The Indian food-tech market is poised to grow at a CAGR of more than 12 per cent during 2016-2021, according to Techsci Research. In this market, the recent development is that a Bengaluru-based B2B food-tech based startup HungerBox has raised $2.5 million funding in a pre-series A funding round led by Singapore-based a family investment office Lionrock Capital and Kris Gopalakrishnan, founder of AxilorVentures as well as co-founder of Infosys.
"The B2B food space has plenty of headroom for growth and innovation for years to come. HungerBox certainly has all the credentials to be a leader in this space," said Hari Kumar, founder and CEO, Lionrock Capital.
Gopalakrishnan said, "The startup addresses this large space with an easily scalable model and an end-to-end solution that provides a win-win to employees as well as to corporate clients."
In 2016, the startup is promoted by GrowthStory which was founded by K Ganesh and Meena Ganesh. The startup uses technology to improve the efficiency of corporate employees by offering them a best in class corporate food experience. The company claims to have over 100 clients including Microsoft, Accenture, Capgemini, Genpact, Amazon, McKinsey and other big players. It is currently operational in Bengaluru, Mumbai, Delhi-NCR, Hyderabad, Pune, Jaipur and Chennai.
Sandipan Mitra, CEO and co-founder of HungerBox said, "The raised funding will enhance our ability to scale our operations to keep pace with the traction we are seeing for our digital cafeteria management solution."
He added that in the past 15 months the startup gets more than 1,20,000 orders in a day and are planning to raise these numbers to half a million per day by the end of this year.