Delhivery finds regional delicacy marketplace Food Memories for Investment

Ahmedabad based Food Memories which is the online source for Indian delicacies has secured an undisclosed amount in seed funding from a consortium of eight investors led by Bhavesh Manglani and Suraj Saharan, the co-founders of logistics firm Delhivery.

The other investors include legal professionals, investment bankers and entrepreneurs.

Founded in September 2016 by Harmitsingh Sikh, Food Memories aggregrates popular regional food brands and delicacies unique to particular Indian geographies.

The company said in a statement that it would utilize the money to accelerate its expansion plans. It will also invest in setting up physical retail stories in major Indian cities.

Delhivery co-founder Manglani said, “With the Indian sweets and savouries market pegged at Rs 50,000 crore and a promising $30 billion export food market, Food Memories is uniquely placed to capitalise on growing demand for delicacies of iconic local brands/establishments”

The platform owned and operated by One Click Innovations Pvt. Ltd features more than 200 major brands and more than 3,000 Indian food products. The items are delivered across the globe.

Sikh, who is also Food Memories’ chief executive officer said, “We’re now operational in 26 states across India and with the support of our investors, our first retail touch point will come up in Ahmedabad followed by gradual expansion to strong demand centres in the country.”

Many ventures in the broader food and beverage (F&B) segment have attracted investment in recent months.

HungerBox, an online platform that connects caterers and corporates, raised $2.5 million (Rs 16 crore) in a pre-Series A funding round led by Singapore-based Lionrock Capital last month.

HW Wellness Solutions Pvt. Ltd the Pune based wellness firm which owns and operates health foods startup True Elements, raised Rs 5 crore ($788,500) in a pre-Series A funding round led by the RP-Sanjiv Goenka Group in the same month. January also witnessed Morgan Stanley Private Equity Asia investing Rs 152 crore ($23 million) in Southern Health Foods, which markets its products under the brand ‘Manna Foods’.

Last December, Ratan Tata-backed speciality tea e-tailer Teabox.com, operated by Bengaluru- and Singapore-based AsianTeaxpress Pte. Ltd, raised $7 million (Rs 45 crore) in a Series B round from Singapore-headquartered investment firm RB Investments and existing investors.

Vahdam Teas Pvt. Ltd a Delhi-based tea e-tailer in the same month had raised $1.4 million (Rs 9 crore) in a Series A round of funding led by existing investor Fireside Ventures.