Dibz, a food tech startup serves as an online-to-offline (O2O) platform for discovering restaurant deals. The company has raised an undisclosed amount in the bridge round from Stellaris Venture Partners and existing investor Benori Ventures.
The funds raised will be used to expand its outreach to new cities along with consolidating operations in the cities it already has a presence.
Other existing investors who participated in this funding round include Vikas Bagaria, founder of toilet hygiene brand PeeSafe and Rahul Maroli, vice president and business head at Ola.
Along with Stellaris, new investors include Ritu Mehrotra, country manager at Booking.com, and Abhivyakti Gulati, founder of handicrafts and household items platform Aakarsshan.
Dibz, operated by Gurugram-based Xpericon Online Solutions Pvt. Ltd, will primarily use the fresh capital to expand to more cities besides consolidating operations in areas where it already has a presence, said co-founder Sonal Pande.
It started as a mobile app that offered curated deals for its customers from various restaurants, hotels and pubs.
Dibz deals are currently available in Varanasi, Lucknow, Allahabad, Gurugram and Delhi with more than 500 deals from over 150 restaurants, hotels and pubs. It hopes to be available in 10 cities by the end of October and it is also looking to venture into other states as well.
Sonal Pande, co-founder at Dibz, said, “Though we have a presence in Gurugram and have plans to expand into Delhi and Noida as well, tier-2 and 3 markets are our main focus.”
It also claims to have over 70,000 customers using its online platform and is planning to increase the customer base to 5 lakh by the end of this year as it ventures into new cities.
In the food delivery space, Dibz is competing with established players like Zomato, Swiggy, Foodpanda and Faasos among others.
In the O2O space, Dibz compete with little and Nearbuy, which have joined hands with Paytm and now control nearly 88% of the market and around half of their sales come from food deals.