Foodtech startup HungerBox has raised Rs 4 crore fresh funds from CRM Holdings, Pratithi Trust along with participation from existing investor Srihari Kumar. The company had recently raised $2.5 million in its pre-Series A round led by Singapore-based Lionrock Capital.
Incorporated in early 2016, HungerBox is a full-stack foodtech company that is focussed on the B2B space. It operates with over 100 digital cafeterias and more than 75 corporate clients, including Qualcomm, Microsoft, FirstSource, among several others
Currently, it has a presence in cities including Bengaluru, Mumbai, Pune, Delhi NCR, and Hyderabad, among others. The company claims to clock more than 120,000 daily orders and aims to scale this to half a million per day by 2018 end.
Notably, HungerBox claims to process 200 orders in a minute. Earlier in 2016, it was processing 200 orders a day.
The Bengaluru-based company essentially offers an end-to-end solution and services catering to the F&B needs of corporates. Currently, it has four products – online cafeteria, catering, food court and e-services. Employees can avail services based on the reimbursement benefits covered by their employers.
From the last few years, the Indian foodtech space is estimated to be at $50 billion worth of market and has been growing at 16-20 per cent on YoY.
The segment has been able to rake in investments from domestic as well as foreign investors. Zomato, Swiggy, Freshmenu, and FoodPanda are currently some of the popular players in the Indian consumer foodtech space.
With many corporates setting up base in India along with growth in scaled-ups companies locally, B2B foodtech market is slated to grow. While several startups are catering to corporates in metros, space lacks serious play. Hence, it’s a big opportunity for many who see foodtech market as an opportunity.
The funding details were sourced from Paper.vc