Conducted by a leading digital lending NBFC, across five metro cities, the report draws key insights and trends pertaining to consumer behaviour, revenue sources, and financial needs, among others
The food and beverages segment is thriving in India, with various new factors and trends emerging in and impacting the segment in significant ways. With over 2000 of its live customers belonging to the this space, said NeoGrowth, in a recently conducted research to gain an insight into the nature and operational dynamics of players in this segment.
The research was led in five metro cities namely Bangalore, Pune, Mumbai, Delhi, and Hyderabad, and maps the various trends emerging in the space.
NeoGrowth is a NBFC and is backed by investors, namely Omidyar Network, Aspada Investment Company, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund and Leapfrog Investments.
According to the report, one of the biggest trends impacting the space is the emergence of first generation entrepreneurs. In a market that has historically been dominated by multi-generational established players running for several years, relatively newer players with no previous business lineage and a vintage of less than 10 years have been observed to emerge and thrive in. These entrepreneurs mostly own restaurants or bars, operating out of rented premises. Even though walk-ins make up for as much as 85% of the revenue for bars and restaurants and 69% for restaurants, these players have been observed to leverage food aggregating applications like Swiggy and Zomato to a significant extent. Mostly constituting of millennial entrepreneurs, these businesses utilize social media as an effective channel for marketing and promotions.