Anzac Day Without the Crunch
An Australian tradition is in peril after yesterday’s announcement of the Broadmeadows plant’s Unibic Australia company collapse into administration, the Herald Sun reported.
The plant, which employs 170 workers and is capable of producing 4.5 tonnes of biscuits an hour, was shut down due, they say, to the continuous ‘supermarket war’ between Coles and Woolworths and their efforts to promote their respective ‘home brand’ products. Increasing ingredient costs didn’t do the two-year-old plant any favours either, according to The Australian.
The Returned and Services League (RSL) will also suffer the hit as sales of Unibic’s Anzac biscuits pay a 4 per cent royalty to the organisation over the time leading up to 25 April.
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"From our point of view we wouldn't get the bounty we have as a consequence of the sale of the biscuits, which goes to our national headquarters to distribute, and to smaller states - that would be a real loss,” RSL state president Maj-Gen David McLachlan told the Herald Sun.
The Australianreported that the company is close to being purchased, as is the priority of Unibic Administrator Glenn Franklin.
"The priority is to complete a contract of sale with a prospective buyer so that production can resume and the business can return to normal," Franklin told the newspaper.
Here’s to hoping the Canberra parade and two-up games remain untouched entities over the next two months.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.