 "Food delivery start-up Cookaroo raises angel funding")
Darshan Subhash, CEO & Co- Founder, Cookaroo commented that the funds will be utilised towards technology development and to scale operations across Bengaluru as well as in Hyderabad.
Vijay Krishna Yadav, MD, Highland hospitalities commented that Cookaroo's business model is similar to OYO rooms' business model in the budget accommodation space.
"This unique and scalable model has allowed them to be profitable early on in the business. Most food delivery startups today are only addressing the consumer side of the food delivery ecosystem. Cookaroo is not only addressing consumer pain points but is also solving the problems that exist in the supply chain side. We believe that Cookaroo is in a good position to grow into a strong player in the burgeoning food delivery industry," he was quoted in the company's release.
Sachindra Murugesh who was previously heading PressPlay Events and is now a VP of Business Development at Cookaroo added that Cookaroo's corporate catering and events' stream of business provides additional financial stability. This currently forms around 20 per cent of the revenues and targets to grow it to 50 per cent within the next 3 months.
With a gross margin of 21.5 per cent, Cookaroo currently processes close to 200 orders per day and has 15 operational commercial kitchens across JP Nagar, Jayanagar, HSR Layout, Koramangala, CBD (central business district) in Bengaluru. In the coming months, Cookaroo plans to expand to Sarjapur, Kammanahalli, Bellandur and many other prominent IT corridors in the city.
By April 2016, Cookaroo will also launch operations in Hyderabad.
Founded by Darshan Subhash, Eraj Hassan and Nikhil Karanjkar, all alumni of IIM - Indore, Cookaroo was started in 2015.