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Kolkata: ITC on Friday said it has acquired the first tranche of shares in home grown start-up Delectable Technologies amounting to 11.15% of its stake.
The Kolkata-based conglomerate informed the stock exchanges that it has acquired 100 equity shares of Rs 10 each and 1864 compulsorily convertible preference shares of Rs 10 each of Delectable Technologies.
ITC last month announced that it is going to acquire up to 33.42% stake in the company which is in the business of fabricating vending machines and application based sale of FMCG products through such machines.
ITC had said this deal will strengthen its presence in the FMCG segment, especially in the emerging distribution channel of vending machines.
ITC has said it will complete the acquisition within 12 months.
The size of the deal is Rs 7.5 crore which will be paid in four tranches over a period of 12 months.
Delectable is a start-up founded by IIT-graduate Satvik Sarwarde in 2014 which had raked sales of Rs 69.15 lakh in 2018-19.
The company’s net worth as on March 31, 2019, was Rs 1.48 crore.
ITC is India’s largest cigarette manufacturer accounting for 75% of the legalised market, is amongst the top three packaged food maker, the second largest hotel chain and an emerging brand in the personal care space.
The company is expanding fast in the FMCG space to de-risk itself from the increasing government action against cigarettes and wants to emerge as the country’s largest FMCG maker by 2030.
