German foods major Dr. Oetker has acquired Noida-based startup Kuppies to enter the vegetarian ready-to-eat cakes segment in India. as it contributes only 2% of vegetarian foods in its segment in India.
Born in India Kuppies is an innovative and new-age food brand that specializes in both celebrating western savory and dessert products for an evolving new palate. with a mission to provide Authentic Foods made with Authentic Ingredients that are fresh,
created through unique recipes, and affordable.
The Oetker Group is a German conglomerate established in 1891. Today, we have three different business divisions, namely continental pleasure food, beer & sparkling wine, and a collection of hotels. With close to 34000 employees, we are Germany’s largest family-owned diversified industrial group.
Oliver Mirza, MD, and CEO, Indian Subcontinent at Dr. Oetker did not reveal financial details of the acquisition, he added that globally cakes and desserts is a significant growth pillar for the firm, and he expects the same in India. “So far, our major growth pillar is the FunFoods sub-brand that we acquired in 2008… with regards to Kuppies, we have acquired their production hub, the innovation centre as well as the brand. While it is not that big a brand, they had a strong business selling cake chains such as Cafe Coffee Day, Keventers, Krispy Kreme in Delhi NCR.In lockdown, this collapsed completely,”
It is another major competitor to FMCG Biggies such as Britannia, Mondalez, and ITC this is the company’s second acquisition after it bought Funfoods in 2008. Incidentally, the firm gets about 75 percent of its sales from ‘Funfoods’, a brand it had locally acquired in 2008.
The company is trying to achieve the closing sales of Rs 400 crores in 2021 and plans to make Kuppies a strong retail brand with sales of around Rs 300 crore in the next years the sales can be estimated at around Rs 2,500 crore.
“From a global perspective, our sales are about €7.3 billion. India ranks among the food division among the top 20 countries among the 41 countries. We really have the potential to reach the top 10 countries by sales by 2030…it’s an exciting business. India is still growing tremendously. At €100 million, we would be among the top 10 markets,” he added.