Haldiram's in advanced talks to invest in Bengaluru-based QSR chain Frozen Bottle

Haldiram Snacks Pvt Ltd, the Indian snacks and sweets major, is in advanced talks to invest in Frozen Bottle. The Bengaluru-based QSR chain sells milkshakes and desserts.

Founded in 1937, Haldiram’s is planning to invest between $8 million and $10 million into Frozen Bottle.

A person aware of the development said, “Haldiram’s proposed investment into Frozen Bottle will be structured via their family office fund and will involve equity with a strategic investment approach.”

Haldiram’s is further eyeing startups in the packaged consumer goods segment, as well as a bunch of technology brands.

Incorporated in early 2017, Frozen Bottle was founded by Pranshul Yadav and Arun Suvarna. The QSR chain had crossed Rs 40 crore in annual revenue. Currently, it is operating 140 stores across 18 cities, including Bengaluru, Mumbai, Chennai, Delhi, Pune, Surat, Manipal, Kochi and Coimbatore.

Pranshul Yadav and Arun Suvarna had jointly invested Rs 37 lakh to start the business. In the beginning, the firm operated as a proprietary brand, but later moved to the franchise format. Frozen Bottle also sells its products on food delivery platforms like Swiggy and Zomato.

The Bengaluru-based company competes with Delhi-based Keventer Agro Ltd, which operates more than 250 stores serving milkshakes and desserts. Frozen Bottle also sells pouch milk under the Metro Daily brand.