Chefs Basket, a ready to cook food startup, has secured an investment of $6million from SAIF partners and India Fund Advisors partner Haresh Chawla in series A round of funding.
Founded in 2012, the company plans to deploy the raised capital towards expanding its range of products and introduce new distribution channels. The startup, at present sells ready to cook packaged food under Chefs Basket brand.
Commenting on the matter, Varun Jhawar, co-founder of Fizzy Foodlabs, which owns Chefs Basket, said, “This funding will help us take Chefs Basket to the next level of growth and we plan to expand the brand to the top 15 cities of India, with a portfolio of 30 SKUs (stock keeping units) by the end of March 2016.”
Chefs Basket is planning to expand its portfolio to introduce single serve format in oriental cuisine, a range of fresh products with lower shelf life and also launch its own range of pasta sauces.
Currently, the startup offers Oriental, Mexican, Italian and Thai dishes at prices ranging from Rs 75-300.
India loves to eat. But driven by the fast-paced urban lifestyle, disposable income and the rising number of working population in the country, people are increasingly shifting towards everything that is fast and instant. According to industry estimates, the ready to cook industry in India is expected to grow 20-25% every year over the next five years. In fact, it has emerged as the immediate alternative to home made meals.
One of the direct competitors of Chefs Basket is InnerChef, which raised an investment of $1.66M from the founders of Paytm, redBus and others at a valuation of $10 million, in September.