Food-tech startup HungerBox has raised a fresh round of funds to the tune of $12 million from its existing and some new investors. There are some international investors too to boot.
HungerBox is mainly in the institutional catering sector setting up and running cafeterias in large IT hubs and has now expanded into several sectors like healthcare, aviation, retail, education and manufacturing. There are 535 cafeterias in all run by HungerBox currently servicing some 0.56 million orders each working day. More importantly, this number is increasing at a rapid rate and the company wants to reach the 1 million orders per day mark, before the end of this financial year by March 2020.
The investment in this round has come from Paytm, Sabre Partners, Neoplux and NPTK Emerging Asia Fund (India). Paytm and NPTK are the new investors in HungerBox. The company had raised $4.5 million last year which was led by Sabre. The startup says it plans to deploy the freshly inducted funds towards geographical expansion into 10 new cities as well as to take its business overseas. For the record, the company had raised its previous round of $4.5 million from Sabre Partners, Neoplux, Lionrock Capital (Singapore) and Infosys Co-founder Kris Gopalakrishnan.
Sandipan Mitra, CEO and Co-Founder, HungerBox, said: â€śThis latest investment not only validates what weâ€™ve achieved but is also a striking endorsement of HungerBoxâ€™s future prospects, providing us with the boost we need to deliver on the challenge of even faster growthâ€ť.
HungerBox claims it has evolved a three-pronged strategy towards achieving its business objectives. These consist of deepening engagement in the corporate sector, expanding into sectors which reveal massive scope for improving F&B management, and expanding geographically. The overall objective is to become the worldâ€™s No.1 institutional food-tech company. The company wants to compare itself with firms like ezCater, ZeroCater, CaterWings. The scope is definitely there for them to exploit, with limited competition in the space they are operating in.
Annual food sales on the HungerBox platform are in excess of $100 million. HungerBox operates in Bengaluru, Bhubaneswar, Chennai, Coimbatore, Delhi, Gandhinagar, Goa, Gurugram, Guwahati, Hyderabad, Kochi, Kolkata, Lucknow, Mumbai, Nagpur, Noida, Pune and Thiruvananthapuram and currently employs more than 1,500 staff across India. HungerBox has empanelled over 2,100 food partners serving varied cuisines across the 18 cities in which it operates.
HungerBox has packed its app with a variety of features, including pre-ordering, live order tracking, digital payments, feedback management, cafeteria density tracking, desk-based ordering, food ordering for meeting rooms, food ordering for organisational events, nutrition tracking.