FreshMenu, a food-tech startup based out of Bengaluru, has roped in a new investor to raise funding of Rs. 1.65 Crore. The company has welcomed on-board media conglomerate Bennett, Coleman and Company Ltd (BCCL), , which runs newspapers Times of India and Economic Times.

According to the documents filed by the company with the Registrar of Companies (RoC), BCCL will be investing around ₹1.65 crore in the food-tech startup. Rashmi Daga, co-founder of FreshMenu has confirmed this development and termed the transaction as an ad-for-equity deal.

The ROC documents also show that FreshMenu more than doubled its net sales in FY17 to Rs 70.9 crore from Rs 31.7 crore in the same time last year.

Founded in 2014 by IIM-Ahmedabad alumna Rashmi Daga, FreshMenu prepares meals and delivers from its own kitchen facilities. It has so far raised around $22 million from investors, including Zodius Technology Fund, Lightspeed Venture Partners and GrowthStory.

Freshmenu competes with the likes of HolaChef and InnerChef. Recently, at time when food tech startup like Yumist had shutdown, FreshMenu has found a place in India’s top 5 food-tech startups in terms of revenues.

The company, which bets heavily on cloud kitchen, currently has 35 cloud kitchens across Bengaluru, Mumbai and Delhi NCR. The company is looking to increase the count of its cloud kitchens to 40-42 in the next 4 months.

The development was first reported at VCCircle.

Post a Comment

Previous Post Next Post
Disclaimer:It has come to our attention that few freelancers and certain employees of PR agencies are charging cost from Brands/Companies/Startups for press releases, funding announcements and other promotional content to get published on without our knowledge & consent. Brands/Companies, are adviced to not to fall for such dubious activities.
Like this content? Sign up for our daily newsletter to get latest updates.