first listed food delivery company and now
made a cloud kitchen unicorn.
And according to a recent report, the future only looks brighter.
Management consultant Redseer Consulting said online access to food services in India is likely to double by 2025.
in a report 30th August date. GMV is the total value of goods sold in a given period before the deduction of duties or expenses. This is a key performance metric for online businesses.
“Although the market was hit by the pandemic, it has also accelerated the pace of online adoption,” RedSeer’s Rohan Agarwal and Abhijit Routray said in the report. “Like many other markets, this market is also seeing increasing online growth, especially after the pandemic, and it is gaining prominence in the overall market share.”
(Graphics: Rahul Awasthi/ETTech)
on Thursday, Rebel Foods
Became the first cloud kitchen to enter India’s Unicorn Club After raising $175 million led by Qatar Investment Authority (QIA) with participation from existing investors Coatue and Evolvence India. The operator of Faasos and Behroz biryani food brands said it is setting a course for an initial public offering in the next 18-24 months.
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Ltd. about three months ago.
listed At a premium of more than 50% over its issue price on the Indian stock exchanges, a week thereafter
IPO subscribed more than 35 times. In response, the main rival Swiggy
raised $1.25 billion A $5 billion valuation from Japan’s SoftBank Group Corp and others. it is now
In talks to raise $500-600 million in a funding round that would double its valuation to $10 billion, ET reported on Sept. 28.
Still, while million-dollar fundraisers, unicorns and initial public offerings are welcome, India’s online food industry has a long way to go, as the market is severely undervalued compared to the US and China. In 2019, Indians spent $7.01 billion on online food services and $90.29 billion on home-cooked meals, a RedSeer report showed. The comparison was not as clear in the case of the US and China, as shown in the graphic below. This leaves a lot of room for online food services to grow.
ETtechWithin the food delivery space, it is the standalone restaurants that dominate the market. This represents a significant opportunity for online food delivery platforms to aggregate supplies on their platforms, as was the case in China.
ETtechAccording to the RedSeer report, “India is expected to be the third largest consumer market by 2030, which will be a major boost to the overall consumer economy.” It added that the adoption of digital services by small towns and the branded food service ecosystem will lead to an increase in online food delivery.