Latest news with #FMCG
TechCrunch
2 hours ago
- Business
- TechCrunch
After raising $38M, African e-commerce startup Sabi lays off 20%, pivots to traceable exports
African B2B e-commerce startup Sabi has laid off around 20% of its workforce (~50 employees) as it pivots from its original retail-focused platform to double down on a growing business in commodity exports. The layoffs, confirmed by the company on Thursday, are part of a broader restructuring aimed at aligning resources with what it describes as rising demand for traceable, ethically sourced commodities, an area it began building out last year under a new vertical called TRACE (Technology Rails for African Commodity Exchange). Launched in Lagos in 2020, Sabi began as a software platform helping informal retailers digitize inventory and sales amid COVID-19 disruptions. It later expanded into a fast-moving consumer goods (FMCG) marketplace with embedded finance, scaling across Nigeria and Kenya. By mid-2023, Sabi claimed over 300,000 merchants and $1 billion in annualized GMV. That momentum helped it secure a $38 million Series B round at a $300 million valuation. But like many startups in the B2B e-commerce space in Africa, Sabi faced structural headwinds: thin margins, capital intensity, and tough unit economics. Unlike competitors that burned through capital, Sabi maintained an asset-light model and stayed profitable. Still, the market shift has been clear. In March, the company launched TRACE as a new business line, alongside FMCG. The new vertical targets mineral and agricultural exports such as lithium, cobalt, tin, and cash crops, where global buyers increasingly demand transparency, ESG compliance, and traceability. Sabi says it now exports over 20,000 tons of such commodities monthly to buyers across the U.S., Europe, and Asia. It has also launched operations in the U.S. and made senior hires to support that expansion. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW 'Sabi is entering its next chapter, with a focused commitment to commodity trade and traceability for global customers,' it said in a statement. 'We're doubling down on the part of our business seeing the most demand, built on the strong foundation we've laid since 2021 by supporting African merchants and their growth. To align with this momentum, we've made the difficult decision to restructure parts of our team.' The transition underscores a broader theme: as informal commerce platforms in Africa search for sustainability, Sabi is showing that evolving into infrastructure plays for global trade is possible. While this strategy offers higher margins and clearer paths to profitability, it can also lead to internal shakeups as Sabi's restructuring shows.
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Business Standard
a day ago
- Business
- Business Standard
FMCG, power and consumer durables stocks bore brunt of FPI selling
FPIs were net sellers (buying-selling) of FMCG stocks worth Rs 3,626 crore, power stocks worth Rs 3,120 crore, and consumer durables shares worth Rs 1,893 crore Listen to This Article Fast-moving consumer goods (FMCG), power and consumer durables stocks bore the brunt of foreign portfolio investor (FPI) selling in the first two weeks of June. FPIs were net sellers to the tune of ₹5,404 crore on the first fortnight of June. FPIs were net sellers (buying-selling) of FMCG stocks worth ₹3,626 crore, power stocks worth ₹3,120 crore, and consumer durables shares worth ₹1,893 crore. Information technology (₹1,713 crore), and consumer services (₹1,461 crore) were the other sectors where FPIs sold heavily.
Zawya
a day ago
- Business
- Zawya
IFFCO Group releases third ESG report, accelerates progress toward 2030 sustainability goals
Water intensity reduced by 8% across 23 facilities, highlighting the integration of conservation into daily manufacturing On-site renewable energy generation more than doubled, reaching 5,140 MWh Transportation-related carbon footprint reduced to 7%, down from 11% in 2021 Palm oil traceability to plantation reached 93.6%, a 9.6 percentage point year-on-year increase, underscoring supply chain transparency and alignment with NDPE standards DUBAI, UAE: IFFCO Group, the leading FMCG multinational company headquartered in the UAE, released its third annual Environmental, Social and Governance (ESG) Report, marking a significant year of progress across operations, sourcing and packaging. The 2024 report reflects IFFCO Group's transition from planning to delivery, backed by the launch of its Sustainability Strategy 2030. The strategy introduces 9 ESG programmes aligned with best global frameworks, including Climate targets in line with the Science Based Targets Initiative (SBTi) standards. Each programme is supported by three and six-year roadmaps, KPI's, and financial commitments, to ensure delivery and clear accountability across business functions. Key highlights from the 2024 ESG Report include: IFFCO more than doubled on-site renewable energy generation in 2024, reaching 5,140 MWh, enough to power approximately 480 UAE homes for a full year. The Group also achieved an 8% reduction in water intensity, reinforcing its focus on operational sustainability. IFFCO deepened its internal ESG integration by embedding sustainability-linked KPIs into the performance metrics of over 900 employees, a 13% increase from the previous year, reaffirming a Group-wide culture of ownership and accountability. IFFCO Group launched its Consumer Packaging Roadmap 2030, targeting reductions in virgin plastic use, launching packaging with recycled PET, and further adoption of renewable and recyclable packaging solutions across its product portfolio. Transportation-related carbon footprint fell to 7% share in total carbon footprint, down from 11% in 2021. This was achieved through logistics optimization and the conversion of 30% of the UAE fleet to biofuels B7, aligning with the UAE's Net Zero 2050 targets. Palm oil traceability to the plantation level reached 93.6%, a 9.6 percentage point increase from 2023, highlighting the Group's commitment to ethical sourcing and compliance with NDPE (No Deforestation, No Peat, No Exploitation) standards. Speaking on the significance of these milestones, Rizwan Ahmed, Executive Director at IFFCO Group, noted: 'At IFFCO Group, sustainability is a powerful driver of innovation, growth, and long-term value. It is not a side agenda; it is the foundation upon which we are building the future of responsible food manufacturing. The release of our 2024 ESG Report marks a decisive shift from ambition to action, guided by our Sustainability Strategy 2030. This strategy is more than a roadmap; it is a commitment to performance, accountability, and transformation. By embedding ESG principles across our operations, investing in renewable energy, and reimagining packaging and sourcing, we are shaping a future-ready organisation that aligns with the UAE's Net Zero vision and global climate goals." Our progress is a testament to our conviction that long-term value is created by acting with purpose, delivering operational excellence while doing what's right for people, the planet, and future generations." IFFCO's latest milestones reflect the Group's view of sustainability as a lever for long-term growth, efficiency, and trust. By transforming how it manufactures, sources, and delivers its products, IFFCO is positioning itself as a future-ready FMCG leader, embedding ESG strategies to drive innovation and value. 'In 2024, we translated bold ambition into tangible action,' said Dina Epifanova, Group Head of Sustainability. 'This was a year of purposeful effort, advancing smarter sourcing, strengthening traceability, and embedding sustainability across every layer of our operations. We are building a resilient foundation for long-term impact, one that creates shared value for our business, empowers our partners, and uplifts the communities we serve.' The Group remains an active participant in the broader sustainability ecosystem, working collaboratively with partners and stakeholders to shape the future of responsible food manufacturing. The full 2024 ESG Report is available here. About IFFCO Group: Established in 1975, IFFCO is a leading multinational FMCG group headquartered in the UAE. Its leading FMCG brands, including London Dairy, Tiffany, Noor, Rahma, Al Baker, Hayat and Savannah, and a portfolio of industry solutions and services enrich the lives of millions of consumers and customers globally. The company has 95 operations in 50 Countries, supported by around 15,000 employees, and its 80+ brands are available in over 100 countries. For more information, please visit: | Facebook | X | Instagram | LinkedIn | YouTube | TikTok For media enquiries, please contact: Rana Abu Atta Head of Corporate Communication raatta@ Sana Yamlikha Associate Manager - Corporate Communication syamlikha@
South China Morning Post
2 days ago
- Business
- South China Morning Post
China's consumer-goods spending sees recovery as deflation eases, Bain says
China's fast-moving consumer goods (FMCG) sector is seeing some signs of a tentative recovery in spending, tempering declines in selling prices in an economy under years of deflation, according to a report by Bain & Company. Value grew 2.7 per cent in the first quarter from a year earlier, as festive spending helped fuel a 5.3 per cent gain in volume, the firm said in a market research report published last week. The average selling price fell 2.5 per cent, following a 3.4 per cent slide in 2024 that was the worst in four years, it added. Bain tracks and analyses FMCG goods deemed to be daily necessities that households buy on a daily or weekly basis across four sectors: packaged food, beverage, personal care, and home care products. It does not cover categories like apparel, appliances, travel and restaurant spending. 'The overall market trend for 2025 is unclear' because of persistent deflation, according to the report co-authored by Bain's senior partners Derek Deng and Bruno Lannes and Rachel Lee, general manager of Worldpanel China. 'A downtrading trend was consistent across all four major categories.' 13:04 What does it mean for the world when Chinese consumers tighten their belts? What does it mean for the world when Chinese consumers tighten their belts? China's macroeconomic conditions improved while consumer confidence stabilised and Beijing announced more policies to support domestic consumption and crank up growth as exports struggled amid tariff and trade barriers. The government in March unveiled a strategy to raise wages and reduce households' financial burdens.
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Business Standard
3 days ago
- Business
- Business Standard
FMCG firms brace for input cost surge as Israel-Iran conflict escalates
Fast-moving consumer goods (FMCG) companies manufacturing packaged foods, beverages, detergents, and paints are bracing for potential cost pressures amid escalating tensions in West Asia. Industry executives warn that any prolonged conflict could send crude oil prices surging, disrupting the early signs of demand revival and destabilising recently cooling input costs, according to a report by The Economic Times. The concerns come at a time when FMCG firms had started to report improving sales trends after a prolonged slowdown lasting five quarters. Positive indicators included Reserve Bank of India's rate cuts, tax incentives in the Union Budget, and early monsoon onset — all of which were expected to spur rural and urban demand in the coming months. Crude-linked inputs a key pressure point Companies are particularly concerned about the impact of oil price volatility on packaging and raw material costs. Petroleum derivatives account for 20 per cent–25 per cent of input costs for food companies and up to 40 per cent for paint makers. These materials are used both directly in products like detergents and paints and for packaging items such as snacks and beverages, the report said. Bisleri, which recently entered a strategic tie-up with Dubai-based Apparel Group to expand into West Asia and Africa, is especially exposed to developments in the region. The report said that most companies engage in hedging and forward contracts covering up to six months of crude-linked inputs, offering some near-term protection. However, a prolonged or severe escalation could wipe out these advantages. Companies had recently paused price hikes after three straight quarters of increases, as costs of commodities such as palm oil and wheat began to stabilise. According to NielsenIQ's latest report, the FMCG sector recorded 11 per cent year-on-year value growth in the January-March quarter, with 5.6 per cent attributed to price hikes. Over the past few quarters, persistent inflation led many consumers to downtrade — opting for lower-priced alternatives — or cut back on non-essential purchases. With Brent crude climbing back to $75 per barrel, up over 15 per cent from last month, firms fear a renewed rise in input costs could undermine fragile consumer sentiment once again, the news report said. Israel-Iran conflict Tensions between Israel and Iran have escalated sharply following Israel's launch of Operation Rising Lion on June 13. Under this offensive, Israeli forces targeted over 100 sites within Iran, including sensitive nuclear and missile infrastructure located near Natanz and Isfahan. The attacks resulted in the deaths of several high-ranking Iranian officials, including Major General Mohammad Bagheri, General Hossein Salam*, and six nuclear scientists associated with missile development and uranium enrichment programmes. Israel said that the operation aimed to disrupt Iran's nuclear capabilities. In response, Iran launched a wave of ballistic missiles and drone attacks on major Israeli cities such as Tel Aviv, Haifa, and Jerusalem. The Iranian leadership warned that 'continued Israeli aggression would lead to stronger responses', and cautioned Western nations against extending support to Israel amid the growing conflict. India calls for de-escalation, monitors student safety India's Ministry of External Affairs (MEA) issued a statement urging both nations 'to de-escalate and resume dialogue'. On Monday, the ministry noted that the Indian Embassy in Tehran is actively monitoring the evolving scenario and maintaining communication with the students to ensure their safety. Some students have already been moved to safer areas with the embassy's assistance, and additional precautions are being explored.
