B2B-focused foodtech startup HungerBox has raised $4.5 million in its Series A funding round led by Neoplux (South Korea) and Sabre Partners. The round also saw a participation of existing investors Lionrock Capital and Infosys Co-founder Kris Gopalakrishnan.
The fresh capital funds will be used for the company’s expansion in India and South East Asian market.
Five months ago, the company raised $2.5 million pre-series A round from Lionrock Capital and Gopalakrishnan.
Between the aforementioned rounds, the corporate-focused platform also raised Rs 4 crore fresh funds in March from CRM Holdings, Pratithi Trust along with participation from existing investor Srihari Kumar.
Promoted by Growth Story, and founded by Sandipan Mitra and Uttam Kumar, HungerBox is a full-stack foodtech company that is focussed on the B2B space. It essentially offers an end-to-end solution and services catering to the F&B needs of corporates.
At present, the company has four products – online cafeteria, catering, food court and e-services.
With an asset-light model, it operates with over 160 digital cafeterias and more than 75 corporate clients, including Qualcomm, Microsoft, FirstSource, among several others, reveals the company’s press statement.
The company generates revenue through commissions. It charges about 10 per cent of the overall food sales from vendors. Importantly, HungerBox claims to be operationally profitable.
HungerBox employs 400 staff across India and uses latest technology advancements like IoT in its solution to connect the vendor side hardware and employees of corporate.
Currently operating in Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Delhi/NCR, Jaipur and Kolkata, HungerBox clocks more than six million orders a month.
According to estimates, spending on F&B in the B2B space alone is estimated to reach $14 billion in India in 2018 with the sector growing at a rate of 15 per cent per annum.
HungerBox competes against Centerplate, amongst a few others. Since B2B foodtech space has not changed for decades, opportunities for new age startups are undoubtedly immense.