of one of the most renowned brands in the men’s grooming segment, Beardo. The acquisition has happened for an undisclosed amount and the equity is slated to be acquired in the duration of two years, following primary infusion and secondary buy-outs. Owned by Ahmedabad based Zed lifestyle, Beardo has been funded by Venture Catalyst, the leading seed investment and innovation platform in India.

Speaking on the acquisition, Venture Catalysts Co-Founder Dr. Apoorv Ranjan Sharma, said, “It certainly feels like an achievement to have another immensely promising company from the Venture Catalysts’ portfolio successfully cutting through the acquisition deal. We recognized the stellar potential of Beardo during the preliminary stages of its seed investment. I would personally congratulate the founding team and am further excited at the prospect of newer opportunities opening up for the brand. We shall be closely watching their growth and scale in the times to come.”

The line of products introduced by Beardo takes care of all-rounded personal grooming for men. For the beard, it offers growth oil, wax and shampoo, along with wax and serum for hair and lotion, soap and face wash for the ultimate skin care. After raising a seed funding worth USD 500,000, Beardo has been successful in further strengthening its presence in the online trade, scoring 75% of its revenue from the same.

In regards to the association, Marico said, "The Rs 3,200-crore male grooming market, growing at a double digit CAGR, is strategic category for Marico. Marico views this investment in Zed Lifestyle as a stepping stone towards its ambition of strengthening its presence and widening its portfolio in this segment."

Coming soon, Specialist funds for hottest startups in India

With the Indian startup industry booming like never before, more and more Indians are coming forward and investing in it to rake in the benefits.  These industry biggies with an understanding of local business and rupee capital are investing their money into specialist funds which are used in identifying the hottest ventures in the town such as software products, consumer Internet and mobile technology.

The Manipal group scion Ranjan Pai and the Patni brothers Arihant and Amit, are among the forerunners in backing these small to midsize funds. Other active participants include Bharti enterprises vice chairman Akhil Gupta, Marico chairman Harsh Mariwala and Raheja group’s scion Sandeep Raheja.

According to Bharti enterprises vice chairman, Akhil Gupta, if the industry wants to see a lot of entrepreneurs emerging then investing money in venture capitals is the best way forward. Gupta has recently invested in early stage fund YourNestAngel fund and is looking forward to investing in more such funds.

About half a dozen companies have seen their valuations increase to over $1 billion since the last year. For example, Flipkart’s valuation increased to $7 billion when it raised money in July 2014.

Others who enjoy the membership of the million dollar club include Just Dial, Snapdeal and Mu Sigma.

The country’s super rich individuals who have an investible surplus over 25 crore are trying hard to be a part of the next wave of enterprise by upping their stakes.

Harsh Mariwala of Marico realized the need of diversifying some two year ago. His company has backed startup accelerator Ant Farm and Blume Ventures which is an early stage investment.

A survey conducted by consultancy firm McKinsey reveals that, at present the allocation of money towards alternative asset classes in India is just 2 percent, while the global average stands around a strong 15-20 percent. With more funds approaching the market, the trend is showing an upward trajectory.

According to George Mitra, who is the chief executive officer of Avendus Wealth Management, HINs are dulled about real estate because hardly anyone was successful in making money. So, the capital is now moving towards alternative assets like venture capital funds.

Coming soon, Specialist funds for hottest startups in India

With the Indian startup industry booming like never before, more and more Indians are coming forward and investing in it to rake in the benefits.  These industry biggies with an understanding of local business and rupee capital are investing their money into specialist funds which are used in identifying the hottest ventures in the town such as software products, consumer Internet and mobile technology.

The Manipal group scion Ranjan Pai and the Patni brothers Arihant and Amit, are among the forerunners in backing these small to midsize funds. Other active participants include Bharti enterprises vice chairman Akhil Gupta, Marico chairman Harsh Mariwala and Raheja group’s scion Sandeep Raheja.

According to Bharti enterprises vice chairman, Akhil Gupta, if the industry wants to see a lot of entrepreneurs emerging then investing money in venture capitals is the best way forward. Gupta has recently invested in early stage fund YourNestAngel fund and is looking forward to investing in more such funds.

About half a dozen companies have seen their valuations increase to over $1 billion since the last year. For example, Flipkart’s valuation increased to $7 billion when it raised money in July 2014.

Others who enjoy the membership of the million dollar club include Just Dial, Snapdeal and Mu Sigma.

The country’s super rich individuals who have an investible surplus over 25 crore are trying hard to be a part of the next wave of enterprise by upping their stakes.

Harsh Mariwala of Marico realized the need of diversifying some two year ago. His company has backed startup accelerator Ant Farm and Blume Ventures which is an early stage investment.

A survey conducted by consultancy firm McKinsey reveals that, at present the allocation of money towards alternative asset classes in India is just 2 percent, while the global average stands around a strong 15-20 percent. With more funds approaching the market, the trend is showing an upward trajectory.

According to George Mitra, who is the chief executive officer of Avendus Wealth Management, HINs are dulled about real estate because hardly anyone was successful in making money. So, the capital is now moving towards alternative assets like venture capital funds.