Happy 2024! Welcome to the first edition of ETtechs Top 5 in the new year. Tata groups digital payments business, Tata Payments, has secured a payment aggregator licence from the Reserve Bank of India (RBI). This and more in todays edition of our daily evening newsletter.
The company calls this business food-tech, which it has identified as one of the emerging vectors of growth. It currently runs three brands: ITC Aashirvaad Soul Creations for North Indian daily or comfort food, ITC Master Chef Creations for North Indian gourmet cuisines, and ITC Sunfeast Baked Creations for bakery products. There are 19 cloud kitchens in Bengaluru and four in Chennai. The kitchens have already broken even.
Companies had ventured into the market following the government s nudge on increasing millet consumption. Sales, however, have been sluggish due to the consumer perception that these products are not tasty and are priced high, apart from the difficulty in adding millets as ingredients in existing items - as it changes flavour - and low shelf life.