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TinyOwl secures $16 mn in Series B round from Matrix Partners, others to support expansion plans

Food ordering app
TinyOwl has raised a $16 million in Series B round from Matrix Partners and
existing investors Sequoia Capital and Nexus Venture Partners.

The company will
use the funds to expand its business in 50 cities across the county, reports
TechCrunch. TinyOwl Co-Founder and CEO Harshvardhan Mandad disclosed details in
an email to staff earlier this month.

Food ordering app
TinyOwl has raised a $16 million in Series B round from Matrix Partners and
existing investors Sequoia Capital and Nexus Venture Partners.

The company will
use the funds to expand its business in 50 cities across the county, reports
TechCrunch. TinyOwl Co-Founder and CEO Harshvardhan Mandad disclosed details in
an email to staff earlier this month.

Launched in early 2014, the Mumbai-based
startup also counts Snapdeal founders Kunal Bahl and Rohit Bansal as investors.
TinyOwl’s co-founders are IIT-Bombay graduates Harshvardhan Mandad, Gaurav
Choudhary, Saurabh Goyal, Shikhar Paliwal and Tanuj Khandelwal. TinyOwl’s
service allows customers to order take-out via its iOS and Android apps.

It is currently
available in Mumbai only, however Mandad explained in the email that the aim is
to take the service to over 50 cities in India before the end of the year.
Another target, he wrote, is to pass 50,000 daily orders per day before the end
of the year — that would be a big jump on its current daily order rate of
3,000-5,000.

According
to consulting firm Technopak, the eating out market presents a large
opportunity for entrepreneurs as it is expected to reach $78 billion by 2018 in
India.

Recently, Rocket
Internet-backed Food Panda entered India via the acquisition of TastyKhana last
year, and this month it snapped domestic rival Just East as part of a glut of
global acquisitions. In addition, food discovery service Zomato — which has
global reach and raised over $110 million from investors — will launch a food
order service in India next month, and has allocated $50 million to build the
business.

“I am not afraid
[of competition] and you should not be, we have to focus on building a great
product which gives best customer experience and parallel expand to other
geographies at lightning speed,” Mandad wrote in the company-wide memo.

Indeed,
increased competition is “good for the system”, he wrote, since it raises the
visibility of food ordering services among consumers, which can only benefit
TinyOwl.

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