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growth 14 Mar 2016

Funding round up: Top money guzzlers in food biz

From healthy food start-ups, a quirky restaurant concept, a chef curate platform and a coffee or tea business all are getting good traction from the investors.

Like 2015, this is also luring great investment in food business segment. With a promising budget for the sector from Government, there seems lots of development in the industry happening.  From healthy food start-ups, a quirky restaurant concept, a chef curate platform and a coffee or tea business all are getting good traction from the investors.

And, breaking all this norms, Ahmadabad based has even attracted their customers’ to invest in them. Following the trend, these start-ups are continuously gaining attention with investment form top investors. From Bengaluru based Cookaroo which recently bagged angel funding, to First Eat which raises a seed investment, Delhi based restaurant start-up Big Fish Ventures have closed the most recent deals.

Latest on the cloak

Delhi based Indulge Beverages which owns the brand Bonhomia has raised $1 million in angel round of funding from HNI's lead by Alok Rawat, president of FGWilson and an early investor in Grey Orange Robotics as well as Neeta Mirchandani from Kae Capital and his former investor Kanwaljit Singh, Ex Co Founder& Senior Managing Director, Helion Venture Partners).

The tea and coffee capsules brand has also infused $ 2 Million from group of investors in April 2015. The group is planning to use the fund to expand and improve their backend.

"We have sold over 1 lakh capsules in the last month. We will use the funds to expand and improve our back-end capabilities and develop our team," said Kunal Bhagat, cofounder, Indulge Beverages.

However, in the overcrowded Food delivery start-up sector, Cookaroo is one of a kind start-up that is not only redefining the consumer experience but is also addressing the problems that exist in the supply chain side.

Bengaluru based Cookaroo, a food delivery start-up that delivers freshly prepared meals by utilizing the underutilized commercial kitchens, has raised angel funding from Vijay Krishna Yadav of Highland hospitalities and Sachindra Murugesh.

The funds will be utilized towards technology development and to scale operations across Bangalore and Hyderabad. "We will be utilizing a significant chunk of our funds towards improving the technology to serve our customers better.

Through this investment, we are also planning to rigorously expand across different areas in Bengaluru as well as in Hyderabad," shared Darshan Subhash, CEO & Co- Founder, Cookaroo.

Gurgaon based Gurgaon based First Eat, has raised $200K from a serial investor who is an F&B entrepreneur. Managed by FE Food Tech Pvt Ltd, First Eat offers standardised and affordable healthy meals via its app, on both on demand and subscription basis.

“The new capital will be used to expand operations in the NCR region, increase traction on the app, and focusing on technology,” shared Mannat Wadehra, Co-Founder, First Eat.

And, the list was topped by Ahmedabad based start-up which has raised funds from its customers to expand its businesses.

The group has so far raised 10 high net worth where customers have invested between Rs 5 lakh and Rs 1 crore. Known for bringing the customers' childhood memory back, this start-up has been catering to top executives in the country and globally.

The start-up has been selling sweets and farsan (namkeen/Indian snacks) local delicacies made by certain famous shops in particular cities and towns, to customers across the country.

"The idea is to provide the diaspora of communities whatever they miss from their hometown," said Vishwa Vijay Singh, Co-Founder, Salebhai.

Thus, we could see that 2016 again is going to be a food-start up led year.

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