PoshVine, a Bangalore-based startup announced this afternoon that it has received seed funding from MyFirstCheque. Details of the investment aren’t disclosed but MyFirstCheque puts it clearly that it is focusing on seed stage startups and will only invest up to INR 2.5 million (US$43,000). Founded by Garima Satija and Richik Nandi, PoshVine is, in short, an online restaurant reservation service with a twist. We’re told that this twist includes benefits like, “price advantages, chef exclusives, and access to handpicked gastronomy experiences.”
These experiences are curated by the team, which I thought is nice, but might be too labor intensive.
[UPDATE with extra stats from the startup]: A PoshVine representative tells us that its reservation service has catered to 22,000 diners so far in Bangalore alone, and that is has a repeat transaction rate of 73 percent. The site is currently active in Bangalore, Chennai, and Hyderabad.
Besides online reservation, the startup is also developing an “Electronic Reservation Book.” Their statement explains that the software “will act as a distribution point for the restaurants’ digital storefront and provide superior yield management solutions by monetizing a restaurant’s online traffic.”
What does that mean exactly? I’m not entirely sure about this last point and hopefully we can hear more from the startup about this soon. But it is sensible to guess that it is likely a restaurant CRM system similar to OpenTable in the U.S.
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