05 July 2018, India:
B2B food-tech firm HungerBox, raised $4.5 million in Series A round of Funding. The funding round was led by South Korea-based investment firm Neoplux, and India-focussed PE fund, Sabre Partners.
Lionrock Capital (Singapore) and Infosys Co-founder Kris Gopalakrishnan also participated in the funding round.
The company will use the fresh capital to support HungerBox’s rapid growth in India as well as fuel the company’s expansion into the South East Asian market.
Alex Noh, Head of Cross-border Investment, Neoplux said, “HungerBox has emerged as a clear No. 1 in India’s high-growth B2B food tech space. The strength of their technology-led solution, deep penetration into large corporate accounts and carefully calibrated growth means their business is extremely robust. We are delighted to partner this exciting company as they harness the potential for disruption in the corporate catering space in other markets beyond India.”
Rajiv Maliwal, Founder and Managing Partner, Sabre Partners said, “The ‘asset-light’ nature of HungerBox’s model and use of technology enables scale. The company’s solution has been proven at some of the biggest corporations in India. There is great potential to grow in other markets, especially elsewhere in the region as their clients’ own operations expand. We look forward to working with the HungerBox team as they continue to transform the way large businesses handle their corporate food wellness and their F&B requirements.”
Sandipan Mitra, CEO and Co-Founder, HungerBox, said, “We are seeing our business growing exponentially. Employee headcount has doubled to 400+ in less than six months; daily orders have grown to 200,000+ from 120,000 in the same period. We are now present in 9 cities. Many of our clients are MNCs and we have been receiving many requests for us to support them in markets outside India. Having marquee investors place their faith in us boosts our prospects, especially as we expand our operational footprint.”
HungerBox was founded in 2016 in Sandipan Mitra and Uttam Kumar. It’s seamless, tech-led solution enables end-to-end digital cafeteria management with its proprietary technology platform connecting food vendors to employees within client organizations through a customised mobile app available to each employee. It is promoted by GrowthStory, the venture-builder platform founded by serial entrepreneurs, K Ganesh and Meena Ganesh. It operates across Bangalore, Chennai, Hyderabad, Mumbai, Pune, Delhi/NCR, Jaipur and Kolkata.
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