Bangalore-based Cookaroo, a food delivery startup that delivers freshly prepared meals, has raised an undisclosed amount in angel round of funding from Vijay Krishna Yadav of Highland hospitalities and Sachindra Murugesh.
Cookaroo was founded by Darshan Subhash, Eraj Hassan and Nikhil Karanjkar in 2015, with an aim to provide wholesome meals to consumers everyday by utilising the underutilised commercial kitchens.
Besides redefining the consumer experience, the startup also addresses the problems that exist in the supply chain side. It standardises the consumer experience by utilising the excess capacity in the market that is under monetised and inefficient.
The funds will be utilised towards technology development and to scale up operations across Bangalore and Hyderabad.
“We will be utilizing a significant chunk of our funds towards improving the technology to serve our customers better. Through this investment, we are also planning to vigorously expand across different areas in Bangalore as well as in Hyderabad,” said Darshan Subhash, CEO & co-founder at Cookaroo.
Sachindra Murugesh, VP of Business Development at Cookaroo, said, “We have seen great results from this team so far and with this investment they can spread their wings further. Currently, Cookaroo forms around 20% of our revenues and we want to grow it to 50% within the next 3 months.”
With a gross margin of 21.5%, Cookaroo currently processes close to 200 orders per day. It has 15 operational commercial kitchens across JP, Jayanagar, HSR, Koramangala, and CBD (central business district). In the coming months, Cookaroo plans to expand to Sarjapur, Kammanahalli, Bellandur and many other prominent IT corridors in the city.
By April 2016, the startup will also launch its operations in Hyderabad.
Vijay Krishna Yadav, MD at Highland hospitalities said “Cookaroo’s business model is similar to OYO rooms’ business model in the budget accommodation space. Most food delivery startups today are only addressing the consumer side of the food delivery ecosystem. Cookaroo is not only addressing consumer pain points but is also solving the problems that exist in the supply chain side.”
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