People who stay away from home for studies or work know the importance of good and healthy food more than others. Though we are fascinated by burgers and pizza, we also know very well that we cannot eat them regularly while we are away from our homes. Hence to provide these people with a home-like experience with fresh and warm food, two IIT graduates, Amit Raj and Anshul Gupta started Box8 in 2012.
Box8 - Company Highlights
| Startup Name | Box8 |
|---|---|
| Headquarter | Mumbai, India |
| Sector | Food Delivery |
| Founders | Anshul Gupta, Amit Raj |
| Founded | 2012 |
| Parent Organization | EatClub Brands |
Box8 - About and How it Works
Box8 - USP and Innovation
Box8 - Target Market Size
Box8 - Founders and Team
Box8 - How did it start?
Box8 - Startup Launch
Box8 - Competitors
Box8 - Funding and Investors
Box8 - Growth
Box8 - Future Plans
Box8- FAQ
Box8 - About and How it Works
Initially, Box8 was launched as Poncho in the year 2011. Poncho was nothing but a food delivery model with a quick-service restaurant format, which was serving Mexican food. Then in 2014, Poncho rebranded to its current name Box8 and also subsequently expanded its menu. And as of today, Box8 is a full-stack online food delivery platform serving fresh, healthy and warm meals across major cities in the country.
If you’re wondering how Box8 actually works? This is how Box8 works:
Customers who are using Box8 Meals click on its website or app, where they are asked to select a delivery location. Then according to them, they are presented with an extensive menu with a wide array of varieties including All In 1 Meal, Biryani, Wraps, Sandwiches, Salads and Pizzas. After selecting the dish that the user wants to opt for, they place their order with the guaranteed delivery within 28 minutes.
Box8 - USP and Innovation
Box8 is majorly solving two big problems:
- On-demand preparation of high-quality and fresh food.
- Delivering it smoking hot within 28 minutes.
Its unique selling proposition lies in preparing and delivering Indian food from a menu that consists of over 100 dishes and that too in 'All-in-1 Indian meals' consisting of biryanis, wraps, sandwiches, and salads at not to mention, superiorly affordable prices.
Box8 also fairly and out loud claims that product development is their core competence. This also is the factor that differentiates them from other vastly present neighbourhood restaurants. “Hence, all our parathas and bread are made in whole wheat, we use little oil and butter, nothing on the menu is fried, food is loaded with proteins in the form of Paneer and Chicken and we use a lot of fresh salads in our meals; basically all the things that you don't see in a neighbourhood restaurant.” Said the co-founder, Anshul Gupta.
Box8 - Target Market Size
There is a large population in Indian metro cities which have migrated to the city for higher education or job purpose and they frequently eat outside and Box8 specifically intends to become a go-to brand for this set of audience. Hence, Box8’s focus lies in preparing meals where the food is light, supremely easy on the stomach and prepared with quality ingredients, therefore motivating the consumers to order food frequently from Box8.
Box8 - Founders and Team
The founders of Box8 are Amit Raj and Anshul Gupta who are both IIT alumni.
- Amit Raj, Co-founder - An IIT graduate, Amit was a senior analyst at a bank before co-founding Box8.
- Anshul Gupta, Co-founder - Again, an IIT graduate, Anshul worked at the same bank as Amit before they both went on to co-founding Box8.
Box8 - How did it start?
As we know, Box8 started as Poncho, delivering Mexican food across the country in 2012. And then in 2014, the co-founders- Amit Raj and Anshul Gupta, decided to change it over to Box8, and accomplish it as a meal delivery service that prepares and delivers wholesome boxes of Indian food at pocket-friendly prices.
All of this started when the co-founders started wondering as to why the likes of food chains like McDonald's & Dominos haven’t emerged from India. And they started trying to find a suitable answer to this query. And that’s when they thought of being the answer by launching a made in Indian chain for delectable Indian meals. That’s how Box8 was born.
Box8 - Startup Launch
After the launch of Box8, all its initiatives were towards establishing itself as an all in one food chain that offers a wholesome Indian meal. These Indian meals come with a main curry and a side curry, with a choice of rice or paratha, accompanied by a dose of salad and chutney plus a dessert to complement the meal. The Box8 meals come in a convenient disposable palette and the user can choose from an array of 11 different varieties.
Since entering the Indian Market as Box8, its focus lies in preparing meals and serving its customers exactly what they love to eat. “We have a twofold intent, one is to offer our customers different experience through different categories and second is to be a one-stop solution for a full course meal or snacks,” Says Anshul
Box8 - Competitors
Box8 competes directly with all the restaurants and cafes around the neighbourhood. Plus it also competes with western food chains like McDonald's, Subway, Dominos who are vastly present around the country.
Box8 - Funding and Investors
The funding amount of Box8 stands at $72 Million.
- On Nov 30, 2021, EatClub Brands (Box8) raised $40 million in a Series D round led by Tiger Global Management.
- In March 2019, Box8 raised its Series C funding round from ReDefine Capital for $6.2 million. Concerning this funding round, the Redefine Capital Fund (eWTP Ecosystem entity) acquired 1,603 compulsorily convertible preference shares at the premium of INR 2,71,611 in the company.
- Box8 also raised $15 million from Ewtp Ecosystem Fund, IIFL Seed Ventures Fund, Mayfield Ventures, Indian Angel Network, and others in the same month.
- In May 2017, the company had raised Rs 7 crore in venture debt from Trifecta Capital.
- In October 2016, Box8 raised Rs 50 crore in funding from IIFL Seed Ventures Fund and Mayfield.
- In May 2015, this full-stack food startup raised Rs 21 crore in a Series A funding round from Mayfield.
- Box8 had initially received funding from Kaushal Aggarwal of Avendus Capital, Dheeraj Rajaram of MuSigma and Indian Angel Network.
Box8 - Growth
- Serves 1 million meals in a month on an average
- On average, serves 12,000 meals every day
- Actively present four cities - Mumbai, Pune, Bengaluru, and Gurugram
- Has a network of 110 + outlets across these four cities
Box8 - Future Plans
Box8 is looking to scale its business geographically to five more cities in India with 100 more kitchens by 2021. Also, the team is planning to invest the new funds in talent and technology to take Box8 forward in all the horizons.
Box8- FAQ
Who is the founder of Box8?
Anshul Gupta and Amit Raj are the founders of Box8.
Is Box8 a cloud kitchen?
Yes, Box8 is a cloud-kitchen startup based in Mumbai.
What is the revenue of Box8?
The revenue of Box8 is 100 crore as of 2020.
Author: Vidhi Punamiya
Source : https://startuptalky.com/box8-success-story/
Date : 2021-12-03T08:24:27.000Z