[Funding alert] Mobikon raises $12.5 M in Series B round led by Binny Bansal
Mobikon, a data exchange platform for the F&B ecosystem, has raised a Series B round of $12.5 million led by entrepreneur and venture capital visionary, Binny Bansal. This is Binny's single largest investment bet on a scale up focussed on the Southeast Asia market.
Mobikon said it will utilise these funds to pursue its mission to be the most impactful data exchange platform in the restaurant software vertical.
“Mobikon has posted a stellar growth rate in customer acquisition in the last few months, along with demonstrated improvement in key business metrics of portfolio restaurants. Their proposed geographical expansion into Australia and further into Southeast Asia will give them unbeatable market leadership in the restaurant-tech space.”
Mobikon is a Jungle Ventures portfolio company and has raised a total of $25 million in primary investments so far. Sistema Asia Fund had led the previous round of funding in to the company.
The seven-year-old startup has engaged over 27 million unique diner profile and generates 700,000 new diner profiles every month.
Mobikon, which started as a customer engagement platform for the restaurants, is now transforming into a 360 degree Data Exchange platform for the F&B ecosystem. Mobikon operates in five countries including India, UAE, Singapore, Malaysia and Philippines, with 6000+ restaurants, on its platform.
Mobikon said in a statement that it has been testing its new platform for over three months, demonstrating phenomenal results on business enablement. This unique value proposition and formidable gap in servicing the F&B vertical has resulted in Binny Bansal, India's entrepreneurial benchmark, to lead this funding round into Mobikon, it added.
Today, leading Indian brands in the F&B sector like Lite Bite Foods, Gajalee, Yellow Banana, Radisson group of Hotels, international Brands like Bistro Group, Gerry’s Grill, Swensens, Nandos, Harry’s, alongside Banks, FinTech organisations, POS providers and beverage brands are working with Mobikon on its data exchange platform.
Samir Khadepaun, Founder and CEO of Mobikon said,
"We will use this fresh capital to take a formidable market share in our existing geographies and establish a strong foothold in Australia and Indonesia, besides investing heavily in our tech stack including data science team and integration framework. Our objective is to accelerate the value creation for restaurants beyond discounting by using Data Insights and open API platform which will network and channelise the entire ecosystem around restaurants”.
With a plan to scale rapidly, the company has recently inducted Apoorva Ruparel, a serial entrepreneur with multiple successful exits and an immaculate track record on growth hacking and investment advisory to many founders across India, Middle East and Europe. Apoorva, who has worked with Accenture, Nortel, Juniper and I-gate Global, has joined Mobikon as a Co-founder to spearhead all growth initiatives.
The company has also elevated Amit Divekar as a Co-founder and CTO, and he will focus on enhancing Data Intelligence on the Technology Platform and substantially elevate the Customer Experience. Amit has been with Mobikon for the last five years and brings two decades of invaluable technology experience, while having worked for Autodesk and Neilsoft.
Going forward, Mobikon's vision is to onboard over 50,000 restaurants and disrupt the ecosystem partnership with leading Banks, FinTech organisations, Beverage manufacturers, and Consumer Services platforms in the next 18 months.
(Edited by Rekha Balakrishnan)