Innerchef is another competitor in the online food order and delivery market. The startup has raised an amount of $6.5 million (Rs 43 crore) as part of its pre-series B funding exercise. The investors in this round include Mistletoe, Das Capital, Saha Capital, M&S Partners and Brand Capital. The last named is part of the Times Groupâ€™s India initiative.
The startup intends to add 10 additional cities to expand its business. Some of these cities are Pune, Chennai, Ahmedabad, Kolkata and Jaipur. There are also plans to expand the number of cloud kitchens it shares. The number may double this calendar year. The funds now raised are likely to be deployed for these two purposes.
Another objective for which the funds will be deployed is towards promoting its brand Healthie. According to Rajesh Sawhney, the co-founder of Innerchef, the company has entered the packaged goods segment with this brand and will make further efforts to expand its reach and product spread.
Incidentally, Healthie is not the only brand that is owned by Innerchef. There are several, actually. These are Bombay Sandwich Company, Thalis of India, YumYumDilli and YumYumSouth.
On the employee count too, the food delivery startup says it intends to add 1,000 more hands to the existing 500 this year alone.
Reflecting these reports, the company is posting impressive financial results too. Revenues are reported to have grown 100% in one year and the startup is breaking even now. The monthly revenue figure stands at Rs 17 crore in 2018, according to the company. The startup wants to grow more brands, in fact 10 of them in the future.
The funds raised by the company during the last year amounts to a total of Rs 17.16 crore. These were through issue of preference shares as part of series A and series B funding.
The Innerchef founders believe there are huge growth prospects for the food delivery segment and are willing to invest more in the business.