ITC to acquire Prasuma, expanding footprint in frozen, ready-to-cook foods

ITC has signed definitive agreements to acquire Prasuma, a company operating in the frozen, chilled, and ready-to-cook food segment in India. The move is expected to strengthen ITC’s position in the growing frozen food market.

Founded by Lisa Suwal and Siddhant Wangdi, Prasuma is known for its frozen momos, deli meats, and pan-Asian food products. The company has expanded its presence to over 100 cities through online and offline channels, including cloud kitchens. It also operates “Meatigo by Prasuma,” a direct-to-consumer platform for frozen and chilled food delivery in major cities.

Reportedly, Prasuma manufactures all its products in-house and has been growing without external funding. With this acquisition, ITC aims to expand its portfolio in the ready-to-cook and frozen foods segment, which has seen increasing consumer demand in India.

“We are extremely proud of what we have built and excited to join hands with ITC to drive the next phase of growth for Prasuma. The overwhelming support and love for our products from consumers have always inspired us. ITC shares our commitment to quality and innovation, making them the perfect partner. This collaboration isn’t just a business transaction— it’s the culmination of our lifelong passion for exceptional food, a dream that began right in our kitchen,” Lisa Suwal, CEO, Prasuma & Meatigo, said. 

“Frozen food is undeniably the category of the future. With Prasuma’s strength in manufacturing and innovation combined with ITC’s expertise in distribution and building new-age brands, we are excited about the potential of this partnership. Together, we believe this collaboration will create significant value for stakeholders and consumers alike in India and globally – revolutionizing the frozen food industry with quality, convenience, and most importantly tasty food,” Siddhant Wangdi, COO, Prasuma & Meatigo, said. 

Ernst & Young acted as the exclusive investment banker and Shardul Amarchand Mangaldas & Co. acted as the exclusive legal counsel to Prasuma and its shareholders on this transaction.