Mumbai: Pluckk, a digital lifestyle-oriented fresh food brand in the fruits and vegetables (F&V) segment, has announced the acquisition of KOOK, an Indian food-tech startup that offers a range of DIY Meal Kits for consumers, at a deal value of US$ 1.3 million through a combination of cash and equity.
KOOK offers DIY 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.
“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 global market is projected to grow from US$ 15.21 billion in 2021 to US$ 31.5 billion by 2025, representing a 20 per cent CAGR. With KOOK’s strong target audience and expertise in meal kits, Pluckk is well-positioned to deliver the best quality fresh food to its end consumers in this thriving $15 billion market,” the food-tech startup said.
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Speaking on the acquisition, Nelson D’Souza, CFO, Pluckk, said, “We are thrilled to welcome the young team of KOOK to the Pluckk family. Their demonstrated expertise in building a world-class product in the meal-kit space, coupled with our commitment to provide safe and chemical-free produce, will enable us to offer an unbeatable farm-to-fork experience to customers across India.”
“In the post-Covid world, Ready to Cook Meal Kits have emerged as a sought-after cooking trend with customers preferring to control the quality of food consumed while having more dining options which we look to leverage by offering this differentiator to our customer experience. Further, from a unit economics point-of-view, this is a welcome addition to our portfolio and will help us accelerate our journey towards building a profitable business,” D’Souza added.
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Arpitta Jerath, Co-Founder, KOOK said on the deal, “We are thrilled to be joining forces with Pluckk and becoming a part of their innovative fresh food ecosystem. The synergies between what we are building at KOOK and the lifestyle-first approach that Pluckk brings to the fruits & vegetables category seems very compelling. Our range of DIY Meal Kits, combined with Pluckk’s digital lifestyle-oriented brand, will allow us to offer even more convenience and healthy meal options to the discerning customers in the ever-growing markets Pluckk operates in.”
KOOK, Co-Founder, Nikhil Thatai said, “At KOOK, we are committed to making cooking easy and convenient for our customers and we are excited to bring our range of DIY Meal Kits to even more people through our synergies with Pluckk. We estimate the market size of meal kits to be around US$ 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.”