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Bangalore-based foodtech startup Petoo has raised $1 Mn from early stage venture capital firm Axilor Ventures and some HNIs.
Petoo was founded in March 2015 by IIT Kharagpur alumni Kumar Setu and Ritesh Dwivedi (former JustEat CEO and founder), along with IHM alumnus & former Dell official Abhishek Mandal. The startup aims to ensure that Indian food is easily accessible, convenient to eat in neatly packed boxes, and is the popular choice.
Ganapathy Venugopal, co-founder and CEO of Axilor said, “Petoo has one of the most experienced teams in the food delivery space in the country. We liked the integrated model, the team’s focus and the strong analytical approach they bring to business.”
The startup will use the newly raised capital primarily for food research and improved business back-end.
In the next few months, the startup aims to expand to more areas in Bangalore and subsequently launch operations in Chennai and Hyderabad.
Talking about the funding, co-founder Kumar Setu, said “It doesn’t only give us more financial bandwidth but it’s also a vote of confidence by veterans like Chris and Shibu Lal themselves regarding our lean business model and deep understanding of this business.”
Prior to this, in February 2016, Gurgaon-based food-tech startup, First Eat, has raised $200K seed funding from an undisclosed F&B entrepreneur in Gurgaon.
Other players in this segment include Bangalore-based Jiyo Natural, a startup that offers personalised nutritionally balanced, calorie monitored and chemical free food; Sattviko, WIMWI Foods, InnerChef, etc.
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