Startup City Magazine

Internet based Restaurant SpoonJoy Raises $1 Million Series A Funding from SAIF Partners

Bangalore: Bangalore based Emvito Technologies Pvt Ltd, which operates SpoonJoy, a subscription-based online platform, raises $1 million from SAIF Partner in series A round of funding. With the freshly raised fund, SpoonJoy is planning to expand its business to Delhi and Mumbai within next two months. They are also looking forward to upgrade its technological capabilities as well. The company last year had raised an unrevealed amount of funding from Flipkart.

Incepted by Manish Jethani, SpoonJoy began its operation as a subscription only service where users could schedule their orders based on their need and convenience in different time slots. Today, it offers home or office delivery services to the users according to their choice. SpoonJoy provides benefits to  employees and other customers through which they can order meal packs  and full course meals, like freshly cut fruits, sprouts, lunch packs and snacks.

Manish Jethani, Founder & CEO, SpoonJoy, says, “We are bringing an alternative to cooking at home.  Restaurant food is not something you can eat or you can afford everyday. Our aim is to make healthy and affordable meal accessible to everyone at a click of a button. 70 percent of our customers order from mobile app. A typical high quality meal at SpoonJoy costs less than Rs.100. We are able to achieve this by optimizing supply chain and using technology to minimize delivery cost”.

Echoing similar sentiments, Vishal Sood, MD, SAIF Partners, asserts, “SpoonJoy is an Internet first restaurant, which is an exciting new format that has emerged globally. It is a highly scalable and capital efficient business. Manish has brought together a strong management team and we believe they have the potential to build a pan-India Internet first restaurant. We are very excited to partner with them in this endeavor.”

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