Food-tech startup Yumist raises Rs 12 crore from Ronnie Screwvala

Food-tech startups, Yumist, has raised up Rs 12 crore, or $ 2 million, led by serial entrepreneur Ronnie Screwvala’s fund Unilazer Ventures.

Gurgaon-based Yumist, Founded in November 2014 by ex-Zomato CMO Alok Jain and food and beverage entrepreneur Abhimanyu Maheshwari. Yumist has a different proposition to Rocket Internet-backed FoodPanda or Zomato which focus on delivering from restaurants. Instead, Yumist targets the mass-market food industry with daily meals that cost upwards of 65 INR, or around $1. That’s more akin to street food, or the kind of meals that urban workers take during their lunch breaks.

Steven Lurie, a valley-based investor, also invested in this round. Money raised will be used scale up in existing cities — Gurgaon, Delhi and Bengaluru till March, after which Yumist plans to expand to Mumbai and Pune.

It is building a new kitchen for NCR over the next 2.5 months which will be rolled out in a modular fashion. “At scale this kitchen will have capacity to handle 30,000 orders a day,” said Alok Jain, cofounder and CEO, Yumist.

“After this round, we will still keep our heads down until March in our current three cities, and show that we can be gross margin profitable at a company level,” Jain said. He added that the company is close to introducing weekend meals, having recently expanded to serving dinners as well as lunches.

All-in-all, Yumist has 200 staff, of which 20 are non-operational and based at company HQ.

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