SaaS (Software as a Service) can be traced back to 1960’s, where it first started and is now on a verge of expansion at a rate of $1 of every $6 spent on software. Regardless of its extensive adaption, SaaS is a fairly new concept in the hospitality/foodservice industry. Conventional Point of Sale systems that maintained and installed on the computer systems have continued to dominate this market for over a decade. On the other hand, cloud POS systems specifically made for the foodservice industry has now come a long way in past few years. Recent studies have shown that the restaurant industry is now making cloud-based POS systems (licensed on a SaaS model) a priority as they are cost efficient and most of all give a better overall experience that their outdated predecessors. To give boost the usage of cloud-based POS SaaS system in the F&B industry, Torqus came into being.
Founded by Piyush Chavan, Tanmay Ratnaparkhe, Sneh Thakkar and Suneet Kulkarni in 2013, with the aim to amalgamate the fragmented software products offered to the F&B industry. Talking on the same Piyush said, “We started with a team of 5 people with one single product in Pune, with the vision to become the IT Enablers for the F&B Industry. As a B2B focused player, we believe there are lot of inefficiencies present in the sector, which can only be eliminated by clever innovative products using state of the art technology solutions.”
Services Offered by the Company
Piyush stated that the services start from the Point of Sale with android apps to ease the ordering process / flow. Then comes the supply chain management module, which also works as a head office management module. We also have call center module with an online ordering framework, which works in conjunction with promo and CRM / customer analytics so that clients can extract maximum value out of the stack.
Monetisation & Traction
The company works on a SaaS (Pay as you go) based model. A major barrier for an organization, irrespective of its size, is to invest in a product at one go. Torqus provides an alternative to this in which clients pay as they use the products, and only for the products that they use. In this manner the one time investment barrier goes away, the clients can try the solution before committing to it. On the same Piyush stated that they’ll soon be launching alternate avenues to monetise.
Torqus team consists of 40 people across Pune Mumbai, NCR and Bangalore. The company claims to have a reach over 25 cities covering nearly 1100 F&B outlets. Their clientele include Box8 (50+ outlets – Mumbai, Pune, Bangalore), Chaayos (40+ outlets – NCR, Mumbai), Eatsome (15+ outlets – Pune, Hyderabad), Mithaas (4 outlets NCR), Pronto & Paninaro (15 outlets – Mumbai), Café Cubano (2 Outlets – Mumbai. Piyush further stated that Torqus is growing at 70% on a QoQ basis and has a gross margin profitability of 80%.
The company has already raised $350,000 in the seed round led by Mr. SS Mukherji (Vice Chairman Of the Oberoi Group). “We are currently well on our path to become profitable at the net level and are actively working on other initiatives. Soon we will be looking out for funds to fuel our future initiatives.”