Bangalore-based foodtech startup Petoo which was founded in March 2015 by IIT Kharagpur alumni Kumar Setu and Ritesh Dwivedi (former JustEat CEO and founder), along with IHM alumnus & former Dell official Abhishek Mandal, has raised $1 million funding. The funding was led by early stage venture capital firm Axilor Ventures and some HNIs.
The raised capital will be primarily used for food research and improving business back-end. Going forward, the startup aims to expand to more areas in Bangalore and subsequently launch operations in Chennai and Hyderabad over the next two years.
The startup currently gets around 100 orders a daily from restaurant aggregators like Foodpanda and JustEat among others. It plans to launch its own website and mobile app-based ordering system, with features like 3-tap ordering, live order tracking on a map among others, very soon.
“We will offer a cash-less food ordering solution for people staying late at office. Employees will be able to book food through our dedicated online system without any money transaction (based on predefined criteria of company’s management),” Setu said.
It also plans for taxi aggregators, bus operators in order to take orders for travelers. Currently the startup claims to have over 15 delivery boys and the firm is planning to expand its team of 800-1000, when it enters the new cities.
In February 2016, Gurgaon-based food-tech startup, First Eat raised $200K in seed funding from a F&B entrepreneur in Gurgaon. Other players operating in this segment include Jiyo Natural, Sattviko, WIMWI Foods and InnerChef among others.
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