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Subscription-Based Food Delivery Startup SpoonJoy Scoops In $1 Million From SAIF Partners

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SpoonJoy, a Bangalore based food-tech start-up which functions on a unique, Internet-first restaurant model, has secured $1 million from SAIF Partners for that very idea. Earlier, it had raised undisclosed amount from Mekin Maheshwari, Abhishek Goyal, Sahil Barua and Flipkart’s Sachin Bansal.

With the freshly raised funds, the company is now planning to expand its operations to Delhi and Mumbai in couple of months. Currently, it operates in Bangalore only.

While food delivery has been a buzzing field in India’s start-up ecosystem, SpoonJoy differentiates itself with this exciting Internet-First restaurant model. The startup delivers prepared meals, including fruits and salad, primarily aimed at corporate employees.

It currently offers two different food delivery options. First being the on-demand full course meals, available for both Lunch and Dinner. SpoonJoy guarantees delivery of these meals within 30 minutes. The second one, is a far more unique, subscription-based food delivery model.

In the subscription based model, SpoonJoy delivers fruits, salad, sprouts and other healthy snacks from Monday to Friday. All you need to do, is subscribe to whichever category of food you wish to get delivered, and it will be automatically delivered to your for the rest of your subscription period.

The company was founded in July 2014 by Manish Jethani and Saurabh Agarwal with an aim to make Healthy Food affordable & accessible to everyone. It is a subscription-based online platform which allows customers to order meal packs.

Manish Jethani, co-founder of SpoonJoy, said,

Restaurant food is not something you can eat or you can afford everyday. Our aim is to make healthy & affordable meal accessible to everyone at a click of a button. 70% of our customers order from mobile app. A typical high quality meal at SpoonJoy costs less than Rs. 100. We are able to achieve this by optimising supply chain & using technology to minimise delivery cost.

Vishal Sood, MD of SAIF Partners, said,

SpoonJoy is an Internet first restaurant, which is an exciting new format that has emerged globally. It is a highly scalable and capital efficient business. Manish has brought together a very strong management team and we believe they have the potential to build a pan-India Internet first restaurant. We are very excited to partner with them in this endeavour.

While there may not be any direct competitors for SpoonJoy taking into account its unique food delivery concept, food delivery still has an army of startups coming in. Over the last few months, many companies in the food-tech segment have received funding, including Swiggy, Grab, Frsh, Yumist, etc.

And while startups continue to come into food delivery, more established players are also aggressively expanding operations. Most notable of them all being Zomato and Ola Cafe. Zomato recently provided ignition to its food delivery service starting from Delhi, while Cab-hailing service Ola started up its Ola Cafe service to offer food delivery within Bangalore.

And apart from all of those mentioned above, you obviously can not forget Foodpanda, which is probably pursuing the food delivery business more aggressively than others. The Rocket Internet backed startup just today raked in an additional $100 million round from Goldman Sachs, taking its total raised capital to a staggering $310 Million


 

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