Food delivery startup Box8 today said it has raised Rs 50 crore in funding from IIFL Seed Ventures Fund and Mayfield.
According to a PTI report: Box8 is a full stack online food delivery player that specializes in preparing and delivering Indian food. Its diverse menu consists of over 100 dishes in all-in-1 Indian meals, biryanis, wraps, sandwiches and salads.
The funds helps strengthening the supply chain eco-system, building superior technology, enhancing product development and expanding to new geographies, Amit Raj said.
“Our strategy of establishing ourselves in certain key markets, instead of spreading wide and thin has helped us scale fast and develop a loyal customer base in a capital efficient manner,” Amit Raj was quoted by PTI as saying.
“With the growing working class and changing lifestyle preferences, there is immense potential to be tapped,” he was further quoted by PTI as saying, adding, the new capital will allow the company to expand to 3-4 more cities.
One of the leading investors in funding is IIFL Seed Ventures Fund, which is the venture capital and private equity arm of IIFL Wealth & Asset Management.
Box8 claims that over 85 per cent of its transactions come from repeat customers, making a strong case for long-term sustainable model.
CEO of IIFL AMC, Prashasta Seth was quoted by PTI as saying, “This is our first investment in food business and we are excited about it.”