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Food-tech startup Holachef gets funding from Mumbai-based diamond merchant

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Food delivery startup Holachef has received Rs 2 crore funding from Mumbai-based diamond merchant Ashok Kumar Gajera.

Holachef, a food-tech startup that offers food delivery service, has received around Rs 2 crore investment from Ashok Kumar Gajera, who’s a director at Mumbai-based diamond manufacturer and distributor Laxmi Diamond.

The development was first reported by Techcircle citing a person familiar with the matter. The report says that the invest may have been made at a valuation of $5 million — same valuation at which the company raised its Series B funding round.

With this new investment, the post-money valuation of the four-year-old startup could roughly be around Rs 177 crore ($27.4 million).

In December last year, the company secured Rs 8.95 crore ($1.38 million) through a mix of equity and debt from Rajasthan-based software publishing and consultancy firm IPI Technolab and Innoven Capital. However, it was unclear whether the equity financing was a top-up to the company’s Series B round.

The company raised its Series B funding round with $4.8 million in total in two tranches — Rs 19.5 crore ($3 million) from SIDBI Venture Capital Ltd and existing investor Kalaari Capital. In July 2016, Kalaari Capital and India Quotient infused Rs 13 crore ($1.95 million) into the firm.

Holachef was founded by Saurabh Saxena and Anil Gelra in 2014. It delivers ready-to-eat home-cooked food to consumers. It has in-house chefs who prepare signature dishes, which include Indian and global cuisines, besides desserts, beverages, munchies, and soups and salads.

Currently, Holachef operates only in Mumbai and caters to over 100 pin codes in the city. Customers can order via the mobile app or the desktop and it also claims to offer a new menu selection every day, as per its website. The meals are provided in a single-person meal format with recyclable packaging and come with an option for the customer to choose delivery times.

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