Mumbai: Food delivery start-up Box8 has raised Rs. 50 crore in Series B funding from IIFL Seed Ventures Fund and Mayfield.
Mumbai-based Box8 is a full stack online food delivery player that specialises in preparing and delivering delicious Indian food at an affordable price. Its menu consists of over 100 dishes in all-in-one Indian meals, biryanis, wraps, sandwiches and salads.
Started by two IIT graduates Amit Raj and Anshul Gupta, Box8 now serves 12,000 meals every day to its large consumer base through a network of 60 stores across three cities Mumbai, Pune & Bengaluru.
“We are glad that our investor partners share our vision of becoming India’s largest QSR chain for Indian food, catering to the taste buds of modern Indians. The funds help us strengthening the supply chain eco system, building superior technology, enhancing product development and expanding into new geographies” Amit Raj said in a statement on Monday.
Raj further added that the strategy is to consolidate in key markets.
“With the growing working class and their changing lifestyle preferences, there is immense potential to be tapped. This new influx of capital will allow us to capitalise on the opportunity by expanding to three to four more cities using the same micro intensive approach,” he added.
Prashasta Seth, CEO of IIFL AMC, said: “IIFL Seed Venture Fund has successfully invested in NBFCs, consumer internet and technology companies. This is our first investment in food business and we are excited about it.”
Box8 manages an operational team of 1,200 plus to operate its full stack approach model whcih helps them bring efficiencies in each fraction of the process chain. All this effort more than pays back for the company as over 85 per cent of its transactions come from repeat consumers making a strong case for long-term sustainable model. And the positive word of mouth ensures that every day a good number of new customers try Box8, the company said in a statement.
Box8 with their comprehensive business model has already made a dent in the estimated Rs. 50,000-crore food tech industry and is now positioned to make its hold even stronger. The company maintains that product development is the core competence of the organisation and it is that which differentiates it from neighbourhood restaurants.
While product innovation is in the centre of things, it is beautifully complemented with technology. It also plays a big role for Box8 in understanding and quickly reacting to consumer needs and maintaining quality consistency across all centres.
Box8 has its eyes set on becoming a leading brand in the domain of food delivery and given the journey so far and with all this support, it doesn’t seem so far, the company said.