Bengaluru-based food tech startup FoodyBuddy has raised ₹6 crores in a pre-series A round of funding from venture capital firm Prime Venture Partners. The deal marks the venture firm’s first food tech investment in the country. FoodyBuddy will use the freshly raised capital to expand to multiple cities and grow the network to reach 1,00,000 home chefs by next year.
Founded by Rachna Rao, Anup Gopinath and Akil Sethuraman, Rachna’s husband in 2017, startup already has over 1,000 active home chefs and serves more than 20,000 households all around Bengaluru. The FoodyBuddy mobile app lets users discover and order home-cooked meals from home chefs in their residential communities.
“Akhil and I were one of those couples who loved to eat but never had the time to cook. So the craving for good quality home-cooked meals was a constant in our lives. It was during this time that I thought why not build a platform that gave me the freedom to choose and get great quality home-cooked food from my neighbourhood,” says Rachna to YourStory.
When a customer opens the app, he sees more than 1,000 different kinds of foods on the platform. On the other hand, the home chef can control what the customer sees. The home-chef aka Buddy can decide the preparation time, the amount of serving, menu and the price. Currently, more than 100 apartment communities know FoodyBuddy and the residents use the platform. The startup has sold more than 2,50,000 meals till date.
“Running a platform that connects people within their social groups and communities is a really good idea. And the fact that it empowers so many people, especially housewives, to also earn from this is what excites us,” said Amit Somani, managing partner at Prime Venture Partners.
The startup is also focusing on to build a private kitchen apart from the neighbourhood business. The private kitchen will enable home chefs to create a network of foodies whom they can have conversation and engagement with. The home chef can invite people and choose to sell different kinds of food and take special and customized requests from them.
National Restaurant Association of India (NRAI) published a report which says that the home chef sector in India is worth ₹408 crores. The startup believes that they can capture a majority in the market by being the first as well as the fast mover. FoodyBuddy is focusing on the technical aspects which is one of the leading gaps in the sector.