Coca-Cola India has acquired a 15% minority stake in Thrive, an Indian foodtech platform. This marks the first time the beverage giant has invested in an Indian startup.
Since the pandemic hit, restaurants have had to adapt to a new normal. Hashtag Loyalty, a company in the customer engagement and retention technology for retail and hospitality businesses, realised that the situation wasn’t going to improve anytime soon, and that they needed to make changes. To better understand how the new normal was shaping up, they spoke to both their customers and their customers’ customers.
Their research revealed several insights, including that health is now a top priority, delivery is no longer a luxury but a necessity, and emotional loyalty is more important than ever. With these insights in mind, Hashtag Loyalty launched Thrive, an all-in-one restaurant-ordering platform that includes delivery, pickup and table ordering with built-in marketing features.
The partnership with Coca-Cola India will help Thrive enhance consumer experience by allowing them to order their preferred beverages alongside their desired meals from Thrive’s affiliated restaurants.
According to projections, the online food delivery market in India is expected to grow rapidly at a rate of approximately 35%, reaching a gross merchandise value of around $18 billion and accounting for about 18% of the total food service industry by fiscal year 2025. This will be driven by an increase in users from 20 million to 60 million. Coca-Cola India’s investment in Thrive is expected to provide the company with access to potential business opportunities in this growing market and improve its digital consumption offerings.
