Bengaluru – based cloud kitchen and online food delivery start up Fresh Menu’s parent Food vista india is set to receive investment from media conglomerate Bennett, Coleman and Company Ltd (BCCL) , which runs newspapers Times of Inida and Economic Times.
According to a report in VC Circle, BCCL will soon invest Rs1.65 crore in Foodvista as per filings with the registrar of companies. The ad-for- equity deal was confirmed by the founder of FreshMenu to VC Circle. The ROC documents also show that Freshmenu more than doubled its net sales in Fy17 to Rs 70.9 crore from Rs.31.7 crore in the same time last year. However, net loss widened from Rs 33.8 crore last year to Rs 42.3 crore crore in Fy17.
“We have more than doubled our revenues. That is a strong growth number. The lossess have just gone up by around Rs7 crore.It shows that more efficiencies have kicked in for sure,” VCCircle quotes FreshMenu founder Rashmi Daga as saying. Founded in , Fresh Menu operates on a cloud kitchen fod delivery model where it prepares meals in its own kitchen and delivers.It has a presence in Bengaluru, Mumbai and Delhi NCR.It competes with the likes of Holachef and Innerchef. It previously raised a total of $ 22 million from investors such as Lightspeed , GrowthStory and Zodius Technology.
The foodtech industry in India has been seeing a lot of traction over the past 1-2 years. After several players experimented and shut down services,there has been some stabilization over the past year with Swiggy, Zomato, Faasos, Freshmenu emerging as some of the top players. FreshMenu too is looking to double its order base across the three cities and it expecting a2x revenue growth this fiscl.It also opened its first front-facing kitchen at Bengaluru airport,the frst of its offline stores,with an investment of Rs.30 lakh.