ITC, the India-based consumer goods group, said it is to acquire a 33.42% stake in next generation vending-machine company Delectable Technologies for US$1.05m.
Delectable Technologies is a Bengalaru-based start-up founded by information technology graduate Satvik Sarwarde in 2014. It makes vending machines and is involved in the app-based sale of FMCG products through them. The company partners with consumer goods companies and stocks their products to enhance brand presence outside the usual retail channel formats.
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Kolkata-based ITC sells a broad range of food products, including biscuits, noodles and pasta, and owns brands such as Kitchens of India, Sunfeast and Farmland.
The company has operations in North America, Europe and South-east Asian countries
Reports in India suggest that ITC has made the investment to strengthen its presence in an emerging distribution channel.
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ITC said the payments for the transaction will be paid in four tranches over a period of 12 months.
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