Digital media and Internet company AntFarm is reportedly in talks with investors to raise $30 million in its next round of funding. “We are in talks with investors to raise $20-30 million in the next round of funding. The fresh round of funding will be used to reinforce the current portfolio and grow upcoming businesses.
Digital media and Internet company AntFarm is reportedly in talks with investors to raise $30 million in its next round of funding. “We are in talks with investors to raise $20-30 million in the next round of funding. The fresh round of funding will be used to reinforce the current portfolio and grow upcoming businesses. Some of the amount will go back into the companies that have been incubated,” Rishi Khiani, Founder and CEO, AntFarm told YourStory. The valuation of the company is captured by the individual companies. Value for which has grown by 400% since the last funds raised.
Founded in 2012, AntFarm is a digital media and internet company headquartered in Mumbai which aims to take disruptive ideas and build them up into successful global brands. AntFarm follows a unique approach in jumpstarting successful businesses by putting together cross-functional teams led by industry veterans and entrepreneurs that work on business opportunities identified internally at AntFarm.
In November, the company acquired the online food delivery platform Meals on Wheels. Explaining its move behind the acquisition, AntFarm said in the official release, “After successfully launching and building profitable digital business models in the advertising and fashion space, AntFarm (AntFarm.in) has now set its sights on disrupting the food delivery market.
The acquisition of Meals on Wheels is the first step as part of a multi-layered approach by AntFarm to transform the local delivery business in India, starting with food delivery, a fast growing business category in metropolitan India, and quickly adding various other business categories like essential electronics, gifts and flowers etc.”
Rishi Khiani,MD & CEO, AntFarm said, “Essential services like delivery are increasingly becoming important for the time-strapped consumer in metropolitan India. Meals on Wheels already has successful partnerships, a robust active user base and a critical mass of orders-per-day. I believe we have the wherewithal, combined with the domain expertise of Meals on Wheels, to transform this industry.”
In the YourStory report, Rishi reveals that Meals on Wheels will go beyond delivering meals as AntFarm plans to have tie-ups with both brick and mortar companies and partnership with SMBs (at multi-locations) to curate, aggregate the products and thus provide end to end delivery.
“At present, Meals on Wheels provides delivery from the most popular restaurants in South Mumbai. As the first phase of the planned national expansion campaign, AntFarm will scale logistics to initially have coverage throughout Mumbai and then expand to Delhi NCR, Bangalore, Chennai, Pune, Hyderabad and Kolkata,” Rishi told YourStory.