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TinyOwl gets Rs 50 crore lifeline from investors

  • Food ordering platform TinyOwl has raised Rs 50 crore from existing
    investors led by Sequoia Capital and Matrix Partners, the
    Economic Times
    reported. The fund raising comes at a time when the two­year­old Mumbai­based
    company is looking at restructuring operations, control burn rate and

    • Food ordering platform TinyOwl has raised Rs 50 crore from existing
      investors led by Sequoia Capital and Matrix Partners, the
      Economic Times
      reported. The fund raising comes at a time when the two­year­old Mumbai­based
      company is looking at restructuring operations, control burn rate and
      outsourcing deliveries.
    •  
    • The new funds give TinyOwl 12 months of runtime to focus on creating
      a sustainable business in the food­tech domain. Harshvardhan Mandad, CEO of
      TinyOwl, said the company is in the middle of a restructuring process, which
      will help them optimise resources and cash in a more effective manner.
    •  
    • “In the last few months, we have fully outsourced our last­mile
      delivery to partners including Roadrunnr, Opin o, Shadowfax. This move helps us
      focus sharper on our core technology and processes as well as significantly cut
      costs of delivery,” said 26­year­old Mandad. “Our costs have come
      down by 43 per cent with this realignment.”
    •  
    • Going ahead, the company is looking to fully move order processing
      to a merchant app and keep call centre only for escalations and select
      restaurants, he said, adding, 45 per cent of orders are automated.
    •  
    • TinyOwl’s co-founders are IIT­Bombay graduates Mandad, Gaurav
      Choudhary, Saurabh Goyal, Shikhar Paliwal and Tanuj Khandelwal.
    •  
    • In Feburary, TinyOwl raised Rs 100 crore led by Matrix Partners
      India, with participation from Sequoia Capital and Nexus Venture Partners. Launched
      in 2014, the company counts Snapdeal founders Kunal Bahl and Rohit Bansal as
      investors.

     

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