It has become difficult to raise funding for food-tech startups after disappointing results, but the case seems different with HolaChef. The Mumbai-based food-tech startup, is looking to raise around $6 million in a fresh funding round, reported LiveMint.
As per the report, the company’s existing investors, Kalaari Capital, will lead this round. Along with Kalaari Capital, Sidbi Venture Capital Ltd, the wholly owned asset management company and a subsidiary of the Small Industries Development Bank of India, will also be participating in this round.
Citing the people aware of the matter, the report says that the talks are at an advanced stage. It further states that Kalaari Capital, which is leading the round, will be investing around $3.5 million in this round, and the rest will be invested by Sidbi.
Once the new capital comes to the company, it will help the company to strengthen its operations in the existing cities. It will also spend money on expanding its services to newer cities.
HolaChef recently raised $1.95 million from Kalaari Capital and India Quotient. Prior to that, it had raised $3.1 million in Series A round and $320,000 in its seed funding round. Along with them, the company also counts Ratan Tata as an investor.
The company was founded by Saurabh Saxena and Anil Gelra in 2014. It is one-of-its kind food delivery service which brings together chefs and customers together on its platform, on which both amateurs and professional chefs can put their dishes on sale and customers can order them from the convenience of their homes or offices.
It offers healthy on demand meals prepared by numerous chefs in the town, chosen by customer based upon dishes and also according to the ratings to chefs provided by the previous customers.
The dishes come from a variety of cuisines such as Kashmiri, Manglorean, Maharashtrian, Rajasthani, Gujarati, Continental, Mexican, American, Fusion, Desserts and Italian.
India has seen a multitude of food-tech startups, all attracting decent investment to scale up operations. While many startups raised early-stage funding, very few have successfully moved ahead to raise further funding rounds.
