The revenue of Indian food delivery market is estimated at $3,080 million in 2018 and it is projected that it will reach $5,705 million by 2022 with the annual CAGR of 16.7 per cent, as per the Statista report. In this emerging segment, a logistics startup Genie has recently acquired a food delivery platform Dinein in all stock deal.
The deal also includes that the startup will get hold of the 25-member team, the delivery fleet, restaurant partner contracts, technology and the startups call centre business.
In 2015, hyperlocal delivery startup Genie was foundedbyRakesh Mani, Sreekesh Krishnan and Parth Shah. The startup provides pick up and drop service for its customers across Chennai. The startup plans to use the funding to improve the overlapping of customers on its platform for better customer experience and aims to strengthen their business in Chennai before entering into new markets.
In 2012, food delivery startup Dinein was founded by Vinit Chordia. The startup claims to have partnered with over 250 restaurants in Chennai and was getting over 6,000 orders every month.
Chordia said, We see this as a great opportunity to grow and offer great experience to customers. With a focused food delivery service and a pureplay logistics platform coming together, creating a wholesome service that can help users get anything they need at their doorstep.
Genie was shut down last year due to lack of funding but in May some high net worth individuals backed it up with $250,000 funding.