Future Supply Chains, part of Kishore Biyani's Future Group, will acquire logistics start-up firm Brattle Foods for an undisclosed amount, says a PTI report.
As per the agreement between the two firm, Brattle Food will merge with Future Supply Chains (FSC) and shareholders GTI Capital and Epiphany Ventures will get some shareholding in the Future Group company.
"This acquisition and merger will complement the existing modern technology and automation-based supply chain capability of Future Supply Chains in the food and FMCG domain," FSC Managing Director & CEO Anshuman Singh said.
He further said: "It will enable FSC to address the frozen, chilled and cold warehousing requirements, coupled with the refrigerated container transportation requirements across the country."
Besides, Delhi-headquartered Brattle Foods was started in 2009 by Harvard graduates Kunal Agrawal, Mrinal Sinha and Kiran Pendri. It is the second-largest player in the food logistics segment after Snowman Logistics.
Snowman had raised a little over Rs 200 crore through an initial public offerings last month.
However, this merger and acquisition will create immediate capability to serve Future Group's recently set up 110-acre food park on the outskirts of Bangalore and the two planned projects in West Bengal and Madhya Pradesh.