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Mint
3 days ago
- Business
- Mint
Maggi crisis to capex boom: Narayanan's decade at Nestlé India
New Delhi: Packaged foods maker Nestlé India Ltd.'s capital expenditure has surged nearly fivefold as a percentage of its sales in the past decade, driven by greater demand for its products and its ability to manufacture more in India, according to its outgoing chairman and managing director Suresh Narayanan. Nestlé India's capex has risen from 1.8% of sales in 2015 to 10% of sales in the financial year ended March 2025, Narayanan said in the company's annual report released Tuesday. In fiscal 2025, the maker of Maggi noodles and KitKat chocolate reported a total income of ₹ 20,260.42 crore. 'As a consequence of robust growth, your company is investing in new capabilities and capacities, by increasing product lines in existing factories and setting up the Sanand factory in Gujarat, for confectionery and prepared dishes and cooking aids,' said Narayanan, who is set to retire on 31 July. 'On the anvil is the 10th citadel of manufacturing that is coming up in Odisha. This not only demonstrates the focus on Indian consumers but also our commitment to manufacture in India and 'Make in India' as a theme.' Narayanan joined Nestlé India as managing director in August 2015 following the company's Maggi crisis, when the brand disappeared from supermarket shelves overnight after allegations of high levels of monosodium glutamate (MSG). The company, which denied adding MSG, had to recall the noodles. 'It was a decade that brought both opportunities and challenges. Times that were unpredictable, yet promising,' he said in his note to shareholders in the annual report. 'Together, we navigated the black swans and gray rhinos. And seized the rising India opportunity. In the unpredictable dance of light and shadow, true resilience was forged.' Narayanan said his first 100 days as chairman and MD were among the most challenging of his career as he confronted the "daunting" Maggi crisis. 'Maggi noodles went from market leadership to near extinction and recovered 60% of its market share within months of its relaunch. At that time, a young brand manager suggested, 'why don't we relaunch Maggi online?' I asked about the risk of failure. After a quick assessment, we relaunched Maggi online and the rest is history—60,000 boxes were sold in less than 5 minutes on Snapdeal,' he said. India is the largest Maggi market globally. A decade ago, the company was also highly reliant on its Maggi portfolio. "Since then, we recalibrated and rejuvenated the portfolio, launching over 150 new products that have contributed to 7% of sales," he added. Nestle sells products such as chocolates, milk, ketchup, cooking aids, nutrition products for infants, cereals, curd, noodles, coffee and pet food in India. It has been tapping more premium consumption opportunities. Last year, it partnered Dr. Reddy's Laboratories Ltd, investing ₹ 705.6 via a joint venture to sell wellness and nutrition products in India. More recently, it has expanded its coffee and confectionery business in India. The country is also the second-largest KitKat market globally. It also opened its maiden Nespresso coffee boutique in India this year. 'We were once seen as an urban company with a limited portfolio, but through a penetration-led volume growth strategy rolled out in 2015, we now have access to more households and more consumption occasions…Our pace of innovation is now four times faster than it was a decade ago,' he said. In 2023, the packaged foods maker had said it would invest ₹ 4,200 crore by 2025 to expand the manufacturing capacity of its noodles, coffee and chocolates portfolio. This includes roughly ₹ 900 crore of investment in an upcoming factory in Odisha to manufacture prepared dishes and cooking aids. Nestlé India set up its first manufacturing facility at Moga (Punjab) in 1961. Its ninth facility came up in Sanand (Gujarat) in 2021. Nestle competes with ITC Ltd and Britannia Industries Ltd in India. "We have added 1.3 million more retail outlets since 2016, with the highest gains amongst peers in 2024,' Narayanan said. 'The RUrban strategy began in 2019 and has increased RUrban distribution touch-points to 28,240. Today, we are present in approximately 209,050 villages.' Manish Tiwary is set to take over as managing director, succeeding Narayanan, on 1 August.
Time of India
22-05-2025
- Business
- Time of India
Shark Tank India's Kunal Bahl recalls his 2008 mid-air scare after Delhi emergency landing
A recent mid-air emergency aboard a Delhi-to-Srinagar flight, caused by a sudden hailstorm and intense turbulence, has stirred panic among passengers and reignited past fears for many. Over 220 passengers were on board when the pilot declared a mid-air emergency before landing the plane safely. Among those impacted by the news was Snapdeal co-founder and Shark Tank India judge Kunal Bahl , who took to social media to share a terrifying aviation experience from his own past. — 1kunalbahl (@1kunalbahl) Responding to videos of the turbulence circulating online, Bahl tweeted about a harrowing incident he survived back in 2008. At the time, he and Snapdeal co-founder Rohit Bansal were on a flight where the nose wheel reportedly detached during takeoff. The crew was able to bring the aircraft down safely, but Bahl described it as a 'near certain disaster' that he still remembers vividly. 'Glad everyone's safe! Every time I see passenger recordings of these turbulent flights, it brings back the horrific memory of the night @rohitkbansal & I were on in 2008,' he wrote. Now known to millions as one of the business minds on Shark Tank India, Kunal Bahl's television presence has given audiences a glimpse into his entrepreneurial journey. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Invest in Kolkata's Iconic Twin Towers Today Keventer ONE Undo However, his tweet reminded followers that behind the boardroom success and on-screen charisma is someone who's faced real, life-altering moments. Kunal Bahl is the co-founder and a prominent investor and entrepreneur. Known for his strategic insights and calm demeanor, he gained wider recognition as a judge on Shark Tank India. With a sharp business acumen, Bahl continues to shape India's startup ecosystem through mentorship, investments, and visionary leadership.
Time of India
04-05-2025
- Business
- Time of India
Kunal Bahl on Indian startups: India Should prioritise sustainable "Indicorns" over billion-dollar unicorns
Kunal Bahl , co-founder of Snapdeal and Titan Capital, recently advocated for greater recognition of startups that are built of profitability, rather than solely focusing on billion-dollar valuations. Speaking at the TiE Delhi-NCR Summit, Bahl emphasised that companies like Infosys, Wipro and TCS are great examples of businesses that achieved success via patient capital and long-term profitability. He also urged the Indian startup ecosystem to shift its focus from billion-dollar unicorns to sustainable, profitable businesses—which he calls 'Indicorns.' Kunal Bahl urge startups to focus on profitable businesses Bahl voiced his concern that after 2017, the focus of media and investors shifted to "flashy valuations and big bets." He coined the term "Indicorns" to describe Indian startups that prioritise sustainable growth, often with little or no external funding, contrasting them with Unicorns, which are defined by reaching a $1 billion valuation, and Indicorns , which are characterised by strong revenues and profitability. "Valuation doesn't always represent progress," Bahl stated. "You can have a billion-dollar tag and no profits. Meanwhile, others are quietly building real value. They deserve recognition too." According to Titan Capital's data, Delhi-NCR has the highest number of Indicorns (51), followed by Bengaluru (42) and Mumbai (35). Founders of these companies have largely prioritised operational efficiency and margin discipline over securing substantial external funding. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Online Degrees designed for practical learning and future success Degree Online | Search Ads Learn More Undo Bahl also shared his own experience of building a software company that went public without raising any external capital, highlighting that profitable growth remains a viable strategy in today's startup ecosystem. He clarified that the "Indicorn" concept is not intended to replace Unicorns but to broaden the definition of success. "There's no single way to build a company," Bahl explained. "Some raise capital and scale fast. Others grow profitably. Both are valid—but the latter is often ignored." Bahl's comments come at a time when late-stage startups are facing valuation markdowns, and IPO prospects remain uncertain, underscoring a growing emphasis on financial sustainability. "I've met thousands of founders—none say they don't want to be profitable," Bahl added. "Most raise money because they have to, not because they want to. Let's not overlook the ones building quietly and profitably." AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
03-05-2025
- Business
- Economic Times
Snapdeal's Kunal Bahl defends startup cash burn—if it builds long-term value
ETtech Kunal Bahl, cofounder, Snapdeal Snapdeal cofounder Kunal Bahl said startup cash burn shouldn't be demonised—so long as it is tied to long-term value creation. Speaking at the TiE Delhi-NCR Summit, Bahl argued that strategic spending on technology and customer acquisition, while not traditional capex, contributes to building equity.'Startups invest in tech and customer acquisition—not capex, but it's still building equity. So we shouldn't demonise cash burn if it's done with clarity,' Bahl said. His comments come amid growing scrutiny of startup financials, particularly in high-burn sectors such as quick commerce, which collectively loses about Rs 5,000 crore each compared startup burn to early-stage investments in traditional sectors like steel or infrastructure. 'Even airports or steel plants burn cash initially. The question is—do you know why you're investing?' he said. Share pledges, governance, and clarityBahl's remarks come as governance and financial discipline gain urgency in India's tech ecosystem. Founders such as Zepto's Aadit Palicha and Kaivalya Vohra have pledged founder equity to raise capital—an uncommon move in startup circles, more typical of promoter-led traditional businesses. Much of the current burn is attributed to user acquisition, discounting, and rising operational costs—echoing the 2014–2016 ecommerce wars between Amazon, Flipkart, and Snapdeal. Bahl, who also runs early-stage investment firm Titan Capital, said the fund works closely with founders to define unit economics and margin targets.'Margins are the soul of the business. Whether you're building a 30%, 60%, or 80% margin company—you need to know,' he said. Titan Capital's new fundTitan Capital, founded by Bahl and Snapdeal cofounder Rohit Bansal, has raised Rs 333 crore for its new opportunities fund, marking the first time the firm has raised external capital. The fund focuses on follow-on investments in existing portfolio companies, with an average cheque size of Rs 15 crore. Investors include prominent family offices, chief executives, and startup founders. Since 2011, Bahl and Bansal have invested in over 280 startups, including Urban Company, Mamaearth, OfBusiness, Razorpay, Unicommerce, and Ola Cabs. Notably, they exited Urban Company with a nearly 200 times return on their nine-year-old seed investment. The new fund aims to support around 20 companies, investing in pre-Series A and Series A stages, leveraging high-signal data to make informed decisions. Titan Capital has also made recent investments in startups like Boba Bhai, Karban Envirotech, and DevDham, continuing its focus on early-stage ventures. 'We're in it for 15–20 years, so we don't face situations where startups burn unsustainable cash without clarity,' Bahl said.
Time of India
03-05-2025
- Business
- Time of India
‘India needs more Indicorns, not just Unicorns,' says Kunal Bahl
Snapdeal and Titan Capital cofounder Kunal Bahl said startups built on profitability—not just billion-dollar valuations—deserve greater recognition. Speaking at the TiE Delhi-NCR Summit on Friday, Bahl pointed to companies like Infosys, Wipro , and TCS as foundational examples of businesses built on patient capital and long-term profitability. #Pahalgam Terrorist Attack Code of war: India and Pakistan take their battle to the (web)front Forex reserves show a pauperised Pakistan, a prospering India Pakistan conducts training launch of surface-to surface ballistic missile 'Post-2017, the media and investors began focusing only on flashy valuations and big bets,' Bahl said. He coined the term 'Indicorns' to describe Indian startups that grow sustainably, often with little to no external capital. While Unicorns are known for hitting a $1 billion valuation mark, Indicorns are defined by robust revenues and profitability. According to the Indicorn list 2025, 202 Indian startups now generate over Rs 100 crore in annual revenue, with a collective profit of Rs 7,393 crore. These companies span sectors from logistics to SaaS and employ more than 1.46 lakh people 'Valuation doesn't always represent progress. You can have a billion-dollar tag and no profits. Meanwhile, others are quietly building real value. They deserve recognition too,' Bahl said. Live Events Delhi leads the Indicorn pack Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Titan Capital's data shows that Delhi-NCR leads with 51 Indicorns, followed by Bengaluru (42) and Mumbai (35). Many of these founders have built their companies without relying on large external rounds, focusing instead on operational efficiency and margin discipline. Bahl also cited his own experience of building a software company that went public without raising external capital. He declined to name it but said it was proof that profitable growth is still possible in today's startup environment. Not anti-unicorn—just pro-profit Bahl was quick to clarify that the Indicorn idea is not about replacing unicorns, but broadening the definition of success. 'There's no single way to build a company. Some raise capital and scale fast. Others grow profitably. Both are valid—but the latter is often ignored.' At a time when valuation markdowns are sweeping through late-stage startups and IPO prospects remain uncertain, Bahl's comments underscore a broader shift towards financial sustainability. 'I've met thousands of founders—none say they don't want to be profitable,' he added. 'Most raise money because they have to, not because they want to. Let's not overlook the ones building quietly and profitably.' Titan Capital has backed more than 250 startups , including Mamaearth, Urban Company, Razorpay, Unicommerce, Ola Cabs, OfBusiness and Credgenics. The fund raised Rs 333 crore to double down on follow-on investments in its existing portfolio.
