The superheated foodtech space seems to get no break from making news and attracting investments. Mumbai-based on-demand food delivery company Box8 has raised Rs 21 crores in series A funding from Mayfield (headquartered in Silicon Valley) which will be used to build and advance technology, team expansion and increase market presence.
What is it?
Started as Poncho in 2011 serving only Mexican dishes in the quick service format, the company expanded its menu and rebranded (to Box8) in July 2012. The co-founders Amit Raj and Anshul Gupta, both IIT alumni aim to make their company the go to option for anyone who wants to order good food.
Box8 started a compact All-in-One meal box, which is also one of its best-selling items. Keeping in mind the hectic and fast paced schedule of the consumer, these meal boxes pack a sumptuous Indian meal in a compact manner for the convenience of the consumers. With constant product innovation combined with Indian flavors, Box8 has given an Indian twist to wraps and sandwiches. The company’s strength lies in its strong development team, which comprises of experienced chefs from ITC and Marriott Hotels.
Where is it?
Box8 is currently present in Mumbai and has 22 delivery units across the city. With over 2,000 transactions per day, Box8 has grown 10 times in the last 15 months. The company’s focus on taste, technology and innovation has resonated well with its customers, as 80% of its daily transactions come from repeat customers. Affordable pricing, popular food choices and Indian cuisine have struck a chord with its young urban customer base.
Where are the funds going?
The funds will be utilized to increase Box8’s presence across other Indian cities. The company has over 30 IITians in its team and is keen to hire more of such talented individuals from different backgrounds. The funds raised will be used also to build a seamless customer experience across its mobile and web platforms. Currently, over 50% of Box8’s orders come through mobile phones. Its integrated delivery management system guarantees fresh hot food is delivered in time.
Prior to the investment by Mayfield, Box8 has received funding from Kaushal Aggarwal of Avendus Capital, Dheeraj Rajaram of MuSigma and Indian Angel Network. Nikhil Khattau of Mayfield believes that Box8’s focused and innovative approach on product and technology development sets them apart.