ITV

Category: Marketing

  • Godrej Yummiez introduces ‘Yummiez Crispy Fried Chicken’

    Godrej Yummiez introduces ‘Yummiez Crispy Fried Chicken’

    Mumbai: Godrej Yummiez, a leading brand of frozen ready-to-cook products from Godrej Tyson Foods Ltd (GTFL), is thrilled to announce the launch of its latest innovation, Yummiez Crispy Fried Chicken, a ready-to-cook crunchy snack that is convenient to make at home in just five to seven minutes. The brand also unveiled Yummiez Crispy Chicken Bites; bite-sized munchies made from premium boneless chicken. As the leading brand in the non-veg frozen ready-to-cook category, Godrej Yummiez continues to redefine the landscape with its offerings and innovations.  Crispy Fried Chicken and Crispy Chicken Bites become two fresh additions in Yummiez’s non-veg portfolio, having witnessed the launch of chicken sausage sachets, cocktail sausages, and prawns in the last one year.    

    As per a report released by Department of Animal Husbandry, Dairying & Fisheries in 2022, India’s chicken meat consumption is around 3 kg per person per year. The organised fried chicken category in India is estimated to be around INR 2000 crore, growing anywhere between 15-20% per annum. However, most consumers choose to enjoy fried chicken outside due to the hassle associated with cooking it at home and the inability to achieve recipe and taste matching restaurant like fried chicken. Identifying this need gap, Godrej Yummiez is offering a ready-to-cook variant bringing restaurant like taste to home along with convenience and ease. The ready-to-cook fried chicken also offers more value to consumers.

    Speaking on the launch of the new product, Godrej Tyson Foods Ltd CEO Abhay Parnerkar said, “Factors such as the rising popularity of ready-to-cook and value-added chicken products are driving up chicken consumption. As India’s leading player in ready-to-cook frozen products category, Godrej Yummiez recognizes consumer preference for indulging in fried chicken out of home, steering clear of the kitchen complexities and its preparation at home. Sensing the potential and the absence of hassle-free home options, we proudly introduce a ready-to-cook format of fried chicken that is super crunchy, tasty and can be made within just five to seven minutes.”

    He further added, “Our unique advantage lies in our vertically integrated operations, where we breed organic-fed chicken on our own farms. The best-in-class practices from Farm-to-Fork ensures that the chicken on offer is high protein, tender and juicier which can then be bought in various shapes and forms. This way we ensure there is complete control on the quality of chicken and consumers get only what we breed on our farms.”
     

  • TAM AdEx: Reflections of 2023 for advertising in movies genre

    TAM AdEx: Reflections of 2023 for advertising in movies genre

    Mumbai: TAM AdEx India has released a report on television medium – reflections of 2023 for advertising in movies genre.

    Trends in ad volumes of movie genre: 27 per cent rise in 2023 as compared to 2019. In 2023, there was a four per cent increase in advertising volumes compared to 2022. Advertising volumes in the second quarter of 2023 were five per cent higher than those in the fourth quarter of the same year.

    In 2024, the movies channel genre secured the second-highest share of advertising volumes among various channel genres.

    Hindi movies maintained their dominance in terms of ad volumes, holding a share of over 40 per cent in both 2023 and 2022. The top four sub-genres maintained their positions from 2022 to 2023. In 2023, the top five sub-genres collectively accounted for 77 per cent of the advertising share.

    The count of categories, advertisers and brands consistently increased over the period, but, it was seen highest during Q’4 of 2023.

    During 2023, the top four sectors retained their respective positions compared to 2022. The combined contribution of the top 10 sectors accounted for 93 per cent of the advertising volumes in 2023. Among top 10 sectors, the BFSI sector was the sole newcomer in 2023 compared to 2022.

    Toilet soaps retained its first position with nine per cent share of ad volumes in 2023 compared to 2022. Washing powders/liquids ascended to second position with four per cent share of ad volumes compared to its third position in 2022. Together, the top 10 categories covered 38 per cent share of ad volumes in 2023. In 2023, biscuits was the only new entrant with three per cent share of ad volumes over 2022.

    During 2023, toilet soaps saw the highest increase in ad secondages as compared to 2022, followed by washing powders/liquids with 54 per cent and 15 per cent ad volumes growth respectively. In terms of growth percentage among the top 10 categories, air fresheners topped with the highest growth of three times.

    Top 10 advertisers contributed 57 per cent share of movies genre’s ad volumes. HUL was the leading advertiser with 22 per cent share of ad volumes in 2023. Along with HUL, Reckitt Benckiser (India) and P&G retained their respective positions in 2023 over 2022. Nestle India was a new entrant and secured the 10th position in 2023 compared to its 11th position in 2022.

    In the movie genre, Devdarshan Dhoop Industries stood out as the primary exclusive advertiser among the 35 plus advertisers prominently featured in the 2023.

    The top 10 brands contributed 11 per cent share of movies ad volumes. Compared to 2022, Dettol Toilet Soaps retained its first position in 2023.

    Sandoor Sandal and Turmeric, Lifebouy Toilet Soap and Colgate Dental Cream were new entrants during 2023 over 2022. Out of the top 10 brands present in 2023, four of them belonged to Reckitt Benckiser (India) and four belonged to Hindustan Unilever.

    470 plus advertisers & 1.4K plus brands exclusively advertised in movie genre during 2023 as compared to 2022. Piramal Capital & Housing Finance and Lux Jasmine & Vitamin C+E were the top exclusive advertisers and brands respectively during 2023 as compared to 2022.

    Prime time was the most preferred time band on movie genre followed by afternoon and morning time bands. Primetime, afternoon & morning time bands together added more than 70 per cent share of ad volumes.

    In both 2023 and 2022, ads lasting for 20-40 seconds dominated the advertising landscape of the movie genre on TV, accounting for over half of the total ad volumes. Following closely, commercials lasting less than 20 seconds emerged as the second most favored choice for advertising on movie channels in both years.

  • FITPASS and Wexer unite to revolutionise digital fitness in India

    FITPASS and Wexer unite to revolutionise digital fitness in India

    Mumbai: In a pivotal move that reshapes the Indian fitness industry, FITPASS, the nation’s leading fitness and wellness platform, has joined forces with Wexer, the world’s leading digital content provider. This strategic partnership heralds Wexer’s foray in the Indian market and signifies a new era in digital fitness. FITPASS’s collaboration with Wexer is not just a business arrangement but a pathway to innovation and long-term growth. It aims to revolutionise both the Indian and global fitness technology sectors, leveraging FITPASS’s vast network and Wexer’s expertise in digital solutions to create unparalleled fitness experiences.

    By joining forces with Wexer, FITPASS not only expands its global influence, gaining access to over 4000 global studios but also solidifies its position as a global fitness authority. This partnership also marks Wexer’s strategic entry into the Indian market, leveraging FITPASS’s robust customer base and expansive network to make a profound impact on the Indian and global fitness technology sectors. With a focus on blending localized insights with global expertise, this synergy is set to transform the fitness landscape.

    The partnership is uniquely tailored to the diverse needs of the Indian population, customizing Wexer’s offerings to cater to a wide range of demographics, from teenagers to the elderly. A significant emphasis is placed on enhancing the accessibility and affordability of fitness solutions in India’s tier three and tier four cities, where nearly 50 per cent of the nation’s youth resides. This approach underscores FITPASS’s commitment to inclusivity and its mission to make fitness accessible to every corner of the country.

    At the core of this collaboration lies the commitment to provide affordable, inclusive fitness solutions, particularly in India’s underrepresented areas. FITPASS’s dedication to making fitness accessible and budget-friendly aims at bridging the fitness divide, targeting young, internet-savvy, and well-informed consumers in these regions.

    The collaboration boasts an extensive range of Fitness & Wellness Modalities, including Bootcamp, Cycle, Box & Fight, Cardio, Cycling, Dance, Pilates, Strength, Stretch & Recover, Wellness, and Yoga. Featuring over 2900 international trainers from more than 50 countries, the partnership reflects FITPASS’s commitment to delivering a holistic fitness experience to all age groups.

    FITPASS’s services include specialized programs for teenagers, pregnant women, and postpartum women, offering comprehensive health approaches and online videos. This attention to diverse demographics underscores FITPASS’s holistic approach to health and wellness.

    Enhancing FITPASS-TV, the collaboration incorporates content from globally renowned studios and trainers, leveraging Wexer’s fitness technology expertise. This development makes premium fitness content accessible to millions of existing and new users.

    FITPASS co-founder Akshay Verma, shared his vision for the partnership, emphasizing the strategic importance of making fitness accessible across India, including rural areas. “Our strategic partnership with Wexer is a pivotal step in redefining fitness accessibility in India, home to the world’s largest working population. This collaboration is more than a business alignment; it’s about fueling innovation and long-term  growth in fitness culture. By enhancing FITPASS offerings, we aim to empower India’s vast workforce to be fit, strong, and healthy. Our mission extends beyond urban centers; we are committed to penetrating rural areas, which house a large part of our population across age groups. With Wexer’s expertise in fitness technology, we aspire to bridge the fitness accessibility gap, making top-tier fitness experiences a reality for every Indian, regardless of their location. FITPASS TV is just the beginning – our vision is to reach millions more, transforming fitness into a way of life for the entire nation.”

    Wexer head of APAC Sam Aldred shared his excitement about the association, stating, “Wexer is thrilled to support FITPASS, a rapidly expanding and forward-thinking brand, in broadening their digital offerings. This collaboration marks a pivotal moment for Wexer in India, and the partnership aligns seamlessly with Wexer’s brand motto, adding value by enhancing accessibility and engagement in the evolving fitness landscape.”

    The partnership not only opens up significant growth opportunities in India’s fitness and wellness sector but also showcases the shared commitment of both organizations to delivering exceptional fitness experiences nationwide, contributing to holistic well-being.

    Exclusive videos from this collaboration can be accessed on the official FITPASS website.

  • Innovative approaches to diversity, equity, and inclusion in the workplace

    Innovative approaches to diversity, equity, and inclusion in the workplace

    Mumbai: Diversity, equity, and inclusion (DEI) have become crucial values for organizations striving to create a more vibrant and productive workplace. The benefits of embracing these principles are evident, as diverse companies experience 2.3 times higher cash flow per employee, and inclusive teams enhance performance by up to 30 percent in high-diversity environments, according to Deloitte and Gartner, respectively. Despite this, only 40 percent of employees feel their managers foster an inclusive environment. This article explores innovative approaches to fostering diversity, equity, and inclusion in the workplace, addressing the need for objective criteria, recognition programs, measurement tools, employee resource groups, psychological safety, feedback mechanisms, and the integration of DEI principles into hiring practices and beyond.

    Fostering Diversity in the Workplace:

    1   Establishing Standards on Objective Criteria: To minimize bias and prejudice, organizations should establish standards grounded in objective criteria. A collaborative approach involving team discussions to set these criteria can be facilitated using tools such as Achiever’s Action Builder feature. This promotes transparency and reduces unconscious bias, fostering a fair and inclusive environment.

    2   Recognition and Rewards Programs: Employee recognition is a powerful tool for promoting diversity and inclusion. Implementing engaging recognition and rewards programs encourages the celebration of both individual and team achievements. Recognition tools can be tailored to align with company values, particularly those supporting DEI initiatives, creating a positive and inclusive work culture.

    3   Utilizing Tools for Measurement: Utilizing HR tools, including employee engagement software and recognition platforms, is essential for monitoring progress towards inclusivity. Voice of the employee solutions can gauge workforce sentiment on DE&I initiatives, identifying areas for improvement. Incorporating key performance indicators (KPIs) related to minority representation and employee tenure adds quantitative measures to track progress.

    4   Employee Resource Groups (ERG): Establishing ERGs or committees, such as women’s networks or LGBTQ+ groups, provides a platform for employees to connect in large organizations. Internal platforms can be utilized to announce, promote events, and facilitate idea submissions. Aligning ERGs with overall DE&I strategy ensures these groups contribute meaningfully to workplace diversity.

    5   Promoting Psychological Safety: Creating a safe space for all employees is imperative. Establishing a culture where individuals feel empowered to voice concerns fosters trust. Encouraging employees to flag uncomfortable situations contributes to psychological safety, ensuring a more inclusive work environment.

    6   Gathering Employee Feedback: Employing surveys and continuous feedback platforms allows organizations to capture employee sentiments in real-time. Leveraging pulse surveys specifically addressing DE&I topics provides valuable insights for course correction. Demonstrating responsiveness to feedback enhances trust, encouraging employees to share their perspectives openly.

    7   Integration of D&I into Hiring Practices and Beyond: Diverse hiring panels, unconscious bias training for hiring managers, and virtual coffee chats between employees across locations promote inclusivity. Integrating diversity into hiring practices ensures a diverse and talented workforce, while virtual connections facilitate relationship-building and a sense of belonging.

    8   Documenting Best Practices and Policies: Transparent communication of company policies is crucial for fostering an inclusive workplace. Regularly updating the code of conduct to reflect the company’s approach to diversity and non-discrimination reinforces its importance. Incorporating a non-discrimination module into employee training ensures awareness and adherence to DEI principles.

    Conclusion

    Innovative approaches to diversity, equity, and inclusion are essential for organizations committed to building a more inclusive and productive workplace. By implementing objective criteria, recognition programs, measurement tools, ERGs, psychological safety practices, feedback mechanisms, and integrating DEI principles into hiring practices and policies, companies can create environments where every employee feels valued and empowered. Embracing these approaches not only aligns with the broader societal shift towards inclusivity but also contributes to enhanced organizational performance and resilience in the face of challenges.

    The author of this article is Mancer Consulting director & CEO Satya D Sinha.

  • India tops global survey in satisfaction with romantic/sex life: Ipsos survey

    India tops global survey in satisfaction with romantic/sex life: Ipsos survey

    Mumbai: Ipsos Global Advisor 31 country, love life satisfaction around the world survey shows interesting insights about urban Indians and their romantic life. India tops all 31 markets covered in the survey, in satisfaction with romantic/sex life with at least 76 per cent urban Indians claiming to be satisfied. In comparison, only 62 per cent global citizens claimed to be satisfied on this attribute. Mexico was tied in with India at the top spot (76 per cent), followed by China (75 per cent), Thailand (75 per cent), Indonesia (73 per cent) and Colombia (73 per cent). And the citizens least satisfied with their romantic/ sex life were from Japan (37 per cent), South Korea (45 per cent) & Canada (52 per cent).

    Feeling loved

    Reminiscing the track Love Me Do of The Beatles, love is definitely felt across all global markets with almost 3 in 4 global citizens (74 per cent) claiming to be satisfied with feeling loved. 84 per cent urban Indians felt satisfied with their feeling of being loved. India was placed 2nd in the pecking order and was preceded by Colombia (86 per cent) and Peru (86 per cent) – tied at the top spot.

    Japan was placed at the bottom of the heap with only 1 in 2 satisfied with feeling loved (51 per cent).

    Commenting on the findings of the survey, Ipsos UU & Synthesio, India group service line leader Ashwini Sirsikar said, “India topping the charts is not really a surprise as we as a society believe in love, institution of marriage, stable and enduring romantic relationships. If we look at Valentine’s Day per se, from being a subdued activity in the past, it is now more overt with gifting, dining, celebrating, with social media being a key enabler. Marketers have leveraged this opportunity to pull out all stops to celebrate this day of love into a weeklong activity – starting with rose day, propose day, teddy day, promise day, hug day, kiss day, culminating with Valentine’s Day.”

    Relationship with partner/ spouse

    So, how satisfied are citizens with their partner/ spouse? This question was posed to those married or partnered. Interestingly, 83 per cent urban Indians and 83 per cent global citizens claimed to be satisfied with the relationship shared with their partner/ spouse. India was placed 15th in the pecking order. Markets placed at the top were Thailand (92 per cent), Netherlands (91 per cent) and Indonesia (88 per cent). Though South Korea (68 per cent) and Japan (69 per cent) were ranked lowest, at the same time majority of their citizens were satisfied with their relationship with their significant other.

    “Urban Indian couples are mostly working, with dual incomes to augment their lifestyle, and lead a comfortable life, as they get household help for chores. With education and financial freedom, couples these days share an almost equal relationship, of understanding and camaraderie. The survey reaffirms our belief in love and affection,” added Sirsikar.

  • Bagzone Lifestyles partners with Warner Bros Discovery Global Consumer Products

    Bagzone Lifestyles partners with Warner Bros Discovery Global Consumer Products

    Mumbai: Bagzone Lifestyles Pvt Ltd, the parent company of Lavie Sport, is set to revolutionise the fashion accessories landscape through a remarkable collaboration with entertainment powerhouse Warner Bros Discovery Global Consumer Products. The innovative collaboration debuts with an official collection dedicated to Lavie Sport, featuring bags inspired by iconic DC superheroes like Superman, Batman, and Wonder Woman. Recognising the timeless appeal of these globally recognisable superheroes and themes, Bagzone seamlessly integrates them into its product aesthetics and prioritizes quality to exceed customer expectations.

    The collaboration between Bagzone and Warner Bros Discovery Global Consumer Products spans diverse age groups, making them the perfect fit for this venture. The debut result is a carefully curated collection of 8 SKUs, showcasing beloved DC Super Heroes like Superman, Batman, and Wonder Woman. These iconic superheroes seamlessly integrate into Bagzone’s line of high-quality products, offering a unique fusion of fashion and entertainment.

    Collection details:

    Collection name: Lavie Sport officially collaborates with Warner Bros. Discovery Global Consumer Products for a collection inspired by Superman, Batman, and Wonder Woman.

    Product categories: The initial launch highlights three distinct ranges of backpacks for Lavie Sport, featuring iconic DC Super Heroes Superman, Batman, and Wonder Woman.

    Pricing: The price of the collection will range between INR 1500 to INR 1700.

    Availability: The products will be available for purchase both online and offline, providing consumers with convenient access.

    Bagzone Lifestyles Pvt Ltd CEO Ayush Tainwala, expressed his enthusiasm about the collaboration, stating, “We are thrilled to integrate iconic DC Super Heroes into our products, creating a blend of style, quality, and entertainment that has never been seen before. Bagzone envisions that this collaboration will not only elevate the brand presence but also set a benchmark for future industry collaborations. This distinctive blend of fashion accessories and iconic entertainment exemplifies Bagzone’s commitment to delivering innovative and boundary-pushing products. Anticipating substantial revenue growth through this collaboration, Bagzone aims to tap into the immense popularity of Warner Bros. Discovery’s iconic characters”.

    This collaboration between Bagzone Lifestyles and Warner Bros Discovery Global Consumer Products promises to redefine the fashion accessories industry in the Indian market, where iconic characters seamlessly merge with high-quality fashion, setting a new benchmark for style and entertainment.

  • Nikon India unveils debut ‘Wonders of the Wild’ contest with WWF-India

    Nikon India unveils debut ‘Wonders of the Wild’ contest with WWF-India

    Mumbai: Nikon India Pvt Ltd is thrilled to announce the launch of the first season of its ‘Wonders of the Wild’ photography and videography contest in collaboration with the Worldwide Fund for Nature -India (WWF-India). The contest aims to recognise and reward the acumen of Wildlife photographers and videographers in India who are passionate about capturing some of the breathtaking moments of flora & fauna through their lenses. The ongoing one-and-a-half-month-long contest is open to wildlife photographers and videographers across India till 3 March 2024.

    The contest has been introduced with the primary objective of inspiring both videographers and photographers dedicated to wildlife and nature to unleash their creativity and visual storytelling prowess and capture the vibrance of Indian Wildlife.

    Speaking at the commencement of the contest, Nikon India Pvt Ltd MD Sajjan Kumar said, “India is recognized as a natural sanctuary for an array of wildlife, offering photographers and videographers an ideal canvas to showcase their talent on a global scale. Our newest endeavour, the ‘Wonders of the Wild’, exemplifies our steadfast dedication, bolstered by our extensive array of top-tier lenses and Mirrorless cameras designed for wildlife photographers & videographers. We are confident that this contest will not only serve as a platform for budding shutterbugs to exhibit their expertise and enthusiasm in capturing the splendor of India’s wildlife but at the same time will serve as a reminder for the conservation of this planet’s exquisite flora and fauna.”

    Commenting on the association, WWF-India director marketing and communications Kaveri Jain said, “Capturing moments in the wild is an art that requires unparalleled passion, discipline and talent. It also plays a significant role in raising public awareness about India’s rich biodiversity and inspiring its conservation. We applaud Nikon India’s initiative of rewarding wildlife photographers and videographers who have perfected this art. We are proud to partner with their ‘Wonders of the Wild’ contest and award the winners some of our best conservation products from the WWF-India Nature Store. We look forward to seeing some fantastic photos and videos, which is always an inspiration.”

    The top entries of this contest will be evaluated by a distinguished panel of renowned wildlife videographers and photographers such as “Mr Shaaz Jung – aka big cat specialist, Nikon  Z ambassador, director of photography for the National Geographic feature film titled “The Real Black Panther”.

    Second on the Jury panel is the ‘The Tiger Princess of India’ – a title bestowed to a renowned wildlife photographer, wildlife conservationist, and Nikon creator, Latika Nath.

    We are excited to announce the third jury member of the contest, Kallol Mukherjee, a distinguished Nikon creator and acclaimed wildlife photographer with multiple awards to his credit.

    Submission of entries:

    The contest shall remain open for entries until 3 March, 2024. Participants regardless of age or gender, are encouraged to participate in the contest.

    Participants can enter the contest through the Nikon India website at  https://capturewithnikon.in/wonders-of-the-wild. The participants need to fill out a form, upload a link to their photo and/or video, and specify the Nikon camera and lens model used to capture the entry. Additionally, all participants need to provide a 100-word caption describing why their entry should be shortlisted. For the video entries, the total duration should not exceed one minute.

    Alternatively, participants can also participate via Instagram by uploading their photo and/or video via their personal Instagram handle. The accompanying caption must highlight the Nikon camera and lens used, include a 100-word description about why their entry should be selected, and add following hashtag #wowseason1, and tag @NikonIndiaOfficial to validate their entry.

    Exciting prizes:

    Winners not only stand a chance to win exciting prizes worth Rs 8 lakhs but they also have the opportunity to receive nationwide recognition and fame within the Wildlife community. The winner will receive a powerful and versatile mirrorless camera, Nikon Z 8 worth Rs 3,43,995 as a grand prize. The first runner-up will receive the NIKKOR Z 400mm f/4.5 VR S lens worth INR 2,93,995. and the second runner-up will take home the NIKKOR Z 180-600mm f/5.6-6.3 VR lens worth INR 1,69, 995.00.

    The top 10 entries will also receive WWF-India Nature Store Merchandise,

    Nikon India highly encourages India’s wildlife photographers and videographers to come forth and participate in this exhilarating contest and showcase their skills and be recognised for their untapped talent but also get a chan. Nikon India is excited to see how these talented individuals will bring their unique perspectives and exceptional stories through their submissions.

  • Nexus Select CITYWALK launches “Serving with Love” campaign

    Nexus Select CITYWALK launches “Serving with Love” campaign

    Mumbai: This Valentine’s Day, Nexus Select CITYWALK, the capital’s premier shopping destination, is spreading love and flavour with its “Serving with Love” campaign. Partnering with renowned chefs and popular social media influencers, the campaign promises culinary expertise and heartwarming entertainment.

    The centerpiece of the campaign is a series of mouthwatering dishes created exclusively for Valentine’s Day. A captivating video series featuring three talented chefs from Nexus Select CITYWALK’s beloved restaurants: Saatvik, Andrea’s Eatery, and Harajuku Tokyo Café. Each chef will be paired with a charismatic influencer – Akshat Kapoor, Arjun Madan and Pavithra Paruthi respectively. Together, they’ll embark on a culinary journey, whipping up delicious Valentine’s Day specials while engaging in lighthearted conversations about love, life, and their passion for food.

    Viewers will be given a unique glimpse into the chefs’ personalities and culinary styles as they answer fun questions. The videos will showcase the chefs’ expertise and highlight the delectable special dishes created exclusively for this campaign, available only at Nexus Select CITYWALK throughout February.

    This Valentine’s Day, let Nexus Select CITYWALK be your destination for love, laughter, and unforgettable culinary experiences.

  • Zoomcar reports fiscal third quarter 2023 results

    Zoomcar reports fiscal third quarter 2023 results

    Mumbai: Zoomcar Holdings, Inc. (Nasdaq: ZCAR) (“Zoomcar,” the “Company,” “we,” or “our”), the leading marketplace for car sharing in emerging markets, has reported select financial results for the third fiscal quarter ended 31 December 2023.

    Management Commentary

    “Our third fiscal quarter results capped a strong performance in our ongoing efficiency efforts as we achieved record gross profit and non-GAAP contribution profit while also paving the way for meaningful revenue growth over the next several quarters,” said Zoomcar CEO & co-founder Greg Moran. “The period also marked an important milestone with our public listing on Nasdaq following our successful business combination. As we look ahead to 2024, we expect a meaningful return to growth with materially improved profitability as we now have the right infrastructure in place to scale our operations efficiently.”

    Zoomcar comments and continues to make significant progress across the Company’s strategic priorities:

    1   Make vehicle Hosting mainstream: We’re focused on making vehicle Hosting just as popular as renting a Zoomcar, and we believe we’re making continuous progress to this end. Active vehicle listings hit 10.3K in FQ3 2023 as we continue to see double-digit supply growth across all major regions within India. In FQ3 2023, Zoomcar Hosts earned approximately $4 million. We’ll continue to raise awareness around Hosting through brand marketing investments and external third-party partnerships, while improving the Host’s onboarding journey and their overall experience on the platform.

    2   Perfect the core guest experience: We are intensely focused on technology-driven product innovation to improve the overall booking experience for our community of guests. In FQ3 2023 alone, we launched more than 20 new features and upgrades that, among others, help improve vehicle listing discoverability, improve price comparison capabilities, enhance sort/filter abilities within search, and revamp the payment experience at checkout.

    3   Expand beyond India: We are making steady progress in our efforts to expand beyond India. Egypt continues to scale bookings while building toward a sustainable non-GAAP contribution margin at the country level. In Indonesia we remain focused on building the appropriate mix of supply to attract higher volumes of demand to the platform on a consistent basis. We remain committed to further investment into these markets across 2024 and look forward to exploring additional opportunities for new country expansion later in the year.

    Key Performance Indicators (“KPIs”)

    1   FQ3 2023 marked a record quarter in average transaction size across the Company. Zoomcar achieved a record average transaction size of over $75 per booking during the quarter. This performance showcases the platform’s ability to leverage our internal AI models to drive higher effective net pricing on behalf of our Hosts. Concurrently, the platform also continues to enjoy a significant expansion in our multi-day travel demand which drives effective trip durations higher.

    2   Booked days and booked guests have shown increased momentum in recent months. Total booked days and booked guests were 163.9K and 68.1K, respectively.

    3   We achieved a record in active vehicle listings in FQ3 2023. Our active vehicle listings reached 10.3K in FQ3 2023. We continue to witness growth across Indian metros while observing a balanced mix of vehicle segments associated with new listings. Consistent with earlier trends in 2023, we see a consistently larger mix of professional Hosts to the platform with the intent of leveraging the Zoomcar platform as a micro-entrepreneurship opportunity.

    4   Platform quality continues to improve at a steady pace. The platform’s average guest trip rating was 4.50 on a 5-point scale in FQ3 2023. We believe that this clearly demonstrates that our product focused approach to the customer experience on the Zoomcar platform is continuing to pay dividends. A constant focus on building tools to better improve in-trip communication between guests and Hosts represented a noticeable step function improvement in the overall in-trip experience for both sets of customers on the platform.

    Fiscal Third Quarter 2023 Financial Results

    Results compare 2023 fiscal third quarter end (December 31, 2023) to 2022 fiscal third quarter end (December 31, 2022) unless otherwise indicated. We are also presenting various financial metrics under U.S. Generally Accepted Accounting Principles (GAAP) and as adjusted (non-GAAP). A reconciliation of GAAP to non-GAAP metrics appears at the end of this news release.

    1   Net revenue decreased 19% to $2.4 million, compared to $3.0 million in the same period last year. The decrease in revenue was primarily due to a lower number of days booked resulting in decreased gross billings as the Company prioritized higher-margin bookings in support of its cost reduction efforts.

    2   Gross profit increased to a record $0.3 million, compared to a gross loss of $0.3 million in the same period last year. The increase in gross profit was a result of trip fulfillment cost reductions driven by collective improvements in efficiency and lower Host accident-related reimbursements that consistently showed improvement over fiscal 2023.

    3   Operating expenses (excluding G&A costs) decreased 24%, to $2.2 million, compared to $2.9 million in the same period last year. The decrease in operating expenses was a result of a decrease in sales and marketing costs and technology and development costs.

    4   GAAP net income was $14.4 million, compared to an $8.7 million net loss in the same period last year. The improvement in net loss was the result of a one-time deSPAC transaction gains of $28.9 million associated with financial instrument conversions at fair market value. During the period, the Company also improved its gross margin profile and recorded a reduction in Host accident-related reimbursements.

    5   Gross booking value (“GBV”) was $6.5 million, compared to $8.3 million in the same period last year. The decrease in GBV was a result of our focus on booking level profitability (contribution margin) improvements at the expense of volume growth.

    6   Contribution profit (non-GAAP) was $0.2 million, compared to a contribution loss of $0.7 million in the same period last year, driven by reductions in cost of revenue due to the overall improvements in operational efficiency as well as lower host incentives and marketing costs. FQ3 2023 was the Company’s first full quarter of positive contribution profit and marked a consistent quarter-over-quarter effort to achieve this result.

    7   Adjusted EBITDA loss (non-GAAP) was $4.0 million, compared to $5.2 million in the same period last year. The improvement in adjusted EBITDA reflects broad-based cost reduction and efficiency initiatives that reduced cost of revenue, technology and development costs, and operating expenses.

       As of December 31, 2023, the Company had total negative working capital of $26.2 million, including $6.1 million in cash.

    Calendar 2024 Financial Outlook

    Based on initial performance in calendar year 2024 to-date as well as anticipated business growth expected in the coming months, the Company projects net revenue to range between $17.0 million and $20.0 million for the calendar year ended 31 December 2024, representing an increase of approximately 70% to 100% compared to calendar year 2023.

    The company also expects to achieve an annualised adjusted EBITDA run rate between $2.0 million and $4.0 million in calendar Q4 2024. 

  • RVCJ Digital Media and Sheopal’s Collaborate for “GenZ Dates Millennial” – A Valentine’s Day Special

    RVCJ Digital Media and Sheopal’s Collaborate for “GenZ Dates Millennial” – A Valentine’s Day Special

    Mumbai: RVCJ Digital Media and Sheopals have joined forces to create “GenZ Dates Millennial,” a lighthearted and heartwarming exploration of modern love, premiering this Valentine’s Day. This special video skit follows Abhi, a GenZ man, as he navigates the world of dating apps in an attempt to connect with Bhavana, a Millennial woman.

    A Modern Twist on Classic Romance

    The video delves into the humorous and relatable challenges faced by Abhi, a GenZ man, as he endeavours to bridge the generational gap while trying to connect with Bhavana, a Millennial woman on dating apps. Portraying himself as a millennial, Abhi’s journey unfolds with unexpected moments of humour, drama, and genuine emotions. Viewers will be captivated by the skit’s exploration of the challenges and rewards of navigating the digital dating landscape, ultimately discovering that true connection comes from embracing authenticity and individuality in the pursuit of love.

    More Than Just a Laugh & Entertainment

    “GenZ Dates Millennial” is more than just a comedic look at dating in the digital age. It’s a heartwarming story that reminds us that love transcends generations and that meaningful connections can blossom when we embrace our true selves.

    Grow Your Confidence and Beard with Sheopals

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    A Must-Watch for Valentine’s Day

    This Valentine’s Day, join RVCJ Digital Media and Sheopals for “GenZ Dates Millennial.” With its relatable humour, heartwarming message, and talented cast, this video is sure to resonate with audiences of all ages. The video is now available for viewing Don’t miss “GenZ Dates Millennial,” premiering on RVCJ Digital Media’s official YouTube channel: