Pluckk, a digital lifestyle-oriented fresh food brand in the fruits and vegetables (F&V) space, on Tuesday announced the acquisition of KOOK, an Indian food-tech startup that offers a range of DIY meal kits, at a deal value of USD 1.3 million.
The acquisition was through a combination of cash and equity, the company said in a statement.
KOOK offers do-it-yourself (DIY) ready-to-cook meal kits that make cooking easier for everyone by providing pre-portioned ingredients and easy-to-follow recipes. With a reputation for catering to various dietary preferences and cooking skills, KOOK has a strong presence in Delhi and Mumbai.
"With KOOK's strong target audience and expertise in meal kits, Pluckk is well-positioned to deliver the best quality fresh food to end-consumers in this thriving USD 15 billion market," it said.
Speaking on the acquisition, Nelson D'Souza, CFO, Pluckk, said, KOOK's demonstrated expertise in building a world-class product in the meal-kit space, coupled with Pluckk's commitment to provide safe and chemical-free produce, will enable offering an unbeatable farm-to-fork experience to customers across India.
"In the post-covid world, ready to cook meal kits have emerged as a sought after cooking trend with customers preferring to control the quality of food consumed while having more dining options which we look to leverage by offering this differentiator to our customer experience.
"Further, from a unit economics point-of-view, this is a welcome addition to our portfolio and will help us accelerate our journey towards building a profitable business," he said.
Pluckk's acquisition of KOOK is a strategic move to tap into the enormous growth potential of the meal kit market and presents significant opportunities for Pluckk, the statement said.
The global market is projected to grow from USD 15.21 billion in 2021 to USD 31.5 billion by 2025, representing a 20 per cent CAGR.
"The synergies between what we are building at KOOK and the lifestyle-first approach that Pluckk brings to the fruits and 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, Arpitta Jerath said.
KOOK, co-founder, Nikhil Thatai said, "We estimate the market size of meal kits to be around USD 1 billion 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."
KOOK is a DIY meal kit startup founded by ISB alumni Nikhil and Arpitta in 2020. With presence across Delhi & Mumbai, KOOK was started with a mission to make at home cooking hassle free and easy.
Pluckk offers a farm-to-fork product line for health-conscious consumers, featuring safe and chemical-free produce through their ozone wash and traceability program.
Customers can shop based on food trends such as gut health, heart health, and diabetes, and access a wide range of products beyond the basics, including organic and exotic produce.
Pluckk's products are available on their own direct-to-consumer (D2C) platform and partner platforms like Blinkit, Swiggy, Zepto, Dunzo, and Amazon.
Co-founded by Pratik Gupta and seed-funded by Exponentia Ventures (EV) with current operations in Bangalore and Mumbai, Pluckk offers a large variety of special selections of gourmet fruits and vegetables directly to end-consumers, doing away with mediators.
The platform has already on boarded 500 plus farmers across Mumbai and Bengaluru and plans to reach the 1,000-mark in the next 6 months.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
