Pluckk Acquires KOOK, a Meal Kit Brand, with a 100% Stake
- ByStartupStory | May 2, 2023
Pluckk, a digital fresh food brand in the fruit and vegetable sector with a focus on lifestyle, has acquired KOOK, an Indian food tech startup that provides DIY tableware. The deal, valued at $1.3 million, was completed through a combination of cash and equity. KOOK’s ready-to-cook kits offer pre-portioned ingredients and simple recipes, catering to various dietary preferences and culinary skills, and has a strong market presence in Delhi and Mumbai.
Pluckk, the digital fresh food brand specializing in lifestyle-oriented fruit and vegetable products, has expressed excitement about the acquisition of KOOK. The Indian food tech startup is renowned for its meal kits and has a large target audience, making it a valuable addition to Pluckk’s operations. The $1.3 million deal was a mix of cash and equity, and Pluckk believes it is well-positioned to tap into the $15 billion fresh food market. Pluckk’s CFO, Nelson D’Souza, said the acquisition would enable the company to provide a farm-to-table experience to customers across India, with KOOK’s expertise in meal-kit production complementing Pluckk’s commitment to safe and chemical-free products.
According to Pluckk, the demand for ready-to-eat meal kits has surged as customers seek greater control over the quality of their food and more dining options in the post-pandemic era. The acquisition of KOOK is seen as a key differentiator in delivering this enhanced customer experience. Furthermore, the addition of KOOK’s meal-kit expertise is expected to boost Pluckk’s unit economics and advance its goal of building a profitable business.
Pluckk’s acquisition of KOOK is a strategic decision that is expected to unlock substantial opportunities for the company by capitalizing on the enormous growth potential of the meal box market. The global market for such products is projected to expand at a compound annual growth rate (CAGR) of 20%, reaching $31.5 billion by 2025 from $15.21 billion in 2021, according to the statement. The two companies share a common goal of prioritizing lifestyle and wellness in their offerings, and they believe that the synergies between them are compelling.
KOOK’s United Founder, Apita Geras, expressed that the combination of their DIY meal containers with Pluckk’s digital lifestyle-oriented brand would enable them to offer more convenient and healthier meal options to discerning customers in the growing markets where Pluckk operates. Meanwhile, KOOK’s co-founder, Nikhil Thatai, anticipates that the meal kit market in India will grow to about USD 1 billion by 2025, and the company aims to capitalize on this booming market by leveraging their expertise in meal kit delivery to provide delicious and healthy meal options that meet the demand in the country.
KOOK is a startup offering DIY meal kits founded in 2020 by Nikhil and Arpitta, both alumni of the Indian School of Business. KOOK operates in Delhi and Mumbai, with the aim of simplifying home cooking. On the other hand, Pluckk offers a farm-to-fork product line that caters to health-conscious consumers seeking safe and chemical-free products through its ozone wash and traceability programs. Customers can shop for products beyond the basics, including organic and exotic produce, based on food trends such as gut health, heart health, and diabetes.
Pluckk, co-founded by Pratik Gupta, provides a direct-to-consumer (D2C) platform and is also available on partner platforms such as Amazon, Blinkit, Dunzo, Swiggy, and Zepto. The company has received seed funding from Exponentia Ventures (EV) and currently serves customers in Bengaluru and Mumbai. Pluckk aims to provide a wide selection of high-quality fruits and vegetables directly to consumers without intermediaries. The platform has already worked with over 500 farmers in Mumbai and Bengaluru and plans to collaborate with 1,000 farmers in the next 6 months.
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