HungerBox gets $12 mn from Paytm and others

Bengaluru-based HungerBox, a B2B food tech solutions provider, has raised $12 million in a new round of funding from a consortium of investors including Paytm, Sabre Partners, Neoplux, and NPTK Emerging Asia Fund.

Paytm and NPTK are new backers of the startup while HungerBox raised around $4.5 million from Sabre Partners, Neoplux, Kris Gopalakrishnan, and Lionrock Capital in 2018. The startup, which allows users to view the F&B menu provided by enlisted food partners in their workplace cafteria, place orders, and get real-time updates of their order, claims a 3X growth in the past one year.

“We started the year serving around 1.8 lakh orders per day, and now we do close to 5.5 lakh orders a day and have also crossed $100 million ARR in food sales,” Sandipan Mitra, co-founder and CEO, HungerBox, told TOI. In terms of profitability, HungerBox claims it is both cafeteria-level and gross margin level profitable.

Payments is an integral part of our platform and with Paytm onboard, we hope to benefit from their digital payments expertise to increase scale of operations as we work towards achieving more than a million (10 lakh) daily orders by March 2020, Mitra added. HungerBox will use the new investment to expand operations in 10 new Indian cities as well as kick off their international expansion in three undisclosed South East Asian countries in 2020.

HungerBox, launched in 2016 has an early mover advantage in the institutional food tech solutions space, which has caught the eye of Zomato and Swiggy recently.

Source:- https://retail.economictimes.indiatimes.com/news/food-entertainment/food-services/hungerbox-gets-12-mn-from-paytm-and-others/72810098