Japan’s Nichirei buys share in India online meat trader Delightful Gourmet for $15 million
NEW DELHI, NNA – Major Japanese frozen food maker Nichirei Corp. has invested $15 million in an Indian online meat trading startup to get a foothold in the underdeveloped food distribution and cold chain logistics markets.
The company has taken a minority stake through a private placement in Delightful Gourmet Pvt. Ltd., operator of meat e-commerce site Licious, a Nichirei spokesman told NNA, declining to give further details.
Nichirei is betting on the growth potential of the Indian firm, which has built a temperature-controlled supply chain network for small-scale home-delivery in a limited area, overcoming inadequate infrastructure, he said.
Nichirei had invested in an Indian cold chain logistics service firm in the early 2000s, but withdrew its capital as infrastructure in the food distribution sector was poor.
The Bengaluru-based Delightful, founded in 2015, operates processing of meat and fishery products and distribution services mainly in Bengaluru, Karnataka, and in Hyderabad, Telangana, both southern states.