Money Startups

Foodebaba, Ambee get funding on reality show The Vault

24 Oct, 2016

Seed_funding_junaidBengaluru-based Ambee, which makes a gadget to protect against air pollution, and New Delhi-based snacks and dessert delivery company Foodebaba have secured investments from Omaxe Ltd CEO Mohit Goel and iProspect India CEO Vivek Bhargava, respectively.

Goel invested $37,000 (Rs 25 lakh) in Ambee for a 15% stake while Bhargava bought a 26% stake with an investment of $30,000 (Rs 20 lakh) in Foodebaba, according to a media release.

Foodebaba, run by DK Eatery Services LLP, will use the funds to expand its reach and venture into international markets, co-founder Krishnan Sunderarajan told TechCircle.

The startups raised the funding during a recent episode of The Vault, a reality show for aspiring entrepreneurs to mobilise funds.

"The fact that several startups have already secured investments from some of the leading entrepreneurs in the country is very encouraging and motivates us to aspire for greater heights," said Jatin Goel, creator, The Vault.

Foodebaba, which was founded in November 2014 delivers sweets, salty snacks, bakery products and chocolates from various outlets to consumers countrywide. The company was founded by Sunderarajan, Deval Thakur and Yogesh Agarwal.

It claims to deliver across 12,000 pin-codes in the country and fulfils an average of 80 orders daily.

TechCircle could not ascertain details about Ambee, run by Adom Technologies Pvt. Ltd.

Apart from Foodebaba, there are a clutch of startups with similar offerings. In November 2015, e-commerce platform for branded Indian food products Delight Foods had raised $500,000 (around Rs 3.3 crore) in funding from a family office represented by LN Sadani of Lensbridge Capital in Singapore.