Box8, an on-demand food delivery services firm based out of Mumbai, has raised $3.5 million (Rs 22 crore) in Series A round of funding from early-stage venture capital firm Mayfield. The QSR chain,owned by Poncho Hospitality Pvt. Ltd, has 22 delivery units across Mumbai, its current port of operations. It will be using a part of the money to expand its operations to other cities while spending the rest on building technology, expanding team and deepening market penetration. The start-up says it gets over 2,000 transactions per day, and claims to have grown 10x in the past 15 months.
Founded in 2012 by IIT graduates Amit Raj and Anshul Gupta, Box8 has over 30 IITians on its team and would like to hire more talented individuals from different backgrounds. “Execution is the key to the success of this business and we want to build a team which focuses on getting the job done,” Anshul Gupta, co-founder, Box8, said.
Ventures similar to Box8 include Faaso’s and Hello Curry, which recently acquired Paratha Post.