Internet, Investments, News raises third round of funding

JELogoBangalore based online food ordering and table reservation platform, has raised its third round of funding led by JustEat Holdings, Forum Synergies and Axon Partners Group. Though company has left the amount undisclosed, it is calling it, “One of our largest till date.”

With the funding, Forum Synergies and Axon Partners Group have together bought a minority stake in the company.

UK-based Just Eat Holdings Ltd, had a majority stake in the company till now, but has now diluted a portion of its stake in favour of the new investors.

Hemchandra Javeri ex-CEO of Madura Garments and Nike India and Francisco Velazquez from Axon Partners Group have also joined the team.

JustEat allows users to book tables and order food, via website, and phones. It has signed approximately 2,500 restaurants in Bangalore, Delhi (National Capital Region) and Mumbai, with plans to launch operations in other cities as well. As per the company it has over 3 lakh registered users.

The company plans to deploy the raised funds to increase the team size, accelerate growth, strengthen restaurant presence and build consumer loyalty in these cities, while aggressively expanding into other metros of India, said the company.

David Buttress, CEO of JustEat says: “We are delighted to be partnering with the team at Axon and Forum Synergies to further strengthen our position in the rapidly growing Indian market and accelerate our roll-out.”, initially called as HungryZone, was launched in 2006, in 2011 UK based JustEat had acquired a majority stake in the company and renamed it to from HungryZone. Here is a quick timeline of

July, 2006 –  HungryZone was launched with 15 restaurants on board and 0 registered users.

May, 2007 –  HungryZone signs up its 100th restaurant and goes past 1500 registered users.

Aug 2008 – HungryZone becomes a registered company (Achindra Online Marketing Pvt. Ltd.) with partnership with 400 + restaurants. It is then that the company raised the first round of funding from Indian Angel Network.

Jan, 2011 – HungryZone announces partnership with Just Eat to expand its services to various cities in India.

Recent fundings under the same category include Deliverychef’s angel funding, TastyKhana raising USD 5 Mn from Delivery Hero, Zomato raising USD 37 Mn.

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