The deal is a cash and stock deal that will allow Hello Curry to enter the breakfast and meal box segment.
Hyderabad-based The First Meal delivers on-demand customised breakfast. It has a subscription platform and presently serves five types of diet balanced breakfast items and daily changing nutritious lunches, tapping around 10,000 boxes a month, with 89% customer retention rate.
With the acquisition, Hello Curry attempts to draw a sustainable revenue model for long term and aims to sell 5,000 meals each day, within the next six months. Hello Curry which currently has 33 outlets in Hyderabad, plans to capture the entire Hyderabad market after First Meal’s acquisition, in the next three months, and then foray in other key markets including Bangalore.
Backed by early-stage venture fund SRI Capital, Hello Curry, was founded in 2014 by Raju Bhupati and Sandeep P. The startup specialises in serving Indian cuisine in a fast food format.
Raju Bhupati, founder and CEO of Hello Curry said, “The (food tech) industry is falling apart and it is obvious that only the ones who take extremely strategic steps have a survival chance. We are evaluating venturing into different areas very cautiously.”