Zoha Foods plans to raise $5 million to fund its expansion plans

Company targets turnover of Rs 2.1 crore in the current fiscal

Zoha Foods Private Limited, which operates Foodys.in, an e-commerce portal that facilitates online ordering of food from various restaurants by customers, proposes to raise $5 million (about Rs 30 crore) from venture capitalists to fund its pan-India expansion.

“We are holding discussions with two Indian and one multinational venture capitalists and are hopeful of raising the required funds by March 31, 2015,” Zoha Foods founder and CEO, Naeem Khan, told mediapersons.

He said the three-year-old company clocked revenues Rs 1.4 crore in 2013-14 and has targeted to achieve Rs 2.1 crore in the current fiscal.

At present, the company’s 22 delivery boys deliver food to customers from 60 premium restaurants in the city. It is receiving 55 orders a day on average and close to 100 orders in the weekend.

Starting with restaurant to home services, Zoha has forayed into restaurant to corporate and restaurant to bus traveller service. The ‘Foodys Busmeal’ service has been launched in an exclusive all-India contract with Abhibus.com, an online bus ticket booking portal.

Khan said Zoha was planning to expand to six major cities in India in the next three years. With regard to bus traveller food delivery system, it would immediately get into 20 two-tier cities.