Yumlane raises funds from Binny Bansal, Anupam Mittal, others
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QwikPik Technology Pvt. Ltd, which runs food start-up Yumlane, has raised funds in a seed round from Flipkart chief executive officer Binny Bansal and People Group founder Anupam Mittal.
Sachin Bhatia, co-founder of TrulyMadly, angel investor Kunal Khattar and Dheeraj Jain, partner at Redcliffe Capital, a UK-based hedge fund, were among other participants in the round.
The company did not disclose the exact amount. It said that the funding round was under $1 million.
The company will invest the money in brand building, marketing initiatives and increasing its footprint.
Yumlane was founded by Hitesh Ahuja, the former vice-president of New Silk Route, an Asia-focused private equity fund. The team includes Rueben Ghosh (co-founder, product), Rahul Kumar (co-founder, technology) and Anirudh Mantri (vice-president, operations)
The company offers ready to eat meals at Rs.50-80 through packaged consumer goods outlets. Consumers can make a pre-order and also make the payment online and collect their food from the nearest store. The food will be kept warm and packed by the retailer.
Currently it has tied up with 10 stores in Mumbai.
“We would like to make great food accessible to everyone, everywhere and leverage the deeply fragmented retail landscape our country offers,” said Ahuja.
According to the company, India has 11 shops per 1,000 people. With 14 million retailers, it has the largest number of retailers in the world. Out of these, about 9 million are packaged consumer goods retailers and the distribution network of companies like Hindustan Unilever Ltd and ITC Ltd ranges between 4 and 6 million retail points.