Food delivering startup HolaChef Hospitality Pvt Ltd has bagged Series B funding of $3 Million (Rs 19.5 Crore). The funding round was led by their existing investors Kalaari Capital and SIDBI Venture Capital. India Quotient was also seen participated in the funding round.
The funding round will be tranched over April and October. Previously in July 2016, HolaChef has raised Series A funding of $3 Million from Kalaari Capital and Indian Quotient.
The Mumbai-based startup was founded in the year 2014 by IIT-Bombay graduates Saurabh Saxena and Anil Gelra. Holachef curates Chefs ranging from Executive Chefs to Amateurs and allows them creative freedom through their signature dishes. The company manages the logistics of the food which includes packaging, storage & delivery.
Customers can order via the mobile app or the desktop and it also claims to offer a new menu selection every day which comes with an option of choosing delivering times. HolaChef provides dishes in categories which include Indian, global, desserts, beverages, munchies, and soups and salads.
Recently, other food delivering startup from Hyderabad named TinMen has risen funding from MAPE groups.
CEO, Saurabh Saxena commented that “The capital would be used for team building and scaling logistic infrastructure to streamline the business. The focus was to get our processes to better serve the Mumbai market and create a more sustainable business model.”
HolaChef has faced the loss of $3.8 Million in FY2016, as high customer acquisition costs have been challenging for the startup, which is an issue that is prevalent across the food tech sector.
According to public data, Foodtech startup industry has witnessed that more than 18 startups have been shut down in 2016, within first five months of their operations. Startups like ZuperMeal, Ola Cafe, Dazo, Peppertab and BiteClub have shut their operations. Read more about Indian Startup Ecosystem.