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Nearly 86% of online grocery buyers look at product quality, says report

YourStoryYourStory · 1y ago
Nearly 86% of online grocery buyers look at product quality, says report
Medial

A study by LocalCircles reveals that product quality is the top priority for 86% of online grocery buyers. Factors like value for money and delivery time are crucial as well. The study also shows a change in purchasing patterns, with more consumers ordering groceries as needed instead of in bulk. Quick delivery platforms like Zepto and Blinkit, offering delivery within 30 minutes, have gained popularity. The study also highlights consumer preferences for different delivery timeframes. Gen Z consumers are more willing to pay for faster delivery. Automated refunds and efficient processes are also preferred by consumers. The study evaluated platforms based on various factors, with Amazon Fresh, Zepto, and Flipkart leading in different categories. Challenges like expired products and quality issues were also observed. The study suggests that established platforms need to speed up delivery times, while quick delivery services need to improve value and quality. The online grocery sector is rapidly evolving, with broad demographic participation and adoption in Tier III and IV districts.

Exclusive: Emami set to acquire 100% stake in The Man Company

EntrackrEntrackr · 11m ago
Exclusive: Emami set to acquire 100% stake in The Man Company
Medial

Fast moving consumer goods company Emami is set to acquire 100% stake in men’s grooming brand The Man company, two sources familiar with details told Entrackr. While the group has backed several companies in the direct to consumer segment, this would be the first complete acquisition by the group in the D2C space. “The acquisition was inevitable and a matter of time as Emami already has a controlling stake in The Man Company,” said one of the sources requesting anonymity. “The deal will be worth around Rs 400 crore.” Emami already owned a little over 50% in The Man Company as of July 2022. According to startup data intelligence platform TheKredible, co-founders Hitesh Dhingra, Parvesh Bareja, and Bhisam Bhateja collectively own around 35% of the company. Emami acquired a 33.09% stake in The Man Company across two tranches which materialized in December 2017 and February 2019. “The discussions are in the final stages, and if nothing goes wrong at the last moment, the transaction will be completed in a few weeks from now,” said the source quoted above. Queries sent to Emami and The Man Company didn’t elicit any immediate response. We will carry their comments in case they do. For the fiscal year ending March 2024, The Man Company posted a revenue of Rs 185 crore. As per the firm, 70% of its revenues came from e-commerce channels, including major marketplaces and its website. It claimed EBITDA level profitability with Rs 14 crore in FY24. It’s worth highlighting that the firm has raised only Rs 75 crore ($9 million) to date. The Gurugram-based firm majorly competes with Beardo which was acquired by Marico in July 2020 in around Rs 350 crore. Beardo is yet to disclose its FY24 numbers but it did more than Rs 100 crore revenue in FY23. Its other peer Ustraa also posted similar revenue in FY23.

Lenskart raises nearly $20 Mn led by Peyush and Neha Bansal

EntrackrEntrackr · 1y ago
Lenskart raises nearly $20 Mn led by Peyush and Neha Bansal
Medial

Eyewear retailer Lenskart has raised nearly $20 million from its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary and Sumeet Kapahi. This is the second investment in Lenskart by its co-founders in the last seven months. The board at Lenskart has passed a special resolution to issue 695,875 CCPS at an issue price of Rs 2,300 each to raise Rs 160 crore or $19.12 million, its regulatory filing accessed from the Registrar of companies (ROC) shows. Piyush Bansal led the round with Rs 70.70 crore while Neha Bansal put Rs 70.39 crore. Amit Choudhary and Sumeet Kapahi participated with Rs 9.60 crore and Rs 9.35 crore, respectively. As mentioned above, this is the second instance where the co-founders invested in the company in less than a year. Piyush and Neha invested Rs 29.89 crore and Rs 29.77 crore, respectively, in December 2023 along with Choudhary and Kapahi. The development comes soon after a $200 million secondary deal announced by Lenskart. Temasek and Fidelity Management & Research Company (FMR) solely invested in the secondary at a valuation of more than $5 billion. Lenskart claims to have more than 2,500 stores of which approximately 2,000 are in India. While India accounts for nearly 60% of its revenue, the rest of the income was generated from international operations in countries such as Singapore, Dubai, the US, and Southeast Asia. Despite funding winter, the Delhi-based company has raked in over $1 billion in the last 18 months. The continued interest of investors in the company is largely driven by its strong financial performance, unit economics and growth opportunities in overseas countries. For the fiscal year ending in March 2023, Lenskart’s revenue from operations surged to Rs 3,788 crore from Rs 1,502 crore in FY22. The decent scale and controlled expenditure helped the company to reduce its losses by 37.3% to Rs 64 crore in FY23 from Rs 102 crore in FY22. The firm is yet to file its annual financial report for FY24.

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