Rajesh Sawhney, founder of GSF Accelerator, has launched InnerChef, a food tech company along with 4 other founders. The Co-Founders involved in the venture are Heena Karia Thakkar, Uday Bansal, Rahul Samat – all previously entrepreneurs-in-residence at GSF and Bal Dighent, who is founder of Di Ghent Cafe in Gurgaon.
When asked what will happen to GSF next, Rajesh told iamWire that we are launching our next batch GSF4.0 in April with 10 startups. GSF is a startup/tech startup accelerator.
InnerChef is an online food discovery and deliver platform which is at the intersection of two global trends – eating different and eating better. It deliver recipes in a box with all its ingredients which are measured and prepped allowing one become a chef in 10-20 minutes. The company’s mission to provide fresh and tasty food to people.
Currently, the firm is having its operations in Gurgaon and plans to expand to three metros (Delhi, Mumbai and Bangalore) in the coming quarter and cover the 10 Indian cities with multiple kitchens within one year.
It is currently offering 16 recipes and within a month, Innerchef menu will have 25-30 recipes at any given time that will be refreshed on a weekly basis. While the launch menu is primarily western cuisine (Salads, Paninis, Pastas and Specials), it plans to add oriental and Indian cuisine in the coming weeks.
InnerChef delivers fresh food twice in a day: Lunch (11 am till 2 pm) and Dinner (5 pm till 9 pm). Additionally, it is exploring options to provide on-demand service in the catchment areas. Customers can order recipe boxes through a mobile responsive website and soon-to-be launched mobile app.
Food retailing market in India is $300 billion large and Indian restaurant market is pegged at $50 billion. The home food delivery market is growing at 40% annually and is expected to be $10 billion in size by 2016. According to recent estimates over $2.3 billion has been invested in “Food+Tech” businesses so far of which $1.2 billion was in 2014 alone.
Other Investments in similar space include
In March, Gurgaon-based food ordering startup, Bite Club, had raised Rs 3 crore in funding from Powai Lake Ventures with participation from angels including Aneesh Reddy (Capillary Technologies), Ashish Kashyap (Goibibo Group) and Alok Mittal (Canaan Partners).
In February, Mumbai-based food ordering app, TinyOwl has raised $15 million in its series B round led by Matrix Partners with participation from Sequoia Capital and Nexus Venture Partners. In the same month, Bengaluru-based food and vegetable retailing startup, Freshworld had raised an undisclosed amount in funding from IAN investor Nagaraja Prakasam and Infosys co-founder Kris Gopalakrishnan.
Pune-based tech led restaurant delivery service Faaso’s (Acronym for “Fanatic Activism Against Substandard Occidental Shit”) had raised $20 million in series B funding led by LightBox Ventures with participation from Sequoia Capital, which also led its $8 million funding round in 2011.
In November 2014, Zomato 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.