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.
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.”