India’s food technology sector is piping hot with investments as the action shifts to the business-to-business section of this industry. South African giant Naspers, the largest shareholder in food-delivery firm Swiggy, is in talks to lead an investment in tech-enabled corporate catering startup HungerBox, according to three people aware of the negotiations. is looking to $12-15 million in Hunger-Box, one of them said, adding that the talks are at an early stage and there is no guarantee that the deal will go through.

offers technology to digitise and corporate cafeteria operations, undertake food safety and compliance, and curate on its platform. Sandipan Mitra, the CEO, declined to comment on any investment conversations by the company. Naspers did not respond to email queries sent by ET.

HungerBox clocks over 200,000 orders a day with an average order value of about Rs 65.

The Sabre Partners- and Lionrock Capital-backed firm operates in 10 cities including Mumbai, Delhi-NCR, and Bengaluru and has over 70 clients. HungerBox, which has seen its transaction volumes grow almost 150% in the last 9 , expects to end 2018 with over 350,000 daily orders. It crossed Rs 250 crore in annualised revenue in August, with about 10% of that coming from commissions it charges from vendors.

“We have identified the top 11 Indian corporate firms (across IT, ITeS, BPO, KPOs, etc) with a workforce of over 100,000 and in the next 6 months, all of them will be on Hungerbox’s platform,” Mitra told ET.

While Swiggy and Ant Financial-backed Zomato lead the food-delivery market with their cumulative monthly order volumes crossing 30 million in India, stronger margins at almost 70% and better commissions have made the business-to-business segment attractive and the next big frontier to be won, including for investors.

Zomato recently moved towards tapping this market through its acquisition of corporate cafeteria TongueStun Food, which aggregates caterers and restaurants for office canteens. That acquisition will enable high frequency orders for the Gurgaon-based firm, which is looking to integrate TongueStun onto its platform and offer delivery services for the cafeterias listed on the app.



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