Food-tech startup TinyOwl has secured $7.6 Mn (INR 50 Cr) from existing investors Sequoia Capital and Matrix Partners.
With the new round of funding, Tinyowl gets 12 months runtime to manage the turmoil in the company. In the meantime, the company will focus on restructuring its processes in order to create a sustainable business.
Harshvardhan Mandad, Founder and CEO of TinyOwl told ET, “In lieu of restructuring we have fully outsourced our last mile delivery to partners including Roadrunnr, Opinio and Shadowfax. This move has helped us focus sharper on our core technology and processes as well as significantly cut costs of delivery.”
Mandad reported that the company’s costs has come down by 43% with the realignment.
TinyOwl was reported to have fired 160 employees in pursuit of reducing the costs and re-looking at its business operations.
Earlier this year, it raised roughly $15.3Mn (INR 100 Cr) from Matrix Partners India, Sequoia Capital and Nexus Venture Partners.