Food technology start-up Innerchef,
which operates in the ready-to-cook and ready-to-eat meals segment has
acqui-hired two food startups, Flavour Labs in Gurgaon and EatOnGo in Bengaluru,
signaling further consolidation in the food tech segment starved of cash after
investors clawed back on investments late last year.
Acqui-hiring is essentially done
for the target company talent pool more than its products and services. The acquisition
of Flavour Labs, a food truck company, will help Innerchef enter the mobile
kitchen segment, while EatOnGo, which specializes in breakfasts, will help the
company expand its presence in Bengaluru. EatOnGo was launched in May 2015
while Flavour Labs started its operations in 2014.
In September last year, Innerchef
had raised Rs. 11 Crore in a pre-series A funding round from a clutch of
investors including redBus and Paytm founders. Apart from ready-to-cook and
ready-to-eat meals, Innerchef operates a Hyperlocal marketplace for desserts
sourced from home bakers and bakeries in Delhi, Gurgaon and Bengaluru.
Several food tech start-ups have
shut shop following a slowdown in investment while some have been acquired by
well capitalized rivals. While Internet first kitchen SpoonJoy was bought by Hyperlocal
delivery startup Grofers, another startup Dazo shut shop the same month. Bigger
Businesses such as Zomato and TinyOwl have pruned their workforce last year.
