Food delivery start-up Box8 today said it has raised Rs 50 crore in funding from IIFL Seed Ventures Fund & Mayfield.
Box8 is a full stack online food delivery player that specializes in preparing and delivering Indian food. Its diverse menu consists of over 100 dishes in all-in-1 Indian meals, biryanis, wraps, sandwiches and salads.
Started by two IIT graduates, Amit Raj and Anshul Gupta, Box8 now serves 12,000 meals a day to its consumers through a network of 60 stores across three cities — Mumbai, Pune and Bengaluru.
The funds helps strengthening the supply chain eco system, building superior technology, enhancing product development and expanding to new geographies, Amit Raj said.
“Our strategy of establishing ourselves in certain key markets, instead of spreading wide and thin has helped us scale fast and develop a loyal customer base in a capital efficient manner.
“With the growing working class and changing lifestyle preferences, there is immense potential to be tapped,” he said, adding, the new capital will allow the company to expand to 3-4 more cities.
One of the leading investors in funding is IIFL Seed Ventures Fund, which is the venture capital & private equity arm of IIFL Wealth & Asset Management.
Box8 claims that over 85 per cent of its transactions come from repeat customers, making a strong case for long-term sustainable model.
Prashasta Seth, CEO of IIFL AMC said, “This is our first investment in food business and we are excited about it.”