Box8 food delivery app has raised a fresh round of funding of Rs 30 crore from IIFL Seed Ventures Fund and Mayfield Fund in a mixed round of equity and debt.
“Company has issued convertible debentures worth Rs 30 crore to IIFL while Mayfield Fund has picked up Series C3 CCPs for Rs 10 crore in what seems to be a bridge round.”
This funding came when the company main business got hit due to coronavirus pandemic, to cope up with the losses company has launched “InstaFresh” on its application for providing essential grocery requirements and “Tenderly’ to deliver chicken, eggs, and varieties of meats option within 30 minutes
Not only Box8 lot of other food delivery app like Zomato has launched Zomato Market and Swiggy has a grocery delivery in 2 hr from kiranas and supermarket by partner nearby store.
Also Read: Yellow Messenger Chatbot Platform Raises $20M
Box 8 Revenue Jump
- Box 8 generated revenue of Rs 133.02 crore during FY19, revenue jump by 63.2% from Rs 81.5 crore earned in FY18.
- Box 8 expenditure also jump by 69% to Rs 156.1 crore in FY19 from Rs 92.34 crore in FY18.
- Company financials reflect efficient utilization of the Rs 60.7 it had raised during the last fiscal.
- Company has to burn Rs 1.17 to generate each rupee of revenue.
