Mirum India wins marketing automation mandate for Joyalukkas

Cosmos Grouptoday announced its foray into the Alternative Investment Funds (AIF) landscape with the launch of its maiden AIF. The fund aims to raise INR 500 crore, with an additional green shoe option of INR 250 crore, showcasing the group's commitment to empowering the SME sector.

Led by the partnership of Cosmos Group and Mayank Singhvi as its CEO, the fund will prioritize investments in the SME sector, aligning with the group's vision to foster growth and innovation within this vital segment of the economy. Leveraging their collective expertise and experience, Cosmos Group and Mayank Singhvi are poised to steer the fund towards impactful investments that drive sustainable development and economic prosperity.

In addition to its focus on the SME sector, Cosmos Group also announced plans to launch a Category 2 Debt fund, further expanding its footprint in the financial services domain. This strategic move underscores the group's dedication to offering a comprehensive suite of investment solutions tailored to meet the diverse needs of investors.
Commenting on the launch, Ankit Sapra, Chief Visionary Officer, said, "We are thrilled to embark on this new journey into the realm of Alternative Investment Funds. Our partnership with Mayank Singhvi and our focus on the SME sector reflect our unwavering commitment to driving positive change and creating value for our stakeholders."

Elara Capital has released a report that highlights the several trends in ad spends for Q4FY24E. The report is titled: Media & Entertainment and Internet – Mixed ad spend, elections only respite - Quarterly Preview (Q4FY24).in the review, Karan Taurani states that there will be moderation in decline of TV ad revenue in Q4FY24E.

Here’s what the report states

Moderation in decline of TV ad revenue

Ad revenue growth has been declining as a few verticals, such as telecom, education, and eCommerce are not doing well except FMCG, which has seen respite. We expect ad revenue to dip 2% YoY for Zee Entertainment (Z IN) in Q4FY24E despite stable viewership share across genres whereas Sun TV (SUNTV IN) is set to decline by 1% YoY, as it fails to gain market share in other genres except Tamil. We expect ad revenue growth of 8% YoY for TV Today (TVTN IN), due to a boost from Election ad spend. Subscription revenue may grow 3% YoY for Z and 5% YoY for SUNTV, due to implementation of NTO 3.0 and price hikes. Absence of movies will drag theatrical revenue for Z and SUNTV. We expect Z EBITDA margin to grow 130bp YoY in Q4FY24E to 8.5%. Z has started cost-cutting initiatives to reach an EBITDA margin guidance of ~18-20% in the medium term; however, these initiatives will start to play out from Q1FY25. Sun TV EBITDA margin may grow 510bp YoY and flat QoQ to 64.9%. We expect TVTN EBITDA margin to grow 360bp YoY to 13.5%, due to lack of investment in the digital platform

Respite in small- and medium-budget content

Q4FY24 has been a below-par quarter for PVR Inox (PVRINOX IN); however, this is the first quarter post-COVID where small- and medium-budget Hindi films, such as Hanuman, Article 370, Teri Baaton Main Aisa Uljha Jiya, and Crew, have shown traction and the share of BO collection from these films grew to~35% (vs 10-12% post-COVID era); this also was helped by lower ticket prices and offers, but better content quality has led to growth. Large films such as Fighter and Shaitaan posted in-line performances. English and regional content BO collections remain weak due to absence of films reporting healthy collections. We expect ~24% occupancy due to muted footfalls. We expect PVRINOX’s box office (BO) revenue and food and beverages (F&B) revenue to grow 13.3% YoY and 20.8% YoY, respectively. Metrics, such as average ticket price (ATP), may decline 5% QoQ, due to higher promotions and discounts whereas spend per head (SPH) may grow ~5% QoQ, due to synergistic benefits and menu innovation, likely providing respite to overall profitability. Ad revenue may decline 15% QoQ, attributed to content performance issues during the quarter and high base festive season quarter. We expect ex-INDAS EBITDA margin to be 5.4% in Q4FY24E. PVRINOX has added 30 new screens in Q4 and 58 in FY24.  

DM (ex-YouAppi) turnaround to sustain in this quarter

We expect Affle India (AFFLE IN) to post an overall revenue of INR 4,903mn, up 37.8% YoY, led by better organic growth. Organic revenue growth may be 17% YoY as Emerging Markets (EM) growth, including India, has been robust despite negative impact from the real money gaming (RMG) vertical (we expect EM revenue growth of ~23% YoY). We expect recovery in organic revenue in Developed Markets (expect DM ex-YouAppi revenue growth of 10% YoY) to continue despite the fintech vertical spend in DM taking a hit due to rate hikes. YouAppi may contribute 15% to Q4FY24E revenue. We expect a 19.5% EBITDA margin, flat QoQ and YoY. Impact from RMG vertical continues to play spoilsport for India revenue in Q4E but other verticals have offset it.

Higher convenience fees to bolster the take rate 

Zomato (ZOMATO IN) is expected to report an overall revenue of INR 31.7bn in Q4FY24E, up 54% YoY, as growth trajectory continues. The company continues to have a competitive advantage in delivery compared to quick service restaurants (QSR) platforms due to the presence of a higher number of restaurants and cuisine. We expect gross order value (GOV) growth of 19% YoY and 80% YoY in the food delivery segment and Blinkit (qCommerce segment), respectively. We expect revenue growth of 35.8% YoY in food delivery, 84.8% YoY for Blinkit and 80% YoY in Hyperpure. We expect better YoY growth in food delivery revenue, led by higher take rate expansion of 250bp YoY, due to 1) introduction of platform fee of INR 4 in major markets from 1 January, and 2) higher ad revenue (food & non-food verticals); we do not see any negative impact due to the introduction of food delivery in ONDC for now, due to a below par user experience and lack of scale. We expect the overall EBITDA margin to expand to 2.0%, up 40bp QoQ, due to margin expansion in the food delivery segment whereas cost control measures are underway in Blinkit. We expect Blinkit to become profitable in the near term based on an adjusted EBITDA, due to 1) rising ad revenue, 2) higher throughput per store, and 3) better product mix. 

Respite for print & radio ad expenses due to Elections

We expect DB Corp (DBCL IN) consolidated revenue of INR 5,878mn in Q4FY24E, down 8.8% QoQ but up 10.7% YoY. We expect print ad revenue, radio ad revenue and print circulation revenue to grow 17.5% YoY, 25.0% YoY and 3.5% YoY, respectively, led by elections campaigns. Digital revenue is likely to decline by 21.5% YoY due to the high base effect. We expect the EBITDA margin to expand 1,130bp YoY to 25.5%, due to further softening of newsprint prices. We expect a further correction in newsprint prices from FY25, which may lift the margin. We expect Entertainment Network (ENIL IN) revenue growth of 31.2% YoY in Q4FY2E, due to a boost from the Election campaigns and acquisition of Gaana. ENIL’s FCT revenue is set to grow 10.5% YoY while the non-radio business is likely to rise by 30% YoY. The company’s non-radio business may continue to see traction in the near term, especially post the acquisition of Gaana. We expect ENIL to post an EBITDA margin of 22% in Q4FY24E.  

The 2nd edition of the BW Retail World Summit & Awards 2024 organised by BW Retail World in association with BW Businessworld concluded successfully in Delhi on March 28. The event brought together industry leaders, innovators and visionaries under the theme ‘Building Blocks of Retail’ for a day filled with insightful discussions thought-provoking leadership sessions and inspiring keynote addresses culminating in the prestigious award ceremony.

The summit commenced with a captivation panel discussion on ‘From Consumers at Core to The Core of Consumers’ with industry chiefs including Rajesh Jain (MD & CEO, Lacoste India), Rajat Agrawal (CEO, Barista Coffee), Mayank Mohan (CEO, Mohanlal Sons), and Rahul Jain (Co-founder, Beanly Coffee) delving deep into strategies centred around consumer-centric approaches in the retail landscape.

Following this, the discourse shifted to ‘Diversity in Retail: Navigating the New Formats of Retail Spaces’, chaired by Sharmila Senthilraja, Industry Platform Leader for Consumer Products and Retail – India, Capgemini. Distinguished speakers such as Varun Tangri (CEO & Founder, QueueBuster), Lalit Kumar Jha (Lalit Kumar Jha, National Head VM Retail ID, Landmark Group, Max Retail) and Ramaswami Lakshman (Director, Emerging FBA, IN Marketplace, Amazon) explored the evolving dynamics of retail spaces and the importance of embracing diversity.

The summit continued with a Leadership Session on ‘Transforming Retail Ecosystems: Strategies for Thriving in a Dynamic Market’, with leaders like Pushpa Bector (Senior Executive Director and Business Head, DLF Retail), Atul Jain (President, Aqualite Industries), Pranjal Barua (Founder & CEO, ReneuSleep India) and Akash Srivastava (Head of Store Development, Raymond) sharing insights on navigating the rapidly changing retail landscape and driving innovation.

As the day progressed, discussions delved into ‘Retail Infra 101: How Are Retailers Looking At The Cities Of Tomorrow?’ with industry stalwarts including Akash Nagpal (VP Leasing, Trehan Iris), Atamjot Singh (Vice President– Leasing, Elan Group), Sameer Manglani Partner, Meena Bazaar, Shammi Agarwal (Director, Pansari Group) and Khushboo Agarwal( Co-founder & COO, Campus Sutra) examining the future of retail infrastructures and the evolving role of cities.

The summit concluded with a compelling panel discussion on ‘Value v/s Premiumisation: How Are Retailers Navigating It?’ under the guidance of Vivek Sethi, Vice President at Helloverify. Esteemed panellists like Abhay Batra (Co-founder CFO, Clovia), Gautam Chaudhry (Chef and Founder, Demiurgic Hospitality), Nipun Kochar (Founder, Jewelbox), Samayesh Khanna (Co-founder, Beanly Coffee) and Mahesh Reddy (CEO, Gopizza India) explored strategies for balancing value and premium offerings in the retail sector.

The highlight of the evening was the keynote sessions featuring Rakesh Kaul (MD & CEO, Livpure) who spoke about the changing landscape of the retail industry followed by Kazem Samandari (Executive Chairman, L’Opera) keynote address sharing insights on retail innovations, emerging new technologies and strategies.

The summit concluded with the much-anticipated BW Retail World’s 40 Under 40 award ceremony, honouring the outstanding achievements of winners under the age of 40 years in the retail industry.

\GMR Aerocity Festivals has announced the much-awaited Aerocity Entertainment Fest, promising an unparaleled experience for all attendees. Set against the backdrop of the luxurious The Square @ GMR Aerocity, New Delhi, this festival is poised to captivate audiences with its diverse range of activities and performances catering to every taste and preference.

Scheduled for April 6th and 7th, 2024, starting at 12:00 PM, the Aerocity Entertainment Fest will serve as a celebration of excellence in content creation, bringing together various elements of the entertainment ecosystem for a two-day extravaganza. From mesmerizing dance performances to live bands, side-splitting comedy acts, enchanting magic and illusion shows, engaging games and activities, and much more, attendees are guaranteed an unforgettable experience filled with fun and excitement.

"We are thrilled to present the Aerocity Entertainment Fest, an event that promises to redefine the standard of entertainment in the capital," said Dr Annurag Batra, Chairman and Editor in Chief BW Businessworld and Mr Aman Kapoor CEO, Airport Land Development, GMR Group. "With a lineup featuring some of the most talented artists and performers from across the country, we are confident that this festival will resonate with audiences of all ages and backgrounds."

The festival's lineup boasts a diverse array of talent, including:

Street Play Group: by Liftupromedia - The Nukkad Natak Group, a dynamic team of six individuals set to deliver thought-provoking performances.

Stand-up Comedians: Manoj Bhandari and Muskan Taneja, two comedic talents ready to tickle funny bones.

Sufi Bands: Rangrezz and Nazm, offering soul-stirring melodies and enchanting rhythms.

Dance Troupe: OORJA, a group of six members set to enthrall with their captivating choreography.

Magician: Vinod Kumar, master of illusion and wonder.

Finale Singers (Female): Devika and Malvika, promising unforgettable vocal performances.

Russian Musicians: Three talented musicians bringing international flair to the festival.

DJs: Sammot and Moksh, ready to keep the energy high with their electrifying beats.

Arcade Gaming Setup: Featuring seven screens, VR setup, air hockey, bowling alley, Archery, tick-tak-toe, and Jenga for endless entertainment.

Hasya Kavi Sammelan: Featuring the wit and humor of Piyush and Rohan.

Girls Band: Girls Squad, showcasing the power of female musicianship.

Solo Singers: Parneet, Sahil, and Kanishka, each bringing their unique style and talent to the stage.

Fashion Show: A display of style and creativity, adding glamour to the festivities.

In addition to the captivating performances, attendees can indulge in a variety of culinary delights, participate in competitions, meet and greet their favorite artists, explore stalls offering unique products, and much more.

The Aerocity Entertainment Fest is designed to be inclusive and welcoming to a broad range of attendees, including travelers, local residents, hotel guests, business professionals, families, young adults, couples, and invited guests.

Don't miss out on the opportunity to be part of this unforgettable celebration of entertainment and creativity. Mark your calendars for April 6th and 7th, and join us at The Square @ GMR Aerocity for a weekend filled with laughter, music, dance, and excitement!

Alco-bev brand Diageo has called for a media pitch, exchange4media has learnt from reliable sources. e4M had broken the news of the company handing over its media mandate to Omnicom Media Group’s PHD in 2020. The account size in India is estimated to be Rs 350-400 crore. 

Sources from multiple media agencies have told e4m that they have pitched for the account and that the brand is still in talks about the final decision.

A source from a leading media agency mentioned that a meeting with the company is set to happen tomorrow (March 27) between Diageo & the agency. However, nothing has been closed yet. “Diageo has told us that they are speaking to other agencies as well,” the source said.

Another source from a different media agency mentioned that the media pitch was called more than a month back, and is still in process.

e4m has written to Diageo as well as Omnicom, but is yet to hear back.

Prior to PHD, GroupM’s Mindshare handled the spirits major’s media account.

Mariam Mammen Mathew, CEO, Manorama Online, has been appointed chairperson of DNPA (Digital News Publishers’ Association) for two years from April 1, 2024. She succeeds Tanmay Maheshwari, MD, Amar Ujala.

Manorama Online is the digital arm of Malayala Manorama, one of India's largest and oldest media houses, with operations in print, television, radio and digital properties.

Mariam served as vice-chairperson during Maheshwari’s chairmanship. DNPA decided to elevate her as chairperson at its recent annual meeting, where new officers were appointed to the DNPA board.

"I am honoured to take on the role as chairperson of DNPA and contribute to the country’s digital media landscape,” said Mariam.

“My main goal will be to amplify the scale, influence and durability of digital news media entities. An integral part of this vision is embracing Artificial Intelligence (AI) to augment our capabilities and drive transformative change. Additionally, I am committed to nurturing a culture of Diversity, Inclusion and Equity within our organisation, which will play a pivotal role in reshaping the media landscape."

Puneet Gupt, COO, Times Internet, becomes the new vice-chairman at the DNPA. Puneet Jain, CEO, Digital HT Media, continues as the treasurer.

DNPA represents 18 media organisations: Dainik Jagran, Dainik Bhaskar, The Indian Express, Malayala Manorama, ETV, India Today Group, Times Group, Amar Ujala, Hindustan Times, Zee Media, ABP Network, Lokmat, NDTV, The New Indian Express, Mathrubhumi, The Hindu, Network 18 and India TV.

Said Maheshwari: “Having served as DNPA chairman for two stimulating years, I was pleased to contribute to the endeavour of democratising India's digital news landscape. I am confident that Mariam Mathew will bring valuable insights to our shared mission.”

During Maheshwari’s tenure as chairman, DNPA made significant contribution to India’s digital news media landscape. It successfully held several editions of the DNPA Dialogues and two editions of the DNPA Conclave & Awards.

DNPA is dedicated to promoting, supporting and protecting the growth of digital news publishers. It fosters friendly relations among its members and encourages cooperation among them to maximise mutual benefit. While ensuring that its members deliver credible news, it protects them from unfair and unethical practices.

“Through events and activities, DNPA seeks to safeguard the interests of India’s digital news media houses. During Tanmay Maheshwari’s tenure as chairman and under his guidance, we made significant strides in making India’s digital news landscape increasingly equitable,” said Sujata Gupta, secretary general, DNPA.

Pocket FM has raised $103 million in its Series D funding. The company has received the funding at a valuation of about $750 million. This is nearly double compared to $390 million when it previously raised $65 million in its Series C round in March 2022.

The latest round of funding is led by Lightspeed Ventures, with Stepstone Group also participating. According to media reports, this takes Pocket FM’s total fundraise so far to $196.5 million.

Talking about the funding, Pocket FM’s co-founder and chief executive officer Rohan Nayak has said, “Today, we're excited to announce a massive milestone for Pocket FM – we've just secured $103 million in Series D funding! This incredible achievement not only speaks volumes about the faith investors have in our vision but also fuels our determination to revolutionize the world of audio entertainment. Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category."

Pocket FM has said it plans to use the money to strengthen its presence in the US as well as to expand to Europe and Latin American markets, apart from shoring up its content library and creating a strong IP playbook for its writers.