Restaurant chain Sattviko has acquired Delhi-based packaged food maker FYNE Superfood for an undisclosed amount to boost its packaged products business, according to a report.
The Economic Times, which reported the development citing Sattviko co-founder Prasoon Gupta, said the FYNE Superfood brand and its products will be merged with Sattviko. It didn't give financial details of the deal.
As part of the deal, FYNE co-founder Darpan Majumdar will join Sattviko and lead the intellectual property transfer for the next six to seven months, the report said.
Email queries to Sattviko and FYNE didn't elicit a response by the time of filing this article.
According to FYNE's website, it sells natural and chemical-free packaged food products.
This is at least the second acquisition by Delhi-based Sattviko, run by Rays Culinary Delights Pvt. Ltd, within a year after it purchased food delivery startup Call A Meal for an undisclosed amount in November 2015.
The company, which was founded in 2013 by IIT Roorkee graduates Prasoon Gupta, Ankush Sharma and Rahul Gupta, runs quick-service restaurants and plans to launch its first fine-dining restaurant in Jaipur. The company introduced its delivery service in February last year.
Sattviko had early last year raised Rs 70 lakh ($113,000) in an angel funding round from investors including CommonFloor.com's co-founder Sumit Jain, former Xerox India MD Rajat Jain and Sanjay Bhasin, vice president of network business at Samsung. Prior to that, it had raised Rs 1.3 crore from a group of investors.
Sattviko says it offers ‘Sattvik’ food, which is made without onion and garlic. It serves continental, Indian and Mexican meals, salads, munchies, desserts and beverages. The company also has an online marketplace where it sells Yoga and Ayurvedic products.
The packaged food segment has seen several deals in the recent past. Most recently, Mumbai-based packaged food startup Yumlane raised nearly Rs 6.6 crore in a seed round of funding led by Flipkart co-founder and CEO Binny Bansal.
In May, Bengaluru-based packaged foods company Maiyas Beverages and Foods Pvt. Ltd raised Rs 200 crore from investors led by private equity firm Peepul Capital. The same month, Chennai's Mambalam Iyers Food Products Pvt. Ltd raised its Series A round of funding.
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