Box8 Revenue Jumps Over 63% After Raising Fresh Funds

Box8 has been one of its kind full-stack food tech platforms to thrive in India along with its market incumbents namely, Rebel Foods and FreshMenu. While their core business had been hit by the ongoing COVID-19 crisis, the company has recently launched “InstaFresh” on its platform to offer delivery services of grocery essentials.

Moreover in order to beef up their new offer, the company, managed to raise fresh funds amounting to Rs 30 crore from IIFL Seed Ventures Fund and Menlo park based Mayfield Fund in a mixed round of equity and debt.

The equity venture company, which is Mumbai-based, had issued convertible debentures worth Rs 30 crore to IIFL while Mayfield Fund has picked up Series C3 CCPs for Rs 10 crore in a bridge round.

Box8 had earlier raised $15 Mn in a Series C round led by Chinese fund eWTP Ecosystem and existing investors Mayfield and IIFL in March 2019.

The new round is the second successful attempt by full-stack food tech platform to raise capital in recent time. Even earlier, Rebel Foods had managed to raise $50 million from Coatue PE Asia.