DeliveryHero Makes USD 5 Million Strategic Investment in Pune Based Food Delivery Site TastyKhana
DeliveryHero, a leading network of food delivery sites in the world has made a strategic investment in Pune based Food Delivery Site Tastykhana. DeliveryHero themselves have raised around USD 100 million in funding over four rounds. Their latest Series D investment of USD 50 million came around August of last year.
Tastykhana.in, a Pune based company started in 2007 has steadily grown to become one of the leading food delivery sites in India. Currently, they have their presence in 7 cities and with sizeable funding coming in, they will now be able to grow aggressively across India.
DeliveryHero will be putting these funds in 2 tranches with USD 3 million coming in immediately and other 2 million by end of 2014.
Here is what Niklas Östberg, CEO of Delivery Hero had to say about the investment
“The strength in our core markets allows us to invest in smaller, innovative companies like TastyKhana to accompany them with technological know-how and financial resources on their way to the top”
Though we do not have any official confirmation, with this round of funding, Tastykhana valuation is currently pegged at around USD 16 to USD 18 million.
I had visited Tastykhana’s office last year and had a word with Founders of Tastykhana – Shachin Bhardwaj and Sheldon D’Souza – about how tastykhana started and what are their future plans. Here is the video.
I recently spoke to Shachin and he had mentioned that in last financial year alone they delivered food worth Rs. 10 crore, which is quite significant, given that most of their restaurant coverage is in Pune only, though they are expanding quite rapidly in other cities as well.
TastyKhana now has over 1,000 restaurant partnerships in Mumbai, and is associated with more than 3,000 restaurants across the seven cities it operates in.
Tastykhana’s founders, being tech guys themselves, have been able to leverage technology in food delivery business quite well. They are are the only Indian food ordering service to offer apps on 3 platforms – Android, iPhone and Blackberry.
Like I mentioned in the video, food delivery is a very human resource intensive business and Tastykhana founders have been able to successfully execute it. Kudos to the founders on that!