Box8 raises $15 Million in a series C funding round led by Chinese fund – eWTP Ecosystem Fund.
The company plans to use raised funds in expanding its business in five more cities with 100 more kitchens in the next 12 months.
Box8 valuation reaches $106 million.
Mumbai based full stack food tech startup Box8 has raised $15 Million in series C funding round. The funding round is led by Chinese fund – eWTP Ecosystem Fund and existing investors IIFL seed ventures and Mayfield also actively participated in the funding round. Previously in the funding round company raised $6.2 million from ReDefine Capital, and Rs 1.28 crore from Trifecta Capital in January this year. Box8 is valued $106 million after receiving these funds in Series C round. The company is planning to use the raised funds in enhancing its business in five more cities with 100 more kitchens in the next 12 months. The firm is also thinking to use raised funds in enhancing technology and talents.
According to a Ministry of Corporate Affairs filing Redefine Capital Fund (eWTP Ecosystem entity) has acquired 1,603 compulsorily convertible preference shares (CCPS) in Box8 at the premium of INR 2,71,611.
The funding in Box8 is coming at a time when Foodtech giants Swiggy, Zomato and UberEats are fighting hard to receive any shares in the market. According to estimation, three companies are burning approximately $70-80 Million per month.
Box8 has received the first tranche of its series C funding round and is expected to attract more funds and investors in ongoing funding round. Box8 is surviving in this danger zone when TinyOwl, Spoonjoy and Eatlo and other startup have shut due to financial crunches. Last year Holachef was also acquired by Foodpanda and FreshMenu is in talks with SoftBank for its acquisition. Handling food business has now become tough and is now not a cup of tea that one can sip easily. Raising funds and attracting investors are becoming a challenge for food tech startups.
Ritesh Agarwal-led firm also had ventured into cloud kitchen through a network of kitchens under the brand name – Adrak by OYO and O Biryani by OYO.
Box8 is trying hard to compete in the food industry.
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