ITC Acquires Prasuma to Bolster its Frozen Foods Portfolio ITC will acquire an initial tranche of 43.8% upfront, with the remaining stake to be purchased in tranches by June 2028, subject to valuation parameters.
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ITC, a diversified conglomerate with a strong presence in the FMCG sector, has signed definitive agreements to acquire 100% of Prasuma, a player in the frozen, chilled, and ready-to-cook foods market. ITC will acquire an initial tranche of 43.8% upfront, with the remaining stake to be purchased in tranches by June 2028, subject to valuation parameters.
Founded in 2018 by Lisa Suwal and Siddhant Wangdi, Prasuma is a rapidly growing, innovation-driven brand in the frozen food industry. The company specialises in products like momos, baos, Korean fried chicken, delicatessens, and raw meats, boasting a portfolio of over 170 items. Leveraging cutting-edge freezing technology, Prasuma ensures its products retain freshness, flavor, and quality, redefining frozen food standards in India.
"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. 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," said Lisa Suwal, CEO of Prasuma and Meatigo.
Prasuma has disrupted the frozen food category with its preservative-free, high-quality momos and has since expanded its offerings to include unique Pan-Asian and deli meat products. The brand has built a robust presence in over 100 cities across online, offline, and cloud kitchen channels. Its direct-to-consumer platform, "Meatigo by Prasuma," provides exclusive products with delivery in under 30 minutes in major cities.
ITC's acquisition of Prasuma marks a strategic move to strengthen its presence in the frozen foods sector, which is poised for significant growth. ITC's existing expertise in distribution and brand-building, coupled with Prasuma's manufacturing strength and innovative product range, is expected to unlock new growth opportunities in India and international markets.
"Frozen food is undeniably the category of the future. With ITC's expertise and Prasuma's innovation, we are excited to revolutionise the frozen food industry with quality, convenience, and tasty food," added Siddhant Wangdi, COO of Prasuma and Meatigo.
Ernst & Young served as the exclusive investment banker for Prasuma, while Shardul Amarchand Mangaldas & Co. provided legal counsel for the transaction.
