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Gastronomix transforms street food landscape: $41bn industry disrupted
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Thursday, 25 January, 2024, 16 : 00 PM [IST]
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Our Bureau, Mumbai
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India's street food industry is a vibrant and diverse culinary scene, with millions of vendors serving an incredible array of dishes from all corners of the country. The Indian street food market is estimated to be worth a whopping $41 billion, and it's growing rapidly. It is a major source of employment and a significant contributor to the country's economy. This industry employs millions of people, from the street vendors who prepare and sell the food to the farmers and suppliers who provide the ingredients.
Gastronomix, a tech-enabled innovative platform and the brainchild of serial entrepreneur Prasanth Reddy, has introduced smart kiosks that prepare hygienic, tasty, and affordable food in front of the customer, placing utmost importance on hygiene throughout the overall process.
Indian Street Food Industry Challenges
The primary challenge in the street food segment is the use of substandard ingredients and unhygienic cooking methods. Due to high competition and the need to keep prices low, many street food vendors compromise on the quality of ingredients they use. This not only affects the taste and nutritional value of the food but also poses a health risk to consumers. The high turnover of food and the lack of proper storage and refrigeration facilities make it difficult for street food vendors to maintain food safety standards. This can lead to food spoilage and the spread of foodborne illnesses among consumers. Lack of proper waste management also contributes to the unhygienic conditions in the street food landscape.
Smart Approach
To overcome these challenges, Gastronomix is pioneering the next generation of tech innovations with a clear focus on bringing affordable and high-quality food experiences to its customers via the street food channel. It focuses on the concept of Micro-QSRs that serve high-quality, hygienic food at affordable prices. The technology automates the entire food ordering process by creating a simple yet effective contactless ordering mechanism through QR codes, first-of-its-kind technology in the street food space.
Incredible Journey
The company launched its first branded outlet (Nippu Kodi) in March 2023. In just 8 months, the outlets scaled to 30 in Bangalore with 25 more in the pipeline. The tech brand is clocking a 25% growth m-o-m on its revenues. It achieved profitability within 11 months of company launch. Currently, they are operating 2 brands - ‘Nippu Kodi’ and ‘El Chaapo’. These two brands have over 30 outlets collectively that serve over 1,500 customers daily with 25 more outlets in the pipeline.
The company has introduced a proprietary technology to revolutionise the street food experience. Their QR Code technology simplifies the entire food ordering process, its management and payment options. It assists the customer with step-by-step updates till the desired food order is ready. Digital payment options make it further accessible for everyone to keep a solid track of transactions. The technology also automates the backend workflows to operate in the most efficient way possible. It also helps to reduce wastage by tightly balancing the supply chain and demand equation.
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