Box8, the on-demand food delivery services platform owned by Mumbai-based Poncho Hospitality, has raised $1.6 million in a debt round from venture lender Trifecta Capital in three equal tranches during August, October and December.
According to the company’s latest regulatory filings, the debentures have been issued at a price of Rs 10 lakh.
With the latest funding, the total capital raised by the company touches around $27 million, according to VCCEdge.
Prior to this round, Box8 had raised $15 million in a Series C round led by Alibaba Group-backed technology vehicle eWTP Ecosystem Fund with participation from existing investors Mayfield and IIFL Seed Ventures Fund.
Box8 was founded in 2012 by Amit Raj and Anshul Gupta. It’s a full-stack online food delivery player where it controls every aspect of its service including preparation and delivery of the dishes. Its menu consists of over 100 Indian dishes including meals, biryanis, wraps, sandwiches and salads.
The company, which has been present in Mumbai, Bengaluru and Delhi NCR, plans to expand to other top cities of India like Hyderabad, Chennai and Ahmedabad by early 2020.
Box8 was launched as a Mexican-only quick service restaurant chain (QSR) but it later tweaked its model to serve Indian dishes. The startup claims to serve more than 1 million meals every month across 110 plus outlets in Mumbai, Pune, Bengaluru and Gurugram.
Earlier this year, the company reported a 79% surge in operating revenue for the year through March 2018.
Recent deals in the cloud kitchen segment:
August 2019: Rebel Foods, which owns and operates cloud kitchen brand Faasos, biryani brand Behrouz and pizza Ovenstory Pizza, was in talks to raise between $65.9 million and $76.1 million from Coatue Management, a technology focussed hedge fund headquartered in California and other investors.
January 2019: Bengaluru-based FreshMenu raised $2.94 million from existing investors.
January 2019: Cloud kitchen startup Innerchef raised $6.5 million in a pre Series B round to expand its presence across India.