It is alleged that the demand of Indian consumers for packed food will enhance up to 200 million by the end of 2019. In this budding space, a Mumbai-based QwikPik Technology, which operates food startup Yumlane has secured Rs.26 crore in Series A round of funding led by Singapore-based venture capital firm RB Investments.
Existing investors Flipkarts co-founder Binny Bansal, venture capital firm Orios Venture Partners and some high net worth investors also took part in the funding round.
In 2015, the digital FMCG food startup Yumlane was founded by Hitesh Ahuja. The startup allows customers to pre-order their food from the mobile application and collects it from the nearby available store. The company plans to use the raised funding for product enhancement, boost up its distribution circle and focus more on marketing activities. The company is currently operational in Mumbai, Pune, Bengaluru and Hyderabad.
Ahuja reported ET, We believe the timing is right to build a brand in the FMCG sector, and more specifically, in the fresh chilled foods space.
Harshavardhan Bothra, principal at RB Investments, said, Yumlane has two great ingredients its product and founder. Evolving Indias millennials needed exciting ready-to-cook food in world-class facilities with highest quality standardsWe believe that snacking is a large unbranded opportunity for consumer brands.
In 2016, the startup has also raised Rs.6.6 crore in seed funding round led by Binny Bansal.
Last month in the food space, a ready to cook food startup Fingerlix has also raised Rs.8.5 crore from venture debt firm Alteria Capital Advisors LLP.