FoodTech Startup, FreshMenu, Raises $16.5 Mn In Fresh Funding

Bangalore-based FreshMenu, an online first restaurant, has raised about $16.5 Mn (INR 110 Cr.) in a funding round led by Zodius Capital and existing investor Lightspeed Venture Partners. In 2015, it had raised $5 Mn in Series A funding from Lightspeed.

FreshMenu will use the raised funds to expand its team and growth & strengthening of its brand. This round has taken the company’s valuation to about INR 300 Cr.

Founded in 2014 by Rashmi Daga, FreshMenu, is a meal kit delivery service aimed at the busy urban individual who seek nutritious food, but may not have the time or inclination to prepare one. The company offers ready-to-serve and ready-to-cook food meal plans.

“More than a food-tech company, we are more a tech-enabled food company,” said Rashmi Daga.

Besides Bangalore, FreshMenu is also operational in Mumbai as well as parts of Delhi-NCR. It’s menu changes everyday, with over 100 chefs preparing food at different locations. The startup claims of delivering every order within 45 minutes of confirmation.

Startups in this space who have recently raised funding include, Pune-based tech-focused on quick service restaurant (QSR) chain, Faasos – raised $30 Mn; Gurgaon-based full-stack food-tech startup operating in the daily meals segment, Yumist – raised $2 Mn; and Innerchef raised $1.66 Mn (INR 11 Cr.) in its pre-series A round.

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