Startup Street: F&B sector's SOS to government and Cure.fit's virus woes
One sector that was massively hit because of the nationwide lockdown is India’s food and beverage (F&B) industry.
One sector that was massively hit because of the nationwide lockdown is India’s food and beverage (F&B) industry. A big employment generator, it could now be staring at a loss of almost Rs 80,000 crore due to the COVID crisis. In fact, 4 out of 10 restaurants will likely be shut down in the absence of a government bailout.
According to the National Restaurant Association of India (NRAI), there is nearly a 70 percent fall in food delivery business and analysts say, dining out or ordering in will take very long to recover post-lockdown. The NRAI had written to Niti Aayog CEO Amitabh Kant in March, asking for an urgent relief for the sector.
To discuss what it will take to restart restaurants in India, Anurag Katriar, president of the National Restaurant Association of India; Varun Tuli, managing partner of Food INC that owns brands like Yum Yum Cha, and Noshi and Ankit Gupta, director, Hunger Pangs and founder of Burma Burma Restaurant are in conversation with Startup Street.
Health and fitness startup Cure.fit, health food platform Eat.fit and mental health platform Mind.fit said this week that it was pushed to close operations in small towns in India and the UAE and has fired several employees.
Founded in 2016 by Mukesh Bansal, who was co-founder of fashion retailer Myntra and Ankit Nagori, who was former chief business officer of Flipkart, the startup had raised over $400 million from marquee investors. To understand what went wrong and to take stock of the situation, Startup Street is joined by the co-founders of Cure.fit Mukesh Bansal and Ankit Nagori.
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