Update: Harshvardhan Mandad, CEO & CoFounder, TinyOwl said, “Yes, we are in the process of closing our funding and will be able to share more details soon.” Earlier today: Online food ordering app TinyOwl has raised ~$7.6 million (Rs 50 crore) in funding led by Sequoia Capital and Matrix Partners, reports ET. It will likely use the money to optimise its resources, restructure business operations and align last mile delivery. The company declined to comment on the funding when we reached out. The ET report cited Harshvardhan Mandad, co-founder of TinyOwl as saying that its realignment has cut its costs by 43%. Mandad added that the company is planning to move its order processing to a merchant app while keeping the call centre only for escalations and select restaurants. Its orders are 45% automated. Layoffs to focus on product; funding and expansion plans Last month, the company confirmed that it had laid off a number of employees from its Pune and Mumbai offices, stating that the move was strategic in order to increase efficiency, productivity and focus on its product. In February, TinyOwl had raised Rs 100 crore in funding from Matrix Partners, Nexus Venture Partners and Sequoia Capital. in February, and had 400 employees working with it at that time. It was planning to roll out operations in 50 cities in India by the end of the year. MediaNama had pointed out that if the company followed through with its expansion plans, it would be an uphill task with majority of the funding going…
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