Dr. Oetker, a German food company, has acquired Noida-based startup Kuppies to penetrate India’s vegetarian ready-to-eat cake market. The move pits the company, specializing in mayonnaise in India, against FMCG behemoths like Britannia, Mondelez, and ITC. After purchasing FunFoods in 2008, this is the company’s second purchase.
“We are trying to go where the consumer is. Globally, one strong pillar for us is cakes and the ingredients around cakes depending on whether people prefer to bake or consume ready-to-eat cakes,” Oliver Mirza, MD & CEO at Dr. Oetker, Indian subcontinent, said.
According to Mirza, Dr. Oetker India has set a target of Rs 300 crore in annual sales from the new market during the next 5-7 years. Food ingredients and ready-to-cook mixtures bring in about Rs 400 crore per year for the company.