MonkeyBox Will Use The Newly Raised Funds For Expansion And Marketing Campaigns
Bengaluru-based foodtech startup MonkeyBox has raised an undisclosed amount of Pre-Series A funding from Blume Ventures, NB Ventures, Nspira and angel investors.
The startup will use the newly raised funds for expansion and future marketing campaigns.
Talking about the startup, Ashish Fafadia, CFO at Blume Ventures said, “MonkeyBox has been providing nutritious, fresh and tasty food for school kids delivered at schools that results in a balanced diet for kids while they relish tasty food. Their very high subscriptions are an indication of parents’ preference for this as a dependable alternative to home-cooked food.”
MonkeyBox was founded in 2015 by Sanjay Rao and Sandeep Kannambadi. It provides healthy vegetarian meals specially designed by nutritionists, for kids at school. The company claims that these meals are balanced and portioned as per Recommended Dietary Allowance (RDA).
The meal boxes are delivered to the schools directly, 30 minutes prior the breakfast/lunch/snack time. As per a company statement, MonkeyBox currently has close to 2,000 subscribers for meal boxes between the age group of 3-18 years. The foodtech startup has also started to supply to daycare and Montessories for children in the group of one-three years.
The foodtech startup currently claims to supply 1,500+ meals per day to 85+ schools in Bengaluru. The dishes vary across North Indian, South Indian, Pan Asian and Continental cuisines.
Sanjay Rao, co-founder and CEO, MonkeyBox said, “One of our key focus at the moment is to expand to more schools across Bengaluru. This round of funding will help us to start operations for two new kitchens in Thanisandra in the north and Kudlu Gate in the east. We are aiming to cover 75% of Bengaluru with a target of reaching 12,000 subscriptions by end of the academic year 2018. The funding will also be used for onboarding more employees into the circuit and for future marketing campaigns.”
The startup MonkeyBox has also partnered with local farms and distributors for supplying fresh ingredients for the meals.
MonkeyBox had earlier raised Seed funding from Blume Ventures and a clutch of high net-worth individuals around December 2016. In June 2017, the company had acquired Delhi-based cold-pressed juice manufacturer and delivery firm RawKing for an undisclosed amount.
In June 2017, Mumbai-based foodtech startup Wegan Foods raised an undisclosed amount of funding from a member of the royal family of Sharjah and Ras Al Khaimah – Her Highness Sheikha Arwa Al Qassimi. Other startups in the foodtech segment apart from MonkeyBox include Innerchef, Yumlane, Faasos, Sattviko, Tpot, etc.