 "Box8")
Started by two IIT graduates Amit Raj and Anshul Gupta in 2011, Box8 is a online firm that prepares and delivers food, including Indian meals, biryanis, wraps, sandwiches and salads. Currently, it serves 12,000 meals a day through a network of 60 stores across Mumbai, Pune and Bengaluru. According to Crunchbase, the startup has now raised about $ 10.97 million in total since its inception.
"The funds help us strengthening the supply chain eco system, building superior technology, enhancing product development and expanding into new geographies" said Raj. "Our strategy of establishing ourselves in certain key markets, instead of spreading wide and thin has helped us scale fast and develop a loyal customer base in a capital efficient manner. This new influx of capital will allow us to capitalize on the opportunity by expanding to three to four more cities using the same micro intensive approach," he added.
With an operational team of more than 1,200, Box8 claims that about 85 per cent of their transactions are from repeat consumers. The two key areas that the company is focusing on are automation and prediction.
"Since inception, Box8 has taken a full-stack approach, where they manage and control all aspects of the chain. From procurement, to preparation, till last mile delivery; this has helped them tremendously to offer a seamless experience and build brand loyalty," said Prashasta Seth, chief executive officer of IIFL AMC. IIFL Seed Ventures Fund is the venture capital and private equity arm of IIFL Wealth and Asset Management. Box8 is the first food business that it has invested in.
"They are very focused on the product and are glued to the consumer need. At the same time they have been able to scale rapidly by using technology and data effectively," said Nikhil khattau, Partner at Mayfield. (EOM)
