With this acquisition, Ant Farm plans to get into the local food delivery business in India
Ant Farm, a Mumbai-based hybrid start-up incubation platform, has announced acquisition of city-based online food delivery venture Meals on Wheels in a stock-and-cash deal worth Rs 11-15 crore, says a VCCircle report.
With this acquisition, Ant Farm plans to get into the local food delivery business in India.
“Essential services like delivery are increasingly becoming important for the time-strapped consumer in metropolitan India. Meals on Wheels already has successful partnerships, an active user base, and a critical mass of orders-per-day,” Rishi Khiani, MD & CEO, Ant Farm told VCCircle.
Post acquisition, Ant Farm has appointed Sandeep Das as the CEO of Meals on Wheels. Das is the former COO and head of business at Burrp and AskMe.
“Although there are companies like Foodpanda, and Tastykhana in the market, Meals On Wheels’ business is completely different. These companies are just aggregators, whereas we provide logistics and last-mile delivery to our consumers,” Das told VCCircle.
The report further mentions that Meals On Wheels is looking to double its gross merchandise value (GMV) this year from the last year's GMV of Rs 4 crore.
Founded in 1997 by Sunil Saraf, currently MD at Butlerbhai Services Pvt Ltd, Meals on Wheels provides delivery from popular restaurants in south Mumbai, with a serviceable area from Cuffe Parade to Worli.
Post-acquisition, Saraf will take on a senior management role in the growth and expansion of the business.