Bangalore headquartered online food ordering startup FreshMenu is reportedly in talks to raise $25-30 million from new and existing investors. The company, which last raised $16.5 Mn in 2016, is backed by Lightspeed Venture Partners and Zodius Capital.
The startup is expected to use the upcoming funds to rapidly ramp up its service, especially infrastructure and technology and hire new people in to its team.
Freshmenu, which has raised mere $17 million in just two rounds, was valued at roughly $40-$50 million in 2016. The company is doing relatively better then its counterparts. It is operational in Bengaluru, Mumbai and Delhi-NCR and works cloud kitchen concept with 22 kitchens in Bangalore, 9 in Mumbai as well in Delhi/Gurgaon.
Founded in 2014 by Rashmi Daga, an alumnus of Indian Institute of Management, Ahmedabad, Freshmenu is consistently trying to rope in new investors and raise fresh funds it required after 4 years of its existence.
In April this year, it was rumoured that the company is in talks with cab-haling firm Ola to get acquired or possible buyout option but then eventually nothing fruitful has been heard about same.
Last November, it was also reported that Freshmenu has roped in Bennett, Coleman and Company Ltd (BCCL) as a new investor to raise funding of Rs. 1.65 Crore but then too the deal went off.
Freshmenu competes with the likes of HolaChef, Faasos and InnerChef. Recently, at time when food tech startup like Yumist had shutdown, FreshMenu has found a place in India’s top 5 food-tech startups in terms of revenues.
Last month, food tech startups raised funds include HungerBox raised $4.5 million in a Series A funding round led by South Korean investment firm Neoplux and India’s private equity fund Sabre Partners.
CCube Angels Network, a Singapore based angel investing network has invested Rs.3.5 crore in Inner Being,a Nutri-food start up based out of Hyderabad
[Top Image - Livemint.com]
The startup is expected to use the upcoming funds to rapidly ramp up its service, especially infrastructure and technology and hire new people in to its team.
Freshmenu, which has raised mere $17 million in just two rounds, was valued at roughly $40-$50 million in 2016. The company is doing relatively better then its counterparts. It is operational in Bengaluru, Mumbai and Delhi-NCR and works cloud kitchen concept with 22 kitchens in Bangalore, 9 in Mumbai as well in Delhi/Gurgaon.
Founded in 2014 by Rashmi Daga, an alumnus of Indian Institute of Management, Ahmedabad, Freshmenu is consistently trying to rope in new investors and raise fresh funds it required after 4 years of its existence.
In April this year, it was rumoured that the company is in talks with cab-haling firm Ola to get acquired or possible buyout option but then eventually nothing fruitful has been heard about same.
Last November, it was also reported that Freshmenu has roped in Bennett, Coleman and Company Ltd (BCCL) as a new investor to raise funding of Rs. 1.65 Crore but then too the deal went off.
Freshmenu competes with the likes of HolaChef, Faasos and InnerChef. Recently, at time when food tech startup like Yumist had shutdown, FreshMenu has found a place in India’s top 5 food-tech startups in terms of revenues.
Last month, food tech startups raised funds include HungerBox raised $4.5 million in a Series A funding round led by South Korean investment firm Neoplux and India’s private equity fund Sabre Partners.
CCube Angels Network, a Singapore based angel investing network has invested Rs.3.5 crore in Inner Being,a Nutri-food start up based out of Hyderabad
[Top Image - Livemint.com]
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