Foodtech startup Pluckk acquires 100% stake in meal-kit brand KOOK
The acquisition was through a combination of cash and equity.
Pluckk, a digital lifestyle-oriented fresh food brand, has acquired KOOK, an Indian foodtech startup that offers a range of DIY meal kits, at a deal value of $1.3 million.
The acquisition was through a combination of cash and equity, said in a statement.
KOOK offers do-it-yourself (DIY) ready-to-cook meal kits that aim to make cooking easier for everyone by providing pre-portioned ingredients and easy-to-follow recipes. The startup, which has a strong presence in Delhi and Mumbai, is known for catering to various dietary preferences and cooking skills.
"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 $15 billion market," Pluckk said, in a statement.
Nelson D'Souza, CFO, Pluckk, said KOOK's 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 customers across India an unbeatable farm-to-fork experience.
"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," said D'Souza.
"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 added.
Pluckk's acquisition of KOOK is a move to tap into the enormous growth potential of the meal-kit market and presents significant opportunities for Pluckk, the statement said.
Pluckk operates in the fruits and vegetables space,
"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," said KOOK's co-founder, Arpitta Jerath.
"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."
The global meal-kit market is projected to grow from $15.21 billion in 2021 to $31.5 billion by 2025, representing a 20% CAGR.
"We estimate the market size of meal kits to be around $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," said Nikhil Thatai, KOOK's co-founder.
KOOK was founded by ISB alumni Thatai and Jerath in 2020.
Pluckk offers a farm-to-fork product line for health-conscious consumers. It features chemical-free produce, through an ozone wash and traceability programme.
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, according to the company.
Pluckk's products are available on its own direct-to-consumer platform and partner platforms such as Blinkit, Swiggy, Zepto, Dunzo, and Amazon.
Co-founded by Pratik Gupta and seed-funded by Exponentia Ventures, Pluckk offers special selections of gourmet fruits and vegetables directly to end-consumers, thus doing away with mediators. It is currently operational in Bengaluru and Mumbai,
The platform has onboarded over 500 farmers across Mumbai and Bengaluru and it plans to reach 1,000 farmers in the next six months.
Edited by Swetha Kannan