InnerChef, an India-based food delivery platform has managed to raise US $2.5 million from other Asian companies such as Mistletoe, a Japan-based company, whose maiden investment is in India. Alongside Japan, a Singapore-based company, M&M Partners too has stepped forward in joining other investors and to boost the business of InnerChef.
InnerChef is a joint venture of Rajesh Sawhney, Sanjeev Singhal and Bal Dighent and it was incepted in 2015, to offer ready-to-eat meals and desserts. Earlier it had collected an amount of US $1.5 million from tech entrepreneurs such as redBus founder Phanindra Sharma, Paytm founder Vijay Shekhar Sharma, Shaadi.com founder Anupam Mittal and GOQii founder Vishal Gondal.
Sawhney, who is also the founder of Gurugram-based accelerator programme GSF Accelerator, plans to deploy the funds expand the reach of the company to other cities such as Delhi, Mumbai, Bengaluru, and Hyderabad.
Dessert being the heart and soul of its product, the company has hired women who specializes in this art. Focusing on giving opportunities to 10,000 women entrepreneurs from around the neighborhood is what the Sawhney stated. With the recently raised amount, the company is planning to build a world-class brand for itself. In the coming six months, it planning to spread its roots to the four major cities of the country.
InnerChef India Pvt Ltd, the parent company of cloud kitchen startup Innerchef, has raised $6.5 million i.e., INR 43 crore in a Pre-Series B round funding in order to expand its operations pan India. The financing round was led by Das Capital and Taizo Son’s Mistletoe Inc. The company intends to use the funds for brand building and developing the subscription-based food delivery model in the country.
Mistletoe is owned and funded by serial entrepreneur Taizo Son, the brother of Masayoshi Son, Founder and CEO of Japanese investment giant SoftBank.
Rajesh Sawhney, Co-founder and Chief Executive Officer, InnerChef said, “The fresh funding will be used to strengthen the brand portfolio. Healthie, for instance, has become a category-defining brand in 2018. We are also using the fresh round of funding to further strengthen our shared kitchen platform across India.”
Speaking about the expansion plans, Swahney said, “In the next few years, the delivery segment will grow the fastest in India as we see the strongest growth in that space. Secondly, we have to build 10 new-age brands in this segment.”
Innerchef, the cloud kitchen platform was founded by Rajesh Sawhney, Sanjeev Singhal and Bal Dighent in 2015. Its headquarter is in Gurugram. InnerChef, initially, started with delivering raw ingredient boxes where the consumers could make dishes on their own. After realizing that Indian consumers “were not ready for the box model”, the platform pivoted to cloud kitchen concept.
At present, InnerChef operates in Delhi-NCR, Mumbai, Hyderabad and Bengaluru, and ships over 100,000 meals per month.
Gurugram-headquartered cloud kitchen startup InnerChef has raised around Rs 13 crore ($1.76 million) in a fresh funding round led by existing investor, Japanese venture capital firm-cum-accelerator Mistletoe.
Mistletoe is owned and funded by serial entrepreneur Taizo Son, the brother of Masayoshi Son, Founder and CEO of Japanese investment giant SoftBank.
Other investors that participated in the funding round include Singapore-based VC firm M&S Partners, along with a new Japanese investor Das Capital. While the other investors remain undisclosed.
In December 2017, Inner Chef had raised $610,000 from Ukraine-based investment firm Chernovetskyi Group and early-stage venture fund 500 Startups.
InnerChef was started by Rajesh Sawhney, Bal DiGhent and Sanjeev Singhal in 2015. It provides do-it-yourself food kits, ready-to-eat meals, and ready-to-cook meals and desserts.
Presently, the food-tech startup is operational in Delhi-NCR, Bangalore, Hyderabad and Mumbai. It ships more than 100,000 meals per month.
innerChef, India’s fastest growing Food-Technology company that delivers Ready-to-eat and Ready-to-cook meals at your doorstep, has raised a pre-series A round of Rs. 11cr ($1.66mn) from the leading investors from across the globe.
A number of leading Indian and International Technology Founders have participated in this round of funding: Phanindra Sama (Founder - RedBus), Vijay Shekhar Sharma (Founder - PayTM), Anupam Mittal (Founder - Shaadi.com), Vishal Gondal (Founder - GOQii, exited from Indiagames), Sateesh Andara’s (ex DFJ) new fund, Murugavel (Founder - Bharat Matrimoney), Dinesh Agarwal (Founder - Indiamart and Tolexo), Neeraj Roy (Founder Hungama), Roshan Abbas (Founder – Encompass, A WPP company), Teru Sato (Founder – NetPrice & Beenos, Japan), ATsushi Tiara (Senior Softbank executive and ex-CEO of Bharati SoftBank), Hiro San (M&S Fund, Japan), Boris Raybov (Investor from Silicon Valley, US) and TA Venture from Europe.
Growing at 100% month-on-month since its launch in April 2015, InnerChef will use the funds to expand its footprint and launch 10 new kitchens across Delhi, Bangalore and Mumbai. Additionally, InnerChef will also focus on building Indulge – a Hyper Local Desserts Marketplace that brings the finest desserts from home bakers and neighborhood bakeries, across six cities within the next three months. The Indulge platform will aggregate 100,000 home bakers across 100 Indian cities within a year.
InnerChef co-founder Rajesh Sawhney expressed, “We are extremely pleased to have received support from the leading Indian and International Technology founders. We believe this demonstrates their confidence in our Kitchen-in-the-cloud business model, strength of our team, and awesome growth trajectory since the launch in April 2015. We are a Big-Data-Food-tech company that believes in continuous innovation across all aspects of business and technology to delight our customers.”
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