In recent time, start-ups have changed the whole scenario in India. With the help of funding and investment from investors, start-ups are provided good working place. Technology acquisition, market consolidation and customer acquisition are the main drivers to increase start-up businesses.
Many start-ups are entering in food tech industry. The reason behind this is people’s desire and love for a particular dish, which cannot be cooked at home or easily available. However, at this time with the help of these apps, it is just a click away.
Start-ups are adopting innovative approaches to attract customers. And this in return brings more business revenues to the company. “There is consumer readiness to experiment with new services formats – you can practically survive without spending hard cash or moving out of the house to run errands. This has opened so many business avenues”, said Saurabh Saxena, CEO& Founder, Holachef.
Technology always helps business to grow. So, now food tech can seek help through internet, which was not available earlier. Technology made it handy and easy for the consumer. “Indians are mostly online with the advent of smart-phone and broadband services, giving access to a vast population with diverse needs”, pointed Nandan Reddy, Founder, Swiggy.
With rise of consumerism, strong economic background and better incomes encourages people to go out and repeat same food. Rohan Arora, Co-Founder of Bueno comments on the same, “Today, India is at a great position as consumer demand is at its best. Demographic dividend is hugely playing its role. Hence, the inflow of global capital is finding its way into the country. Coupled by huge amount of problems that need to be solved makes India the best place for start-ups in the whole world”.
Quality & convince
Consumers today look more for convenience and quality based products. The market outside is highly unorganized and does not offer convenience in terms of price and products.
Alok Jain, Founder and CEO at Yumist states, “The Indian consumer has evolved over the years and now they expect quality and convenience while consuming products and services. Increasingly, start-ups have started focusing on this trend and that goes a long way. And therefore, 2016 will be a year of profitability and sustainability along with growth”.
Since start-ups are budding and competition is high in the market, the strategy should be to work on basics and look forward to provide good quality food at best price. “More competition leads to higher efficiencies, which results in growth”, added Saxena.