Box8 Raises Series A Funding from Mayfield
7th May 2015
Box8, Mumbai based on-demand food delivery Company, has raised Series A funding from Mayfield headquartered in Silicon Valley.
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Founded by IIT graduates Amit Raj and Anshul Gupta in 2012, Box8 is a front-runner in India’s Rs 50,000-crore food tech market. Setup on pillars of taste, technology and innovation, Box8 aims to be the go to option for anyone wanting to order great tasting food.
Box8 has pioneered a compact All-in-One meal box which is one of its best-selling items. Keeping in mind the hectic and fast paced life of the Indian consumer, these meal boxes pack an elaborate Indian meal in a compact manner offering convenience to the consumers. Living by the strategy of constant product innovation coupled with Indian flavors, Box8 has given an Indian twist to wraps and sandwiches. The Company’s strength lies in its strong development team which comprises of experienced chefs from ITC and Marriott Hotels.
The funds raised will be used to build a seamless customer experience across its mobile and web platforms. Currently, over 50% of Box8’s orders come through the mobile phone. Its integrated delivery management system guarantees fresh hot food is delivered each time. Box8’s early focus on technology and innovation has resulted in making their ordering experience best in class.
“We keep only one thing in mind when we make our food; that we would only serve food that we enjoy eating. Food is a tricky business. It has many moving parts and is very personal to customers. We want our customers to keep coming back to us and therefore making the end-to-end experience frictionless for our customers is very important. We manage the technology, product and delivery therefore allowing us to have complete control over customer experience,” says Amit Raj, co-founder, Box8.
Box8 is currently present in Mumbai and has 22 delivery units across the city. With over 2,000 transactions per day, Box8 has grown 10x in the last 15 months. The Company’s focus on taste, technology and innovation has resonated well with its customers, as 80% of its daily transactions come from repeat customers. Affordable pricing, popular food choices and Indian cuisine has resonated well with its young urban customer base. New funds will also be deployed to aggressively increase Box8’s footprint across other Indian cities.
Box8 will also be expanding its team. “We have over 30 IITians in our team and we would like to hire more such talented individuals from different backgrounds. Execution is the key to the success of this business and we want to build a team which focuses on getting the job done.” says Anshul Gupta, co-founder, Box8.
“Box8’s focused and innovative approach on product and technology is what differentiates them. We have met multiple companies in the food space, however Box8 is one of the most exciting and innovative start-ups we have come across. The founders are smart and energetic and have done well to build a strong core team which gives them an edge in this market. We are excited to be a part of their journey.” said Nikhil Khattau of Mayfield.
Prior to the investment by Mayfield, Box8 has received funding from Kaushal Aggarwal of Avendus Capital, Dheeraj Rajaram of MuSigma and Indian Angel Network.