//

The startup serves pan-Asian cuisine and runs its own kitchen and delivery operations, similar to the model followed by Faasos

While the Indian foodtech industry reels under pressure of shutdowns and layoffs, online-first restaurant FreshMenu has raised INR 110 crore (US$16.5 million) in its latest round of funding, at a valuation of INR300 crore ($45 million).

The round was led by Zodius Capital, with participation from existing investor Lightspeed Venture Partners, according to a report by The Economic Times, quoting two unnamed sources.

Also Read: Amid tough market conditions, foodpanda lays off 330 employees in India

The Bangalore-based firm, which started operations in 2014, plans to use the funds to expand operations, scale the team and build the brand.

“More than a foodtech company, we are more a tech-enabled food company,” said Rashmi Daga CEO of FreshMenu.

FreshMenu serves pan-Asian cuisine and runs its own kitchen and delivery operations, similar to the model followed by Pune-based Faasos, that recently raised US$30 million.

Also Read: Indian foodtech still tasty as Yumist eats up US$2M funding

After Bangalore, FreshMenu has expanded its operations into Mumbai and Gurgaon.

While the company declined to comment on the number of orders it receives, an investor who was privy to the details of the latest transaction told the publication that FreshMenu was targeting about 5,000 orders in December, with average size of INR400 (US$6).

Also Read: Once VCs’ favourite dish, has Indian foodtech bitten off more than it can chew?

Towards the end of last year, companies such as TinyOwl and Zomato let go of hundreds of employees, while others like SpoonJoy and Dazo shut shops.

Image Credit: Shutterstock

The post India’s FreshMenu rakes in US$16.5M led by Zodius Capital appeared first on e27.

from e27 http://ift.tt/1mHi9m6