Food-tech startup Pluckk acquires 100% stake in Meal Kit brand KOOK
By Team Startupcity | Tuesday, 02 May 2023, 14:23 IST
The acquisition of KOOK, an Indian food-tech startup that offers a variety of DIY Meal Kits for consumers, by Pluckk, a first-of-its-kind digital lifestyle-oriented fresh food brand in the Fruits and Vegetables (F&V) space, has been announced. The deal is valued at $1.3 million and was completed using a combination of cash and equity.
Cooking is made simpler for everyone by KOOK's DIY Meal Kits, which include pre-portioned supplies and straightforward instructions. KOOK has a significant following in Delhi and Mumbai and is known for accommodating a variety of food choices and cooking abilities.
The acquisition of KOOK by Pluckk was a calculated decision to capitalise on the immense growth potential of the meal kit industry and offers Pluckk a number of promising options. According to projections, the global market would increase by 20% CAGR from 15.21 USD billion in 2021 to 31.5 USD billion in 2025. Pluckk is well-positioned to provide the highest quality fresh food to its end users in this growing $15 billion market because to KOOK's strong target demographic and expertise in meal kits.
Nelson D'Souza, CFO of Pluckk, commented on the acquisition, saying, "We are happy to welcome the youthful team of KOOK to the Pluckk family. We will be able to supply clients all throughout India with an unrivalled farm-to-fork experience thanks to their demonstrated ability in creating a top-tier meal-kit product and our dedication to providing safe and chemical-free products. With customers preferring to control the quality of the food consumed while having more dining options in the post-Covid world, Ready to CookMeal Kits have become a popular culinary trend. We aim to capitalise on this trend by introducing this difference to our customer experience. Also, from the perspective of unit economics, this is a welcome addition to our portfolio and will hasten our progress towards turning a profit.
KOOK, Co-Founder, Arpitta Jerath said, "We are thrilled to be joining forces with Pluckk and becoming a part of their innovative fresh food ecosystem. The synergies between what we are building at KOOK and the lifestyle first approach that Pluckk brings to the Fruits & Vegetables category seems very compelling. Our range of DIY Meal Kits, combined with Pluckk's digital lifestyle-oriented brand, will allow us to offer even more convenience and healthy meal options to the discerning customers in the ever-growing markets Pluckk operates in."
KOOK, Co-Founder, Nikhil Thatai said, "At KOOK, we are committed to making cooking easy and convenient for our customers and we are excited to bring our range of DIY Meal Kits to even more people through our synergies with Pluckk. We estimate the market size of meal kits to be around 1B USD by 2025 in India and we look forward to leveraging our expertise in meal kit delivery to offer healthy and delicious meal options to cater to this booming market in our country."
With their ozone wash and traceability programme, Pluckk provides a farm-to-fork product range for health-conscious consumers that features safe and chemical-free produce. Customers can access a wide selection of products beyond the necessities, such as organic and exotic vegetables, and shop based on dietary trends like gut health, heart health, and diabetes. Products from Pluckk are offered on both their own direct-to-consumer platform and that of partners including Blinkit, Swiggy, Zepto, Dunzo, and Amazon.
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