Indian QSR operator Jubilant Foodworks acquires minority stake in nutrition company Wellversed

INDIA – Jubilant Foodworks Ltd (JFL), a leading Indian quick service restaurants operator has acquired 25 per cent stake in Gurugram-based nutrition company Wellversed Health. 

Wellversed Health offers a variety of food products that are customised for specific nutrition and dietary needs including gluten-free, keto, vegan, high-protein, diabetic conditions, and regular immunity.

 According to a regulatory filing by JFL to the stock exchanges, the net revenue of Wellversed in fiscal 2019-20 was Rs 4.89 crore (US$663542).   

Following the acquisition, Jubilant FoodWorks will have the right to nominate one non-retiring director to the board of Wellversed, and an observer to the board. 

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The company also plans to invest Rs 10 crore (US$1.35 million) in Wellversed in two tranches: ₹ 6.5 crore to be invested on the closing date followed by a sum of ₹ 3.5 crore which will be covered in a period of nine months – from the disbursement of the first tranche.  
 
“This will be an investment by the company in Wellversed – a nutrition company offering a variety of food products tailored for specific nutrition and dietary needs including keto, gluten-free, vegan, high-protein, diabetic, and immunity,” said JFL. 
 
Earlier, Jubilant Foodworks found itself in a crisis after reports emerged that its franchise Domino’s was hacked and sensitive customer information such as their names, phone numbers, and credit card details stolen. 

Allegedly, Domino’s India data was taken earlier in April, and this included not only customer information but also its internal files that included details about the company’s 250 employees, amounting to 13TB.   

Jubilant FoodWorks in a statement however maintained that no data pertaining to financial information of any person was accessed and the incident has not resulted in any operational or business impact.   

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