Kolkata-based conglomerate ITC has signed definitive agreements to acquire Prasuma, a leading player in India’s frozen, chilled, and ready-to-cook foods segment. This strategic move will bolster ITC’s presence in a market estimated to be worth over Rs 10,000 crore annually.
A Strategic Acquisition
ITC plans to acquire a 100% stake in Prasuma over three years. The first tranche, 43.8%, will be acquired upfront, and the remaining stake will be acquired in phases by June 2028. The acquisition will be based on pre-defined valuation metrics and subject to other conditions outlined in the agreement.
Portfolio of Prasuma
Prasuma is a well-known brand specializing in oriental cuisine, including momos, baos, and Korean fried chicken. However, it also offers delicatessens and raw meats, selling over 170+ products through its brands:
- Prasuma – The flagship brand is known for introducing first-to-market frozen products like Schezwan Momo Meal and Japanese Fried Rice.
- Meatigo by Prasuma – A D2C platform offering premium delicatessen and raw meats.
- Prasuma Momo Kitchen: A cloud kitchen brand offering Pan Asian delicacies through 40 cloud kitchens across India.
With a presence in over 100 cities through online and offline channels, Prasuma has scaled up to an Annual Revenue Run Rate of Rs 200 crore.
ITC’s Rapid Expansion in Frozen Foods
ITC entered the frozen foods market in 2019 with its ITC Master Chef brand. Within five years, the brand has grown exponentially, offering over 50+ frozen products across categories such as Western and Indian snacks and breads. Today, ITC Master Chef is available in 200+ cities, serving both retail and food service customers.
Becoming a Full-Stack Leader
ITC is poised to become the first full-stack player in the segment, offering meal and snacking solutions across cuisines and consumption occasions after the Prasuma acquisition. Hemant Malik, Whole-time Director of ITC Limited, said, “We are excited to invest in Prasuma and look forward to building together an unparalleled, full-stack frozen, chilled, and ready-to-cook foods portfolio. With first-to-market, good-for-you products across cuisines, we believe this combined portfolio will delight our discerning consumers.”
