ITC To Acquire Prasuma and Meatigo Brands To Expand Presence In Frozen Foods

FMCG giant ITC is acquiring the 'Prasuma' and 'Meatigo' brands to expand its presence in frozen, chilled, and ready-to-cook foods. 

ITC has signed agreements to acquire Prasuma, a leading brand in this sector in India. Prasuma operates under the names 'Prasuma,' 'Meatigo by Prasuma,' and 'Prasuma Momo Kitchen.' ITC will fully acquire Prasuma over the next three years, according to a joint statement.

ITC will acquire 43.8% of the stake initially, and the rest will be bought in parts by June 2028, based on agreed valuation criteria and other conditions.

Read more- Caregiving-tech Startup LegUp Raises Rs 2 Cr Maiden Funding

The acquisition will strengthen ITC’s position in these growing categories, which currently have an annual market size of over Rs 10,000 crore.

Market Presence And Future Plans

ITC entered the frozen foods market in 2019 with the ‘ITC Master Chef’ brand. In just five years, ITC Master Chef has grown quickly and now offers over 50 easy-to-cook, nutritious, and tasty frozen Western and Indian snacks, as well as Indian breads.

ITC claims that ITC Master Chef is available in more than 200 cities and serves both retail and food service customers.

With this acquisition, ITC will become the first company in the segment to offer a complete range of products, providing meals and snacks for different times of the day to meet the needs of customers.

"We are delighted to back Prasuma and look forward to jointly building an unparalleled, full stack frozen, chilled and ready-to-cook foods portfolio. With Good-for-You, first-to-market products, across cuisines, we believe that the combined portfolio will delight our discerning consumers. This investment reaffirms our commitment to building future-facing, best-in-class, innovative portfolios," said Hemant Malik, Wholetime Director, ITC Limited.

About Prasuma

Prasuma operates under the brands 'Prasuma,' 'Meatigo by Prasuma,' and 'Prasuma Momo Kitchen.' Its main product, 'Prasuma Momos,' was launched in 2019.

The company has also created several unique frozen products, such as Baos, Korean Fried Chicken, Schezwan Momo meals and Japanese Fried Rice.

Meatigo, on the other hand, provides customers with high-quality deli meats and raw meat through its direct-to-consumer platform. Prasuma Momo Kitchen offers premium Pan Asian dishes through 40 cloud kitchens. 

Prasuma is present in over 100 cities across both online and offline channels and has reached an annual revenue run rate of around Rs 200 crore.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.