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B2B F&B tech startup HungerBox raises Series A funding of $4.5M

Bangalore-based B2B F&B tech startup HungerBox has raised Series A funding of $4.5 million in a round led by South Korea-based investment firm Neoplux, and Sabre Partners, with participation from Lionrock Capital (Singapore) and Infosys Co-founder Kris Gopalakrishnan.

The startup said that it will use the funds to expand in the South East Asian market. HungerBox connects caterers and corporates via its platform and currently operates in 9 cities in India including Bangalore, Mumbai, Pune, Delhi, NCR, Hyderabad, Chennai, Jaipur, and.

HungerBox claims to clock about 6 million orders a month,  across 160 cafeterias including companies like Qualcomm, Microsoft, FirstSource, Accenture, CapGemini, Genpact, ABB and McKinsey. Speaking about growth, Sandipan Mitra, CEO and Co-Founder, HungerBox, said in a statement that the employee headcount has doubled to 400 in less than six months; and daily orders have grown to 200,000 from 120,000 in the same period.

How it works:  HungerBox connects food vendors to employees within client organizations via a mobile app. The employees can view the F&B menu provided by all enlisted food vendors at their workplace café’s, place orders and and can get the delivery at the office. The app also undertakes group-ordering and orders from restaurants in the vicinity when corporate cafés are closed etc.

Started by Sandipan Mitra and Uttam Kumar in 2016, HungerBox is promoted by GrowthStory. In January, it raised Pre-series A funding of $2.5 million from Singapore-based Lionrock Capital, Axilor Ventures founder and Infosys co-founder Kris Gopalakrishnan, to strengthen its offerings in existing markets.

Competition

While the company does not seem to have direct rivals, it will still face competition with the food delivery biggies like Swiggy, Zomato, UberEATs, Ola’s FoodPanda etc. In May Swiggy launched a new service called Swiggy POP targeted at young professionals across seven cities in India. As part of this new service, the company offers a curated menu of single-serve meals in the range of Rs 99- 200 from neighborhood restaurants. The menu includes items like Indian thalis, bowl meals, Biryanis, Burgers and Asian combos.

Besides, Zomato is focusing on food delivery segment in a big way. It recently appointed a new head for its food delivery business. Zomato launched its online ordering and food delivery services in May 2015 and currently delivers over 10.5 Million orders a month. The food delivery service is currently available across 17 cities in India, i.e. Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, Kolkata, Pune, Kochi, Jaipur, Ahmedabad, Chandigarh, Indore, Coimbatore, Vadodara, Nagpur, Lucknow and Ludhiana. Zomato said food ordering brought in nearly 30% of Zomato’s revenue in FY18, with the share increasing from close to 18% in FY17. In March 2018, food delivery in India grew by 48% in terms of order volume over the previous month and revenue-wise by 55%.

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