Mayfield, IIFL invest $7.5m in India's Box8

Box8 will use the new capital to invest in technology to allow more automation and personalization in its service, according to a Livemint story linked from the company's Twitter account. The company also plans to expand into Delhi, Chennai and Hyderabad in the next 12 months and build out its customer base in its current markets of Mumbai, Pune and Bangalore.

Launched in 2011 as Poncho, a Mexican QSR chain, Box8 rebranded and switched to an Indian menu in 2014. The company seeks to manage all aspects of the food supply chain, from procurement to preparation and delivery. It serves 12,000 meals per day through a distribution network consisting of a central kitchen in each city and 60 stores across its operating areas.

"With an integrated platform that cuts across customers, delivery units, kitchen and vendors, we have a live single window that speeds up decision making not just for our ground crew but also for our central teams," Box8 co-founder Anshul Gupta said, adding that the company plans to focus on making its operations more efficient and improving its understanding of customer tastes.

Mayfield is an existing investor in Box8, having committed INR210 million in Series A funding last year. IIFL's contribution marks the first food-related investment from its IIFL Seed Ventures Fund 1, which launched last year with a target of INR10 billion.

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• Topics
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