The country’s largest multiplex chain operator, PVR Ltd has acquired 70% stake in Zea Maize Pvt Ltd, which runs the Delhi-based popcorn chain 4700BC Popcorn. PVR paid Rs 5 crore ($760,000) to buy the majority stake, according to Chirag Gupta, co-founder and CEO, 4700BC Popcorn.
Zea maize was founded in 2013 by Chirag Gupta and Ankur Gupta. Primarily, it will serve its gourmet popcorns to around 35 PVR cinemas and later extend the service to its other screens and is targeting metro and tier-I cities for expansion. PVR currently has 474 screens across the country. According to Sood, the multiplex major currently sells over one crore popcorn tubs a year.
The brand was named 4700BC Popcorn based on the belief that the food item was discovered during that period in South America. The initial funding came from the family and friends. The company’s popcorn, which comes with a price tag of of Rs 65-800, is served in more than 25 flavours. Besides its outlets, the brand also offers its service to weddings, birthday parties and corporate events.
Chief financial officer at PVR Ltd said that the whole market for gourmet popcorn is at a very nascent stage and will develop over a period of time. This group has a lot of prospective unlike the regular popcorn and caters to a different market segment. The startup was already delivering its products to DT Cinemas, the multiplex unit of realtor DLF Ltd that was recently acquired by PVR, and some small other cinemas in Delhi. The startup plans to open around 20-25 outlets across the country over the next three years. Gupta said the company also sells its products online through its own portal and ecommerce websites such as Amazon, Snapdeal and Paytm.
According to industry estimates, popcorn business in India grew at a CAGR of 18.1% in the past three years. With India’s love for this American snack growing, the segment will continue to register double digit growth every year, said industry watchers.
