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Looking at recent developments, it seems that online food delivery is going to be next big thing for the new age startups as well as for the venture capital firms, who are waiting to pour capital in Indian startup ecosystem.
Today, the Mumbai-based on-demand food delivery startup, Box8 has raised $3.5 Mn funding from Silicon Valley-based early-stage venture capital firm Mayfield. The startup initially started offering Mexican fast food only, however after getting the slow market response, it shifted to north Indian menu.
The investment will be used to build technology, team expansion and deepen market penetration. The company is also planning to expand its footprint in other Indian cities.
Speaking on this development, Anshul Gupta, Co-founder, Box8 said, “We have over 30 IITians in our team and we would like to hire more such talented individuals from different backgrounds. Execution is the key to the success of this business and we want to build a team which focuses on getting the job done.”
Started in 2012 by IIT graduates Amit Raj and Anshul Gupta, the startup is currently present in Mumbai and has 22 delivery units across the city. With over 2,000 transactions per day, Box8 has grown multifold in the past 15 months.
Earlier in 2012, Box8 had received funding from Kaushal Aggarwal of Avendus Capital, Dheeraj Rajaram of MuSigma and Indian Angel Network.
Recently, the Rocket Internet-backed Foodpanda has announced that it has launched its own food delivery services. Besides, online cab booking startup, Ola launched food delivery service in 4 cities i.e. Mumbai, Delhi, Hyderabad and Bangalore. Serving in the same domain, Bangalore-based, Spoonjoy had raised an undisclosed amount in angel funding from Sachin Bansal and Mekin Maheshwari (CPO Flipkart), Abhishek Goyal (Founder, Tracxn) and Sahil Barua (Co-Founder, Delhivery).
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