Tiny Owl to raise another $5M- Not so Tiny anymore.
Existing investors, Sequoia Capital and Nexus Venture Partners, are listening to the Owl when it wants to raise $5 million in its Series B round of funding. The money will be used in its geographic expansion activities.
Available only in Mumbai, Tiny Owl, plans to fly out to Chennai, Bangalore, Pune and Delhi. They plan to recruit 200 employees more for their technology and business development departments. They are currently at 300 employees. All this, in the next six months.
The funding may take 3 months though, is what Harshvardhan Mandad, co-founder and CEO of TinyOwl felt. “We plan to raise $5 million. The amount may increase. As of now we have interest from our existing investors. The whole amount may come from them,” he added.
The company had raised an amount of $3 million last December. “So far we haven’t burnt the entire amount,” Mandad said.
Tiny Owl is a food delivery app. As of now they don’t make any money out of their transactions- but soon there might be a 20 percent cut on the restaurants they sign up. The app is available on IOS and Android platforms.