Singapore and India-based Mobikon, a cloud-based smart data platform for restaurants and F&B firms, has raised $12.5 million in its Series B funding round led by Flipkart co-founder Binny Bansal.
In a statement, the seven-year-old startup said the fresh capital will be used to transform its offering into a data exchange platform, which the company expects to impact the global F&B ecosystem, and to further expand the business in Australia and Indonesia.
The firm first raised $7 million in its Series B funding round in 2017, led by a three-member investor consortium – Sistema Asia Fund, C31 Ventures (Singapore), and Qualgro. Jungle Ventures and Spring Singapore participated in the fundraise.
Founded five years ago, in 2012, Mobikon had raised seed funding followed by a $5 million Series A funding from Jungle Ventures, Life.Sreda, Qualgro, Spring Singapore, and Lion Rock, in 2015.
“Our objective is to accelerate the value creation for restaurants beyond discounting by using Data Insights and open API platform which will network and channelize the entire eco-system around restaurants,” Mobikon founder and CEO Samir Khadepaun said.
The company combines customer feedback, reviews, referral and segmented marketing, multi-channelm and real-time campaigns into a single platform and then measure the impact of customer engagement in measurable ROI.
Mobikon is present in 5 countries including India, UAE, Singapore, Malaysia and the Philippines and claims to have more than 6,000 restaurants on its platform.
Its short term vision is to onboard over 50,000 restaurants and partner with banks, fintech firms, beverage manufacturers, and consumer service platforms over the next 18 months.
The company claims that leading Indian brands in the F&B sector, including Lite Bite Foods, Gajalee, Yellow Banana, Radisson Group of Hotels, international brands like Bistro Group, Gerry’s Grill, Swensens, Nandos, Harry’s, are working with Mobikon on its data exchange platform.
Bansal, India’s entrepreneurial benchmark, expressed confidence that Mobikon’s proposed expansion into Australia and further into Southeast Asia could make the company a market leader in the restaurant-tech space. He will sit on Mobikon’s board following the investment.
The deal is Bansal’s single-largest investment in a scale-up focused on the South East Asian market, according to the announcement.
The Times of India earlier reported that Bansal is preparing to launch a venture capital fund worth $300-400 million, which will focus on startups that need growth capital in India and Southeast Asia