PackMan’s weekly highlights: Increased investment in FMCG, preparations for the festive season ongoing
This week, PackMan looks at the latest in the FMCG sector, with Bikaji looking to expand, Swiggy’s upcoming IPO, Diaegeo’s India investment, and the festive season.
10 Sep 2024 | By Anhata Rooprai
Swiggy registers 36% more operating revenue, IPO upcoming
Swiggy saw a 36% increase in its operating revenue for the financial year 2023-24. That brought it to Rs 11,247-crore. PackMan notes that this comes before its fresh initial public offering of Rs 5,000-crore — which will be discussed at the company’s upcoming extraordinary general meeting.
Per capita consumption of ice cream has risen fourfold
In the wake of the Indian Ice Cream Expo, Sudhir Shah, president of the Indian Ice-cream Manufacturer’s Association (IICMA) has told PackMan that the per capita consumption of ice cream has quadrupled. PackMan foresees a win-win situation for mid-sized ice cream companies looking to expand their portfolios.
Diageo to invest Rs 840-crore in India
Diageo operates through United Spirits Limited in India, and it has just announced an additional Rs 840-crore in India over the next three years. The company has 36 manufacturing facilities across the country.
Consumer firms load up for festival blitz
As the festival season approaches, FMCG brands are increasing their inventory to keep pace with the demand. For example, Parle Products has ramped up its production by 10% year-on-year, according to leading business portals. Similarly, Lifestyle has upped its production too, to keep up with anticipated demand during the wedding season.
Bikaji Foods is not for sale
PackMan has learnt that Indian snacks maker Bikaji Foods is not for sale. Instead, the company is looking to expand into savoury brands, the appetite for which is growing in India.