Food-tech start-up HungerBox raises $12 million in funding
What's the story
HungerBox, a Bengaluru-based B2B food and beverage technology company that provides solutions for corporate, has raised $12 million in funding. The investment comes from a bunch of investors, including digital payments giant Paytm, NPTK and the company's existing investors Sabre Partners and Neoplux. Now, HungerBox plans to use this capital to expand its footprint and process over a million orders per day. Here's more.
HungerBox
HungerBox works with clients like Qualcomm and Microsoft
Founded in 2016 by Sandipan Mitra and Uttam Kumar, HungerBox provides an online platform that allows companies to order food and get delivery service for office and corporate events. At present, the start-up works with clients like Qualcomm, Microsoft, Accenture, etc. Their technology-based services include cafeteria density tracking, desk-based ordering, food ordering for meeting rooms and events, nutrition tracking, et al.
Quote
Here's what the CEO Mitra said about the latest fund-raise
Talking about HungerBox's latest fund-raise and future plans, Mitra, the CEO of the company, said, "Our ambition is to become one of the biggest institutional food-tech companies." He added, "To do this, we will be deepening engagement with the corporate sector, expanding into sectors with massive scope for improving F&B management, such as education, healthcare (hospitals), and retail (malls), and expanding geographically beyond India."
Future plans
Funds will be used for international expansion
HungerBox will use the fresh funds to scale-up its operations in existing cities and expand into newer geographies including 10 new cities in India as well as Southeast Asian markets. Presently, the start-up operates across 18 Indian cities and claims to process approximately 560,000 transactions on a daily basis. Notably, with this funding, the company plans to clock over 1 million orders per day.
Investment
Meanwhile, here's a look at the previous investments in HungerBox
Prior to this round, HungerBox had raised $6.59 million from Paytm in August of this year and $4.5 million in a Series A round of investment led by Sabre Partners and Neoplux last year. Now, with the inclusion of the latest investment, the total capital raised by the start-up reportedly stands at more than $16.5 million.