Food tech start-up Petoo.in is planning to raise $5 million from PE investors such as Accel and Sequoia, as part of its Series A fund raising towards the year-end.
Having started operations early this year with ₹3 crore of seed funds, Petoo (hindi for glutton) now wants to prove its business model to investors. Kumar Setu, co-founder of Petoo, said: “We are seeking funds from food tech-based investors like Accel and Sequoia, who are focused on this sector. We believe in a disruptive delivery model and are keen to prove this business model.”
Petoo.in expects to beat Dominos Pizza by taking its delivery time to 10 minutes from the traditional 30 minute. Creating delivery hubs within 2 km of its high order delivery zones, the Bengaluru-based company is now increasing its hubs from 18 to 50 to keep up its delivery time promise. Petoo will also expand services to Chennai, Hyderabad, Pune and the NCR region.
Heat maps With a hub and spoke model originating from a central kitchen, Petoo caters to time-pressed consumers with defined ‘heat maps’ to cater to high order zones in the city. “The heat maps are defined by colours like red, yellow and green to define the high delivery areas. We make sure our hubs are not placed near traffic junctions, to ensure speedy deliveries. Each delivery hub will be set up at a cost up to ₹50,000 and manned by a single hub manager,” Setu said. Besides, it uses big data analytics to predict consumer behaviour, reduce food wastage and speed up the delivery time.
Having co-founded another food start-up like Just Eat (sold to Food Panda) in the past, Setu claims to understand demand for certain types of food demands across the country.