The Bangalore-based Internet-first restaurant, FreshMenu, part of serial entrepreneur K Ganesh’s startup factory GrowthStory, is all set to raise INR 31 Cr in first round of funding from Lightspeed Venture Partners.
Internet-first restaurants do not have any retail presence and they serve limited locations through a central kitchen. There are different models for them like employing their own chefs with pre-determined menus.
According to the reports, GrowthStory has helped portfolio companies successfully raise follow-on funding of about INR 620 Cr so far. The venture firm has backed over seven ventures till now and planning to come up with three more startups.
Related Article: FoodTech Startup, FreshMenu, Raises $16.5 Mn In Fresh Funding
GrowthStory-backed companies have managed to raise funding from some 15 outside investors, which include Silicon Valley heavyweights like Sequoia and Accel to corporate bigwigs like Ratan Tata.
FreshMenu was founded by IIM Graduate Rashmi Daga in 2014 in Bangalore. It is a meal kit delivery service aimed at the busy urban individual who seeks nutritious food, but may not have the time or inclination to prepare one. The company offers ready-to-serve and ready-to-cook food meal plans.
Recently, Gurgaon-based Yumist, Frsh and Mumbai-based Holachef, all three working in food space has raised funding. Yumist has grabbed Series A funding led by Orios Venture Partners, while India Quotient has backed HolaChef and Frsh.