Now cooking in Indian startupland: Food technology cos now thinking outside delivery.
Food tech startups in Silicon Valley are known to be working on a complete range of radical food products such as plant-based substitute for meat, mayonnaise without eggs or a nutritious vegan beverage that pre-empts the need to eat.
Bengaluru | Red Newswire | By ET Bureau | 2 Dec, 2015 02.24 AM IST.
But in India, startups in the area of food technology have mainly focused on delivery or operations. With investors keen to back ventures in this hypergrowth segment, several companies have received venture funding but have struggled to differentiate themselves in a crowded market.
“These are not food tech companies. These are delivery firms. Food ops, may be a good word,” said Siddhartha Das, general partner at VenturEast in an earlier conversation with ET. However, as sanity and unit economics come to focus, investors are becoming open to invest in new avenues.
“This is the best time to be raising money for growing companies. Even though there are constraints on scaling, this area will mature in the next two-three years,” said Salim Vali, vicepresident of impact investments at Centre for Innovation, Incubation and Entrepreneurship in Ahmedabad, which is in final stages of closing a deal in the food space. ET looks at a few firms in the food tech segment that are inventing and innovating below the radar.