Mumbai-based foodtech startup Thrive has raised an undisclosed pre-Series A funding led by Whiteboard Capital and Ahimsa Capital.
The funding will be used to add more restaurants to the platform and expand its product offering. The team added that it will be moving to a self-serve model, which would make Thrive more accessible to small, independent restaurants across the country.
The company was founded earlier this year by Krishi Fagwani, Dhruv Dewan, and Karan Chechani. Thrive has built an integrated SaaS solution for restaurants to build their own ordering experiences. This in turn helps them save close to 30 percent of their revenues but also provides them with the ownership of the customer data.
Thrive’s solution allows restaurants to share their digital ordering links with their customers to order from Instagram, Facebook, WhatsApp, and SMS in a few clicks. Prior to founding Thrive, the co-founders had built Hashtag Loyalty, a customer engagement and loyalty tool is used by 1000s of restaurants pan-India. The platform forms the backbone of Thrive.
The platform launched a beta in July this year, and scaled to over 1,500 partner restaurants primarily in Mumbai and Delhi. Thrive has partnered with the likes of Natural Ice Creams, Lite Bite Foods, and Apsara Ice Creams as well as popular independent restaurants like Izumi, Americano, The Table, and The Mexican Box.
The press statement shared by the company said that in the past three months, its GMV grew by 330 percent and its partners saw savings of up to 15 – 17 percent even after removing delivery costs. Although the need for such solutions has existed in the market before, the pandemic has simply facilitated their adoption and expedited digitisation.
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