Coca-Cola has purportedly procured an insignificant stake in Thrive, an online food delivery platform, to obtain an advantage over its competitors. This strategic investment will furnish Coca-Cola with an opportunity to endorse its beverages to consumers who purchase food via the Thrive application, furnishing them with bundle deals, meal combinations, and loyalty codes. Furthermore, the association is projected to heighten consumer demand for Coca-Cola’s products.
Thrive, a food search and delivery platform, that was established in 2020, contend with food delivery magnates Swiggy and Zomato, and the firm obtains one-fourth of the commission that its more sizeable adversaries charge restaurants. Due to its establishment, it has gained a sizeable restaurant base. Earlier this year, Jubilant FoodWorks, which operates Domino’s Pizza in India, acquired a 35% stake in Thrive for around INR 24.75 crore.
Coca-Cola soft drink has already established partnerships with McDonald’s and distributes packaged drinks, including Coke, Thums Up, Minute Maid juices, Georgia coffee, and Kinley water, throughout India. In September of 2022, the global meals platform, Coke is Cooking, was launched in India. The acquisition of a Thrive stake is expected to boost consumer engagement for Coca-Cola with both restaurants and consumers and to provide it with access to consumer data.
As per one executive, the Thums Up soft drink is a good complement to Indian spicy cuisine, while the Maaza mango drink can be promoted at restaurants that cater to children. With Thrive’s vast array of mid-sized restaurant partners serving diverse cuisines, Coca-Cola will have the opportunity to customize its marketing strategies for specific consumer segments.
Coca-Cola and Thrive have entered into a deal of undisclosed value, with the objective of expanding Coca-Cola’s footprint in India, an area of strategic importance for the corporation. Currently, India is the world’s sixth-largest market for Coca-Cola, and the company has made significant investments in the country in recent years.
Coca-Cola has established partnerships with several companies in India, including Parle Agro, the second-largest producer of fruit juice in the country. Frooti mango juice, one of their prominent brands, is produced by Parle Agro. Coca-Cola has also invested in local brands such as Minute Maid Pulpy Mosambi and Thums Up Charged, which have been designed to cater to the Indian market.
The acquisition of a stake in Thrive is expected to provide Coca-Cola with a competitive edge in the Indian food and beverage industry. By collaborating with a platform that has a vast restaurant network and charges lower commissions than its competitors, Coca-Cola can market its products to a larger audience and tailor its promotions to specific consumer groups. As the company continues to invest in India, it is probable that we will see additional strategic partnerships and acquisitions aimed at propelling growth in this significant market.
