Exclusive: Packaged foods startup Sattviko acquires StylSpot
Rays Culinary Delights Pvt. Ltd, which runs packaged foods company Sattviko, has acquired outfit curation portal StylSpot in order to strengthen its technology platform, a top company executive told Techcircle.
Sattviko, which also operates a chain of quick-service restaurants (QSR) in three cities, including Gurgaon and Jaipur, ventured into the online delivery of packaged foods in February 2015. The e-commerce arm sells a range of products, including traditional snacks such as makhanas, flax seeds, raisins, jaggery and chana.
“Since Sattviko is now into e-commerce, StylSpot’s product discovery platform will help us scale up,” said Prasoon Gupta, co-founder, Sattviko.
Gupta didn't disclose the terms of the deal.
StylSpot was founded in 2015 by four IIT (ISM), Dhanbad graduates—Sumeet Chilwal, Gaurav Goyal, Amit Verma and Jalaj Dagar. Chilwal will join Sattviko's core team following the acquisition.
StylSpot is the third acquisition made by Sattviko. In August 2016, it had acquired packaged food maker FYNE Superfood for an undisclosed amount.
Prior to that, it had acquired food delivery startup Call A Meal.
Sattviko was founded in 2013 by IIT-Roorkee graduates Gupta, Ankush Sharma and Rahul Gupta.
In an earlier interaction, Gupta had said that Sattviko was working on building an IoT-based healthy snack-vending machine for corporates.
The company claims its order numbers have risen three times in the past three months.
Last November, Sattviko had raised an undisclosed amount of angel investment from a clutch of investors led by Raman Roy, founder of Quattro Global Services. Others who participated in the round include: Ashish Gupta, former CEO of Evalueserve; Vinnie Mehta, executive director at ACMA; Yogesh Andlay, founder of Nucleus Software Ltd; Kevin Freitas, HR leader at Inmobi; N Ravikiran, former head of product at Wipro; G Ravishankar, former CEO of Jet Airways and former CFO at GE Healthcare; Gaurav Khurana, a Microsoft employee; and Vaibhav Jain, founder of Swastika Company.
CommonFloor co-founder Sumit Jain, Xerox India’s MD Rajat Jain and Sanjay Bhasin, vice president of network business at Samsung have also backed the startup in the past.
In the health food segment, MonkeyBox Food Tech Pvt. Ltd, which delivers healthy food for children, raised an undisclosed amount in seed investment from early-stage investor Blume Ventures and a clutch of high net-worth individuals (HNIs) in November 2016.
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Call A Meal is engaged in providing meal services to homes and offices in Jaipur. It provides hygienic food and provide meal services for lunch and dinner at the door step. It offers veg and non veg food such as chapati, seasonal ved, paneer veg, biryani etc. The company was founded in 2014 and is based in Jaipur, Rajasthan. Call A Meal operates as a subsidiary of Rays Culinary Delights Pvt. Ltd.
FYNE Superfood is a pacaked food company. Its portfolio includes superfood dids, superfood breakfast and superfood sweets. The firm produces chemical free food. The company was founded in 2016 and is based in New Delhi, India.
Rays Culinary Delights Pvt. Ltd. owns and operates chain of restaurants under the brand name Sattviko. It serves continental, Indian and Mexican meals, salads, munchies, desserts and beverages. The firm also has an online marketplace where it sells yoga and ayurvedic products. Its products include healthy snacks, home care products such as candles, floor cleaner, plants and herbs etc., personal care such as face wash, creams, soaps, shampoos etc., health care such as supplements, yoga products such as yoga books, classes, yoga apparels, ayurvedic such as skin ailments, eye care products etc. and groceries such as pulses, spices, rice etc. The company was founded in 2013 and is based in New Delhi, India.