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2015-02-04

India Quotient, Kae Capital invest $518K in online meal service startup Frsh

The funds will be used to revamp the website and digitise the supply chain and delivery process.

Gurgaon headquartered online meal service startup Frsh has announced to raise about Rs 3.2 crore ($518,000) in seed funding from early stage investors India Quotient and Kae Capital.

“The funds will be used to increase the production capability by upgrading our kitchen to the one that is at least three times bigger, launch an Android app, revamp the website and digitise our supply chain and delivery process,” said Badal Goel, Co-founder, Frsh.

Owned by Fingertip Foods Pvt Ltd, the company was started in January 2014 by two IIT Delhi friends Sumit Kumar and Badal Goel. GOel is a Mechanical Engineer, whereas, Kumar is a Computer Science graduate from IIT Delhi in 2006.

Prior to starting this venture, Goel had worked with Carrier AC, Aditya Birla Group and American Express. He ran a similar company for more than two years before starting FRSH. He currently manages product menu, procurement and kitchen operations. On the other hand, Kumar has worked with McKinsey for more than 5 years across India and US before joining Badal at FRSH. He also had brief stints at Lehman Brothers (London) and Lodha Group (Mumbai). He takes care of technology, marketing and logistics operations.

Frsh is targeting to solve the most commom problem faced by urban professionals - provding accessible and affordable healthy food options. It is presently delivering in about 1,300 addresses within Gurgaon and delivers as per its predetermined delivery slot in the area, which are at 45 to 60 minutes interval for every delivery cluster. The entire production and supply chain is managed in house. The startup has a team of about 60 members.

Lately, many startups in this space have raised funds. Among them, TapCibo raised funding from Alok Goel, founder, FreeCharge; SpoonJoy raised from Flipkart co-founder Sachin Bansal, chief product officer Mekin Maheshwari, Sahil Barua, co-founder of Delhivery, and Abhishek Goyal, founder of Tracxn; Yumist raised funding from Orios Venture Partners.

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