The Hyderabad based firm Vicinia Retail Pvt. Ltd., which owns and runs the food delivery startup, TinMen has raised an undisclosed amount of seed funding from MAPE Advisory Group. The startup’s existing investor, Lead Angels, also took part in the startup’s seed round of funding and invested an undisclosed amount in the startup. TinMen plans to use the funds secured through the investments for marketing, team building and expanding its presence to other cities in India. Read more on Investments
“We have a product which fits perfectly into the gap in the online food ordering for customers who are value and quality-conscious. Our startup has built all of its technology in-house and we have learnt from the multiple challenges of the food + technology space over the last year”, Mukesh Manda, co-founder of TinMen, said.
TinMen is a food delivery startup targeted at office goers. The startup’s services are currently available only in the city of Hyderabad (Hyderabad and Secunderabad). The startup does not have any kitchens where they prepare meals but has hired home chefs who go to the customers’ houses and prepare meals at the allotted time slot. The users can prepare meal plans for a day, a week or a month and can cancel their plans at a day’s notice.
TinMen was founded in August 2015 by Chaitanya Degala and Manda. Chaitanya Degala is an alumnus of Oxford Business School and had worked with top notch companies like CRISIL and Deloitte before starting up. Manda is an IIT-Kharagpur alumnus who had worked with top notch companies like Oracle and Amazon before starting up.
The startup’s hundred odd home chefs prepare 30,000 meals a month. The startup also claims to be running in profit and aims to deliver 3,00,000 orders a month by December 2017.
The Food delivery sector in India has seen wild upswings and downturns in the past few years. A few food delivery startups got heavily funded while many others had to shut down due to lack of fresh funding in the past few years. In February 2017, the Bengaluru – based online food delivery startup, 48East, had secured Rs. 3.4 crores in pre – series A round of funding from Al Dhaheri family of the UAE. In January 2017, the online food discovery platform, Ketchupp had raised Rs. 3 crores in seed round of funding led by the early – stage investment firm, India Quotient. In January 2017, the food delivery startup, EatFresh, had shut down due to losses in business. The Government of India must create a business friendly environment in India to promote foreign investments in India so that Indian startups find it easy to get funds from foreign VC firms. The Government of India must also fund, mentor and incubate the startups in India so that fewer startups shut shop within a few years of their launch. Read more on Startup News
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