Eatgood Technologies Pvt Ltd, which operates business-to-business food-technology startup HungerBox, has raised capital from existing backers including Paytm parent One97 Communications Ltd.
Bengaluru-based HungerBox has raised Rs 11.67 crore ($1.56 million) from investors including One97, Sabre Partners Trust, Pratithi Investment Trust, and Singapore-based Srihari Kumar, going by regulatory filings.
HungerBox has allotted Series D1 convertible preference shares to these investors at a face value of Rs 100 and a premium of Rs 7,541.03 per share. Per VCCircle calculations, this translates to around 15,274 shares.
The development was earlier reported by Inc42.
The fundraising for the company comes with an equity valuation of Rs 123.44 crore and an enterprise value of Rs 148.4 crore. VCCircle has reached out to HungerBox on the details of this capital infusion and will update this report accordingly.
The company, founded in 2016, says it provides technology-backed end-to-end food and beverage (F&B) operations management. The startup says it provides services to more than 120 businesses and institutions in India across 18 cities, including 10 of the largest 11 companies in the country.
One97 and the investors’ latest infusion comes after the company in December last year raised $12 million (around Rs 85.14 crore). Investors included Paytm and the NTPK Emerging Asia Fund (India), along with Sabre Partners and South Korea-based Neoplux.
At the time, the company said it would use the fresh capital to grow its operations in at least 10 more cities as well as expand to other markets in Southeast Asia.
The investment came after the company raised $4.5 million (around Rs 31 crore) in Series A funding in July 2018. Neoplux and Sabre had led the round, with Singapore-based Lionrock Capital and Infosys co-founder Kris Gopalakrishnan also participating.
HungerBox was founded by Sandipan Mitra and Uttam Kumar, both of whom have previously worked with JustEat India. It is promoted by GrowthStory, a venture-builder platform set up by serial entrepreneur K Ganesh and his wife Meena Ganesh.