LimeTray, an online platform that helps restaurants run their day-to-day operations, has raised an undisclosed amount of funding from JSW Ventures, the venture capital arm of Sajjan Jindal-led JSW Group.
The firm will use the capital to strengthen its ‘restaurant OS’ product suite and expand to international markets, it said in a statement.
Delhi-based Alchemy Web Pvt. Ltd, which runs LimeTray, offers a suite of software products to food and beverage establishments for billing, channel management, digital marketing, ordering, and customer relationship management.
The company was founded by former FoodPanda executives Akhilesh Bali and Piyush Jain. An alumnus of the Indian School of Business, Bali previously headed FoodPanda India and also founded a startup called MithaiMate. His partner Jain earlier led the online marketing division at FoodPanda.
“We are excited to partner with Akhilesh and Piyush as they roll out LimeTray’s SaaS product internationally. The team has built a competitive advantage on product and has a unique positioning with low churn across restaurants,” said Gaurav Sachdeva, managing partner at JSW Ventures.
LimeTray claims to have over 2,000 customers in India, Dubai, Indonesia, and Nigeria. Its clientele includes chains like Burger King, Mad Over Donuts, Taco Bell, Krispy Kreme, and other local and national F&B businesses.
The company had secured Series A funding from Matrix Partners India in 2014. Other investors who participated in the round include Umang Kumar, chief executive of Gaadi.com; Ankur Warikoo, head (APAC) at Groupon; and Ankur Singla, CEO of Tapzo.
JSW Ventures, along with Ventureast and Omidyar Network, backed OSLabs Technology India Pvt. Ltd, which runs smartphone operating system Indus OS. Last year in July, the fund invested in Manash Lifestyle Pvt. Ltd, which operates beauty products and services marketplace Purplle.com.
The JSW Venture Fund was launched in 2015 with an initial corpus of Rs 100 crore ($15 million), which it will utilise over a three-year period. The fund is overseen by Parth Jindal, son of JSW Group’s chairman Sajjan Jindal, and Gaurav Sachdeva serves as its managing partner. It focuses on companies in consumer Internet, mobile, SaaS, fin-tech, health-tech, analytics, education, and IoT.
JSW Ventures received clearance from markets regulator Securities and Exchange Board of India in June 2016.