AI-based restaurant management startup TabSquare has raised $10 million (around INR 73 crores) in series B round of funding from Japan-based online shopping company Kakaku. Other investors including Coca-Cola Amatil, Resorts World Inc, and existing investor Walden International also participated in the funding round.
Calcutta Angels president Apurva Salarpuria stated, “We invested in TabSquare because of their ambitious team, technology strength, and innovative business model and are excited to see their success. We believe the new round of strategic investors will bring tremendous value and experience across key areas to further propel the growth of TabSquare.”
Founded by Anshul Gupta, Chirag Tejuja, and Sankaran Sreeraman six year ago, the Singapore-based firm raised seed funds from Calcutta Angels Network and Mumbai Angels Network in its early days. The startup also raised $2.8 million from Walden International in 2016.
TabSquare plans to use the fresh capital to penetrate to more geographical locations across the Asia Pacific including Malaysia, Singapore, Indonesia, and Thailand. The startup will also increase its manpower and improve the artificial intelligence solutions gradually. The startup has over 6,000 devices serving more than 12 million diners and processing more than 6 million orders annually.
TabSquare SmartTab, a flagship product of the startup, provides customers with an advanced view of the dishes in the menu, browse recommendations, order food, and book table, redeem coupons and pay their bills without the waiter.
Another flagship solution, TabSquare Nucleus, is a cloud-based data warehouse and analytics engine which helps the restaurant owners update the menu in real time. The solution provides analytics to understand customer behavior and expenditure patterns.
With clients like Sushi Tei, Paradise Food Group, Japan Foods Holdings, Zingrill Holdings, and PappaRich, the startup is tracking over 30 million customer data across several data points and helping the clients boost average bill value by 10 percent.