Curefoods acquires 5 brands🍟, Mensa marks 15th buy👝, Social Commerce to hit $1.2Tn🤑
Curefoods makes five more acquisitions, Mensa marks 15th buy with leather brand, Social commerce market to grow 2.5X, Funding Deals & more.
Rise & Shine is your daily dose of tech news and motivation, all rolled into one.
Every morning, the latest technology news will be delivered to your inbox. You would also get a daily motivational message intended to help you start off on a positive note.
Let’s get started
Curefoods makes five more acquisitions to bolster house-of-brands strategy🏠
Curefoods, a cloud kitchen startup, has acquired five more brands to strengthen its direct-to-consumer play and create a house of brands on its platform.
The company now owns more than 20 brands in its portfolio and will look to take it up to as many as 25 by the middle of this year. The Bengaluru-based startup has bought brands like Juno’s Pizza and White Kitchens to strengthen its Tier-II presence and expand to new geographies.
The startup is run solely by Ankit Nagori, a former senior executive at Flipkart who branched out from Curefit—a company he cofounded with Myntra founder Mukesh Bansal after leaving the Walmart-owned ecommerce firm.
Curefoods, which commenced operations in 2020, operates brands like EatFit, Yumlane, Aligarh House Biryani and Masalabox. The company has been acquiring, incubating and licensing multiple cloud-kitchen brands in the past few months.
Mensa marks 15th buy with leather brand Estalon👝
Mensa Brands, which acquires stakes in direct-to-consumer (D2C) brands, has announced acquisition of leather brand Estalon, for an undisclosed amount.
The buy marks Mensa’s foray into the leather goods segment, which is gaining popularity both in domestic and international markets. With this, Mensa Brands has till now completed acquisition of 15 brands in total.
Estalon has been primarily a family-owned firm with three generations of leather manufacturing experience. It specialises in leather goods for women, men's wallets, folios, gloves and other accessories.
Mensa Brands, which was founded in 2021, follows a 'house of brands' or brand aggregation strategy, in which it acquires and partners with digital-first brands, with the goal of accelerating growth by providing on-the-ground expertise and tech-led interventions in marketing and operations.
Customer engagement platform Exotel has secured $40 million in Series D funding round from Steadview Capital.
Fintech startup Pine Labs has raised $20 million from the commercial bank State Bank of India.
B2B cross-border e-commerce company Geniemode has raised $7 million in Series A funding led by Info Edge Ventures.
Foodtech startup iD Fresh Food has raised Rs 507 crore in Series D funding round led by NewQuest Capital Partners along with its existing investor Premji Invest and others.
Social commerce market will hit $1.2 trillion by 2025: Accenture📱
The global social commerce market will grow two-and-a-half times from $492 billion in 2021 to $1.2 trillion by 2025, with India’s market growing the fastest over this period, according to a report by consulting firm Accenture.
That’s three times faster than traditional ecommerce is expected to grow, the report said. By 2025, social commerce is expected to account for 17% of all ecommerce spending, up to 10% currently, it added.
Social commerce refers to transactions that take place entirely within the context of a social media platform, meaning that click-through ads on social media platforms that take users to a brand’s own website don’t qualify.
The report said that though China would remain the most advanced market both in size and maturity, the highest growth would be seen in developing markets such as India and Brazil.
Tweet of the day🐥
🚀 Join our Telegram channel for facts and quotes.
Other Top Stories
💸 Flipkart's marketplace unit clocks 32% revenue growth in FY21
🗻 UPI transactions scale new peak in December 2021
"The two most powerful warriors are patience and time."
Thanks for reading😊
If you enjoy these emails, please tell a friend about the Rise & Shine newsletter. It’ll help us reach more people.
We'll be back with more interesting stories and updates tomorrow.
You can forward this on WhatsApp by clicking here.
Hit 💜, if you enjoyed the article.