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Frshly, a Chennai-based food start-up, will open 300-400 more outlets in India and overseas. It is looking to raise $5-7 million for expansion.
The company, formerly Atchayam Foodbox, is in talks with potential partners in West Asia and Singapore to open branches there.
Satish ChamyVelumani, Founder and CEO, told BusinessLine that overseas expansion was one of the reasons for changing the name.
Velumani explained: Unlike India the term ‘Foodbox’ is associated with frozen food overseas, which is not what the company is trying to do. “So we changed the name.
Currently the company operates 15 outlets in Chennai and Bengaluru across corporate enterprises and IT parks. Velumani said that of the 15 outlets, under-performing ones will be moved to locations such as airports, hospitals and railway stations for better utilisation.
The company expects to make profits at store-level by March. Around $5 million has been invested in the start-up since 2013.
Frshly plans to open one outlet each in Mumbai and Pune and three in New Delhi. There are plans to open 200 more in India. The company is in talks with key clients with a large portfolio and has partnered with Travel Food Services and IRCTC for the same.
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