SUMMARY
The restaurant table reservation startup raised the funding from DMI Finance’s Sparkle Fund
EazyDiner will use the funding to accelerate growth plans and add new features to woo customers and restaurant partners
EazyDiner claims to have grown 5X YoY in terms of diners and 18X YoY with regards to payments volume in 2022
Restaurant table reservation startup EazyDiner has raised INR 40 Cr ($4.8 Mn) in a strategic funding round from DMI Finance’s Sparkle Fund.
The startup will use the funding to accelerate growth plans and expand its presence to new cities across the country. The investment will also enable EazyDiner to scale its operations in the Middle East and ‘add new features’ to make its platform more appealing for customers and restaurant partners.
Commenting on the fundraise, EazyDiner’s cofounder Kapil Chopra said, “… This round will enable us to accelerate our growth and expand our reach across India and the Middle East… With the latest funding round, EazyDiner is well-positioned to grow exponentially and add new features to make it even more rewarding for consumers and restaurant partners to encourage eating out at great restaurants.”
Founded in 2015 by Chopra, Vir Sanghvi, Sue Reitz, Sachin Pabreja, Shruti Kaul, Ruchika Dhamija, and Manish Kutula, EazyDiner operates across three major verticals – restaurant table reservation business, food discovery platform, and payment solutions business (through PayEazy).
It allows users to discover restaurants, book tables and then make payments through PayEazy. The startup claims to have more than 12,000 restaurants on its platform across India and in Dubai. It has partnered 15 Indian banks and catered to more than 30 Lakh users so far.
EazyDiner claims to have grown 5X year-on-year (YoY) in terms of users and 18X YoY with regards to payments volume on its app in 2022. It also claims to be profitable and to have partnered marquee hotel chains such as ITC Hotels, Radisson Hotels JW Marriott, Four Seasons to offer its services.
Backed by investors such as DSG Consumer Partners, Saama Capital and Beenext, EazyDiner competes directly with foodtech giants Zomato and Swiggy.
The recent past has seen foodtech players ramp up their presence in the dine out segment and make efforts to digitise the entire customer lifecycle from acquisition to payment. While Swiggy has launched its dine out programme, Zomato reintroduced Zomato Gold earlier this year to woo more customers dining out. It also unveiled Zomato Pay in a bid to shore up more revenue and attract more diners to its platform with offers and discounts.
On the other hand, Swiggy, late last month, integrated its dining-out service Dineout with its food delivery app, thereby, expanding it to all users.
Even though the upscale dining out market forms a small part of India’s food service industry, the homegrown food service market is projected to soar to $79.65 Bn by 2028.
