RENO, Nev., Sept. 03, 2026 (GLOBE NEWSWIRE) -- GreetEat Corporation (OTC: GEAT) ("GreetEat" or the "Company"), a technology company focused on developing and expanding technology-enabled platforms across consumer services, hospitality and market intelligence, today highlighted the significant growth and operating momentum reported by ChefKart Hospitality Private Limited ("ChefKart"), the India-based home-chef technology platform that GreetEat has agreed to acquire pursuant to a binding letter of intent.
The update follows ChefKart's newly released report detailing its historical financial performance and unit economics, providing investors with additional visibility into the operating performance underlying the platform's rapid expansion.
ChefKart Reports 224% Revenue Growth
According to ChefKart's September 1, 2026 report, the company generated recognized revenue of Rs 6.52 crore, approximately US$687,000, during January through July 2026, representing a 224% increase compared with the corresponding January through July 2025 period.
For the full 2025 calendar year, ChefKart reported recognized revenue of Rs 4.83 crore, approximately US$509,000
The 2026 year-to-date revenue figure has already surpassed ChefKart's reported full-year 2025 revenue, demonstrating the acceleration of the business during the current year.
ChefKart also reported the following historical unit economics for January through December 2025:
- Rs 550 average order value
- 38% gross margin
- 10% contribution margin
- 79% average slot utilization
ChefKart reported a net loss of Rs 1.6 crore for 2025 and Rs 1.5 crore for January through July 2026. GreetEat believes these results illustrate both the significant growth achieved to date and the opportunity to improve operating leverage as the platform scales.
"We believe the latest financial information from ChefKart provides an important new perspective on the opportunity we are pursuing," said Vishal Patel, CEO of GreetEat Corporation. "ChefKart has demonstrated that consumers are willing to repeatedly use a technology-enabled platform to access trained and verified home chefs, and the company is now showing meaningful revenue acceleration alongside strong customer retention and utilization metrics. Our objective is to support that momentum with additional capital, technology resources and strategic expansion once the proposed transaction is completed."
Strong Consumer and Operating Traction
ChefKart's financial performance follows a series of significant operating milestones reported by the company.
In its August 2026 update, ChefKart reported:
- 24,583 monthly bookings in April 2026;
- More than 70% repeat business
- More than 250 active chefs and cooks across 10 operating clusters in Gurugram;
- More than 3 million meals facilitated since its founding;
- More than 100,000 families served
- More than 5,500 cooks trained; and
- Approximately 1.8 million mobile-app installations across more than 50 cities.
The company has developed a technology-enabled model that allows households to book trained and verified chefs and cooks for on-demand, recurring and event-based in-home cooking services.
ChefKart's platform addresses an everyday consumer need while providing a scalable technology infrastructure connecting households with cooking professionals.
The company has also developed processes for identity verification, background review, skills assessment, training and ongoing customer feedback, helping create a more structured alternative to the traditionally informal household-cooking market.
Proposed Transaction With GreetEat
On August 11, 2026, GreetEat announced that it had entered into a binding letter of intent with ChefKart pursuant to which GreetEat would acquire all of the equity of ChefKart.
If completed, ChefKart would become a wholly owned subsidiary of GreetEat, and ChefKart's shareholders would receive shares of GreetEat Series A Preferred Stock pursuant to the terms of the definitive agreements contemplated by the LOI.
GreetEat believes the proposed transaction has the potential to transform the Company from a technology business with a developing consumer-services strategy into a company with exposure to an operating, revenue-generating consumer platform in one of the world's largest markets.
The proposed transaction remains subject to due diligence, negotiation and execution of definitive agreements, required approvals, financing and other customary closing conditions. There can be no assurance that the transaction will be completed on the contemplated terms, within any anticipated timeframe, or at all.
Management Outlook
"We view ChefKart as a platform with the potential to become substantially larger than its current operating footprint," added Vishal Patel, CEO of GreetEat Corporation.
"The most compelling aspect of the opportunity is the combination of demonstrated demand and a model that we believe can be replicated. ChefKart has already built the technology, operational processes, customer base and chef network. The next phase is about taking that foundation into additional markets and building scale.
"If we can successfully replicate the model across additional cities, the potential increase in bookings, customers, chefs and revenue could be substantial. GreetEat intends to focus its resources on disciplined expansion and building long-term shareholder value as we pursue the completion of the transaction."
About ChefKart Hospitality Private Limited
Founded in 2020 and headquartered in Gurugram, India, ChefKart Hospitality Private Limited operates a technology-enabled platform through which households can book trained and verified chefs and cooks for single-session, recurring and event-based in-home cooking services. ChefKart's mission is to simplify the way India eats by helping households access freshly prepared food in their own kitchens while creating structured opportunities for cooking professionals. To learn more, visit thechefkart.com.
Connect with ChefKart - LinkedIn: ChefKart | Instagram: @thechefkart | Facebook: @thechefkart
About GreetEat Corporation
GreetEat Corporation (OTC: GEAT) is a technology company focused on developing and expanding technology-enabled platforms across consumer services, hospitality and market intelligence. Through its operating initiatives and strategic development activities, GreetEat seeks to build platforms that improve how participants access information, services and opportunities. To learn more, visit greeteat.com.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release include statements concerning the proposed acquisition of ChefKart; the negotiation and execution of definitive agreements; the completion of due diligence; the availability of financing; the receipt of required approvals; the satisfaction of other closing conditions; the anticipated structure and potential benefits of the proposed transaction; GreetEat's assessment of strategic fit; potential support for ChefKart's continued development; future disclosures; and GreetEat's broader technology-platform strategy.
These statements are based on current expectations, estimates, projections, management beliefs and assumptions, and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. ChefKart-reported operating information has not been represented in this release as audited or independently verified by GreetEat. The proposed transaction may not be completed on the contemplated terms, within any anticipated timeframe or at all; required financing or approvals may not be obtained; due diligence may identify adverse matters; anticipated benefits may not be realized; and ChefKart's reported operating activity may not indicate future financial or operating performance.
GreetEat undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.
