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Exclusive: Food-tech startup Eatonomist shuts down, founder joins UberEATS

18 May, 2017

Food-tech startup Eatonomist, operated by Fitmeal Solutions Pvt. Ltd, has shuttered less than a year after it raised funding, the company’s website shows.

“We will be back shortly,” the website says.

The firm followed a full-stack business model where it prepared meals and also ran delivery services. Its menu included sandwiches and desserts besides a range of Indian foods.

Anisha Dhar, one of the co-founders, has joined UberEATS, the food delivery service launched by cab-hailing service Uber, while Nupur Khanna, the other co-founder, left the company in November 2016, their LinkedIn profiles show.

Repeated calls made to Dhar to confirm the development went unanswered at the time of filing this report.

Dhar is a computer engineer from Bangalore and has worked with consulting firms such as EY (formerly Ernst & Young) and PricewaterhouseCoopers. Nupur is a business management graduate from the Rochester Institute of Technology and has previously worked with EY.

The company had raised an undisclosed amount in seed investment from MCube Capital Advisors Pvt. Ltd in May last year.

Earlier this month, Uber launched its on-demand food delivery app UberEATS in Mumbai, partnering more than 200 restaurants.

Last year saw several food-tech startups, such as iTiffin, Zuper Meal, MealHopper, Zeppery and Bite Club, shut shop due to poor unit economics and unsustainable business models. However, despite the casualties, investors still see opportunity in the segment, with investment flow having picked up since late last year.

Last month, Mumbai-based food delivery startup Holachef Hospitality Pvt. Ltd raised Rs 19.5 crore ($3 million) in a Series B round of funding from SIDBI Venture Capital Ltd and existing investor Kalaari Capital.

In the same month, Pune-based quick service restaurant chain and online food delivery company Faasos raised Rs 41.4 crore ($6.3 million) from existing investors, including Lightbox Ventures, Sequoia Capital India, RuNet South Asia and RB Investments.

In February, online food delivery startup 48East secured $500,000 (Rs 3.4 crore then) in pre-Series A funding from the Al Dhaheri family of the UAE.

In January, online food discovery platform Ketchupp secured Rs 3 crore ($440,000) in seed funding from early-stage investment firm India Quotient and a group of unnamed angel investors.

In November last year, MonkeyBox Food Tech Pvt. Ltd, which delivers healthy food for children, raised an undisclosed amount in seed investment from early stage investor Blume Ventures and a clutch of high-net-worth individuals (HNIs).

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Exclusive: Food-tech startup Eatonomist shuts down, founder joins UberEATS

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