Bengaluru-based startup, HungerBox, announced that it has raised $2.5 million in a pre-series A funding round. The round was led by Singapore-based LionRock Capital and Infosys Co-founder Kris Gopalakrishnan.
The startup was co-founded in 2015 by four founders and currently operates in Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Delhi, and Jaipur. The company’s online platform, which is operated by Eat Good Technologies Pvt Ltd, is focused on the B2B segment and particularly offers end-to-end solutions and services to cater to the F&B needs of corporates.
The company essentially has four different categories of solutions, which club together to form a single offering, informally known as the digital cafeteria management solution. On the basis of the reimbursement provided by the company, employees may access and avail the services offered by the platform via their mobile phones. Additionally they can even access an F&B menu provided by the food vendors, place orders and have food delivered.
“HungerBox addresses this large space with an easily scalable model and an end to end solution that provides a win-win to employees as well as to corporate clients,” said Infosys Co-founder Kris Gopalakrishnan. “There is tremendous potential for innovation in the B2B food-tech arena as corporate spends on F&B are already massive and growing year- on year,” he went on to add.
The startup had previously raised angel funding from the K Ganesh led Growth Story Investments. With the rise of commercial hubs across tier 1 cities, there is a growing need for large catering services especially in sectors like auto, telecom and IT.
“The funding we have received from marquee investors will boost our ability to scale our operations to keep pace with the traction we see for our digital cafeteria management solution,” said Sandipan Mitra, Chief Executive Officer and Co-founder of HungerBox.
The company is currently operating in over a 100 digital cafeterias for more than 75 corporate clients including prominent companies like Qualcomm, Microsoft, FirstSource, Accenture, Capgemini, Genpact, ABB, Amazon, and McKinsey. Over recent months, ventures in the F&B segment have attracted investments from all over the world. For instance, last month the specialty e-tailer, Teabox.com, which is operated by the Bengaluru and Singapore based AsianTeaxpress Pte. Ltd, raised $7 million in a Series B funding round from the Singapore headquartered investment firm RB Investments and its existing investors. As per the startup , the B2B segment in the F&B industry is a viable business segment with a spending which is estimated to reach $14 billion in India in the current year. The segment is estimated to be growing at a rate of 15% per annum.
“The B2B food space has plenty of headroom for growth and innovation for years to come. The winners in the sector will be those with a powerful, tech-led offering and ability to scale in step with their clients. HungerBox certainly has all the credentials to be a leader in the space,” said Hari Kumar, Founder and Chief Executive Officer of LionRock Capital.
(Picture courtesy: pratikmall.com)
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