[Funding alert] B2B foodtech startup Hungerbox raises funds from Paytm as a part of ongoing Series C round
One97 Communications Ltd., the parent of digital payments major Paytm, is investing close to Rs 47.12 crore ($6.59 million) in EatGood Technologies Pvt. Ltd., the parent of Bengaluru-based, corporate food catering startup Hungerbox, as a part of its Series C round.
HungerBox founders Sandipan Mitra and Uttam Kumar
Hungerbox, as a part of its regulatory filings, said that of this amount, it had already received Rs 12.99 crore (or $1.82 million) from One97 Communications, towards subscription to 17,013 Series C Compulsorily Convertible Preference Shares (CCPS) at a premium of Rs 7,541.03.
One97 Communications is joined by growth capital fund, Sabre Partners, which according to the RoC is expected to invest close to Rs 10.86 crore as part of this round. Sabre Partners has already invested, subscription money of Rs. 2.99 crore towards subscription of 3,926 Series C CCPS shares each at a premium of Rs 7,541.03.
It was earlier reported in May, that Paytm was looking to lead a $15 million investment in Hungerbox. News reports also suggested that along with One97 Communications and Sabre Partners, South Korea’s Neoplux as well as Singapore’s LionRock Capital were also expected to participate in this round.
In July last year, HungerBox had raised Series A investment of $4.5 million. This round was led by investment firms Neoplux and Sabre Partners, and saw participation from existing investor and Infosys Co-founder Kris Gopalkrishnan and Lionrock Capital.
Founded in 2016, HungerBox operates across geographies, including Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Delhi-NCR, Jaipur, and Kolkata.
The company’s tech-led solution enables end-to-end digital cafeteria management with its proprietary technology platform connecting food vendors to employees within client organisations through a customised mobile app available to each employee.
During its last fund raise, Hungerbox also claimed that it counts Microsoft, Qualcomm, Accenture, FirstSource, ABB, McKinsey, Genpack, and CapGemini as its clients.
(Edited by Teja Lele Desai)