Private equity funds invest in Justeat's India business
Justeat is a UK-based online food takeaway business that acquired HungryZone in 2008. HungryZone was founded by Ritesh Dwivedy in 2005. The India business of Justeat has joined forces with global investment company, Axon Partners Group and India-based value added private equity fund manager, Forum Synergies (India).
Justeat has looked to Axon and Forum Synergies for strategic advice, India track record, local presence and networking capabilities in India. “We are delighted at the investment by world-class investors into Justeat.in. We have signed up approximately 2,500 restaurants in Bangalore, Delhi (National Capital Region) and Mumbai, with thousands of regular consumers,” says Ritesh. The plan is to use the resources to increase the team, accelerate growth, strengthen restaurant presence and build consumer loyalty in these cities, while aggressively expanding into other Metros of India
Justeat.in is targeting India’s exploding internet population of 164M people, which is growing 20% year on year; its strong quick service restaurants industry, which is worth 100 billion US dollars; as well as its delivery market, which management estimates to be greater than 1.6 billion US dollars, and is growing at an extremely fast rate. This is the second investment news in food related ventures this month, online restaurants review and guide site - Zomato recently raised USD 37 million from Sequoia Capital and Info Edge.