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Starbucks India to more than double store count to 1,000 by 2028
Livemint
·
1y ago
Medial
Tata Starbucks, the joint venture between Starbucks and Tata Consumer Products, plans to expand its presence in India with the aim of operating 1,000 cafes by 2028. The company also intends to double its workforce to 8,600 employees. To achieve this growth, Tata Starbucks plans to enter Tier-2 and Tier-3 cities, increase the number of drive-through and 24-hour cafes, and expand its airport-based outlets. This expansion is in response to competition from local chains and aims to capitalize on the growing coffee culture in India.
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Starbucks India to accelerate store expansion after 'tempered' growth period
Livemint
·
15d ago
Medial
Tata Consumer Products Ltd, which operates Starbucks in India, plans to accelerate the coffee chain's expansion after a temporary slowdown in store additions. In the June quarter, the company opened six new outlets, totaling 485 stores. Aiming for 1,000 locations by 2028, Starbucks India also intends to explore more Starbucks Reserve stores. The expansion strategy highlights the company's optimism about the Indian market despite recent tempered growth.
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Is Starbucks shutting shop in India? India JV partner Tata Consumer answers | Company Business News
Livemint
·
7m ago
Medial
Contrary to rumors, Tata Consumer Products (TCP), the joint venture partner of Starbucks in India, has denied reports of Starbucks planning to exit the Indian market. TCP stated that Tata's relationship with Starbucks remains strong and committed to India. However, TCP may delay some new store openings due to low footfall. Despite challenges in finding quality locations, Tata Starbucks aims to reach its goal of operating 1,000 stores in India by 2028. In the previous financial year, Starbucks' sales in India grew 12%, and the company expects the coffee culture in the country to drive future growth.
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Tata to rethink Starbucks' outlet expansion strategy amid lower footfall
VCCircle
·
7m ago
Medial
Tata to rethink Starbucks' outlet expansion strategy amid lower footfall An employee takes a customer's order at a Starbucks' outlet in New Delhi | Credit: Reuters India's Tata Consumer Products "will calibrate" its plans to open Starbucks stores in the near term at a time when fewer customers are walking into its cafes in the world's most populous country, its top boss said on Monday. City dwellers in India are cutting spending on everything from cookies and coffee to fast food as persistently high inflation squeezes middle class budgets, with wages failing to keep pace. Tata Starbucks, a joint venture between U.S. coffee brand Starbucks SBUX.Oand the Indian conglomerate, operates the largest cafe chain in the country with more than 450 outlets. Advertisement Starbucks has more than 40,000 stores globally. "We will calibrate for the short term ... In the near term there will be pressure," Tata Consumer CEO Sunil D'Souza told Reuters, adding that its Tata Starbucks joint venture is still focused on reaching its 2028 goal to operate 1,000 stores by 2028. However, Tata Consumer's CEO still expects its bet on coffee to pay off in the longer run as the country's coffee culture grows and cafe density is still low compared with other Asian countries such as Indonesia, Vietnam and the Philippines. Advertisement Separately, D'Souza also said Tata Consumer's revenue would increase in the double-digit percentage range in the second half of the financial year, with profit coming under pressure due to higher prices of raw materials, including tea. Share article on Leave Your Comments
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Starbucks India revenue up 12% in FY24, loss widens to ₹81 crore
Livemint
·
1y ago
Medial
Tata Starbucks Private Limited, the joint venture between Tata Consumer Products Limited and Starbucks, reported a widened loss of ₹81 crore and a 12% growth in revenue from operations in fiscal year 2024. The company also opened a record number of stores in India during this period. Despite the weak demand for quick service restaurants, Tata Starbucks remains committed to its goal of opening 1,000 stores in India by 2028. The Indian coffee market is projected to grow at a CAGR of 9.2% until 2028.
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BigBasket to launch 10-minute food delivery across India by March 2026, executive says
VCCircle
·
1m ago
Medial
BigBasket plans to launch a nationwide 10-minute food delivery service in India by the end of fiscal 2026 in the competitive $7.1 billion quick-commerce market. Targeting customers of Zomato and Swiggy, it aims to increase its dark store count to 1,000-1,200 by 2025. Following a successful pilot in Bengaluru, it will expand to 40 dark stores. BigBasket will partner with Starbucks and Qmin for its menu, avoiding external collaborations.
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Starbucks India posts Rs 1,218 Cr revenue in FY24; losses surge 3.2X
Entrackr
·
11m ago
Medial
Starbucks India has emerged as the largest coffee chain in the country as the company left Coffee Cafe Day behind in terms of revenue during the fiscal year ending March 2024. However, the firm barely managed double digit growth in the said fiscal year and at the same time, its losses widened over three-fold. Tata Starbucks’ revenue from operations increased 12.05% to Rs 1,218 crore in FY24 from Rs 1,087 crore in FY23, its standalone annual financial statements filed with the Registrar of Companies (RoC) show. Starbucks For background, Starbucks India is a joint venture between Starbucks Coffee Company and Tata Consumer Products Limited. Launched in 2012, Tata Starbucks now operates in over 390 stores across 54 Indian cities, with approximately 4,300 partners. Its nearest competitor Coffee Cafe Day’s revenue stood at Rs 1,013 crore in FY24. As of March 2024, it had 450 stores. Starbucks also competes with several new-age coffee startups including Blue Tokai, Rage Coffee, Third Wave Coffee Roasters, Slay Coffee, Sleepy Owl, and Seven Beans Co among several others. Coming to Tata Starbucks revenue, the sale of coffee and related products formed most of its revenue. The rest of the income came from the loyalty program called My Starbucks Rewards where the customers earn loyalty points (Stars). For a coffee-selling company, the procurement of coffee beans, and other related products accounted for 26% of the total expenditure. To the tune of scale, this cost increased 8.5% to Rs 343 crore in FY23. Its employee benefits, rent, electricity, advertisement cum promotion, royalty, transportation, and other overheads took the firm’s overall expenditure to Rs 1,320 crore in FY24 from Rs 1,140 crore in FY23. See TheKredible for the complete expense breakup. Along with flat scale, Starbucks India’s losses surged 3.2x to Rs 80 crore in FY24 from Rs 25 crore in FY23. Its ROCE and EBITDA margin stood at 0.4% and 18%, respectively. On a unit level, the firm spent Rs 1.08 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 19% 18% Expense/₹ of Op Revenue ₹1.05 ₹1.08 ROCE 3% 0.4% Coffee chains, by their very nature seek upscale locations, which means rental costs can be very high. Starbucks India, which is still in expansion mode with a possible target of 1000 stores by 2028, faces that challenge, besides the more obvious one of finding customers for its pricey offerings. Multiple startups encroaching in the same segment has not helped, as unlike the humble tea, coffee snobs are a very real thing, and many of the new upstarts have built a following accordingly. More than losses, Starbucks India will possibly be more focused on metrics like same store sales growth and footfalls for now, as its menu offerings have enough margins to deliver handsomely if footfalls increase significantly. The question is, will premium coffee find a deep enough market, or will it run up against the by now famously shallow middle class market?
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Edtech Univo To Expand Workforce By 100 Per Cent During FY2023-24
OutlookIndia
·
1y ago
Medial
Edtech Univo plans to double its workforce during the fiscal year 2023-24, following its strong growth in the online higher education segment. The company's employee count rose from 200 to 1,000 in the last fiscal year and this expansion will include technology, marketing, and sales functions. With over 60,000 registered learners across 115 countries, Univo offers more than 60 degree and certificate programs, as well as career services partnerships with 500 organizations. The company recently opened a new office in Bangalore, emphasizing its commitment to delivering quality education through technology and strategic partnerships.
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Amazon-backed More Retail plans IPO next year
VCCircle
·
3m ago
Medial
Amazon-backed More Retail plans to go public next year, seeking to double its store count within five years as consumer preference shifts toward supermarkets and online grocery shopping. Currently operating 775 stores, More reported gross sales of about $580.11 million in fiscal 2025, up 11% from the previous year. The company is expanding its collaboration with Amazon Fresh and plans to introduce slotted deliveries to further fuel its growth.
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India’s Wow Momo takes cues from Domino’s for IPO in two years
Livemint
·
10m ago
Medial
Indian fast-food chain Wow Momo Foods is planning to go public within the next two years, as it aims to replicate the rapid expansion of Domino’s Pizza in India. With a valuation of 25 billion rupees ($299.33 million) and a network of 650 stores, Wow Momo wants to become the first major local fast-food chain to go public. The company reported revenue of nearly 4.8 billion rupees for the fiscal year ending in March and aims to double it to 10 billion rupees over the next 30 months. Wow Momo plans to increase its store count to 1,000 and become profitable within two years.
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AppDynamics founder Jyoti Bansal to step up India play with big tech hiring
Economic Times
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7m ago
Medial
Serial entrepreneur Jyoti Bansal, who sold his startup AppDynamics to Cisco, plans to double the employee count of his ventures Harness and Traceable in India to 1,000 in 3-4 years. Around 60-70% of product development occurs in India, and Bansal hires top software engineers from prestigious Indian institutions. Harness, valued at $3.7 billion, provides software engineering tools, and Traceable AI offers products to protect software codes from cyberattacks. The teams are spread across Bengaluru, Delhi-NCR, and Hyderabad. Bansal believes that the correction in the tech ecosystem went too far and valuations are becoming more reasonable.
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