Home Funding $600K funding to be raised by DayBox to assure vegetable stocks in...

$600K funding to be raised by DayBox to assure vegetable stocks in restaurants

$600K funding to be raised by DayBox to assure vegetable stocks in restaurants
The Team

Selling fruits and vegetables in wholesale market is one of the most unorganized industries in India. It is worth 100 billion USD. DayBox is a Delhi-based company founded by alumni from IIT Delhi- Ankush Goyal, Raman Kumar, Ashish Bibyan and alumnus from IIIT Allahabad Prabhat Kumar. The company basically uses the internet to automate the supply chain of fresh fruits and vegetables to restaurants and retailers. Grofers, Route04 and Berco’s are their valued customers.

The company has approximately 30 farm products suppliers and more than 50 restaurants on its platform. It has made up to USD 150000 per month. Though the startup refers itself with the name of agritech, it is in fact a simplified store to buy fruits and vegetables in bulk.

The company is growing its revenues at the rate of 100% on a quarter over quarter basis. Their buyers and suppliers have adopted technology and that is the main achievement of DayBox. Their tech platforms are being used to manage, track and enhance all the day-to-day operations through a mobile app.

In the recent round of funding, reputed names like Myntra co-founder Ashutosh Lawania, Yebhi co-founder Rahul Jain, ex-SnapDeal VP of Omnichannel Badal Malick, Fino Paytech CEO Rishi Gupta, and 6 other angel investors. They would close a funding round of USD 50,000 in the recent future. In addition to that, 10 to 15% of equity would be offloaded to keep the funding secure. An angel investment of USD 104,000 was also received by them and it is a great achievement to receive it after 6 months of launching.

The funds would be used for team expansion, fine-tuning of tech products and launching the services outside Delhi-NCR. The next destinations would be Bangalore and Mumbai and they anticipate launching by 2016 end.

The startup has received great appreciation because of the way they have executed technology and streamlined the supply chain operations. It is expected to influence more than million lives in agriculture sector and working for their betterment.