Boom In Home Cooked Food Market In India: ChefKart Raises $3 Million To Expand!
Chefkart, a Gurugram-based at-home cooking services platform said that it has raised $2 million in funding led by Pravega Ventures and Blume Ventures.
The investors include Zomato cofounder Deepinder Goyal, Titan Capital, Cred founder Kunal Shah, Tremis Capital, Lets Venture.
The company is aiming to utilize the raised capital to dominate the subscription-based at-home cooking service market in Gurugram as well as expanding to new regions.
Founded in 2020 by Vaibhav Gupta, Arpit Gupta, and Aman Gupta, ChefKart offers qualified and vetted home chefs who prepare hygienic meals per the user’s preferences.
Increased MoM Growth
Vaibhav Gupta, chief executive officer and founder of ChefKart said that “We have served over 3,200+ families and are managing over 2,300+ cooking sessions daily with a 15% month-on-month growth and cost-saving is our DNA. With Urban Company shutting down its chef services, we are the market leader. and proves our mantle of running and building a large-scale enterprise”.
According to the FICCI-PwC report, the Indian food services market is expected to be worth Rs 5,52,000 crore. The unorganized sector accounts for approximately 57% of the pie.
ChefKart is transforming the hospitality industry by upskilling the unorganized home cooking spacer. The company has also built hyperlocal marketing and established supply control in Gurugram, with strategic plans for the upcoming expansion to other regions. It has launched new lines of business, Chef for parties, and the team is also working on expanding through adjacencies available in the business, as per company statement.
Reacting on this development, Adetee Agarwaal, Founder of PinkAprons said, “Congratulations to ChefKart for raising funds, and creating more awareness about home made food. Although our business model at PinkAprons is different from ChefKart, we are also unleashing a revolution in the home cooked food market, and empowering home chefs to become food entrepreneurs. We are very optimistic about this niche market, and hopefully, this funding development will open up the doors for other startups as well, in this segment.”
Digitize the Unorganized Sector
Mukul Singhal, cofounder, and partner at Pravega Ve “ChefKart is driven by the idea to digitise an essential service that is largely unorganised. They are the pioneers in streamlining an industry with tremendous untapped market potential”.
According to market studies, the food service market size is estimated to reach $95.75 billion by 2025 with a CAGR of 10.3 per cent.
The company forecasts aggregation on top of the grocery delivery space, with a goal to capture the time spent by consumers planning their daily meals and their arrangements.