Home > companies > start-ups > Bite Club raises funding from growX ventures, others

New Delhi: Gurgaon-based Bite Club, an online aggregator of home-cooked food run by Ecstasy E-Ordering Pvt. Ltd, has raised an undisclosed amount from growX ventures, the Phoenix Fund and existing investors Powai Lake Ventures, the company said in a statement.

The company will utilize the fresh money in expanding its footprint in the national capital region and introduce more product categories.

It last raised $500,000 ( 3.1 crore) in seed funding from Powai Lake Ventures and a few angel investors including Aneesh Reddy, co-founder and chief executive officer at Capillary Technologies; Goibibo Group founder Ashish Kashyap; and Alok Mittal in March.

Started in November 2014, Bite Club works as a marketplace connecting cooks and consumers. The company changes the menu on a daily basis and customers can order via their mobile and web app. The food is prepared by a curated community of home, amateur and professional chefs. The firm claims to have served over 100,000 meals so far and now delivers almost 1,000 meals a day.

“We are chasing a vision of replacing home cooking," said Prateek Agarwal, chief executive officer and co-founder.

The company, which was launched by Agarwal along with Aushim Krishan and Siddharth Sharma, offers food within the price range of 100-300 per person. While Agarwal and Krishan are Indian Institute of Technology Kharagpur alumni, Sharma did his higher studies from Nanyang Technological University, Singapore. It works on a revenue-share basis with the cooks.

“With the current round of funding, we are looking to go deeper into the current market, improving efficiency, building a strong platform for growth and introducing newer products," said Ashish Taneja, managing director at growX Ventures.

The development comes at a time when the food-tech sector is not in its best form with investor interest drying up. Last month, food-tech start-up Dazo decided to shut shop barely a year after it started operations and TinyOwl Technology Pvt. Ltd was cutting jobs and freezing expansion plans as the company was facing delays in closing its next round of funding. SpoonJoy, another food-ordering app, shut down its operations last month and the team was acquired by hyperlocal delivery start-up Grofers.

Since the start of the year, investors have pumped in over $150 million into 20 food-ordering (and food-delivery) start-ups.

Subscribe to newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaper Livemint.com is now on Telegram. Join Livemint channel in your Telegram and stay updated

Close
×
My Reads Logout