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FreshMenu secures Rs 110 Cr from Zodius Capital and Lightspeed

Bangalore-based FreshMenu, an online first restaurant, has raised Rs 110 crore (~$16.5M) in a round of funding led by Zodius Capital, and participation from existing investor Lightspeed Venture Partners, reports ET. The startup will use the funds for expanding its operations, hiring and brand building. It had previously raised $5 million from Lightspeed. Founded by Rashmi Daga in 2014, FreshMenu delivers ready to eat meal plates in Bangalore, including mains, sides/salads and desserts. The company owns kitchens and employs delivery boys, unlike competitors including Zomato, Foodpanda, TinyOwl, Swiggy etc., which aggregate eatries. Other startups that sell self-branded food include iTiffin, Box8, Faasos and Frsh. The food delivery segment has been volatile in recent times with various startups raising funding while others got acquired, shut shop or laid off employees. Last week online food ordering startup Foodpanda laid off 15% off its staff across verticals to become ‘sustainable and profitable’. Competitor company TinyOwl had two layoffs in 2015, which subsequently led to a co-founder being taken hostage. In October, Zomato laid off around 300 people and shut down its Cashless product in Dubai. In the same month, food ordering startup Dazo shut operations, likewise with SpoonJoy, which was later acquired by Grofers. Eatlo halted operations in December. Other developments in food ordering: - In May, Hello Curry had acquired the online food ordering and delivery service Paratha Post for an all cash and stock deal. - In October, we reported that Paytm, which raised an undisclosed amount in fresh funding in…

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