Mumbai-based food ordering app TinyOwl has raised Rs. 100 crore in its Series B round from Matrix Partners, Sequoia Capital and Nexus Venture Partners. The company plans to utilize the fresh round of capital infused to expand its footprint to over 50 cities in the country, invest in higher user-friendly technology and enhance the end-user experience.
Started in 2014, TinyOwl aims to enhance the meal ordering experience of users with its carefully-designed app. The company had earlier raised $3 million from Sequoia Capital and Nexus Venture Partners in December 2014.
Commenting on the funds raised, Harsh Vardhan Mandad, Co-founder and CEO of TinyOwl said, “With our initial funding and unique business model, we have experienced immense growth in the last one year in Mumbai itself. We plan to use the current funding for national level expansions aggressively and will innovate on the products side to give a seamless experience to users.”
Rishi Navani, Managing Director, Matrix India, said, "We believe that there will be significant value creation in online food ordering in India, and a mobile-first approach is the way to win in the space. We believe in the TinyOwl team’s vision, their product and their ability to execute at a pan- India level, and are excited to partner with them on their journey to create a large company. TinyOwl is a part of our broader portfolio of investment in the local service offline-to-online space, which we think will be an important area going forward.”
TinyOwl has associations across more than 4,000 restaurants and processes almost 2,000 orders every day. In less than one year, the company has built a team strength of 400 plus employees.
Suvir Sujan, co founder & MD, Nexus Venture Partners said,
TinyOwl is changing the way Indians dine in at home and office with their innovations across the value chain from order to delivery. We continue to be excited to work with them.
The company raised an angel round from Deap Ubhi (who had earlier founded Burrp which was very successful but went downhill after the acquisition) and Sandeep Tandon.
Gautam Mago of Sequoia Capital India said, “We partnered with TinyOwl in 2014 to help them realize their vision to reimagine food delivery in the era of smartphones, and are delighted to participate in their Series B financing. TinyOwl has made significant progress in the last few months -- they have worked closely with restaurants and have also built a delivery infrastructure to ensure that more people can order from the convenience of their own homes. TinyOwl is live all over Mumbai and we are excited that they will shortly be available in other major cities.”
TinyOwl has two products: TinyOwl for food from nearby restaurants and TinyOwl HomeMade for healthy food from local chefs. TinyOwl is a mobile-first food delivery app and it has no presence on the web.