Indian Meal Delivery Service Yumist gets $ 2M funding. Founded in November 2014 by food and beverage entrepreneur Abhimanyu Maheshwari & Alok Jain (ex-Zomato CMO), Yumist has a antithetic suggestion to Rocket Internet-backed Zomato or FoodPanda which totally focus on delivering from restaurants. But Instead, Yumist aims the mass-market food industry with daily meals that cost upwards of 65 INR. That’s the food that urban workers take during their lunch breaks, similar to street food.
Indian Meal Delivery Service Yumist gets $2M investmentYumist, an India-based startup targeting to interrupt the daily meal industry, has grounded a $2 M investment to rise its presence from the current 3 cities to 8. The pre-Series A round was led by the fund from media entrepreneur Ronnie Screwvala, Unilazer Ventures, with involvement from existing investor Silicon Valley-based investor Steven Lurie & Orios VP. Margins are extremely low but Yumist said that it tackles with its processes in house it cooks its own meals, handles storage, delivery etc which it affirmed to save on costs and improve its methods.
Jain told in an interview,
“People are very sensitive about the food as they don’t want to spend more than a dollar on it. A lot of Technical Stuff is happening in the food industry but I believe that there is a huge market for Daily Meals.”
He also added that that market is 20 times massive than restaurant industry, but no significant changes has been seen over last 50 years irrespective of other commercial industries where you press a button and you get a cab.
Indian Meal Delivery Service Yumist gets $ 2M funding
The team presently in Gurgaon, South Delhi and Bangalore, is planning to increase its presence gradually to reach eight cities by 2016 end. Jain emphasized on saying that they started out real slow so it’s difficult to scale abruptly. “At the beginning, we tested our unit economics, and then tested scale to make profits and achieve noteworthy scale,” he said. The company spends around 35 INR /delivery but plans to decrease that cost to 20 INR using technology to optimize its delivery teams.
Yumist team is capable of expanding the current locations by 10-15 new ‘zones’ i.e.small areas of service per week and can grow their footprint within selected cities quickly. According to the sources, Yumist will still keep their heads down till March in the current 3 cities even after this round of investment to show that they can be gross margin profitable at a company level. He added that the company is close to introducing weekend meals, having recently expanded to serving lunches and dinners. All-in-all, Yumist has 200 staff, of which 20 are non-operational and based at company HQ. All that matters is that Indian Meal Delivery Service Yumist gets $2M investment to become the next level of startup.
Article publié pour la première fois le 09/12/2015