In what is its first investment in an Indian startup, the US-owned Coca-Cola Company has acquired a 15% minority stake in Thrive, an Indian foodtech platform owned by Hashtag Royalty.
As a result of its strategic investment in Thrive, Coca-Cola is poised to gain a competitive advantage.
Through the partnership, Coca-Cola will be able to promote its beverages in conjunction with food orders made through the Thrive app, helping them customise orders, sell package deals and meal combinations, and push loyalty codes,” per an Economic Times report quoting an unknown source.
Thrive partners with restaurants to receive online orders and offers tech-enabled features such as a digital menu, WhatsApp ordering, and menu and order management. It enables restaurants to manage dine-in orders and also offers its restaurant partners a lower commission rate than its competitors.
Thrive which has partnerships with about 15,000 restaurants and is usually seen as a direct competitor of Swiggy and Zomato said the collaboration will enable consumers to order beverages with their meals from partner restaurants.
Thrive believes that Coca-Cola's investment in the online food delivery market is a significant opportunity for both companies, as this sector is projected to experience rapid growth.
Meanwhile, the Coca-Cola beverage company produces popular drinks such as Coke, Thums Up, and Sprite aerated beverages, as well as Georgia coffee and Minute Maid juices. The beverage company has exclusive global partnerships with companies like McDonald’s, which only sells Coca-Cola beverages in its outlets.
In September last year, the company launched its global meals platform called Coke is Cooking in India with an aim to drive consumption with food pairings.