The move will enable Coca-Cola to benefit from Thrive's partnership and improve consumer engagement.
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GLOCoca-Cola India Ltd has purchased a 15% minority stake in Hashtag Loyalty, the owner of Thrive, a food ordering platform with over 12,000 restaurant partners in India. The move will enable Coca-Cola to benefit from Thrive’s partnership and improve consumer engagement. Hashtag Loyalty is associated with Jubilant FoodWorks Ltd (JFL), the country’s leading QSR chain operator with the franchise rights to brands like Domino’s Pizza, Dunkin’, and Popeyes. JFL’s stake in Hashtag Loyalty has been reduced from 35% to 29.75% after this transaction. Hashtag raised capital at a pre-money valuation of Rs 104.68 crore, with other investors including thinQbate and Ahimsa Capital. JFL announced the acquisition of a 35% stake in Hashtag Loyalty in October 2021, and the Jubilant Bhartia Group completed the acquisition in March 2022.
