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Bengaluru court restricts CureFoods from selling movable assets

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A commercial court in Bengaluru recently passed an injunction order against health and fitness startup Curefit’s subsidiary CureFoods, restraining he firm from selling its moveable assets such as kitchen equipment.

Reported by ET (1), the case was filed by CureFoods’ landlord, who claimed that the firm had withheld its rental payments and not honored the lock-in period of the lease. 

CureFoods operates as CureFit’s EatFit brand and took up the rental property in Bengaluru for Rs 9.5 lakh per month through a registered lease dated on 27th January 2020, with a three-year lock-in. 

The rent was payable from 1st May after the landlord undertook remodeling work to the company’s specifications. 

Curefit stated in its termination letter for the lease that their business was affected due to the COVID-19 situation. However, the landlord stated that the company was freely operating its food delivery services as it was a part of the essential services. 

Curefit’s expansion to the US

Earlier this month, Curefit undertook a second round of layoffs and furloughs that impacted the livelihood of over 600 employees, two months after laying off over 700 workers.

It was also reported that the company has been planning to expand its fitness unit cult.fit and other services from mind.fit, including meditation, yoga, and therapy services to the US market.

Mukesh Bansal, co-founder and CEO at Curefit, said that the coronavirus pandemic has helped in boosting the company’s growth, which has allowed it to expand its services to the US market, which was originally planned to be done after five years of operations in India.  

CultFit brand had to shut down the operations of its cloud kitchen brand EatFit, which had raised Rs 832 crore funding from Singapore government-backed investment company Temasek. 

Several other businesses have been affected during the Corona times, including Zomato, Uber, Ola, Paytm, Swiggy, etc. 


A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Source: https://timesnext.com/bengaluru-court-restricts-curefoods-selling-assets/

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Budget hospitality startup Zostel set to expand and open 500 new properties in a span of 2 years

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Budget hospitality firm Zostel, which initially set aside its expansion plans due to the COVID-19 disruption that shook the hospitality industry, announced that it would be getting big on hyper-local domestic travel. 

As reported by ET (1), Dharamveer Singh Chouhan, CEO & Co-founder, said that the chain plans to open 500 new properties over the coming two years, which will be a mix of hostels, homestays, and new products worth Rs 2,500 crore.

Zostel presently has over 60 properties that are a mix of hostels and homestays, and the company plans to raise Rs 10 crore in a funding round from the market. 

Chouhan said that there were more than 4k unique individuals who either wanted to invest or offer their properties. 

He added,

“We are just connecting everybody together so that the whole system works. We are analyzing land banks across the country where vacation homes and hostels could be created.”

Post-COVID travel to bring more opportunities

Zostel properties generate phenomenal yields. If someone takes franchise on a lease as well and invests, their IRR is over 40%. In fact, the break-even is under 18 months.

Currently, 40% of the Zostel supply is open in India, and revenues stand at 25% of the pre-COVID levels. 

The company plans to open up 500 new destinations for short-term travel and the new travel norms that will be showing up post-COVID. Many companies have reduced their office spacing as they give people the freedom to work from anywhere. 

With this, over 50-100% of the staff has the freedom to practice remote working, allowing them to work at any destination in the world with great wifi and electricity, even if ts on the top of the hills. 


A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Source: https://timesnext.com/budget-hospitality-startup-zostel-expansion/

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Swiggy launches Instamart to deliver grocery & essential items within 45 min

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Foodtech giant Swiggy has launched its quick 45 minutes delivery service for groceries and daily essentials and will start with its operations in Gurugram. The delivery will be taking place via dark stores, and customers can place orders via Instamart on the Swiggy app itself, as reported by ET (1). 

The launch of the quick delivery service comes at a point where many other major retailers in the market, like Zomato, Grofers, Dunzo, and BigBasket, have already been working towards groceries and essentials in the cities during the pandemic. 

Ecommerce giant Flipkart also joined the quick delivery race with its service Flipkart Quick in the Bangalore region recently. 

A Swiggy spokesperson said,

“We are currently testing Swiggy Instamart Instamart to see how it augments our consumer promise of enabling unparalleled convenience by making grocery delivery more instant and delightful.”

Addressing the unmet grocery needs of urban consumers

The dark stores refer to traditional retail stores that are converted into local fulfillment centers where the products are sourced from third parties. 

The spokesperson added that the company wanted to introduce the convenience grocery category in India through Instamart. Instamart will be addressing the unmet grocery needs of urban consumers who are constantly looking for convenient, time-saving methods. 

With this service, consumers will be able to get instant meals, snacks, ice creams, beverages, fruits & vegetables delivered to their doorstep wither within 30-45 min or within 7 am-12 am (serviceable time).

Swiggy plans to offer over 2.5k items from its partner dark stores, with the presence of the dark stores being made strictly virtual. Additionally, Swiggy’s move also came along when the Reliance JioMart expanded to over 200 cities, giving a stiff competition to its established players. 


A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Source: https://timesnext.com/swiggy-instamart-quick-deliver-grocery-essential/

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Big Pharma spends nearly 68% of its $30 billion annual ad dollars to persuade doctors and others to prescribe their drugs to patients. Could this explain why more doctors prescribe remdesivir instead of hydroxychloroquine?

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Big Pharma is a term commonly used for the world’s largest publicly traded pharmaceutical companies. The Big Pharma is one of the most powerful industries in the world. The global revenue for Big Pharma was over $1 trillion in 2014, according to a report from DrugWatch website. To put that into a perspective, the US spends $3.3 trillion, or 17.8 percent of the GDP on healthcare in 2016.

Nowhere else in the world do the drug and medical device industries have as much power and make as much money as in the United States. Today, Six of the top 10 pharmaceutical companies have their headquarters in the U.S. These companies include Johnson & Johnson, Pfizer, Merck, Gilead, Amgen and AbbVie.

In 2015 alone, Americans spent an all-time high of $457 billion on prescription drugs, and drug prices continue to rise. So, how does the Big Pharma spend its money? According to BMJ, for every $1 spent on “basic research,” Big Pharma spends $19 on promotions and advertising.

According to a study conducted by JAMA also confirmed by Arstechnica, Big Pharma also spends nearly $30 billion that health companies now spend on medical marketing each year. What’s surprising about the spending is that around 68 percent (or about $20 billion) goes to persuading doctors and other medical professionals—not consumers—of the benefits of prescription drugs. In other words, the Big Pharma shells out $20 billion each year to schmooze doctors and $6 billion on drug ads.

According to many drug analysts, charming doctors isn’t surprising and not a new occurrence. Big Pharma traditionally spends most of its marketing dollars on schmoozing doctors “by sending sales representatives to doctors’ offices for face-to-face visits, providing free drug samples and other swag, offering payments for speeches, food and beverages, travel, and hosting disease ‘education.’”

However, what is new and appears to be more “shadier situation—is the explosion of direct-to-consumer (DTC) marketing that couples with those efforts for a one-two marketing punch.” The Big Pharma’s influence is not limited to doctors and other medical professionals. The Big Pharma has also wields over media outlets.

For example, in 2018, an estimated 70% of all news advertising in the US came from pharmaceutical companies. I have written elsewhere about how “reporting” on medical issues can be difficult to distinguish from outright marketing for drug companies.

With the ongoing coronavirus pandemic, the question everyone is asking is, could this explain why more doctors are prescribing remdesivir instead hydroxychloroquine?  Remdesivir is a broad-spectrum antiviral medication developed by the biopharmaceutical company Gilead Sciences, one of the 7 Big Pharma we mentioned above.

Dr. James Todaro, a graduate of Columbia University, also made similar observation in Twitter post earlier today. Dr. Todaro said:

“The influence that the pharmaceutical industry wields over media outlets is no secret…An estimated 70% of all news advertising in the US came from pharmaceutical companies.” I guess it’s no surprise why mainstream media loves Remdesivir and hates HCQ.

We’ll let you decide and draw your own conlusion.


Source: https://techstartups.com/2020/08/10/big-pharma-spends-nearly-68-30-billion-annual-ad-dollars-persuade-doctors-others-prescribe-drugs-patients-explain-doctors-prescribe-remdesivir-inst/

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