Food delivery startup Box8 raises Rs 50 crore from IIFL and Mayfield
BENGALURU: Food delivery startup Box8 has raised Rs 50 crore from IIFL Seed Ventures Fund and Silicon Valley-based early stage investor Mayfield. Founded by IIT graduates Amit Raj and Anshul Gupta, Box8 has operations in Mumbai, Pune, and Bengaluru via a network of 60 stores. The fresh capital is expected to help the company to reach deeper in existing markets and enter new cities. It claims to be do 12,000 deliveries per day currently. IIFL Seed Venture Funds is the venture capital and private equity arm of IIFL Wealth & Asset Management.
Prior to this, the company had raised about Rs 22-23 crore from Mayfield and bunch of angel investors including Mu Sigma CEO Dhiraj Rajaram, Avendus Capital managind director Kaushal Agarwal, among others. From sourcing raw material to preparation and then delivery, Box 8 takes control of each of these departments.
The funds help us in strengthening the supply-chain ecosystem, building superior technology, enhancing product development and expanding into new geographies” said Raj, adding that the firm is now looking to enter three to four new cities.
This article was originally published on TimesOfIndia
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