AI-Powered Smart In-Restaurant solutions provider TabSquare has raised $10 Mn in Series B funding. The Series B round was led by Kakaku.com with the support of Coca-Cola Amatil, Resorts World Inc. Existing investor Walden International also participated in this round of funding.
TabSquare is a portfolio company of Mumbai Angels Network and Calcutta Angels Network. The Singapore-based restaurant management platform was founded in 2012 by INSEAD graduates Chirag Tejuja, Sankaran Sreeraman, and Anshul Gupta to use technology to improve the entire experience of dining out through their platform offerings.
TabSquare plans to use the newly raised funds to address its threefold targets:
- to enhance their AI-powered tech solutions
- grow its geographic presence across Asia Pacific including Australia, Indonesia, Malaysia, Singapore and Thailand
- increase manpower to aid these efforts
TabSquare: Growth So Far
TabSquare claims to have processed over 5 Mn orders with a GMV of more than $144.81 Mn (INR 1068.7 Cr) annually.
The company claims that outlets adopting TabSquare products are seeing tremendous growth, with many restaurants reporting a 10% increase in overall revenue and up to 25% higher average bill value from orders placed using personalised menus.
Through 6000 devices that serve more than 12 Mn diners and 6 Mn orders annually, TabSquare with its AI-Powered solutions claims to leverage rich consumer data and deep learning algorithms to better predict demand, personalise offerings and improve the overall dinner experience.
Genta Sugihara, Executive Officer of Kakaku’s Corporate Development Division believes that the strategic partnership with TabSquare provides many opportunities for synergies and as a first step, the company hopes to support TabSquare’s growth and regional expansion by sharing our know-how in food tech and the restaurant industry, based on more than a decade of experience of operating Tabelog.
“Going forward, we hope to benefit from TabSquare’s insights on in-restaurant user experiences, including AI enhanced recommendations, to explore an opportunity to bring them into the Japanese market,” he added.
Chris Sullivan, Group Director of Partners & Growth at Coca-Cola Amatil said the company’s pursuit to drive customer-focused innovation and efficiency in the food and beverage industry led us to its investment in TabSquare.
“We were impressed by their AI-powered solutions, their strong team, clear business model and ambitious growth plans, which include expanding from their established Singapore base to the whole of the Asia Pacific region,” he added.
Increasing Potential In The Market
One of the major competitors for TabSquare is eZee Burrp, which is a restaurant POS Software and includes table reservation, material management, kitchen display system, helpful in the Restaurant Management.
Earlier in 2016, foodtech unicorn Zomato had launched its cloud-based point of sale product for restaurants Zomato Base that helps a restaurateur manage their day-to-day operations from a single platform.
Analysts at Beige Market Intelligence expect the global POS terminal market to grow at a CAGR of 12.53% during the forecast period 2016–2022.
In comparison, the Indian POS terminal market is pegged to reach $450 Mn at a CAGR of over 10% from 2017 to 2024. This is indicative of the growth potential of the point of sales (POS) and mobile point of sale (mPOS) companies.
With TabSquare securing funding boost, the company has a huge market to win over for its growth.