Mumbai-based FMCG startup QwikPik Technology, which owns and operates the YumLane has raised $1 Mn (INR 6.6 Cr) in a seed funding round led by Flipkart CEO Binny Bansal.
Other investors that participated in the round, were People Group founder Anupam Mittal, Sachin Bhatia (co-founder MakeMyTrip), Darius Pandole, partner at private equity firm New Silk Route, angel investor Kunal Khattar and Dheerag Jain (Managing Partner at Redcliffe Capital-London)
YumLane, was founded in March this year by Hitesh Ahuja, Rahul Kumar and Rueben Ghosh. It offers hot snacks and meals, such as momos and pizzas, across retail points in Mumbai.
Co-founder Hitesh Ahuja said, “We are currently in 10 retail points, and expect to be in 50 by the end of August. The product pipeline will also go up, and we expect to finish our roll out in Mumbai over the next six to nine months.”
The startup will use the proceeds primarily towards marketing and further brand building, as it looks to expand its presence in the city, before entering other markets across the country.
YumLane currently works with three vendors, and it has targeted 2000-3000 retail points. Once the milestone is achieved the team plans to launch its consumer-facing app. YumLane does not manufacture the food. It is prepared by the vendors it works with. It merely handles quality control, supply chain, retail, marketing and distribution for the same, which is sold under its brand.
The development was reported by ET.
