ITC to acquire Prasuma, expanding its frozen food portfolio

ITC has signed definitive agreements to acquire Prasuma, a ready-to-cook foods brand in India. Prasuma is a frozen food brand, expanded by Lisa Suwal and Siddhant Wangdi.

Advanced freezing technology helps frozen foods retain freshness, sometimes better than freshly cooked meals. Prasuma uses this technology to maintain taste and quality. Prasuma entered the frozen food market with preservative-free frozen momos, it has since expanded into Pan-Asian and deli meats products. Prasuma has delivered profitable growth since inception without raising any external funding.

Prasuma operates in 100+ cities through online, offline channels, and cloud kitchens. Its direct-to-consumer platform, “Meatigo by Prasuma,” delivers products within 30 minutes in major Indian cities. Prasuma manufactures all its products in-house to maintain quality and develop flavours suited to Indian consumers nationwide.

"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.” said Lisa Suwal, CEO, Prasuma and Meatigo

“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.” added Siddhant Wangdi, COO, Prasuma and Meatigo

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.