Subsription-based drinks app Foom secures Rs 30 lakh from Delhi-based investor

Foom, a Bangalore-based startup for drinks, has raised Rs 30 lakh in seed funding from a Delhi-based investor, a company statement said.

The company would be investing Rs 20 lakh from the funds raised for its subscription-based app Foom App, the statement added.

Launched in 2017 and operated by Mangsa Technologies Pvt Ltd, Foom follows a subscription-based model, wherein one can enjoy one free drink every day for 30 days in different participating resto-bars/pubs. The service is currently available in more than 40 resto-bars and pubs in Bengaluru.

Lokesh Bevara, Founder & CEO, Foom, said, "We are planning to raise the next round of funds in the next six months and utilise it to expand our operation to all major cities by the end of 2019."

The company competes with the likes of Mumbai-based counterparts Raw Pressery, Juicifix and JusDivine, and Delhi-based Antidote.