Exclusive: Packaged foods startup Sattviko acquires StylSpot
Rays Culinary Delights Pvt. Ltd, which runs packaged foods company Sattviko, has acquired outfit curation portal StylSpot in order to strengthen its technology platform, a top company executive told Techcircle.
Sattviko, which also operates a chain of quick-service restaurants (QSR) in three cities, including Gurgaon and Jaipur, ventured into the online delivery of packaged foods in February 2015. The e-commerce arm sells a range of products, including traditional snacks such as makhanas, flax seeds, raisins, jaggery and chana.
"Since Sattviko is now into e-commerce, StylSpot's product discovery platform will help us scale up," said Prasoon Gupta, co-founder, Sattviko.
Gupta didn't disclose the terms of the deal.
StylSpot was founded in 2015 by four IIT (ISM), Dhanbad graduates—Sumeet Chilwal, Gaurav Goyal, Amit Verma and Jalaj Dagar. Chilwal will join Sattviko's core team following the acquisition.
StylSpot is the third acquisition made by Sattviko. In August 2016, it had acquired packaged food maker FYNE Superfood for an undisclosed amount.
Prior to that, it had acquired food delivery startup Call A Meal.
Sattviko was founded in 2013 by IIT-Roorkee graduates Gupta, Ankush Sharma and Rahul Gupta.
In an earlier interaction, Gupta had said that Sattviko was working on building an IoT-based healthy snack-vending machine for corporates.
The company claims its order numbers have risen three times in the past three months.
Last November, Sattviko had raised an undisclosed amount of angel investment from a clutch of investors led by Raman Roy, founder of Quattro Global Services. Others who participated in the round include: Ashish Gupta, former CEO of Evalueserve; Vinnie Mehta, executive director at ACMA; Yogesh Andlay, founder of Nucleus Software Ltd; Kevin Freitas, HR leader at Inmobi; N Ravikiran, former head of product at Wipro; G Ravishankar, former CEO of Jet Airways and former CFO at GE Healthcare; Gaurav Khurana, a Microsoft employee; and Vaibhav Jain, founder of Swastika Company.
CommonFloor co-founder Sumit Jain, Xerox India's MD Rajat Jain and Sanjay Bhasin, vice president of network business at Samsung have also backed the startup in the past.
In the health food segment, MonkeyBox Food Tech Pvt. Ltd, which delivers healthy food for children, raised an undisclosed amount in seed investment from early-stage investor Blume Ventures and a clutch of high net-worth individuals (HNIs) in November 2016.