Food Tech Startups Leaping Caravan and Frsh Raise Funding

Gurgaon-based Leaping Caravan Raises $150K in Angel Investment

Food Tech Startups Leaping Caravan and Frsh.com Raises Funding (Source)

Food Tech Startups Leaping Caravan and Frsh.com Raises Funding (Source)

Gurgaon-based food tech startup Leaping Caravan has raised an amount of $150,000 (around Rs. 1 crore) from a group of angel investors.

The company plans to use the raised amount for its business expansion, marketing, upgrading technology, acquiring talent and in expanding its operations, as reported by ET.

Founded by former hospitality professional Megha Tuli who holds a B.Sc degree in International Hospitality Management, Leaping Caravan serves Indian food primarily to corporate customers across Gurgaon and Delhi.

As per Megha Tuli, the funds will also help the company set up another delivery center in Delhi which will help boost the orders to more than 100 orders a day across the city from 30 orders. Presently, it serves Gurgaon and South Delhi operations out of two commercial grade kitchens. And it has plans to set up two more kitchens across Delhi to help expand its operations.

Currently, around 70% of the orders come through the website in which 60% of the customers are corporate players. In future, the company plans to raise its pre-series round funding of about $2 million from an early stage VC.

Frsh.com Raises Bridge Round of Funding from a Group of Investors

On-demand food service startup Frsh.com has raised around $1 million in a bridge round of funding from Mumbai Angels, Roposo Co-founder Mayank Bhangdia and existing its investor Kae Capital.

Raised money will be used for company’s expansion, as the company plans to start its operations in Mumbai and Bangalore in coming three month’s time.

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Founded in January 2014 by IIT Delhi graduate Badal Goel, Frsh prepares 20 items such as sandwiches, salads and beverages at its three kitchens in Noida, Gurgaon and Delhi for delivery in the three cities, where it is currently opeartional. And it also positions itself in the healthy eating segment of the food startups.

“After reaching a reasonably big scale in Gurgaon a couple of months back, we realised that we would need to make some important changes in our operations if we want to reach a similar scale in other cities. This funding gave us the necessary fuel to make the changes without worrying too much about numbers,” said company co-founder Badal Goel. Further adding he mentioned about the changes they have brought about, for example, the company has streamlined vendor procurement and altered menu options.

In February 2015, Frsh had raised seed funding from early-stage investors India Quotient and Kae Capital.

The company assures the delivery within 60 minutes and plans to partner with hyperlocal delivery startups to cut down further on the delivery time.

Also Read: Rise of Online Food Ordering Startups in India: Opportunities, Challenges and Innovations

The rate at which investors are putting money in food tech startups, it seems that this space will never fail to attract more investment. Recently, another food startup MealHopper raised an amount of $100,000 in seed funding from ixigo.com Co-founders Alok Bajpai and Rajnish Kumar. Zupermeal raised an amount of $2 million from Sanjeev Kapoor of Khana Khazana, Ravi Saxena, cofounder of kitchen appliance maker Wonderchef along with two foreign partners. Health food startup Jiyo Natural raised an undisclosed amount of funding from Indian Angel Network (IAN).

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All the startups in this segment work on various business models. Along with the investments, the competition is increasing among these startups. Customer should be of utmost priority for such startups so as to retain, and acquire new. This is only possible by providing good quality food and delivering satisfactory service.

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