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COMPANY REPORT

Food tech company HungerBox raises $2.5 million in pre-series A funding
Saturday, 27 January, 2018, 08 : 00 AM [IST]
Our Bureau, Bengaluru
HungerBox, a Growth Story-promoted full-stack business-to-business (B2B) food-tech company, has raised $2.5 million in pre-series A funding led by Lionrock Capital and Kris Gopalakrishnan, co-founder, Infosys.

The company, which was established in 2016, operates 100-plus digital cafeterias for over 75 corporate clients, including Qualcomm, Microsoft, FirstSource, Accenture, CapGemini, Genpact, ABB, Amazon and McKinsey.

The clients are spread across Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Delhi and the National Capital Region (NCR) and Jaipur.

“HungerBox’s business has scaled tremendously over the last 15 months, with nearly seven million orders placed on our platform till date,” said Sandipan Mitra, the company’s chief executive officer and co-founder.

“We are clocking over 1,20,000 daily orders and expect to scale this to half-a-million orders per day by end-2018,” he added.

“The funding we have received from marquee investors will boost our ability to scale our operations to keep pace with the traction we are seeing for our digital cafeteria management solution,” Mitra said.

Gopalakrishnan said, “There is tremendous potential for innovation in the B2B food-tech arena, as corporate spends on food and beverage (F&B) are already massive and growing year-on-year.”

“HungerBox addresses this large space with an easily scalable model and an end-to-end solution that provides a win-win to employees as well as to corporate clients,” he added.

“The B2B food space has plenty of headroom for growth and innovation for years to come. The winners in the sector will be those with a powerful, tech-led offering and the ability to scale in-step with their clients,” said Hari Kumar, founder and chief executive officer, Lionrock Capital.

“HungerBox certainly has all the credentials to be a leader in this space,” he added.

Spending on F&B in the B2B space alone is estimated to reach $14 billion in India in 2018. The space is growing at about 15 per cent per annum.

HungerBox’s seamless, tech-led solution enables end-to-end digital cafeteria management with the company’s proprietary technology platform connecting food vendors to employees within client organisations through a customised mobile app available to each employee.

Using the app, employees can view the F&B menus provided by all enlisted food vendors at their workplace cafés, place orders and track delivery accurately.

They can also provide ratings or feedback. HungerBox’s solution provides administrative teams at the client organisation with the ability to track the entire F&B operation, including food consumption, orders, feedback etc., in real-time.

Over 50 different payment methods are integrated into the service offering, including in-app purchases by an employee, payment via smart cards, m-wallets, self-serve kiosks at the cafés, etc.

HungerBox uses latest technology advancements like Internet of Things (IoT) in its solution to seamlessly connect the vendor side hardware (designed by HungerBox) and employees of corporate.

The HungerBox solution also provides features like Personalised Recommendations to employees through its artificial intelligence- (AI) driven technology; Health Mode for health-conscious employees, the ability to undertake group ordering and orders from restaurants in the vicinity when corporate cafés are closed, etc.

HungerBox employs 200 people across India and was started by Mitra and Uttam Kumar, who are both veterans of the food tech space in India. Their previous stints included global food takeaway ordering service Just Eat’s India operations.

GrowthStory is a venture-builder platform founded by serial entrepreneurs, K Ganesh and Meena Ganesh.
 
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