DayBox unboxes $600k funding to keep restaurants stocked up with veggies

Delhi-based DayBox is in talks with microfunds to close a funding round of US$500,000 by the end of this month. The team will offload 10 to 15 percent of equity to secure the funding, founder Ankush Goyal tells Tech in Asia.

This comes close on the heels of an angel investment of US$104,000 received Wednesday, within just six months of launching commercially.

DayBox was founded by IIT Delhi alumni Ankush Goyal, Raman Kumar, Ashish Bibyan, and IIIT Allahabad alumnus Prabhat Kumar. It supplies fresh fruits and vegetables to restaurants and retailers. Its list of customers includes Grofers, Route04, and Berco’s.

The startup calls itself “agritech,” but it’s really just a streamlined store for bulk buying fruit and veg.

Wholesale of fruits and vegetables is a $100 billion and highly unorganized industry in India. We are using internet to streamline and re-engineer the supply chain.

The company, which has about 30 farm product suppliers and over 50 restaurants on its platform, has recorded sales of around US$150,000 per month. “Our revenues are growing at 100 percent on a quarter over quarter basis, but the key achievement of DayBox lies in the adoption of its technology by the buyers and suppliers of fruits and vegetables. Our product has evolved to a stage where we are managing, tracking and improving the entire day-to-day operations via our tech platforms,” Goyal said. It all works within a mobile app.

Well-known names have participated in this newest round of funding, including Myntra co-founder Ashutosh Lawania, Yebhi co-founder Rajul Jain, ex-SnapDeal VP of Omnichannel Badal Malick, Fino Paytech CEO Rishi Gupta, and six other angel investors.

The startup plans to use the funds to expand its team, for fine-tuning its tech product and to launch its services beyond Delhi-NCR. The company has shortlisted Bangalore and Mumbai as its next destinations, where it will launch by year-end.

Similar startups are also attracting VC cash. Vegfru in April raised an undisclosed amount, while Lemon Leaf in July raised US$133,000 in its first round of funding.

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