EazyDiner Bags Rs 30 Cr in Series B Round
Series B funding by existing backers DSG Consumer Partners & Saama Capital with new investor BeeNext of Japan and an International family office participating in this round.
As the country's only instant table reservation platform EazyDiner raises Rs 30 crores in it's latest round of funding, Indian Food Tech is back on the radar of global investors, with the focus also moving to the dining-in space at restaurants. To quote Benedict Evans, the Silicon Valley based VC at Andreessen Horowitz- 'Food Away from home' is picking up while the 'Food at home' or delivery at home is on the decline. With Asian markets following US trends over a 3-4 year lag time the Indian market is headed in the same direction with table reservations making a hot entry into the Food Tech space for investors. Open Table, the global leader in table reservations was bought by the Priceline group for US 2.6 Billion dollars in 2014.
EazyDiner is an instant table reservation platform that also offers curated content from leading food critics and is building the country's first F&B loyalty programme that offers points on every table booking at over 2500 top end restaurants across India with over 5 lac subscribers. This is in addition to the 2 million people who us it every month for restaurant discovery. CEO Rohit Dasgupta says "We are today seating over 1,00,000 diners every month all across India making us the largest instant table reservation platform in India. Our proprietary product, LiveTable enables the instant confirmation promise to our customers and is today installed in hundreds of top end restaurants and we are able to confirm a table reservation within 18 seconds as compared to the other dining platforms which take close to 3 minutes”.
Speaking on the investment, Deepak Shahdadpuri, MD, DSG Consumer partners said – “EazyDiner continues to grow exponentially with strategic alliances and we are very proud as DSG was the first investor in the company. It is a market leader in its segment and is reducing the friction between the diner and the restaurant significantly. We are committed to be investing in EazyDiner for the long term and pleased with profitability in 4 cities in a short span of 2.5 years.
Millennials, the next generation to lead India spends Rs 11,800 a month on an average on eating out. The population of this critical segment is expected grow to 640 million by 2020. And to top it all 87% of their disposable income will be spent on eating out. It’s no surprise with such facts published in the Goldman Sachs report, Investor interest just does not lie in delivery but dining out space as well.
The start-up launched in April 2015 has also piqued interest from the existing large online companies. In May 2017, TripAdvisor, the 6 Billion Dollar US giant announced it's exclusive tie-up with EazyDiner, with all table reservations on Trip Advisor being powered by EazyDiner. Trip Advisor is the world's largest travel company and views restaurants as an integral part of an individual's travel plan.
After EazyDiner's integration with TripAdvisor, Google followed suit and has integrated with EazyDiner to source the curated content on EazyDiner that comes in the form of restaurant reviews by leading food critics with unique insider tips.
Teruhide Sate, Founder, Beenext says – “What we love about EazyDiner is the founding team, domain expertise and the right market strategy. Experienced restauranteurs with a strong technology team backed by India's best food critics gives them a domain that they can win in. We believe they will continue to be very strong influencers and the mainstay of Food and Beverage in India.
Says Rohit "We believe that diners are now seeking original and curated content rather than just user generated content. Today we have a team of the 11 best food critics in India based in every city and led by Vir Sanghvi who regularly rate and review the most popular and trending restaurants in town. This content is unique to EazyDiner and hence Google today has integrated with us to throw up our Critic Reviews when someone searches for a restaurant".
The venture signed-up cricketer Yuvraj Singh who also invested funds from You We Can ventures and come on board as it's Brand Ambassador in June. Yuvraj launched “FreeCheers” a new bar & nightlife product to get a user a drink for less than Rs 17 at the best bars in town every day last week.
The start-up is present across 9 cities and 2 countries in Indian & UAE with Delhi NCR, Mumbai, Bangalore, Chennai, Kolkata, Pune, Goa & Ahmedabad already live. EazyDiner will be expanding to 12 cities including Jaipur, Udaipur and Hyderabad in the next 3 months. EazyDiner is definitely encouraging you to get out of bed and eat out more with exciting deals and instant confirmations!
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