FreshMenu raises Rs 110 crore fresh funds!
Bengaluru, India | Red Newswire | Jan 8, 2015 Last Updated at 11:52 AM IST.
FreshMenu, the online first restaurant has raised Rs. 110 crore in fresh round of funding that was lead by Zodius Capital and its existing investor Lightspeed Ventures. With this funding the startup valuation has reached Rs. 300 crore.
Rashmi Daga, CEO of Freshmenu says, “More than a food-tech company, we are more a tech-enabled food company.”
Daga plans to use funds for expansion, recruiting more people and branding.
One of the early investors in FreshMenu is GrowthStory – a family office run by K Ganesh and his spouse Meena Ganesh. The Pune-based Faasos operates on the same concept and recently received Rs. 200 crore funding.
This model is proving to be quite effective in the long run against restaurant discovery platforms like Zomato.
The compay has refuded to disclose the number of orders it serves everyday. However, a person close to the matter has said that the company is targeting 5,000 orders with an average bill of Rs. 400. The person said, “They have decent margins and average order value is at the right level to become profitable.”
Source: ET Bureau