Box8 raises Rs 50 crore from IIFL Seed Ventures Fund, Mayfield
India's online food delivery start-up company Box8 has raised Rs 50 crore from IIFL Seed Ventures Fund and Mayfield to strengthen its supply chain eco system, develop superior technology, among others.
“We are glad that our investor partners share our vision of becoming India’s largest quality service restaurant (QSR) chain for Indian food, catering to the taste buds of modern Indians. The funds help us strengthening the supply chain eco system, building superior technology, enhancing product development and expanding into new geographies” Box8 co-founder Amit Raj said in press release on Monday.
IIFL Seed Ventures Fund, which is the venture capital and private equity arm of IIFL Wealth and Asset Management, is one of the leading investors in funding of Box8.
“This is our first investment in food business and we are excited about it. 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 IIFL AMC chief executive officer Prashasta Seth in a statement.
Commenting on the latest funding, Mayfield partner Nikhil Khattau, said in a statement, “It is their focus on classical business fundamentals combined with a new-age technology driven approach which sets them apart. 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. We are very happy to have partnered with them and are confident in their approach."
Box8 was started by two IIT graduates Amit Raj and Anshul Gupta and it now serves 12,000 meals every day to its large consumer base through a network of 60 stores across three cities Mumbai, Pune and Bengaluru.