Bangalore based Cookaroo, a food delivery startup that delivers freshly prepared meals by utilizing the underutilized commercial kitchens, has raised angel funding from Vijay Krishna Yadav of Highland hospitalities and Sachindra Murugesh. The funds will be utilized towards technology development and to scale operations across Bangalore and Hyderabad.
Founded by Darshan Subhash, Eraj Hassan and Nikhil Karanjkar, alumni of IIM – Indore, Cookaroo was started in 2015 with an aim to provide wholesome meals to consumers everyday by utilizing the underutilized commercial kitchens.
In the overcrowded Food delivery startup sector, Cookaroo is one of a kind startup that is not only redefining the consumer experience but is also addressing the problems that exist in the supply chain side. With its smart business model and technology, Cookaroo standardizes the consumer experience by utilizing the excess capacity in the market that is under monetized and inefficient.
On the occasion, Darshan Subhash, CEO & Co- Founder, Cookaroo said "We will be utilizing a significant chunk of our funds towards improving the technology to serve our customers better. Through this investment, we are also planning to rigourously expand across different areas in Bangalore as well as in Hyderabad"
Vijay Krishna Yadav, MD, Highland hospitalities said "Cookaroo's business model is similar to OYO rooms' business model in the budget accommodation space.This unique and scalable model has allowed them to be profitable early on in the business. Most food delivery startups today are only addressing the consumer side of the food delivery ecosystem. Cookaroo is not only addressing consumer pain points but is also solving the problems that exist in the supply chain side. We believe that Cookaroo is in a good position to grow into a strong player in the burgeoning food delivery industry"
Sachindra Murugesh who was previously heading PressPlay Events and now a VP of Business Development at Cookaroo added "We are happy to fund a spirited bunch of talented youngsters on an exciting mission. We have seen great results from this team so far and with this investment they can spread their wings further. Cookaroo's Corporate Catering and Events stream of business provides additional financial stability. This currently forms around 20% of our revenues and we want to grow it to 50% within the next 3 months."
With a gross margin of 21.5%, Cookaroo currently processes close to 200 orders per day and has 15 operational commercial kitchens across JP, Jayanagar, HSR, Koramangala, CBD (central business district). In the coming months, Cookaroo plans to expand to Sarjapur, Kammanahalli, Bellandur and many other prominent IT corridors in the city.
By April 2016, Cookaroo will also launch operations in Hyderabad.
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