Mumbai-based foodtech startup Thrive has raised $2.5 Mn in its Series A funding round led by Jubilant FoodWorks Limited.
The funds will be used to bring on more restaurants, improve its product and expand the team, the startup said in its statement.
Founded by the cofounders of Hashtag Loyalty, Dhruv Dewan, Karan Chechani and Krishi Fagwani in 2020, Thrive provides an alternative of partnering with the likes of Zomato and Swiggy to restaurants.
The foodtech startup has scaled to over 5,500 restaurants across the country. Thrive has a self-serve tool that allows restaurants in any part of the country to set up their own direct ordering platform in less than 10 minutes.
Thrive has built an integrated SaaS solution helping restaurants to build their own ordering experiences, which the company claims helps them save up to 30% of their revenues and provides them with the rightful ownership of their customer data.
Its clientele includes restaurant groups such as Naturals Ice Cream, Fabcafe and independent restaurant brands such as The Bombay Canteen, Americano and Izumi.
Speaking about the way forward, Karan Chechani said, “There is an inherent imbalance in the food delivery ecosystem, and there is a need for equality amongst the participants – consumers, restaurants, and third-party partners – and more transparency. Our aim is to be able to work together with the restaurant community to do that.”
Talking about the investment Pratik Pota, CEO at Jubilant FoodWorks added, “We are delighted to be able to partner with Thrive and look forward to supporting the founders and the exciting team there towards delivering their vision of making the restaurant online ordering experience more universally accessible.”
In October, Delhi NCR based food services company Jubilant Foodworks announced the acquisition of 35% stake in customer relationship management (CRM) and automation startup Hashtag Loyalty for INR 24.75 Cr.
Hashtag Loyalty Private Limited (HLPL) provides brands with online ordering systems to accept direct orders from customers. It also provides an enterprise-grade omnichannel customer engagement & marketing automation platform. Its revenue in FY2020 stood at INR 1.13 Cr.