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Hershey’s Founding Story

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Hershey’s Founding Story

The name Hershey’s is synonymous with chocolate and it is rightly so considering The Hershey Company is one of the largest chocolate makers in the world.  Hershey’s however is not just into making chocolates as they even sell cakes, milkshakes, cookies and many more products.  The Hershey’s Kisses are one of the most well known chocolates to be ever made by Hershey and the bite size chocolates are a favourite globally.  However, Hershey’s was not always a chocolate company and was manufacturing something entirely different when it was founded.

Founding Story

The Hershey Company was founded by Milton S. Hershey in 1894, but the company traces its roots back to 1873 when Milton Hershey opened a candy shop in Philadelphia after an apprenticeship.  After running the candy shop for six years, Milton Hershey apprenticed with a confectioner to learn how to make caramel following which in 1886 Milton founded the Lancaster Caramel Company.  

Milton Hershey saw a chocolate making machine for the first time in 1893 at the World’s Columbian Exposition in Chicago, and decided to make chocolates thereby founding The Hershey Company in 1894.  Before the chocolate making machines, chocolate was a luxury item and was time consuming to make.  Milton Hershey saw an opportunity and built a milk processing plant so he could create and refine a recipe for milk chocolate candies.  Milton Hershey’s first thought was to manufacture chocolate bars covered in caramel but the chocolate bars became such a huge hit, Milton ditched the caramel.  He began manufacturing Hershey’s Milk Chocolate Bars, also called Hershey’s Bars or Hershey Bars.  This would go on to become America’s favourite candy bar in its brown and silver wrapper.  Milton Hershey sold his caramel business in 1900 for a million dollars to focus on making chocolate.

ALSO READ: Dropbox Founding Story

Growth

Milton Hershey decided to build a town called Hershey in Pennsylvania where he would manufacture chocolate.  The plots of land Hershey chose were close to the Berks and Dauphin Turnpike, as well as the Reading and Philadelphia Railroads. There was a massive labor pool of rural families who were ready to work, and it was also close to one of his factory’s main ingredients which is fresh milk.  The Hershey’s Kisses were introduced in 1907 and were a huge success in the market.  The Kisses were followed by the introduction of some popular brands which are still famous today like  Mr. Goodbar (1925) and Hershey’s Syrup (1926.)  One of Hershey’s most iconic brands, Reese’s Peanut Butter Cups, was purchased by Hershey’s in 1963 and in 1969, Reese’s Peanut Butter Cups became The Hershey Company’s top seller.

Hershey’s is now present in 60 countries worldwide and is still continuing to grow in leaps and bounds.  Thousands of people visit Hershey town every year to visit Hershey Park and also to know the history of the famed chocolate brand.  It is safe to say Hershey’s has changed the way chocolate is consumed and will continue to do so in the future.

 

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Entrepreneur Stories

From Digital Wallet to Stock Market: MobiKwik Expands Its Horizons with New Brokerage Venture

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From Digital Wallet to Stock Market: MobiKwik Expands Its Horizons with New Brokerage Venture

MobiKwik is venturing into the stock broking sector with the launch of its subsidiary, MobiKwik Securities Broking Private Limited (MSBPL), following approval from the Ministry of Corporate Affairs on March 3, 2025. This move aims to diversify MobiKwik’s offerings beyond its core digital payments services and compete with established players like Zerodha and Groww.

MSBPL will provide a range of brokerage services, including trading in shares, securities, commodities, and derivatives. The subsidiary has an initial capital of Rs 1 lakh, with plans for an additional Rs 2 crore investment to support its operations.

As MobiKwik enters this competitive market, it brings a substantial user base of 172 million and a merchant network of 5 million. Despite recent financial challenges, including a reported loss of Rs 55.2 crore in Q3 FY25, the company aims to leverage its existing infrastructure and user engagement to capture a share of the growing investment technology market, projected to reach $74 billion by 2030.

This strategic expansion aligns with MobiKwik’s broader goals of enhancing its financial service

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Entrepreneur Stories

Strategic Shift: Nazara Sells Entire Stake in Sports Unity Amid Financial Challenges

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Strategic Shift: Nazara Sells Entire Stake in Sports Unity Amid Financial Challenges

Nazara Technologies has sold its entire 71.54% stake in Sports Unity Private Limited, the company behind the multiplayer quiz game ‘Qunami’, for INR 7.15 lakh. This divestment, effective March 25, 2025, signifies a strategic shift for Nazara, which had previously acquired a controlling interest in Sports Unity in 2019 for INR 7.5 crore.

The decision to offload the stake comes as Sports Unity has faced financial difficulties, reporting no active business operations and a negative net worth of INR 0.45 crore at the end of FY24. This move aligns with Nazara’s broader strategy to streamline its operations and concentrate on more profitable ventures within the gaming sector.

This sale follows Nazara’s recent divestment of a 94.85% stake in another subsidiary, Open Play, to Moonshine Technologies for INR 104.33 crore. Despite reporting record quarterly revenue of INR 544.7 crore in Q3 FY25, Nazara experienced a 53.5% decline in net profit year-over-year.

Nazara continues to focus on enhancing its portfolio through strategic acquisitions and investments in high-potential gaming platforms while navigating the competitive landscape of the gaming industry.

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Inverstors Stories

Fractal Invests $20 Million in Asper.ai to Accelerate AI Solutions for Consumer Goods

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Fractal Invests $20 Million in Asper.ai to Accelerate AI Solutions for Consumer Goods

Fractal, a leading SaaS unicorn, has announced a strategic investment of $20 million in Asper.ai, an AI-driven platform focused on the consumer goods and manufacturing sectors. This funding, revealed on March 19, 2025, aims to accelerate Asper’s growth by enhancing product development and expanding its enterprise customer base.

Investment Highlights

Pranay Agrawal, Co-Founder and CEO of Fractal, expressed excitement about the partnership, noting Asper’s impressive growth over the past three years. He stated that this investment will unlock new opportunities for enterprise customers and drive further innovation within Asper.

Asper.ai’s Objectives

Mohit Agarwal, Co-Founder and CEO of Asper.ai, emphasized the need for consumer goods leaders to have a strategic ally that can adapt to their operations and transform data into actionable insights. The investment will support Asper in building its autonomous growth AI platform and attracting top talent.

Future Plans

Anuj Kaushik, Co-Founder and Chief Commercial Officer of Asper.ai, highlighted the positive market response to their offerings. With Fractal’s investment, Asper.ai plans to enhance its AI capabilities across key areas like demand forecasting and revenue growth management.

Conclusion

Fractal’s $20 million investment marks a significant step in advancing AI solutions within the consumer goods sector. The collaboration between Fractal and Asper.ai is set to redefine how businesses leverage AI for growth and efficiency in a competitive landscape.

 

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