Food-tech startup 48East raises $500K in pre-Series A funding
Bangalore-based Love Food Ventures Pvt Ltd, which runs online food delivery startup 48East, has secured $500,000 (Rs 3.4 crore) in pre-Series A funding from the Al Dhaheri family of the UAE, it said in a press statement.
48East prepares and delivers Asian gourmet food on demand. The number 48 refers to 48 different countries in Asia, and the startup serves food from cuisines of China, India, the Middle East, Southeast Asia and the Far East.
The company was founded in August 2016 by Joseph Cherian, a Harvard Business School alumnus with over 20 years' experience at brands like Papa John's and McDonald's, and Nabhojit Ghosh, a veteran chef who has worked with several hotel chains, a private equity firm and a food tech brand.
48East is currently operational only in Bangalore.
Commenting on the company's growth plans, Cherian, founder & CEO, 48East, said "We are experiencing increasing demand and this new round of funding will enable us to set up more kitchens to expand our delivery area."
Earlier, in August 2016, 48East had raised $250,000 in an angel round from Agra-based ACPL Exports, a silver jewellery exporter.
Saeed Sultan Rashed Al Dhaheri of the Al Dhaheri family said: "48East has demonstrated impressive growth within a short period of time. The company...has the potential to capture an increasing share in this category."
In December last year, MonkeyBox Food Tech Pvt. Ltd, which delivers healthy food for children, raised an undisclosed amount in seed investment from early-stage investor Blume Ventures and a clutch of wealthy individuals.
In September, food-tech startup Idea Chakki Pvt. Ltd secured an undisclosed amount of seed funding from Ratan Tata, interim chairman of Tata Sons.
In August, Mumbai-based packaged food startup Yumlane raised nearly Rs 6.6 crore ($1 million) in a seed round led by Flipkart co-founder and CEO Binny Bansal and others.