Restaurant Franchise Opportunities

Funding Feb, 27 2015

TinyOwl sees big funding, raises Rs 100 crore investments in second round reflecting investor confidence

The company plans to utilize the fresh round of capital infused to expand its footprint to over 50 cities in the country, invest in higher user friendly technology and enhance the end-user experience.

By Franchise India Bureau
TinyOwl sees big funding, raises Rs 100 crore investments in second round reflecting investor confidence

TinyOwl, Mumbai’s leading food ordering app which envisions connecting people with their favourite food seamlessly, has received Series B funding of Rs 100 crore from Matrix Partners, Sequoia Capital and Nexus Venture Partners.

The company plans to utilize the fresh round of capital infused to expand its footprint to over 50 cities in the country, invest in higher user friendly technology and enhance the end-user experience.

Started in 2014, TinyOwl aims to enhance the meal ordering experience of users with its carefully-designed app. The company had earlier raised $3 million from Sequoia Capital and Nexus Venture Partners in December, 2014.

Today, TinyOwl is the leading food ordering app in Mumbai, with associations across more than 4,000 restaurants. It processes almost 2,000 orders every day. In less than one year, the company has built team strength of 400 employees.

Currently TinyOwl has two products: TinyOwl – for food from nearby restaurants and TinyOwl HomeMade–for healthy food from local chefs.

“With our initial funding and unique business model, we have experienced immense growth in last one year in Mumbai itself. We plan to use the current funding for national level expansions aggressively and innovating on the products side to give seamless experience to the users,” said Harshvardhan Mandad, Co-founder and CEO, TinyOwl.

Commenting on the same, Rishi Navani, Managing Director, Matrix India said,”We believe that there will be significant value creation in online food ordering in India, and a mobile-first approach is the way to win in the space. We believe in the TinyOwl team’s vision. Their product, and their ability to execute at a pan- India level, and are excited to partner with them on their journey to create a large company. TinyOwl is a part of our broader portfolio of investment in the local service offline-to-online space, which we think will be an important area going forward.”

Gautam Mago, Sequoia Capital India said, “We partnered with the TinyOwl team in 2014 to help them realize their vision to reimagine food delivery in the era of smartphones, and are delighted to participate in their Series B financing. TinyOwl has made significant progress in the last few months - they have worked closely with restaurants and have also built a delivery infrastructure to ensure that more people can order from the convenience of their own homes. TinyOwl is live all over Mumbai and we are excited that they will shortly be available in other major cities.”

Suvir Sujan, co founder & MD, Nexus Venture Partners said, “TinyOwl is changing the way Indians dine in at home and office with their innovations across the value chain from order to delivery. We continue to be excited to work with them”

Related: Teabox bags $6 million in funding from JAFCO Asia, others

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