Venture capital firm Axilor Ventures just endowed foodtech startup Petoo with $1 Million. The startup, started in March 2015 by IIT Kharagpur graduates Kumar Setu and Ritesh Dwivedi, along with an alumni of Institute of Hotel Management & former Dell official Abhishek Mandal. Ritesh and Kumar have together more than 16 years of experience in the Food and E-commerce industry while Abhishek graduated as a chef from IHM.
What does the start up do?
The startup has a single aim – to ensure that Indian food is easily accessible and convenient to eat in perfect packed boxes.
Where does the start up operate?
Currently, Petoo operates in Bangalore and hopes to use this funding to expand to more areas in Bangalore and eventually launch in Chennai and Hyderabad.
How will the funding help?
The Petoo team will use the funds to enhance its backed operations, speed up food research and consolidate the team. They also plan to launch their own website and mobile-app based ordering system that will aim to provide a seamless ordering experience for users with features like 3-tap ordering, live order tracking among others.
It also plans for taxi aggregators, bus operators in order to take orders for travellers.
What did people have to say about it?
Ganapathy Venugopal, co-founder and CEO of Axilor said, “Petoo has one of the most experienced teams in the food delivery space in the country. We liked the integrated model, the team’s focus and the strong analytical approach they bring to business.”
Talking about the funding, co-founder Kumar Setu, said “It doesn’t only give us more financial bandwidth but it’s also a vote of confidence by veterans like Chris and Shibu Lal themselves regarding our lean business model and deep understanding of this business.”
“By focusing on a menu comprising only Indian dishes, we aim to cater to discerning customers, who relish rich traditional dishes. With over a decade’s experience in food-tech space, we understand customer preferences,” added co-founder Ritesh Dwivedy.