8 March, 2016, Bangalore: Bangalore based Cookaroo, a food delivery startup that delivers freshly prepared meals by utilizing the underutilized commercial kitchens, has raised an undisclosed angel funding from Vijay Krishna Yadav of Highland hospitalities and Sachindra Murugesh. The funds will be utilized towards technology development and to scale operations across Bangalore and Hyderabad.
Commenting on the funding, Darshan Subhash, CEO & Co- Founder, Cookaroo said “We will be utilizing a significant chunk of our funds towards improving the technology to serve our customers better. Through this investment, we are also planning to rigourously expand across different areas in Bangalore as well as in Hyderabad”
Vijay Krishna Yadav, MD, Highland hospitalities said “Cookaroo’s business model is similar to OYO rooms’ business model in the budget accommodation space.This unique and scalable model has allowed them to be profitable early on in the business. Most food delivery startups today are only addressing the consumer side of the food delivery ecosystem. Cookaroo is not only addressing consumer pain points but is also solving the problems that exist in the supply chain side. We believe that Cookaroo is in a good position to grow into a strong player in the burgeoning food delivery industry”
Sachindra Murugesh who was previously heading PressPlay Events and now a VP of Business Development at Cookaroo added “We are happy to fund a spirited bunch of talented youngsters on an exciting mission. We have seen great results from this team so far and with this investment they can spread their wings further. Cookaroo’s Corporate Catering and Events stream of business provides additional financial stability. This currently forms around 20 per cent of our revenues and we want to grow it to 50% within the next 3 months.”
With a gross margin of 21.5 per cent, Cookaroo currently processes close to 200 orders per day and has 15 operational commercial kitchens across JP Nagar, Jayanagar, HSR, Koramangala, CBD (central business district). In the coming months, Cookaroo plans to expand to Sarjapur, Kammanahalli, Bellandur and many other prominent IT corridors in the city. By April 2016, Cookaroo will also launch operations in Hyderabad.