Best innovative food tech companies in India that are changing the way we eat!

Food Technology is a field within food science which focuses on the exploration of food-related research, development, production, quality control, and preservation of food products. This industry in is emerging as one of the fastest-growing industries in the world according to the Emergen Research, the global food tech market was worth $220.32 billion in 2019, and is estimated to grow to $342.52 billion by 2027.

A report by the research and markets says, the Indian food tech sector is about to expand at a Compound Annual Growth Rate (CAGR) of ~39% during the 2021 – 2025 period and expected to reach INR 1,868.19 Billion by 2025. In the recent years we have seen a lot of startups by the food industry lets take alook at them:

Zomato

Zomato is a prominent online food delivery and restaurant discovery platform that operates in numerous countries worldwide. Originally founded in India in 2008 by Deepinder Goyala and Pankaj Tshaddah under the name Foodiebay which later became Zomato in 2010 Zomato has since expanded its presence globally. It provides a convenient platform for users to discover and order food from a wide range of restaurants in their area.With an extensive database of restaurants, Zomato offers users the ability to explore menus, read customer reviews, and view ratings to make informed decisions about where to dine or order from. The platform's user-friendly app and website enable seamless browsing and ordering experiences Beyond its food delivery services, Zomato also serves as a platform for restaurants to promote their businesses, reach a wider audience, and gain visibility in the competitive food industry. It facilitates marketing opportunities for restaurants, helping them connect with potential customers and improve their overall online presence.

Zomato's success and popularity have made it a significant player in the food tech industry, revolutionizing the way people discover and order food while supporting the growth of local restaurants, the company has spread in more than 24 countries with its headquarter in New Delhi, Zomato has grown at a Compound Annual Growth Rate (CAGR) of 86% in last 4 years to an adjusted revenue of INR 55.4 billion while the adjusted Earning Before Interest, Taxes, Depreciation And Amortization (EBITDA) margin has improved from 153% in FY19 to 18% in FY 22. 

Zomato has raised a total of $2.5B funding in over 22 rounds and their latest one being from a Post-IPO-Secondary round on August 3 2022. which  is funded by 28 investors. Fidelity and Franklin Templeton Investments are among the latest investors in the company, which has completed 14 investments and 15 acquisitions to date. The most recent acquisition, "Blinkit," was purchased for $725 million on March 16, 2022.

Swiggy

Swiggy is an online food delivery platform that connects customers with a vast network of restaurants. It was launched in 2014 Sriharsha Majety, Nandan Reddy, and Rahul Jaimini. Swiggy operates in 500 Indian cities as of September 2021.

Besides food delivery, this Bangalore-based startup also provides on-demand grocery deliveries under the name ‘Instamart’, and a same-day package delivery service called ‘Swiggy Genie’. With Swiggy, users can browse through a wide range of restaurants, explore menus, and place food orders for delivery to their doorstep. The platform offers various cuisines, from local favorites to international options, catering to diverse tastes and preferences.

Swiggy has built a robust delivery infrastructure, including a fleet of delivery partners, to ensure timely and efficient delivery of orders. Real-time order tracking and updates keep users informed about the status of their delivery.

It has raised a total of $3.6B in funding over 15 rounds. Their latest funding was raised on Jan 24, 2022 from a Venture – Series Unknown round. It has revolutionized the food delivery industry in India, offering convenience, variety, and reliability to customers seeking hassle-free food ordering and delivery services.

FreshMenu

FreshMenu is also an online food delivery platform that specializes in chef-curated, freshly prepared meals. It was founded by Rashmi Daga in 2014, FreshMenu aims to provide a unique dining experience by offering a wide range of gourmet dishes made with high-quality ingredients recently they are seen appeasing the people across Bangalore, Mumbai, Gurgaon and Delhi (Saket and neighboring areas).

The platform offers a diverse selection of cuisines, including Indian, continental, Asian, and more, catering to various tastes and preferences.

One of FreshMenu's key differentiators is its focus on offering fresh, made-to-order meals. The platform collaborates with skilled chefs to create innovative and flavorful dishes that are prepared only after an order is placed. This ensures that customers receive food that is both delicious and freshly prepared.

With its commitment to quality, variety, and freshness, FreshMenu has carved a niche for itself in the online food delivery space, offering a unique culinary experience to customers who appreciate gourmet meals in the comfort of their own homes. Recently, the company reported revenue of Rs.104.5 crore in FY2020. FreshMenu raised Rs. 3.5 Cr funding from Lightspeed India, Zodius Technology fund and Vistra India in Jan 2021.

Faasos

Faasos is a prominent food delivery platform operating in India. Fasoos is widely known for its diverse menu of wraps, rolls, biryanis, and desserts, Faasos has become popular among customers seeking quick and convenient food delivery services. With a user-friendly app and website, it offers a seamless ordering experience for its customers.

under the parent company of Rebel foods. In 2011, it was founded by Jaydeep Barman and Kallol Banerjee It has reached a milestone of 500 restaurants across 10 countries making it the largest Indian origin QSR (quick service restaurant) chain, globally. Faasos entered  In 2021, fasoos was introduced in 7 new countries (the United Kingdom, Singapore, Malaysia, Thailand, Hong Kong, Philippines, and Bangladesh). 

In the online food ordering industry in India, Faasos stands out as the sole company that operates in all three stages of the on-demand food business, including order placement, order fulfillment, and delivery. Faasos has secured a total funding of $111 million to date, and as of FY20, its operational revenue was reported to be $75.24 million.

Box8

In 2012, Box8 was founded by two IIT graduates, Anshul Gupta & Amit Raj, BOX8 started as a small outlet in a corporate cafeteria its idea was to serve Irresistible Desi Meals in a convenient, easy-to-carry box. It promises delivery of the food (freshly prepared) in just 28 minutes with no extra charges for delivery.  A network of 110+ outlets across Mumbai, Pune, Bengaluru, and Gurugram, serving over 22000+ meals everyday.

Box8 has raised a total of $72 million in funding, with their latest round secured from Tiger Global Management on November 30, 2021, totaling $40 million.

HungerBox

Established in 2015 by Sandipan Mitra and Uttam Kumar, HungerBox is dedicated to providing a cutting-edge food experience that is secure, healthy, and continuously evolving to improve the productivity of corporate staff. With over 200 million transactions processed, the company currently manages cafeteria services at corporate offices, educational institutions, and food courts at tech parks, malls, and multiplexes.

HungerBox has raised a total of $44.6M funding in over 8 rounds and the latest funding was raised on Aug 12, 2020 from Series D round. It is funded by 10 investors in which the Sabre Partners and Pratithi Investments are the most recent ones.

Magicpin

The co-founders of Magicpin are Anshoo Sharma and Brij Bhushan. Magicpin is an innovative online location intelligence platform that empowers users to discover nearby restaurants, fashion stores, spas, and fitness centers. With a total of 9 funding rounds completed, the company has secured $104.9 million in funding, with its most recent funding raised on November 10, 2021, through a series D round. Henceforth, the most recent ones are Zomato and Lightspeed Venture Partners.

Swadhika Foods

Founded by Swarnamugi R Karthik in 2017, Swadhika Foods is a Chennai-based startup that boasts accreditation from APEDA, USFDA, FSSAI, ISO, BRC, and HACCP to ensure reliability and adherence to international food safety standards. The company conducts tests for agrochemical residue, heavy metals, and pesticides under NABL-accredited labs. Specializing in the supply and export of high-quality frozen IQF fruits and vegetables, freeze-dried/dehydrated fruits and vegetables, and frozen fruit pulp, Swadhika is the top exporter and supplier in its industry. Approximately 90% of Swadhika's products are exported to over 25 countries, including Europe, America, Australia, and more.

Eazydiner

EazyDiner is the  first online restaurant reservation platform in India that ensures “no meal without a deal”. This platform guarantees reservation within 18 seconds at over 6,000 restaurants. 

EazyDiner has raised a total of $16M in funding over 7 rounds and among their latest funding was raised on Feb 1, 2020 from a Series B round which was funded by 6 investors. Saama Capital and DSG Consumer Partners are the most recent ones. It promises to provides a guide to eating out that offers insider tips, exclusive and expert reviews by top critics.

Rebel Foods

Rebel Foods is a leading Indian online restaurant company that boasts 11 cloud kitchen brands, including Faasos, Behrouz Biryani, and Oven Story. The company was originally founded as a physical restaurant with dine-in facilities in 2011 by Jaydeep Barmanand and Kallol Banerjee. Today, Rebel Foods is the world's largest cloud kitchen restaurant chain, with over 450 cloud kitchens in 10 countries as of April 2022.

Following advice received at an investor-entrepreneur meet in 2014, Rebel Foods underwent a revision of its business operations, resulting in its current structure. With a total of 19 funding rounds completed, the latest of which was a $14.5 million investment on November 6, 2021, from Mando Corporation, Alimco Financial, and Acernis Ventures, Rebel Foods has raised a total of $527.3 million in funding and became a unicorn following its Series F funding round in November 2021. The company generated revenue of Rs 400 crore in FY2021.

Eat.Fit

Launched in 2016, Eat.fit is a health and nutrition-focused food tech startup that offers a range of healthy meals and snacks that are low in calories and high in nutrition. The company has its own cloud kitchen and uses technology to optimize its operations and provide a seamless customer experience. Eat.fit has raised $70 million in funding so far and operates in multiple cities in India.

Licious

Licious is a meat and seafood-focused food tech startup that sources high-quality produce directly from farmers and fishermen and delivers it to customers' doorsteps. The company uses technology to track the quality and freshness of its products and has built a supply chain network that ensures timely delivery and efficient operations. Licious has raised over $220 million in funding and operates in several Indian cities.

InnerChef

InnerChef is an online food ordering and delivery platform that offers a range of meals, snacks, and desserts prepared by professional chefs. The company uses technology to optimize its operations and ensure fast and efficient delivery. InnerChef has raised $19 million in funding and operates in several cities in India.

Also Read: India's top 5 restaurant management software

Frequently asked questions (FAQs)

What is food technology?

Food technology is a field within food science that focuses on research, development, production, quality control, and preservation of food products.

What is the food tech market worth in India?

According to a report by the research and markets, the Indian food tech sector is expected to expand at a Compound Annual Growth Rate (CAGR) of ~39% during the 2021 – 2025 period and reach INR 1,868.19 Billion by 2025.

What are some popular food tech startups in India?

Some of the popular food tech startups in India include Zomato, Swiggy, FreshMenu, Fasoos, Rebel Foods, InnerChef, Licious, Box8, Biryani By Kilo, and Faasos.

What services do Zomato and Swiggy offer?

Zomato and Swiggy are primarily online food delivery platforms that connect customers with a vast network of restaurants. They also offer additional services such as restaurant discovery, real-time order tracking, and same-day package delivery.

What sets FreshMenu apart from other food tech startups?

FreshMenu specializes in chef-curated, freshly prepared meals and is committed to offering fresh, made-to-order food. They collaborate with skilled chefs to create innovative and flavorful dishes that cater to diverse tastes and preferences.

What is Rebel Foods' business model?

Rebel Foods is a cloud kitchen startup that operates multiple food brands such as Faasos, Behrouz Biryani, and Ovenstory Pizza. They leverage technology to optimize their kitchen operations and offer a diverse range of cuisines.

What is Licious known for?

Licious is a meat and seafood delivery platform that sources its products directly from farmers and fishermen, ensuring quality and freshness. They also offer a range of ready-to-cook and heat-and-eat meals.

How has the food tech industry in India grown in recent years?

The food tech industry in India has witnessed significant growth in recent years, with several startups offering innovative solutions and services. The industry has been propelled by factors such as increasing smartphone penetration, rising disposable incomes, and changing consumer preferences.