Food Company Box8 Raises $15 Mn

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Box 8 is a food delivering company founded by IIT alumni Amit Raj and Anshul Gupta, this firm has its own delivery fleet and prepares meals. stack food tech firm Box8 has raised its Series C round and now accumulated proximately $6.2 million (Rs 43.56 crore) from ReDefine Capital, by this the company has raised$15 million.

For the naive, the Mumbai-based firm is one of the few of the firm that obeys a full stock network. Besides serving foods by its network of 100 plus cuisines across the city of Mumbai, Pune, Bangalore, and Gurugram, it further has its own distribution fleet. The profits would benefit Box8 to grow its services and expedite development to other major cities.

While it appears that the firm would be allocating more resources in the open-ended round, it also grew a section of bridge round meriting Rs 1.28 crore from Trifecta Capital in January this year. Box8 was estimated at approximately $106 million (Rs 744 crore post-money), after inflating the first tranche of the Series C round.

Previously, Box8 had allocated at least $3.5 million from Mayfield Fund and a slew of angel investors including firms like Mu Sigma Inc. originator and chief executive Dhiraj Rajaram and Kaushal Aggarwal, co-founder at Avendus Capital.

The Series C round is occurring at a time when Zomato and Swiggy along with UberEats have been struggling actively to expand business share. According to a stern business evaluation, the trio is consuming about $70-80 million every month.

Investment in Box8 is also a validation of the truth that specific food tech firms have no dilemma in finding backers. Another Mumbai-based firm Faasos had raised $12 million while allocating a $100 million round from Sistema Asia and existing investors. Given that Box8 had initiated the first tranche of Series C round, it’s assumed to gather more investment and capitals from previous funders with an expected aid of new investors.