food marketplace startup, Twigly, has raised seed funding of $2,00,000 from Tracxn Labs and a clutch of angel investors.
Twigly said on Monday that it had received $200,000 from angel investors, including Amit Gupta, co-founder of InMobi, Sahil Barua, co-founder of logistics firm Delhivery, Mukul Singhal of SAIF Partners, TracxnLabs, an incubator backed by Flipkart co-founders Sachin Bansal and Binny Bansal, and Deepak Singh of Anzy Careers.
The raised funds will help Twigly to expand its presence in Delhi in the next three months. It also plans to tie-up with third-party hyperlocal delivery companies such as Opinio in the future. However, it will continue to own a section of the delivery fleet to provide a better customer experience.
“We aim to be the next Yum Brands equivalent in the emerging food-tech world. Our model is comparatively very asset light, as we only invest in capacity building of products for which we believe we can do a better job. For other items, we act like a curated marketplace,” Co-founder of Twigly, Sonal Minhas said.
Twigly, inspired by US-based Sprig, was founded in August by Minhas, Rohan Dayal and Naresh Kumar Kachhi. It works on an online kitchen model: the food is made at a central kitchen and shipped to customers directly. The menu is limited and changes on a weekly basis.
“The next generation of e-commerce companies have well- rounded teams that are better equipped to take on traditional players in the food space. We believe that in the next 5-7 years, there will be 15-20 large food tech brands in India providing quality meals to busy Indians,” Neha Singh of Tracxn said.
Twigly said it is trying to break existing models by providing nutritive food, prepared with fresh and quality ingredients to a delivery-only format.It said it serves food with quality ingredients in the offline QSRs (Quick Service Restaurants) and the fine dining restaurants market, at a 20-30 per cent lower price point.