ITC has signed definitive agreements for the 100% acquisition of Prasuma (Ample Foods AFPL), a player in the frozen, chilled, and ready-to-cook foods space in India along with Meatigo (Chao Chao Foods), a wholly owned subsidiary of AFPL and Meat and Spice Private Limited (MSPL).
MSPL owns about 43% equity stake in AFPL.
At the outset, ITC will acquire a 43.8% equity stake in frozen food entity Ample Foods Private Limited (AFPL) in lieu of an initial investment of nearly ₹131 crore through primary subscription and secondary purchases. This is expected to close by March 2025.
Thereafter, ITC will increase its shareholding in the company to 62.5% by April 2027 via secondary purchases to the tune of ₹56 crore, which will be undertaken on a pre-agreed pre-money valuation.
Finally, ITC will acquire the remaining 37.5% stake in the AFPL as well as 100% stake in Meat and Spice Private Limited (MSPL) by June 2028 on a “pre-agreed valuation criteria”.
The Prasuma team including Lisa Suwal, CEO and Siddhant Wangdi, COO, will continue to operate all functions of the business during the 3 year period. ITC will be represented on the Board.
Led by Lisa Suwal and Siddhant Wangdi, Prasuma is a frozen food brands. Prasuma leverages cutting-edge freezing technology to preserve freshness, ensuring unmatched taste and quality in every bite.
Prasuma disrupted the Frozen Food category with the launch of their iconic Momos, offering high-quality, preservative-free, and delicious frozen Momos that quickly won the hearts of food lovers nationwide. Since then, Prasuma has continued introducing a range of first-to-market products dominating the Pan-Asian and the Deli Meats space.
Built on excellent business fundamentals and a strong focus on innovation, Prasuma has delivered profitable growth since inception without raising any external funding.
Prasuma now has a presence in 100+ cities across all online, and offline channels and cloud kitchens.
Prasuma operates through ‘Prasuma’, ‘Meatigo by Prasuma’ and ‘Prasuma Momo Kitchen’ brands.
Its direct-to-consumer channel “Meatigo by Prasuma” offers a curated selection of exclusive products, delivered within 30 minutes across major cities in India. What’s unique to Prasuma is that it manufactures all of its products in-house, this not only ensures superior product quality but also reinforces Prasuma’s commitment to delivering inventive flavors that resonate with Indian families from bigger cities to smaller towns.
Hemant Malik, Wholetime Director, ITC Limited said, “We are delighted to back Prasuma and look forward to jointly building an unparalleled, full stack frozen, chilled and ready to cook foods portfolio. With Good-for-You, first-to-market products, across cuisines, we believe that the combined portfolio will delight our discerning consumers. This investment reaffirms our commitment to building future facing, best in class, innovative portfolios.”
“We are extremely proud of what we have built and excited to join hands with ITC to drive the next phase of growth for Prasuma. The overwhelming support and love for our products from consumers have always inspired us. ITC shares our commitment to quality and innovation, making them the perfect partner. This collaboration isn’t just a business transaction— it’s the culmination of our lifelong passion for exceptional food, a dream that began right in our kitchen.” said Lisa Suwal, CEO, Prasuma & Meatigo.
“Frozen food is undeniably the category of the future. With Prasuma’s strength in manufacturing and innovation combined with ITC’s expertise in distribution and building new-age brands, we are excited about the potential of this partnership. Together, we believe this collaboration will create significant value for stakeholders and consumers alike in India and globally – revolutionizing the frozen food industry with quality, convenience, and most importantly tasty food,” added Siddhant Wangdi, COO, Prasuma & Meatigo.
