Food Startup Yumlane Raises $1mn from Binny Bansal, Others


Food Startup

2 August 2016, India :

Mumbai-based food startup Yumlane has raised $1 million in a seed round of funding led by Flipkart Co-founder and CEO Binny Bansal.

The food startup offers ready to eat meals at Rs.50-80 through packaged consumer goods outlets. Consumers can pre-order and has an option to pay online and collect their food from the nearest store. Currently it has tied up with 10 stores in Mumbai.

Yumlane which is ran by QwikPik Technology Pvt. Ltd was founded by Hitesh Ahuja, the former vice-president of New Silk Route, an Asia-focused private equity fund. The team includes Rueben Ghosh Co-founder, product, Rahul Kumar Co-founder, technology and Anirudh Mantri Vice-president, operations.

Hitesh Ahuja said, “We would like to make great food accessible to everyone, everywhere and leverage the deeply fragmented retail landscape our country offers.”

Though the food startup company did not disclose the exact amount, it said that the funding round was under $1 million. People Group founder Anupam Mittal, MakeMyTrip co-founder Sachin Bhatia and Darius Pandole, partner at private equity firm New Silk Route, also invested in this round apart from Binny Bansal.