Paytm likely to invest $15 million in Hungerbox

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

India’s largest digital platform Paytm, is leading worth $15 million (around Rs 100 crore) funding round in the B2B foodtech startup HungerBox, cited by Economic Times.

Singapore-based Lionrock Capital and Infosys co-founder Kris Gopalakrishnan, too participated in the round.

In July 2017, HungerBox raised $4.5 million in a Series-A round led by Neoplux and India-focused PE fund Sabre Partners.

The Bengaluru-based company’s existing investors will also participate in the fund-raising plan, sources said.

The move marks Paytm’s entry into the organised food technology for-institutions category, and will help it tap into the high-frequency B2B food-ordering business.

HungerBox has been growing three times year-on-year, and it fits in with Paytm’s strategy of a deep integrated play across all categories,” as per the report in Economic Times.

Paytm’s strategy involves launching PoS and invoicing for merchants. Similarly, the HungerBox investment is an entry into the food and beverage management solutions business from the merchant’s side, the report suggested.

The company will soon start the process of integrating HungerBox with Paytm.

The organised corporate catering market is a high-frequency business, making it an attractive investment as it involves repeat orders.

Last year, Zomato acquired TongueStun Food, a Bengaluru-based startup that aggregates caterers and restaurants for office canteens for an estimated $18 million in a cash-and-stock deal.

Swiggy, too, started a pilot with its business-to-business food-aggregation offering called Swiggy Food Court to digitise corporate cafeterias, but shelved the project soon after.

HungerBox was founded by Sandipan Mitra and Uttam Kumar, who ran the operations of Just Eat India, in 2016.

The company claims it has processed over 50 million transactions since inception.

Its technology includes pre-ordering, live order tracking, digital payments, feedback management, and cafeteria density tracking.

Using the HungerBox app, employees can view the F&B menu provided by all enlisted food vendors at their workplace cafés, place orders and track delivery, and also provide ratings and feedback.

The company’s corporate clients include Qualcomm, Microsoft, Accenture, and McKinsey.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Madhuri Dixit recreates ‘Ek Do Teen Char’ in THIS Epic Video

Madhuri Dixit is no doubt, one of the most accomplished actresses in the film industry. In her career of...

US stocks close mixed as Fed cuts interest rates

New York, Sep 19 (IANS) US equities ended mixed after the Federal Reserve cut interest rates for the second time this year.The Dow Jones...

Madhya Pradesh seeks Rs 11,861 cr flood relief package

Bhopal, Sep 19 (IANS) The Madhya Pradesh government has sought a financial package of Rs 11,861 crore from the Central government for relief and...

US dollar rises after Fed cuts interest rates

New York, Sep 19 (IANS) The US dollar rose after the Federal Reserve cut interest rates by a quarter of a percentage point.In late...

Netanyahu cancels UN presence over inconclusive poll results

Tel Aviv, Sep 19 (IANS) Israeli Prime Minister Benjamin Netanyahu has cancelled his UN General Assembly appearance following the inconclusive election results. He was...
- Advertisement -

More Articles Like This