KUALA LUMPUR: Logistic and ride-hailing operator Faszz Technology (M) Sdn Bhd (FTSB) is acquiring a 51 per cent stake in Incite Foodtech Sdn Bhd (IFSB) as part of its plan to build Malaysia's first unified halal ecosystem.
FTSB founder Datuk Ishak Mohd Ishtiaq said the acquisition would enable the company to advance its ambition of building a first-of-its-kind unified halal ecosystem.
Ishak said this would further strengthen Malaysia's position as the nucleus of the global halal industry.
"The move is part of FTSB's effort to diversify their offerings while still adhering to the principles of 'Halalan Toyyiban' and shariah guidelines," he said in a statement.
Ishak said FTSB expects this collaboration will be a fitting response to the latest government's call for industry players to build more innovative products and market development strategies by leveraging cutting-edge technology.
Despite the pandemic, IFSB has grown to own nine brands under its QSBF brand portfolio in less than 20 months, operating in more than 25 locations across Klang Valley.
"Recently, IFSB has also expanded into the India market, partnering with Village Groupe, India's first co-fooding provider.
"The venture's biggest strength is their unique business model, 'Plug-In & Scale', which allows them to supercharge the QSBF brands' expansion through numerous formats, such as physical outlets, shared space, kiosks, and cloud kitchens.
"FTSB will be tapping into IFSB's big data to understand the F&B market trends and expertise to expand the holistic ecosystem to its full potential," he said.
Meanwhile, IFSB founder and director Tham Lih Chung said both parties aim to revolutionise the consumer market in Malaysia and expand halal services beyond Malaysia.
"It couldn't have arrived at a better moment for us to join forces to create a full-fledged halal ecosystem. It can be the first of its kind in the world," said Tham.
FTSB said the introduction of halal offerings would come in phases.
As for this year, the focus will be on enhancing the existing halal food delivery platform and launching a halal grocery marketplace.
E-wallet, ride-sharing, and fintech solutions will follow in 2023 and 2024.
The company aims to hit RM100 million in revenue within 24 months and is looking at expanding the business in ASEAN countries and the Middle East.