Mumbai-based food startup, HolaChef which was founded by Saurabh Saxena, with his IIT-Bombay batchmate Anil Gelra, has raised $3.1 million funding led by Kalaari Capital. The existing investor India Quotient has also participated in the round. The raised funding will be used by the startup to invest in modern infrastructure, technology and delivery, reports ET. Three months back, India Quotient also invested $315,000 in HolaChef.
One-year old startup, HolaChef serves food prepared by some of the chefs in the city through an online ordering service. Consumers can place the order through their website or mobile app on Android or iOS. The deliveries are made as per the pre-selected time slot by the customer at the time of placing the order. Initially, it has started its operations in Mumbai’s Powai area, and has now expanded to areas like Mulund, Andheri West, Ghatkopar, Malad and Bandra Kurla Complex, and currently it is doing 1,000 orders a day which is an increase from 150 in January 2015.
Going forward Holachef also plans to set up a central kitchen going forward, “creating a farm to kitchen model so supply and quality is much better controlled,” said Saurabh.
Food tech startups are garnering investors’ interest with players like Yumist, Frsh, Zomato, SpoonJoy, Tinyowl, Swiggy, and BiteClub among others. A few days back, Swiggy raised about $16.5 million from Norwest Venture Partners (NVP), existing investors SAIF Partners and Accel Partners.
As per BCG report, the market size of food in India is expected to reach Rs. 42 lakh crore that is presently at around Rs. 23 trillion.