It will use the money raised to add more restaurants/locations on the platform and upgrade its technology backend.
The food ordering marketplace Boibanit has raised USD 150,000 in angel funding from R Kumar Textile Group’s Varun Ahuja and investment banker Anubhav Verma.
Started in 2014, Vadodara-based Boibanit facilitates meals delivery from around 350 restaurants in Tier II cities Indore, Lucknow, Surat and Noida besides Vadodara. It will soon expand into Ahmedabad, Bhopal and Ghaziabad. The startup is adding 3-4 new restaurants to its network every week and claims to process 250-300 deliveries on weekends. Boibanit takes orders through its web site and call centre.
“Boibanit allows customers to avail food from multiple restaurants in a single order,” said co-founder Abhiudaya Parihar.
The service was started by Parihar, Arunabh Parihar, Ram Manohar Rai, Rohit Gupta and Sudhir Prakash.
The online food ordering business in India is estimated to be worth INR 6,000 crore, growing at about 30% month-on-month, according to a report by India Brand Equity Foundation. However, this space is transaction-driven and margins can be wafer-thin for food tech companies. The food-tech space has started showing signs of distress. Few startups have either shut shop or have downsized operations.
