India: Ready-to-eat startup Chefs Basket raises $6m from SAIF partners, Haresh Chawla of IVFA

Visual from Chefs Basket website

Ready-to-eat food start-up Chefs Basket has raised $6 million (about Rs 40 crore) in series A funding from private equity firm SAIF Partners and Haresh Chawla, partner at India Value Fund Advisor, according to a report in The Economic Times.

The investors were issued fresh equity in the company against the funds raised. The investment also gives Vishal Sood of SAIF Partners a seat on the board of Mumbai-based Fizzy Foodlabs, the owner of Chefs Basket.

Chefs Basket will use the funds to expand its existing range of ready-to-cook packaged meals, add new distribution channels, and to strengthen its marketing and sales team. The brands plans to introduce a range of fresh products with lower shelf life and also its own range of pasta sauces, the report said.

The firms is targeting presence across top 15 cities of India, with a portfolio of 30 SKUs (stock keeping units) by the end of March 2016.

Founded in 2012 by three IIT-Bombay graduates, Chefs Basket claims to sell about 1.3 lakh units of single serve packs a month, 90% of which is through hypermarkets alone. It is also working closely with e-commerce sites including Amazon, Flipkart, Snapdeal, BigBasket, Paytm and Grofers for the sale of its products. With these partnerships, the firms targets to reach sales of 4-5 lakh units a month by March next year.

The firms is also eyeing international markets, and plans to take its products to South Africa, Canada and Australia by January 2016.

The ready-to-cook food market is still at nascent stage in India but is definitely catching investors’ attention. In September, another ready-to-cook meals delivery startup InnerChef raised $1.6 million from a clutch of high-profile angel entrepreneurs including Vijay Shekhar Sharma of Paytm, Phanindra Sama of redBus, and Anupam Mittal of Shaadi.com.

Also Read: InnerChef raises $1.6m from founders of Paytm, redBus, others

TravelKhana raises pre-series A round from Astarc Ventures, others

 

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.