Coca-Cola India's First Investment in Indian Start-up Acquires 15 Percent Stake in Thrive
Coca-Cola India Invests in Thrive, a Revolutionary Foodtech Platform for Restaurants
18 April 2023
A 15% ownership share in the Indian food tech platform Thrive has been bought by Coca-Cola India.
With built-in marketing capabilities, Thrive offers a platform for ordering food from restaurants and levies a 3% commission fee for every transaction.
Consumers will be able to purchase Coca-Cola Driver with their meals from partner restaurants. At the same time, Thrive will be able to leverage commercial opportunities and enhance consumption on the digital front thanks to the investment.
Coca-Cola India has invested in an Indian start-up by acquiring a 15% share in the food tech platform Thrive. Deliveries, pickups, and table orders are all available through Thrive's all-in-one restaurant ordering platform, which also includes built-in marketing elements. The platform gives eateries a substitute for working with massive meal delivery companies like Zomato and Swiggy, which have exorbitant commission rates, little control over consumer data, and trouble competing with other long-standing competitors in the sector.
No matter where they are in the nation, restaurants can develop their direct-ordering platform using Thrive's self-service technology in under ten minutes. About 10,000 eateries in India now have access to the start services, up's which also provide them access to client data and their delivery network. By charging a 3% commission fee for every transaction, Thrive allows eateries to increase their earnings.
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With financing from Coca-Cola India, Thrive will have better access to commercial possibilities and increase digital usage. Customers will enjoy a better experience thanks to the partnership since they will be able to order Coca-Cola drinks to go with their meals at partner restaurants. As meals are a crucial time for Coca-Cola beverage consumption, the Eat & Drink channel is the perfect spot for them to innovate and invest in technology so that every store can offer a superior customer experience both online and offline.
Jubilant FoodWorks Ltd led a $2.5 million Series A fundraising round for Thrive in December 2021. Before that, it had received an unknown sum in a pre-Series A round that was co-led by Whiteboard Capital and Ahimsa Capital in November 2020. Hashtag Loyalty is worth 104.68 crores because of the investment from Coca-Cola India. On a fully diluted basis, Jubilant FoodWorks' ownership position in Hashtag dropped from 35% to 29.75%.
The firm that runs Thrive, Hashtag Loyalty, realized that eateries needed to adjust to a new normal brought on by the epidemic. According to its study, emotional loyalty is more crucial than ever, delivery is no longer a luxury but a need, and health is now a top priority. The goal of Thrive is to improve food commerce for all parties involved, and it strives to create good disruption in the food-tech industry.