Hyderabad-based Red Sprout Foods Pvt Ltd, which operates an QSR chain for Indian fast food and especially pushes its home delivery service in its home city under the Hello Curry brand, has acquired online food ordering and delivery service Paratha Post for an undisclosed amount.
The acquisition is done through a mix of cash and stock, the top company management told reporters.
Founded in 2013 by IIM grads Mukesh Lamba and Rituraj Chaturmohta, Hyderabad-based Paratha Post currently has 55 varieties of parathas and curries in its menu. The company says, it has sold around 3 lakh parathas last year and executed 60,000 delivery transactions. Both the founders have previously worked with IT companies for almost a decade.
Unlike Hello Curry, it is an online ordering and delivery venture.
As a part of the deal, Lamba will join the senior management of Paratha Post and will oversee Hello Curry's expansion in the Delhi National Capital Region (NCR) and directly report to Raju Bhupati, CEO of Hello Curry.
Hello Curry which was founded early last year with two kitchens in IT hubs of Madhapur and Gachibowli in Hyderabad, has expanded to five outlets in Hyderabad and plans to add three more in the next few months.
Last year in March, it raised Rs 3 crore in seed funding from SRI Capital for marketing purpose besides augmenting its food menu.
The company is also in the process of raising Rs 50 crore in a Series-A round of funding in next 2-3 months for its expansion plans, Bhupathy shared early this week. Hello Curry is also looking at more acquisitions including one in Mumbai.