Bangalore: Run by online tiffin service venture, the Bangalore based iTiffin plans to raise $10 million from VC investors against a 20-25 percent stake for company’s pan-India expansion. The company had raised $1 millions in a seed funding round. The projected fund will be utilized to set up a centralized kitchen of iTiffin at each city.
Incorporated in 2013 by Tapan Kumar Das and Ryan Fernando, iTiffin aims to provide nutritious health food for the urban Indian. Today, the company provides tiffin based on defined calorie count requirement. Currently, the company supplies food for more than 2,500 customers a day in Bangalore and has 3,000 sq ft large kitchen and its own supply chain. The firm employs around 40 people in the production, delivery and technology segment. Expanding its product portfolio, the company recently launched a diet for diabetes and cardiac patients.
The company has utilized the latest funding to increase operational efficiencies and set up 10 retail centres, and intends to use the projected funding to upgrade its interface, add new features and venture into the mid-night snack segment. iTiffin envisions expanding its tiffin services to 20 cities including Hyderabad, Pune, Mumbai, Kolkata, Chennai, Delhi and Ahmedabad, in couple of years and also plans to set up two kiosks in Bangalore for walk-in customers.