New Age Indian Sweets: Godrej's 2023 Report on Food Trends

New Age Indian Sweets: Godrej's 2023 Report on Food Trends

By Author

Published on November 14, 2023

As Diwali, one of India's most vibrant and celebrated festivals, approaches, the focus naturally shifts to one of the most cherished traditions of the festival – Mithai. These sweet delicacies, deeply rooted in Indian culture, are more than just treats; they are symbols of joy, tradition, and celebration. The Godrej Food Trends Report 2023 brings to light an exciting evolution in the world of Indian sweets, blending tradition with modern, health-conscious innovations.

A Glimpse into the Evolving Sweet Tooth

The report, a culmination of insights from over 350 culinary thought leaders including celebrity chefs, food bloggers, and healthcare professionals, delves into how Mithai is adapting to the changing palates and lifestyles of Indian consumers. It highlights three major trends reshaping the landscape of these traditional sweets:

  • Dietary Mithai Variations: A staggering 99% of experts foresee a rise in demand for Mithai with specialized dietary adaptations. This trend speaks volumes about the growing health consciousness among consumers, driving innovation in sweet offerings.

  • Gourmet and High-End Mithai: Around 75% of experts are excited about the emergence of contemporary twists on classic Mithai. These gourmet versions blend traditional flavors with innovative techniques, offering a tantalizing fusion of past and present.

  • Hyper-Regional Sweets: Equally, 75% of panelists observe a surge in interest for hyper-regional sweets. This trend reflects the growing curiosity around regional cuisines and underscores the dynamic and evolving Indian culinary landscape.

Mithai: A Timeless Favorite Adapting to Modern Times

Rushina Munshaw Ghildiyal, Managing Director of Perfect Bite Consulting and Curating Editor of the Godrej Food Trends Report, reflects on the unshakeable charm of Mithai. She notes that despite evolving food trends, Mithai continues to be a beloved tradition, now experiencing a resurgence with healthier options, regional specialties, and gourmet innovations.

Godrej Industries Limited and Associate Companies (GILAC) at the Forefront

Godrej Industries Limited and Associate Companies (GILAC), valued at $5 billion and with a history spanning 125 years, plays a pivotal role in various sectors including Chemicals, FMCG, Real Estate, Agriculture, and Financial Services. GILAC's commitment to 'Good & Green' drives its growth, creating an inspiring workplace and contributing significantly to India's diverse industries.

Expanding Global Footprint and Diverse Operations

Godrej Industries Ltd, the holding company of GILAC, operates in multiple domains like oleo-chemicals, surfactants, finance, and estate management. Its FMCG arm, Godrej Consumer Products Limited (GCPL), is a leader in Household and Personal Care Products, both in India and in developing economies globally. Godrej Properties Limited (GPL) brings innovation to real estate, while Godrej Agrovet Ltd (GAVL) focuses on enhancing productivity in Indian agriculture.

As Diwali draws near, the Godrej Food Trends Report 2023 offers a window into how traditional Indian sweets are not just enduring but thriving, adapting to contemporary tastes and lifestyles. It's a testament to the timeless appeal of Mithai and the innovative spirit of the Indian culinary scene.


Spalba Eyes ₹100 Cr Turnover by FY26, Expands into 6 Asian Markets

Spalba Eyes ₹100 Cr Turnover by FY26, Expands into 6 Asian Markets

By Nishang Narayan

Published on May 30, 2025

Spalba, a SaaS-enabled B2B venue marketplace, has set its sights on a ₹100 crore turnover by FY 2026. The company recently closed FY 2025 with a consolidated turnover of ₹60 crore, marking an impressive 3000% year-on-year growth since its inception just five years ago. What makes this journey even more remarkable? Spalba remains fully bootstrapped and profitable, a rarity in today’s startup ecosystem.

Driven by innovation, Spalba is expanding rapidly across Asia. The platform has entered six new markets—Malaysia, Vietnam, Sri Lanka, Myanmar, Bhutan, and Nepal—taking its VenueTech vision global. Back home, the company plans to grow its venue inventory from 11,000 to 13,000 and expand property listings from 2,067 to 4,500 by FY26, effectively doubling its offering and increasing its presence in over 80 Indian cities.

“Our journey from a bootstrapped startup to a ₹60 crore revenue run-rate has been driven by continuous innovation and an unwavering commitment to customer success,” said Vishal Puri, Co-Founder of Spalba. “With our tech-first approach—combining AR-powered Virtual Property Tours, an Event Mockup Builder, AI-driven sales tools, and more—we expect to cross ₹100 crore by FY 2026 and continue modernizing India’s ₹200 billion events industry.”

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Over 250 marquee properties including The Leela, Radisson Hotel Group, Accor, and The Oberoi have partnered with Spalba to streamline venue sales and boost cross-selling opportunities. The platform not only simplifies the venue booking process with immersive digital walkthroughs but also reduces the need for paperwork and physical site visits—supporting both revenue growth and sustainability for its clients.

Founded in 2020, Spalba is redefining event planning by making venue discovery and booking faster, smarter, and more collaborative. Its roadmap to ₹100 crore highlights a focus on scalable innovation, customer-centric solutions, and long-term value creation—all without raising external funding.


Starbucks India Faces 65% Surge in Losses in FY25 Despite Modest Sales Growth

Starbucks India Faces 65% Surge in Losses in FY25 Despite Modest Sales Growth

By Nishang Narayan

Published on May 27, 2025

Starbucks India posted a 5% rise in revenue to ₹1,277 crore in FY25, but the good news ended there. Losses widened significantly by 65% to ₹135.7 crore, up from ₹82 crore in the previous year, reflecting the growing strain on profitability amid soft demand in the quick service restaurant (QSR) segment.

Operating under a 50:50 joint venture with Tata Consumer Products as Tata Starbucks Pvt Ltd, the company noted that almost half of the losses—₹67.6 crore—were borne by Tata Consumer. According to the brand’s annual report, demand across the QSR space remained muted through most of the year, though a rebound was noted in the latter half. Still, profitability remained under pressure.

Despite the headwinds, Starbucks continued to expand, opening 58 new outlets and entering 19 new cities, including several in tier-2 markets. However, this was a notable slowdown compared to the 95 new outlets launched in the previous year. As of now, Starbucks operates 479 stores across 80 Indian cities.

The company remains optimistic about long-term growth in India. “We remain committed to increasing our store base in India and get to 1,000 outlets by FY28, despite a more moderate number of store openings in the short term,” Starbucks said in a statement.

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Tata Consumer Products Chairman N Chandrasekaran addressed the broader economic landscape, noting that India remains a stronghold of economic growth amid global uncertainty. “India’s long-term growth is underpinned by strong demographic and economic fundamentals and ongoing structural reforms,” he told shareholders.

However, rising competition from both international and domestic brands continues to challenge Starbucks’ market share. Rivals like Tim Hortons and Pret A Manger have entered the Indian market with aggressive expansion plans, while homegrown brands like Third Wave Coffee and Blue Tokai already operate more than 250 outlets combined.

A senior QSR official highlighted a key operational challenge: “Starbucks’ revenue per square foot is about 35% lower compared to metros. Also, city stores seem to be cannibalising heavily after it opened stores at a record pace in cities such as Mumbai and Delhi.”

While a strong takeaway culture offers a margin boost, uneven store performance continues to drag the bottom line. Some stores thrive, but others suffer from low footfalls and declining revenue per square foot, affecting overall profitability.

With the coffee wars heating up and Indian consumers spoilt for choice, Starbucks will need more than just store count to brew up sustained success in the coming years.


OYO Adds 3500 Corporate Clients in FY25, Sees 20% YoY Growth

OYO Adds 3500 Corporate Clients in FY25, Sees 20% YoY Growth

By Nishang Narayan

Published on May 18, 2025

OYO is riding high on its corporate wave. The global hospitality tech brand has added over 3500 new corporate clients in FY25 through its business accelerator division, marking a 20% year-on-year growth in this segment. With this, OYO’s corporate network now exceeds 6500 clients, ranging from large enterprises to traditional business houses and startups.

Mumbai emerged as the top-performing city, onboarding over 700 clients, followed by Hyderabad (400) and Pune (350). Other metros such as Chennai and Bangalore also contributed significantly to the growth.

Some of the key additions to OYO’s client roster include SBI Life, Cult Fit, and Sun TV Direct, further strengthening its footprint among large, pan-India brands.

The growth momentum picked up following the launch of Oravel Travel Solutions in October 2024—a dedicated vertical to meet the end-to-end needs of corporate travellers. From smooth check-ins at over 1100 serviced hotels across 300+ cities, curated meal options and conference support, to tailor-made event and holiday packages, OYO has positioned itself as a comprehensive solution for business travel.

Manish Kashyap, Head of OYO Business Accelerator, noted:

“The growth has been driven not just by large corporations but also by a diverse mix of SMEs, traditional business houses, startups, travel management companies, and even film production houses. These clients are increasingly leveraging OYO’s expansive network, flexible bookings, and tech-enabled tools to meet their evolving travel needs.”

OYO also witnessed a rise in long-term and event-based stays, signaling a shift in how businesses engage with hospitality solutions.

With a strong pipeline ahead, OYO aims to double down on its premium brand offerings like SUNDAY, Palette, Clubhouse Townhouse, Townhouse O, and Collection O.

According to the Global Business Travel Association, India has become the 4th largest business travel market in Asia-Pacific, with rising SME activity playing a major role. These trends have set the stage for OYO to scale faster and meet the evolving demands of modern corporate travel.

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