Sidbi serves up capital for Holachef
Posted on 21 April, 2017 by Chris Winters, reporter
The online meal delivery service has raised $5m in its series B round from investors including Sidbi Venture Capital.
Sidbi Venture Capital, a subsidiary of India’s state-owned financial institution Small Industries Development Bank of India (Sidbi), has taken part in a Rs320m ($5m) series B round in India-based foodtech startup Holachef, the Economic Times reported yesterday.
Venture capital firm Kalaari Capital has led the round, with further participation from India Quotient.
Founded in 2014, Holachef curates local chefs to create signature dishes for its meal delivery service. The company manages all the logistics, including packaging, storage and delivery, allowing their chefs to concentrate on preparing the meals.
The capital raised will be spent on team building and scaling the logistic infrastructure to streamline the business. The company will focus on improving its offering in Mumbai and creating a more sustainable business model, so will expand its menu rather than expand into additional cities.
The company is also planning to expand to an offline location as an experiment, hoping marketing efforts will receive a boost through the physical presence. The store will also double up as a distribution centre, thereby increasing the company’s service area.
In July 2016, Holachef raised $2m from Kalaari Capital and India Quotient, the same two investors who supplied $3.1m in 2015. Additionally, India Quotient led a Rs20m seed round in 2015.
Saurabh Saxena, chief executive of Holachef, said: “If this customer-facing centre is beneficial for marketing, then we may look at opening new distribution centres which are similar.
“It will be cuisines and dishes that we can produce at a much higher scale.”
See more from this Government Report: India
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