TinyOwl currently offers a mobile app that detects the users location and shows restaurants in the vicinity through which food can be ordered.
Mumbai-based food ordering mobile app TinyOwl Technology Pvt Ltd is said to be in talks to raise $5 million in its Series B round of funding from its existing investors - Sequoia Capital and Nexus Venture Partners, according to separate media reports.
TinyOwl currently offers a mobile app that detects the users location and shows restaurants in the vicinity through which food can be ordered. Orders can be paid for by card or by cash on delivery. The app currently services only certain localities in Mumbai.
"We plan to raise $5 million. The amount may increase. As of now we have interest from our existing investors. The whole amount may come from them. It may take two-three months," Harshvardhan Mandad, co-founder and CEO of TinyOwl, told Techcircle.in.
Founded in March 2014 by a group of IIT Bombay alumni Harshvardhan Mandad and was later joined by Saurabh Goyal, a back-end developer with VCs-backed real estate portal Housing.com, as a co-founder.
On each order that takes place, TinyOwl charges charge between 10-20 per cent from restaurants. "We are also building technology for restaurants, which will help them in increasing their productivity and sales. At TinyOwl, we were trying to solve that problem of ‘What to eat?’ because many times it happens that we want to eat something/order something, but we are not able to decide," said Mandad.
The startup is planning to enter other metro cities by mid 2015 and has partnered with more than 3,500 restaurants in Mumbai area.
In December 2014, the firm raised about $3 million in its Series A round of funding from Sequoia Capital and Nexus Venture Partners to invest in technology and expansion.