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Tata Starbucks dismisses India exit reports
YourStory
ยท
7m ago
Medial
Tata Starbucks has reaffirmed its commitment to the Indian market, dismissing rumors about its exit. The company stated that it currently operates over 470 stores in 76 Indian cities and sees India as a key growth market. Tata Starbucks, a joint venture between Tata Consumer Products and Starbucks Corporation, reported a 12% increase in revenue for FY24. Despite incurring a loss due to expansion, the company remains focused on scaling up operations and believes that profitability will follow as it expands further. Starbucks entered India in 2012 through its partnership with Tata Group.
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Is Starbucks shutting shop in India? India JV partner Tata Consumer answers | Company Business News
Livemint
ยท
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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Starbucks India revenue up 12% in FY24, loss widens to โน81 crore
Livemint
ยท
1y ago
Medial
Tata Starbucks Private Limited, the joint venture between Tata Consumer Products Limited and Starbucks, reported a widened loss of โน81 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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Starbucks India to more than double store count to 1,000 by 2028
Livemint
ยท
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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Delhi HC asks Google to suspend misleading links for Starbucks franchise
Economic Times
ยท
1y ago
Medial
The Delhi High Court has ordered Google to suspend certain Google Forms URLs within a week that are offering invitations for Starbucks franchises in India, which do not actually exist. Starbucks and Tata Starbucks, the joint venture behind Starbucks stores in India, had alleged that imposters were seeking personal information from the public for non-existent franchise opportunities. The court also directed Google to provide Starbucks with user details of the registrants of these Google Forms.
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Starbucks India to accelerate store expansion after 'tempered' growth period
Livemint
ยท
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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Tata to rethink Starbucks' outlet expansion strategy amid lower footfall
VCCircle
ยท
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 posts Rs 1,218 Cr revenue in FY24; losses surge 3.2X
Entrackr
ยท
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 Starbucksโ 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 Dayโs 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 firmโs 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 Indiaโs 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/โน of Op Revenue โน1.05 โน1.08 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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Starbucks India revenue goes past Rs 1,000 Cr in FY23
Entrackr
ยท
1y ago
Medial
Starbucks India, a joint venture between Starbucks and Tata, has recorded impressive growth in the last two fiscal years, surpassing Rs 1,000 crore in operating revenue. Its financial statement reveals a three-fold increase in revenue, reaching Rs 1,087 crore in FY23 compared to Rs 360 crore in FY21. Most of the revenue is generated from the sale of coffee and related products, with additional income coming from the loyalty program, My Starbucks Rewards. The company has significantly reduced losses and improved its ROCE and EBITDA margin. With its high-end positioning and recognition as a global brand, Starbucks holds an advantage over local rivals in terms of controlled promotion costs. However, expensive rentals remain a challenge for further expansion.
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India's Tata seeks control of Haldiram's, snack maker wants $10 billion valuation
Reuters
ยท
1y ago
Medial
Tata Group's consumer unit is in discussions to acquire at least 51% of popular Indian snack food maker Haldiram's, but it's hesitant about the $10 billion valuation. Haldiram's is also considering selling a 10% stake to private equity firms, including Bain Capital. Tata Consumer Products, which owns Tetley and has a partnership with Starbucks in India, finds the valuation high given Haldiram's annual revenue is around $1.5 billion. If the deal goes through, Tata would compete with Pepsi and Reliance Retail. Tata Consumer shares surged nearly 4% on the news.
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Did Investcorp make any money in quiet exit from legacy India portfolio firm?
VCCircle
ยท
8m ago
Medial
Bahrain-based alternative investment firm, Investcorp, has made a quiet exit from its legacy India portfolio. This marks at least its third exit move from its India portfolio this year. The asset manager entered India in 2019 through the acquisition of the private equity business of IDFC Alternatives. Details about the returns on this exit are not disclosed, but reports suggest that the returns may not be as expected.
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