Food startup YumLane, has raised $4 million in Series A round of funding led by Singapore-based family office RB Investments. Existing investors in the Mumbai-based startup such as Flipkart co-founder Binny Bansal, Rehan Yar Khan-led early-stage venture capital firm Orios Venture Partners, and a host of high net worth individuals also participated in the current round.
Owned and operated by QwikPik Technology, YumLane brand of food products had earlier raised $1 million in August 2016 in seed round from the early backers.
The startup aims to infuse the fresh round into product development, ramp up its distribution and retail footprint and marketing. Besides, it also aims to build a brand in the FMCG sector, and more specifically, in the fresh chilled foods space.
Founded by Hitesh Ahuja, Rueben Ghosh, and Rahul Kumar in March 2016, YumLane offers ready to eat meals at Rs 60-90 through packaged consumer goods outlets. Consumers can make a pre-order and also make the payment online and collect their food from the nearest store.
Currently, the startup has footprints in Mumbai, Pune, Bengaluru, and Hyderabad. The foodtech startup also claims to have reached an annualised run rate of three million units and plans to grow this to 10 million units by end of 2018.
YumLane claims to offers 100 per cent preservative free in its offering, which includes a variety of Momos, Pizza, and affordable Asian Meals.
The startup’s business model is B2B and depends on traditional channels of FMCG distribution – general stores organised retail chains such as BigBasket, Big Bazaar, Hypercity, D Mart, including several others.
The development was reported by ET.