Snapdeal founders Kunal Bahl and Rohit Bansal are planning to invest in Mumbai-based food ordering app TinyOwl.
As per a Business Standard report, the fresh funding would be a part of TinyOwl’s latest fund seeking to raise $20-30 million. The investment will be used to expand its presence into 10 cities by mid-2015 and 50 cities by the end of this year.
“We are looking to raise fresh capital to the tune of $20-30 million, as we plan to scale up our operations and presence. Snapdeal’s founders have been supportive and we have got an indication from them that they would infuse further capital,” said co-founder Harshvardhan Mandad.
The app had recently raised $3 million led by Sequoia Capital and Nexus Ventures Partners. In August, the company had received USD 1 million. Launched in March 2014 by five IIT Bombay alumni, the company enables consumers to order food through their mobile phones and gets it delivered to their doorstep. Currently, the app is available for Android and iOS users. Payments can either be made via the app using credit cards or through cash-on delivery.
In January this year, India based restaurant listing site Zomato had announced that it is in talks to raise about $100 million in next 30 days in fresh funding. In November 2014, the firm had raised $60 million in series E round led by Vy capital, Info Edge Limited and Sequoia Capital, and is planning to start food delivery service in March 2015.
Snapdeal founders have also invested in Tripoto, Bewakoof.com, Gigstart, while Flipkart’s Sachin Bansal and Binny Bansal invested in Ather, Roposo.com, Touchtalent.com and Spoonjoy, among others. Recently, Jabong co-founder Praveen Sinha also invested in a number of companies including dating app Tryst. Bahl has invested in OlaCabs as well.