Bengaluru based online meal service provider, iTiffin, has raised USD 1 million in seed funding. As per VC Circle report, the firm is also planning to secure USD 6 million in Series A round in the next six months for further expansion into Mumbai, Delhi and Hyderabad.
The new funds is expected to be used to set up a hub and spoke model with about 10 retail centres, to extend its operations and add new features to process about 10 lakh meals a month. Recently, it had also raised INR 1.5 crore from cricketer Robin Uthappa.
Launched in 2013, as a venture of Das (Ex VP- finance at Flipkart) and Ryan Fernando, initially both founders put INR 10 lakh to set up iTiffin. Currently, the firm has a 3,000 sq ft kitchen with employees about 40 people in the production and delivers around10,000 tiffins a day including charge of INR 1750 for a 20 working day one meal plan.
Bangalore based iTiffin is also planning to expand its employees base up to 200 and recently made partnership with 2 other corporate to extend its popularity.
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