Mumbai-based FMCG startup QwikPik Technology, which owns and operates YumLane, has raised $4 Mn in a Series A round of funding led by Singapore-based family office RB Investments.
Existing investors who participated in the round include Flipkart co-founder Binny Bansal, Rehan Yar Khan-led early stage venture capital firm Orios Venture Partners, and other HNIs (high networth individuals).
The company plans to use the funds to develop products, increase retail footprint, hire sales and marketing executives, and manage its backend operations.
Related Article: Flipkart’s Binny Bansal Leads $1Mn Funding Round In YumLane
Commenting on the investment, Harshavardhan Bothra, principal at RB Investments, said, “Yumlane has two great ingredients — its product and founder. Evolving India’s millennials needed exciting ready-to-cook food in worldclass facilities with highest quality standards. We believe that snacking is a large unbranded opportunity for consumer brands.”
Yumlane: Food Boxes For The Busy Milennials
Ahuja had earlier shared with Inc42 that “Yumlane’s business model is B2B and depends on traditional channels of FMCG distribution – general stores, organised retail chains such as Hypercity (with whom they already have a tieup), and future partnerships are being planned with D Mart, Food Bazaar, etc.”
Yumlane last raised $1 Mn (INR 6.6 Cr) in Seed funding round led by Flipkart CEO Binny Bansal in August 2016.
Currently present in Mumbai, Pune, Bengaluru and Hyderabad, the startup claims to have an annualised run rate of three Mn units and plans to grow this to 10 Mn units by December 2018.
Morgan Stanley has pegged India’s food delivery and take away market has been at $19 Bn, and in such huge market, the small meal box ideas have been gaining foothold with the likes of Yumlane. With the Series A funding, the startup has the means for newer products and services. However, in the increasingly competitive market, how it retains its stronghold will be seen.