Everstone sealed a deal to acquire the bread and bakery business of Hindustan Unilever (HUL) under the brand name ‘Modern’ last year. The size of the deal was not disclosed, but Modern’s revenue was around Rs250 crore.
The company is aiming to further penetrate and explore the burger market of the country which is currently dominated by the some of the big fishes such as McDonald’s, Burger King etc.
Torrent has acquired major stake in Puro Wellness which focuses on developing nutritional supplements that are meal replacements for salt, sugar, spice, rice and other products.
The startup aims at providing authentic dishes to its customers, without tweaking the original flavor. Till now, it has curated more than 200 dishes with cuisines covering 12 states across the country.
Company operates through its consumer goods outlets and provides ready-to-eat meals within the price range of Rs 50-80. It also equips its customers with options such pre-order, online payment etc.
At present, there are 45 restaurants operating throughout the cities of Bangalore, Pune, Chennai and Hyderabad, however, Jain is hoping to reach the 100 mark within the next few years.
Last year, it raised $6 million in Series A funding led by Singapore-based VC firm JAFCO Asia and existing investor Accel Partners, along with Keystone Group LP and Dragoneer Investment Group.