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BW Businessworld

Box8 Raises Rs 21 Crore

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Mumbai-based on-demand food delivery startup Box8, founded by IIT graduates Amit Raj and Anshul Gupta in 2012, has raised around Rs 21 crore in Series A funding from Silicon Valley based early-stage venture capital firm Mayfield. 
Box8 recently introduced the  All-in-One meal box which has become one of it’s bestselling items, according to Raj. This meal box packs the entire Indian meal in a compact (read layered) manner so consumers can eat it on the go. They get around one lakh orders for their meal boxes in a month, informs Gupta. “We focus a lot on product development to make it relevant for today’s Indian consumer,” says Raj.  
The funding will be used to build technology across the two platforms, mobile and web. Right now, 50 per cent of their orders come from their mobile app. Rest of the 50 per cent orders they get from the phone calls. The founders feel the food delivery process is quite broken and they want to build technology so the whole system becomes transparent and the consumer knows when the food is prepared at the outlet to when exactly they will receive it. 
Box8 is currently present in Mumbai, has 22 delivery units across the city. With over 2,000 transactions per day, Box8 has grown ten times in the last 15 months. The company claims 80 per cent of their daily transactions come from repeat customers. The funding will also be used to increase footprint across other Indian cities.
Box8 will also be expanding its team. “Execution is the key to the success of this business and we want to build a team which focuses on getting the job done,” says Anshul Gupta, co-founder, Box8.
“Box8’s focused and innovative approach on product and technology is what differentiates them. We have met multiple companies in the food space, however Box8 is one of the most exciting and innovative start-ups we have come across. The founders are smart and energetic and have done well to build a strong core team which gives them an edge in this market,” said Nikhil Khattau of Mayfield.
Prior to the investment by Mayfield, Box8 has received funding from Kaushal Aggarwal of Avendus Capital, Dheeraj Rajaram of MuSigma and Indian Angel Network.