QwikPik Technology Pvt. Ltd, which runs food start-up Yumlane, has raised nearly $1 Million funds in a seed round from Flipkart chief executive officer Binny Bansal .
Anupam Mittal, founder of People Group, Harish Bahl of Katalyzers Fund, Sachin Bhatia co-founder of MakeMyTrip, and Darius Pandole, partner at private equity firm New Silk Route, also participated in the round.
The company will invest the money in brand building, marketing initiatives and increasing its footprint.
The company offers ready to eat meals at Rs.50-80 through packaged consumer goods outlets. Consumers can make a pre-order and also make the payment online and collect their food from the nearest store. The food will be kept warm and packed by the retailer.
Currently it has tied up with 10 stores in Mumbai and the number will go up to 50 by the end of this month.
Founded by Hitesh Ahuja, Ex – VP from New Silk Route PE and MBA from SP Jain, the team includes Rueben Ghosh (Co-founder Product, Le Cordon Bleu), Rahul Kumar (Co-founder Tech, IIT-B) and Anirudh Mantri (VP, Ops IIT-B).
Talking about the fund raise, Hitesh says
“We would like to make great food accessible to everyone, everywhere and leverage the deeply fragmented retail landscape our country offers. The Company plans to use the investment towards brand building, marketing initiatives and increasing the footprint.”
The Platform aims to reach out to up to 1,000 retail stores by end of this financial year.
YumLane works with vendors, who prepare the food that is finally sold under its brand name. It takes charge of quality control, the supply chain, retail, marketing and distribution for the products.
Hitesh further added that the platform plans to work with the retail outlets as they are more convenient for the consumers.