According to executives intimately aware of the development, Coca-Cola's acquisition of a minority position in Thrive will be the company's first investment in an Indian startup.
Digital
Desk: Coca-Cola is
considering making an investment in an Indian business for the first time. The
beverage giant is going to acquire a minority position in Thrive, an online
food ordering business that competes directly with Zomato and Swiggy. Over
5,500 eateries have partnered with the meal search and delivery platform.
The strategic
investment will provide Coca-Cola a distinct advantage over competitors, as it
will encourage users to order just Coca-Cola beverages alongside food orders
placed on the Thrive app, assist them in customising orders, selling package
deals and meal combos, and distributing loyalty codes.
According to executives
intimately aware of the development, Coca-Cola's acquisition of a minority
position in Thrive will be the company's first investment in an Indian startup.
They couldn't, however, place a price tag on the transaction.
Coca-Cola's investment
will increase customer engagement with both restaurants and consumers. It will
also provide it access to consumer data because Thrive has a significant number
of mid-sized restaurant partners offering a variety of cuisines.
"Thums Up, for
example, complements Indian spicy cuisine, while Maaza mango drink can be
promoted at restaurants that cater to children," a firm executive
explained. The
company is well-known in the United States for providing bottled Coke and Thums
Up aerated beverages, Minute Maid juices, Georgia coffee and Kinley water. The
corporation has chosen unique global collaborations, such as one with the fast
food chain McDonald's.
According to Sanket Ray, Coca-Cola president, India and
SouthWest Asia, in a recent earnings call, the beverage maker has been
emphasising associations and pairings with meals and food as one of its primary
tactics to enhance consumption occasions.
Notably, Coca-Cola launched its worldwide meals platform, Coke
is Cooking, in India last year, beginning with Kolkata. Its goal was to
persuade customers to order its beverages alongside food from eateries.
Thrive, on the other hand, was founded only three years ago by
three entrepreneurs: Dhruv Dewan, Karan Chechani, and Krishi Fagwani. What has
contributed to its popularity among restaurant owners is that the site charges
only one-fourth of the commissions charged by Zomato and Swiggy.
Jubilant FoodWorks, the operator of Domino's Pizza, purchased a
35% share in Thrive in late 2021 for approximately Rs 24.75 crore.
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