Mumbai-based food technology startup Box8 has raised Rs. 50 crore ($7.5 million) in a Series B funding round led by IIFL Seed Ventures Fund, a unit of IIFL Holdings Ltd, and existing investor Mayfield Fund. “With this round, we intend to go deeper into the cities where we are present and start operations in Delhi, Chennai and Hyderabad in the next 12 months. Apart from geographical expansion, we want to invest in technology. We want to drive more automation and personalization,” said Box8 co-founder Anshul Gupta.
The company currently operates three central kitchens, one in each city, and 50 delivery centres.
Founded in 2012 by Amit Raj and Anshul Gupta (both IIT alumni), Box8 (previously Poncho) is a full-stack service provider that handles everything from procurement of raw materials and preparation of the food to delivery. In January 2014, the company changed its menu to Indian food and rebranded itself Box8.
The company had raised Rs 21 crore in Series-A round of funding, from US-based venture capital firm Mayfield in 2015. Also the firm is backed by a clutch angel investors including Mu Sigma Inc. founder and chief executive Dhiraj Rajaram and Kaushal Aggarwal, co-founder and managing director at Avendus Capital and Indian Angel Network.
The other food tech startups that have shut down previously or some have been acquired by well-capitalized rivals include Spoonjoy (acquired by hyperlocal delivery start-up Grofers) in October last year; another start-up, Dazo, shut shop in the same month; Eatlo Tech Solutions Pvt. Ltd closed down in December; and Tinyowl merged with hyperlocal delivery start-up Roadrunnr in June this year.
Even Zomato, the most funded home-grown food tech startup, with about $224 million funding its umbrella, had fired around 10% of its workforce last year.
The company currently operates three central kitchens, one in each city, and 50 delivery centres.
Founded in 2012 by Amit Raj and Anshul Gupta (both IIT alumni), Box8 (previously Poncho) is a full-stack service provider that handles everything from procurement of raw materials and preparation of the food to delivery. In January 2014, the company changed its menu to Indian food and rebranded itself Box8.
The company had raised Rs 21 crore in Series-A round of funding, from US-based venture capital firm Mayfield in 2015. Also the firm is backed by a clutch angel investors including Mu Sigma Inc. founder and chief executive Dhiraj Rajaram and Kaushal Aggarwal, co-founder and managing director at Avendus Capital and Indian Angel Network.
The other food tech startups that have shut down previously or some have been acquired by well-capitalized rivals include Spoonjoy (acquired by hyperlocal delivery start-up Grofers) in October last year; another start-up, Dazo, shut shop in the same month; Eatlo Tech Solutions Pvt. Ltd closed down in December; and Tinyowl merged with hyperlocal delivery start-up Roadrunnr in June this year.
Even Zomato, the most funded home-grown food tech startup, with about $224 million funding its umbrella, had fired around 10% of its workforce last year.
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