German foods major Dr Oetker has acquired Noida-based startup Kuppies to enter the vegetarian ready-to-eat cakes segment in India.
The move will pit the company, which specializes in mayonnaise in India, against the likes of FMCG biggies such as Britannia, Mondelez and ITC. This is the company’s second acquisition after it bought out FunFoods in 2008.
“We are trying to go where the consumer is. Globally, one strong pillar for us is cakes and the ingredients around cakes depending on whether people prefer to bake or consumer ready-to-eat cakes,” Oliver Mirza, MD & CEO at Dr Oetker, Indian subcontinent told.
Non-vegetarian products currently contribute 2% to Dr Oetker’s overall revenues in India, which is set to become one of the company’s top ten markets globally.
The company, which is aiming to close 2021 with sales of Rs 400 crore, plans to make Kuppies a strong retail brand with sales of around Rs 300 crore in the next five years. The ready-to-eat domestic cake market is pegged at around Rs 2,500 crore.
TOIImage source: static.businessworld