FreshMenu, a food technology startup based out of Bengaluru, has roped in a new investor to raise funding. The company has welcomed onboard media conglomerate Bennett, Coleman and Company Ltd (BCCL).
According to the documents filed by the company with the Registrar of Companies, 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.
She further said that the company has managed to double its revenues, and has produced strong growth numbers. In documents filed with the RoC, the company has reported that its sales for the year 2016-17 increased to ₹70.9 crore from ₹31.7 crore the previous year.
Along with that, the company’s net loss also widened to ₹42.3 crore from ₹33.8 crore, as total expenses increased to ₹117 crore from ₹67 crore. Recently, FreshMenu found a place in India’s top 5 food-tech startups in terms of revenues.
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.
Recently, the company had opened its first food outlet at Bengaluru International Airport and is setting its eyes on 2x revenue growth this year. It will serve global cuisine with an Indian twist, with a range of fresh salads, sandwiches, burgers, pastas, pizzas, desserts and also a DIY option over the counter.
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.