The food business scenario in India has attracted the investors as never before in the last few months, citing almost $ 110.5 million investment in about a month. Brands like Box8, Spoonjoy, EatTreat, foodpanda, and Veeba foods hold the investors’ pulse, with their business expansion opportunity occurring in the country.
Box8, a Mumbai-based on-demand food delivery Company, has raised Rs 21 crore in Series A funding from Mayfield headquartered in Silicon Valley. The funds raised will be used to build a seamless customer experience across its mobile and web platforms.
Commenting on the same, Amit Raj, Co-founder, Box8 said, “We keep only one thing in mind when we make our food; that we would only serve food that we enjoy eating.”
Serving food on weekly parameters, SpoonJoy, the weekly subscription-based online platform that serves to get healthy and delicious meals right at customer’s doorsteps, has raised $1 million from SAIF Partners. Earlier, in December 2014, the online food delivery portal had raised an undisclosed amount from Flipkart Co-founder and CEO Sachin Bansal and chief product officer Mekin Maheshwari, with participation from Sahil Barua, Co-founder of Delhivery and Abhishek Goyal, founder of Tracxn. But with the current round of funding, the food service platform is planning to take its services to cities like Delhi-NCR and Mumbai, which has always been a global food imitator.
On the other hand, foodpnada, the global major in food delivery business has raised USD 100 Million in funding led by Goldman Sachs targeting at expanding its own delivery activities and improve overall customer experience across its 40 markets.
Ralf Wenzel, Co-Founder and CEO of foodpanda Group said: “We are very happy about the recent support from Goldman Sachs Investment Partners, with its deep expertise in online marketplaces, and which, together with our renowned group of investors, will allow us to build the leading mobile food delivery marketplace in Emerging Markets targeting over 3 billion consumers. The Emerging Markets represent the largest opportunity in online food delivery and we are committed to create the most convenient way for ordering and delivering food.”
At the same time, Speciality food venture Veeba Foods, has raised US $6 million in funding led by Saama Capital and DSG Consumer Partners as lead investors. Founded in 2013 by Viraj Bahl, who prior to this was part of the family that owned Fun Foods, Veeba specialises in the specialty foods that include sauces, dressings, preserves etc, for both institutional customers, like international brand name restaurants and coffee bar chains, and the retail consumer.
Likewise, EatTreat, started as Facebook group back in 2014, when Co-founder Arjun Sawhney—a self-confessed foodie with an insatiable appetite—felt the need to start a dialogue that would educate and empower the online community by engaging them in discussions about food has raised USD 350,000 from a group of angel investors.
Hence, we could see that Indian food industry with lots of potential and trends on the way is looking towards disruption of the food business scenario in India seeking exciting opportunity both from shareholders and the investors.