Cloud-Kitchen Player Box8 Bags Funding from IIFL Seed Ventures Fund, Mayfield Fund
Cloud-Kitchen Player Box8 Bags Funding from IIFL Seed Ventures Fund, Mayfield Fund

Mumbai based cloud-kitchen player Box8 has raised fresh funds to the tune of Rs 30 crore from IIFL Seed Ventures Fund and Menlo park based Mayfield Fund in a mixed round of equity and debt.

The food-tech player 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.

It raised $15 mn in Series C round last year by Chinese fund eWTP Ecosystem and existing investors Mayfield and IIFL in March 2019.

Box8 recently launched ‘InstaFresh’ on its platform offering grocery, dairy and bakery essentials. It has become the second player after Rebel Foods in the space to raise funds during the time of Covid.

It also introduced a new tab ‘Tenderly’ on its app to deliver chicken, eggs and varieties of meats within 30 minutes.

Box8 is one of the top players in the food-tech space including Zomato, Swiggy, Domino’s that have entered the grocery and essentials delivery segment during the nation-wide lockdown.

Box8 generated operating revenue of Rs 133.02 crore during FY19, registering a healthy 63.2% jump from Rs 81.5 crore it earned in FY18. While total expenditure also rose by 69% to Rs 156.1 crore in FY19 from Rs 92.34 crore in FY18, financials reflect efficient utilisation of the Rs 60.7 it had raised during the last fiscal.

 
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