Food
FUNDING

FoodTech startup 48Street raises $500 K in Pre-Series A Funding

Food Startup 48Street which delivers authentic Asian gourmet food has risen $500K in Pre-Series A funding from Al-Dhaheri family from United Arab Emirates (UAE).

 The Bangalore-Based Foodtech startup was founded in the year 2016 by Joseph Cherian and Nabhojit Ghosh. 48Street is Inspired by Asian cuisine, and marked by a multiplicity of regional and ethnical influences. The startup strives to bring in the best of selected Asian gourmet food right at the doorsteps of people.

48East offers dishes from Uzbekistan, Lebanon, Turkey, India, Thailand, Laos, Indonesia, Japan, etc. They change the menu weekly and currently operate from two kitchens in Bangalore.

The startup rose $250K in a round of angel funding from APCL, an Agra-based silver jewelry exporting company in August 2016.

Mr. Cherain, CEO of 48Street said: “We provide the best of Asian gourmet food at an affordable price to our consumers. As a result, we are experiencing increasing demand and this new round of funding will enable us to set up more kitchens to expand our delivery area.”

48Street will use its fresh funds for setting up new kitchens in Bangalore, marketing, improving Logistics and looking for expansion in other cities.

Investor, Saeed Sultan Rashed Al Dhaher said, “48East has demonstrated impressive growth within a short period of time. The company, with its dynamic ideas and experience rich team, has the potential to capture an increasing share in this category. I look forward to being a partner to them as they continue to provide exceptional culinary experiences to their customers.”

Nabojith Ghosh has experienced over 30 years in hotel chains, private equity firms and had worked with Oberoi Hotels, Radisson and Taj hotels. Whereas, Joseph Cherian is an alumnus of Harvard Business School and has 20 years experience in managing global Market.

Recently lots of foodtech startups are in the spree of raising funds. Tamil Nadu’s   NativeSpeacial has raised an undisclosed amount of funding from Indian Angel Networks; InnerChef raised $2.5 Million from Mistletoe; Mumbai-based Yummlane raised $1 Million from Flipkart; Delhi Based Sattviko raises $300K from their seed investors. Read more Startup news.

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FoodTech startup 48Street raises $500 K in Pre-Series A Funding
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