According to the report by the Business Line, the online food delivery service FreshMenu is going to receive a funding of $50-55 million during the Series C fund raise. The investment is coming from new investors and the company is all set to launch services first in Hyderabad and then in Pune and Chennai.
FreshMenu To Expand
“We are due to close a Series C fund-raise of $50-55 million in the next few weeks from new investors. The funding will go towards expanding into new markets over the next few months. It is obvious that we are not getting acquired,” Rashmi Daga, founder CEO of FreshMenu, said while speaking with BusinessLine.
The company has established 37 kitchens in the Bengaluru, Mumbai and Delhi and delivers 20,000 orders in one day in about 32 minutes. “FreshMenu is the biggest single brand in Bengaluru after Dominos. We are an online food company, with our own kitchens, a team of chefs and a fleet of delivery boys. We control the entire process from sourcing ingredients, creating a new menu everyday to cooking and delivering food. Eighty per cent of our sales comes from our app and website and 20 per cent from aggregators such as, Swiggy, Zomato, Uber Eats, and Foodpanda,” Daga added.