Achindra Online Marketing Pvt Ltd, the company that owns and operates online food delivery site JustEat India (JustEat.in), the portal that allows users to search for and locate restaurants of their choice and place orders/make reservations, announced this week that they have secured a new round of funding from global investment firm Axon Partners Group and private equity firm Forum Synergies India.
The company says they will use the funds to bring more talent to the management team and to expand into other metro markets in India including, Bhopal, Kolkata, Chandigarh, Goa, Indore, Hyderabad and Jaipur.
“We plan to use the money to enhance our team, strengthen the restaurant presence and build consumer loyalty in our existing cities, while aggressively expanding into other metros of India,” said JustEat CEO Ritesh Dwivedy.
Madrid-headquartered Axon Partners manages PE funds of more than $200 million, focusing on technology and innovation companies, and provides consulting services. It has clients in Europe, Latin America, the Middle East and Africa, but JustEat is the first investment by the firm in India. Bangalore-based Forum Synergies India is running a $150 million India Knowledge-Manufacturing Fund for investment in the country, focusing on engineering, healthcare, clean technology and information and communications technology (ICT), and invests primarily in unlisted SMBs in their growth and expansion phase. To read more, click HERE.