HungerBox, FoodTech solutions provider has closed $12 million in funding from a consortium of Indian and international investors including new investors Paytm and NPTK and existing backers Sabre Partners and Neoplux. This is on the back of the $4.5 million round led by Sabre in 2018.
The new investment will be used to grow HungerBox’s operations in 10 new Indian cities as well as fuel the company’s international expansion to SE Asia as the company ramps up to handle more than a million daily orders by March 2020.
The latest funding round follows the $4.5 million investment that HungerBox received from Sabre Partners, Neoplux, Lionrock Capital (Singapore) and Infosys Co-founder Kris Gopalakrishnan in 2018.
Sandipan Mitra, CEO and Co-Founder, HungerBox, said: “Our ambition is to become the world’s No.1 Institutional FoodTech Company. In order to do this, we are following a three-pronged approach: a) Deepening engagement into the corporate sector where we already serve marquee businesses in India spanning 18 cities; b) Expanding into sectors which reveal massive scope for improving F&B management, such as education, healthcare (hospitals) and retail (malls), where we have already made headway, and; c) expanding geographically beyond India. 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”.
Commenting on Paytm’s participation in the new round, Madhur Deora, President, Paytm said: “We continue to focus on adding new use cases to our payments business and digitizing offline transactions. HungerBox is the market leader in the institutional FoodTech space and we will partner closely with them and bring the benefits of Paytm ecosystem to HungerBox.”
Rajiv Maliwal, founder, Sabre Partners said: “The unique offering of technology-based F&B management solution offered by HungerBox has been very well received and HungerBox is now in the league of marquee international companies such as ezCater, ZeroCater, CaterWings etc. With the sectoral and geographical expansion planned, I believe the team can achieve a doubling of volume in a short period of time. The market potential globally is very large and there are only a handful of companies with proven capabilities to service this large space.”
HungerBox operates in Bangalore, Bhubaneswar, Chennai, Coimbatore, Delhi, Gandhinagar, Goa, Gurgaon, Guwahati, Hyderabad, Kochi, Kolkata, Lucknow, Mumbai, Nagpur, Noida, Pune and Trivandrum and currently employs more than 1,500 staff across India.
HungerBox has empanelled over 2,100 food partners serving varied cuisines across the 18 cities in which it operates. HungerBox’s solution allows pre-ordering, live order tracking, digital payments, feedback management, cafeteria density tracking, desk-based ordering, food ordering for meeting rooms, food ordering for organisational events, nutrition tracking and more.