Hyderabad based food-delivery startup HelloCurry has acquired a startup Paratha Post which is also based out of Hyderabad, in a part-cash, part-stock deal. The size and terms of the transaction were not disclosed.The announcement was made by Hello Curry CEO Raju Bhupathy, and Founder/CEO of Paratha Post, Mukesh Lamba.
The company will retain some 20 staff members of the newly acquired firm while CEO of acquired startup Paratha Post – Mukesh Lamba will be heading Hello Curry’s entry into Delhi-NCR market by June.
Founded by Raju Bhupathy and Sandeep Penumatsa, Hello Curry was launched in Hyderabad in early 2014 and is backed by Sashi Reddis SRI Capital. Last week it launched its operations in Bengaluru with delivery beginning in two key areas of that city.
Paratha Post, founded in 2013 by IIM graduates Mukesh Lamba and Rituraj, currently delivers 55 varieties of parathas and curries. The company has sold nearly 300,000 parathas last year, and executed 60,000 delivery transactions.
“We are actively looking at acquiring companies in the desi food delivery space. We are in the process of buying out a delivery chain in Mumbai, and the deal is expected to be closed in a couple of months,” said Raju Bhupathy, founder and chief executive officer of Hello Curry.
Earlier, HelloCurry had closed its first round of seed funding of Rs 3 crore from SRI Capital, a Rs 100-crore seed stage venture fund founded by Sashi Reddi, founder and former chief executive officer of independent software testing firm AppLabs, in March 2014.
“We are in the process of raising Rs 50 crore in a Series-A round of funding in two to three months from now to expand our business organically and through acquisitions,” Bhupathy said.