Foody's in talks with venture capital funds to raise $5mn

K V Kurmanath Hyderabad | Updated on November 27, 2014

Technology-based food delivery firm, promoted by Zoha Foods Private Ltd, is all set to expand to other cities. The company is in talks with three venture capital funds, including one multinational firm, to raise $5 million to fund its expansion.

After developing the model in Hyderabad for the last three years, the food aggregator company will start its operations in Bengaluru, Pune, Chennai, Mumbai, Gurgaon and Ahmedabad.

“We have three streams of revenue generation. We will directly serve the customers by taking orders from them and getting the food from the restaurant of their choice. We have corporate customers and we deliver food to the travellers on network,” said Naeem Khan, Chief Executive Officer.

Addressing a press conference here on Thursday, he said the company registered a turnover of ₹1.4 crore in 2013-14 and was targeting ₹2 crore in the current financial year. It invested about ₹1 crore to build the technology platform.

Published on November 27, 2014

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