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The full-stack foodtech delivery player Box8 has raised fresh funds to ramp up its business. The company saw a capital infusion of INR 30 crore in a round that saw a mix of debt and equity investments. The round was led by existing investors IIFL Seed Ventures Fund and Mayfield Fund.
Only last year, Box8 had raised $15 Mn in a series C round that was spearheaded by Chinese investor eWTP Ecosystem. Few existing investors had also participated in the funding round. However, the latest round has come at a time when one of its major competitors, Rebel food, secured whopping $50 Mn from investors.
Not to forget that Box8 has very recently entered the online grocery space by launching new service ‘Instafresh’ on its app. With this, the Mumbai based startup has joined the growing bandwagon of starting online grocery delivery business. This trend has picked up the pace as startups are looking to capitalize on the skyrocketing demand of groceries in the wake of Covid 19 lockdown.
Equally important to note is the fact that Box8 had recently announced financial result for FY19. The numbers put forth by the Mumbai headquartered company looks pretty impressive. Its operating revenue recorded a healthy spike of 63.2% to reach at 133 crore, which was comparatively lower at 81.5 crore in FY18. But company’s total expenditure also rose to touch Rs 156.1 crore, growing by 69% on year-on-year basis.
Like all other foodtech major, Box8’s business has suffered massively due to the ongoing lockdown. And with the imminent threat of economic recession looming large, foodtech players are unlikely to get immediate respite once the nationwide lockdown is lifted. In such a scenario, the latest fundraising round is likely to help Box8 to endure the tough times.
