Hello Curry, a food chain has acquired First Meal, a food delivery startup. While the terms of the deal were not disclosed, a release said it consisted of both cash and stock.
The acquisition helps Hello Curry to penetrate into the breakfast and meal box segments through the subscription framework. The company has been focussing on offering healthy food with convenient packaging and quick delivery service.
Raju Bhupati, CEO of Hello Curry, said the target was to supply 5,000 meals per day in the next 6 months, with the acquisition of First Meal. "While there is a churn in the food delivery industry, we are well-poised for huge growth due to the strategic decisions we have already made and our strong commitment to delivering high quality, healthy food," he said in the release.
First Meal, started in 2015 is involved in taking pre-orders from customers through its subscription platform. It serves 5 types of diet balanced items for breakfast and daily changing nutritious lunches (meal boxes) and reaches upwards of 10,000 boxes monthly.
The company, launched by five young entrepreneurs, offers various packages to customers ranging from 1 week and up to a month, which allows flexibility in customizing the food as all orders and customer preferences are known fairly in advance.
Hello Curry started operations early in 2014 with a seed capital of Rs 6 crore from Sri Capital, owned by Sashi Reddi. It has quickly risen to capture 25 per cent of the entire Home Delivery market in Hyderabad city. It has begun Bengaluru operations in Q2 of 2015 and is poised for expansion all over the City. Recently it has tied-up with IRCTC to serve meals inside the trains.