The mobile app company, which enables queueless ordering at food courts in malls and corporate parks, intends to utilise the capital to tap more markets and increase its team size.
Bengaluru-based foodtech startup SmartQ, on Wednesday, announced that it has raised close to a $1 million from an investor group led by some Dubai-based investors, while existing investor YourNest also participated in the round.
Founded in 2014 by Krishna Wage and Abhishek Ashok, the startup is looking to digitise the whole process of buying food at food courts through its app, which automatically detects user’s location, and enlists all the eateries in the food court, so that a user can place the order and pay while walking up to receive his/her meal. SmartQ enhances cafeteria and food-court experience by eliminating queues, minimising wait time, and increasing collaborative work time.
In a statement released to the press, SmartQ says it intends to use the capital for expanding the business within India and overseas along with further strengthening the team and hiring the top talent. Through the funds received, the organisation also has plans to diversify its product portfolio with innovative offerings.
YourNest is an early-stage venture capital fund that has committed the Fund 1 of Rs 90 crore, to 16 companies including SmartQ. YourNest India’s VC Fund 2 of Rs 300 crores is focused on leveraging evident unmet funding needs ranging from Rs 4 to 6 crore in its chosen domains.
“SmartQ has captured an excellent market share by providing greater customisation, choices in product offerings and innovative technology solutions to its customers,” added Sunil K Goyal, Managing Director and Fund Manager of YourNest.
Besides the fresh round of funding in its kitty, there is another development for SmartQ: Anvita Varshney, ex-Managing Director of Lazada Group, has joined on the Board of Advisors.
“Within a short span of time, SmartQ has been able to build on a huge customer base and has been serving some of the best and large-scale businesses,” added Anvita.
Since inception, the company has significantly grown its product portfolio, customer base, geographical presence and sales turnover. Today, SmartQ claims to be growing at 50 percent month-on-month and does over 100,000 transactions every day.
SmartQ provides integrated digital cafeteria experience across different sectors including corporates, malls, multiplexes, stadiums, hospitals and colleges.
With its innovative digital cafeteria solutions, SmartQ has captured the vast market of food courts and cafeterias providing multiple benefits for caterers and food courts. The digital cafeteria platform of SmartQ includes mobile application, automated billing kiosks, centralised billing system, NFC prepaid cards, POS software etc.
“The funding has enabled SmartQ to take the organisation to the next level of strategic growth. With our partners’ firm belief in our business strategy and our unique solution-providing capabilities, we look forward to achieving our expansion goals and ultimately fulfil the vision of SmartQ,” added Krishna Wage, Co-founder and CEO, SmartQ.
In 2016, SmartQ raised a pre-Series A funding of $250,000 (Rs 1.7 crore) led by YourNest angel fund.