Food-tech startup, QwikPik Technology which owns YumLane, has secured $4 million in series A round of investment led by Singapore based RB Investments. The round also saw participation from its existing investors Binny Bansal (Founder of Flipkart), Venture Capital firm Orios venture partners and other High Net Individuals (HNIs).The company further plans to use the freshly secured funds for product development, scale up its retail, hire sales and marketing people and improving back-end operations.
“Yumlane has two great ingredients — its product and founder. Evolving India’s millennials needed exciting ready-to-cook food in world-class facilities with highest quality standards. We believe that snacking is a large unbranded opportunity for consumer brands,” said Harshavardhan Bothra, principal at RB Investments.
Founded by Hitesh Ahuja, Rahul Kumar and Rueben Ghosh in 2016, the company offers hot food and meals across all its retail points. They also sell their products through retail chains like Big Bazaar, Reliance Smart, BigBasket, among many others. The company is currently operating across Mumbai, Pune, Bengaluru and Hyderabad and claims to have an annualised run rate of 3 million units and is planning to grow the same to 10 million units by the end of this year. The startup competes with the likes of Freshmenu, Innerchef, Faasos, among others.
They last raised $1 million in seed funding from Flipkart founder Binny Bansal in August 2016. According to a recent report by Statista, the food delivery market in India will amount to $3,080 million by the end of this year. The revenue is expected to grow at a rate of 16.7 percent resulting in $5,705 million by 2022. The market’s largest segment lies with online delivery having a total market volume of $2,917 million by the end of 2018. According to a global perspective, China leads the way with $48,530 million revenue to be generated in 2018.