Ketchupp, a new entrant in the food-tech sector, has today announced that it has secured $500,000 in its seed funding round, from India Quotient and a clutch of angel investors.
The funding raised in this round will be used by the company to develop its technology in a bid to now hone the platform from just a search engine to a suggestion-based model. The company’s chief executive said that they will invest in big data, recruit talent in that vertical and expand their team.
While there are many food-tech startups which provide a food discovery platform, the approach of Ketchupp is quite different. Unlike other startups, it allows user to search based on the dish and not the restaurant.
Chirag Taneja, founder and CEO of the company, said,
When a customer picks the dish, the platform also compares prices across platforms and offers choice on where one can order at the best prices. We are not a food ordering platform, we redirect traffic to the restaurants or food delivery platforms.
Anand Lunia, cofounder at India Quotient, said,
Meta search engines only work when the underlying market is deep enough. We believe the time for that has now come for food. The revenue model is more advertisement and lead-driven. Hence, the company will be light in operations and will have business economics of a high tech media company.
It seems that this new and different approach from the company paid off. This could have been a crucial point for investors to pour capital into the startup at a time when food tech market is struggling.
Founded in 2015, Ketchupp leverages artificial intelligence to recommend the best dishes that can be delivered to your location. In this food discovery market, the startup will compete with some established startups such as Zomato, TinyOwl, Swiggy, among others.