Rays Culinary Delights Pvt. Ltd, the parent company of packaged foods startup Sattviko, has recently acquired fashion stylist curation portal StylSpot in order to strengthen its technology platform.
This makes StylSpot the third acquisition by Sattviko following the deals where it has acquired packaged food maker FYNE Superfood in August 2016 and food delivery startup Call A Meal in November 2015.
Financial details and terms of the deal were not disclosed but one of the four co-founders of StylSpot, Sumeet Chilwal will join Sattviko’s core team following the acquisition.
Founded in 2015 by four IIT (ISM), Dhanbad graduates — Sumeet Chilwal, Gaurav Goyal, Amit Verma and Jalaj Dagar, StylSpot is a platform that brings users completed branded outfit looks for the occasion handpicked by fashion stylists.
While Sattviko, on the other hand, was launched in 2014 as a healthy lifestyle brand. At present, it 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, the Co-founder of Sattviko.
Last November, Sattviko had raised an undisclosed amount of angel investment from a number of individual investors including Raman Roy, the Founder of Quattro Global Services, Ashish Gupta, former CEO of Evalueserve and Vinnie Mehta, executive director at ACMA.
Other investors who also participated include Yogesh Andlay, founder of Nucleus Software Ltd; Kevin Freitas, the HR leader at Inmobi; N Ravikiran, the former head of product at Wipro; G Ravishankar, an ex-CEO of Jet Airways and former CFO at GE Healthcare; Gaurav Khurana, a Microsoft employee; and Vaibhav Jain, Swastika Company’s founder.
By Vivian Foo, Unicorn Media
This news is published on Reuters.