Eatgood Technologies Pvt. Ltd, which operates business-to-business food-technology startup HungerBox, has raised $12 million (Rs 85.14 crore at current exchange rates) from a clutch of investors.
Mobile payments company Paytm and the NPTK Emerging Asia Fund (India) are new investors in HungerBox, it said in a statement. Existing backers Sabre Partners and South Korea-based Neoplux also participated.
The company, founded in 2016, says it provides technology-backed end-to-end food and beverage (F&B) operations management. The startup says it provides services to more than 120 businesses and institutions in India across 18 cities, including 10 of the largest 11 companies in the country.
The investment comes as a follow-up to the $4.5 million (around Rs 31 crore) Series A fundraising exercise the Bengaluru-based startup conducted in July last year. Neoplux and Sabre had led the round, with Singapore-based Lionrock Capital and Infosys co-founder Kris Gopalakrishnan also participating.
HungerBox will use the fresh capital to grow its operations in at least 10 more cities as well as expand to other markets in Southeast Asia. The startup said it is seeking to handle more than a million daily orders by March next year, up from the current 0.56 million across the 535-plus cafeterias that it operates for its clients.
“This latest investment not only validates what we’ve achieved but is also a striking endorsement of HungerBox’s future prospects, providing us with the boost we need to deliver on the challenge of even faster growth,” company co-founder and chief executive officer Sandipan Mitra said.
Paytm president Madhur Deora said the company’s investment would help provide its ecosystem’s services to HungerBox. Sabre founder Rajiv Maliwal added that the Bengaluru-based company was in the league of international firms such as ezCater, ZeroCater and CaterWings.
HungerBox was founded in 2016 by Mitra and Uttam Kumar, veterans of the food-tech segment who have previously worked with JustEat India. It is is promoted by GrowthStory, the venture-builder platform set up by serial entrepreneur K Ganesh and his wife, Meena Ganesh.
The startup offers companies a digital platform to order food. Based on the reimbursement benefits offered by their company, employees can avail services offered by the platform through a mobile phone. They can then access an F&B menu provided by all enlisted food vendors at their workplace cafés, place orders and get food delivered.
Prior to its Series A round, the startup had raised funds in January last year, securing $2.5 million in a pre-Series A round led by Lionrock Capital.
