Top 10 FoodTech Companies in India 2023
The sixth-largest food industry in the world is located in India. Approximately 70% of the overall sales in this sector are attributable to retail startups. The food and retail business will reportedly be valued at $ 828.92 billion by 2020.
With the birth and growth of verticals like food and grocery delivery, personal chefs, box delivery, and on-demand meals, which are gaining in popularity daily, the food-tech industry is expanding quickly. Many prosperous food tech-based startups are currently operating in India, along with a number of upcoming and potential ones. We’ve included a list of some of India’s top food-tech startups in this post.
The introduction of new technology, such as mobile app-based services, is changing how the food business functions and spawning a new digital sector called food tech. The future of this industry will be determined by innovations that satisfy rising consumer demands for convenience, product freshness, and environmental sustainability.
According to a recent analysis by Emergent Research, the global food technology market is projected to reach USD 342.52 billion by 2027. India, the world’s sixth-largest economy, has a sizable food industry. Retail start-ups account for almost 70% of this segment’s sales.
The FoodTech sector is one of those in India that is expanding the quickest. By integrating technology at every level, the Indian food tech industry seeks to improve sustainability and efficiency in all areas.
There are new prospects for players to “win with clients in an emerging industry” given its countrywide reach and spike in consumer confidence. Foodtech companies can increase productivity and sustainability in the food manufacturing, assembly, delivery, and consumption processes thanks to technologies like big data and the Internet of Things (IoT).
What is Foodtech?
According to the marketing definition of the word “Foodtech,” this industry includes all businesses that combine digital technology with food preparation, production, and retailing. Of course, some of these categories can be highlighted:
- Agtech encompasses any startup with a digital breeding or agricultural focus.
- All businesses that specialize in food processing or the creation of novel goods are referred to as food science.
- Food delivery services, online retailers, and food coaching are prominently represented in food eCommerce.
The emergence of digital technology has increased the number of food-related start-ups. Some firms focus on producing the raw materials used in the production of refrigerated goods as well as fast food restaurants, hotels, and other businesses.
Other businesses specialize in coaching services like weight reduction programs or the delivery of cooked meals. Therefore, scores of forward-thinking Foodtech businesses are starting every day to deliver fresh goods.
The Role of FoodTech
The goal of developing food technology, regardless of who is doing it—a school, the government, a food scientist, or a business—is to satisfy the rising global need for wholesome food. Technology, innovation, and advancement in the food sciences produce the following results:
- Less plant and crop diseases, higher food quality, safer food consumption, more options for food at lower prices, improved methods for food preservation, and reduced food waste.
- The Indian food tech industry is home to a number of active, successful firms as well as some upcoming, prospective ones. With the popularity of on-demand meals, personal chefs, and grocery and food delivery services, the number of food-tech niches is expanding.
The FoodTech Companies mentioned in this piece are some of the most prosperous ones in India.
Top 10 FoodTech Companies in India 2023
Zomato
Zomato is a Gurgaon-based web and mobile app platform for finding restaurants, placing orders, picking up orders, and reserving tables. Deepinder Goyal and Pankaj Chaddah made Zomato in 2008.
It is a search and discovery engine for Indian restaurants that is currently available in 24 countries and allows users to browse more than a million establishments worldwide. Users can upload pictures of the menu items they order from restaurants as well as images of the establishments themselves on the app and website, which also offer information and reviews about them.
Additionally, Zomato introduced a white-label platform that allows eateries to build their own applications with unique features and combine Zomato’s “order and analytical” functionality. Surprisingly, it also fared well during the pandemic. The business has received around $673 million in capital from backers like Glade Brook Capital, Ant Financial, and VY Capital.
Swiggy
The CEO of Swiggy is Vivek Bhatia. Customers receive their meals and desserts from restaurants in less than 40 minutes. The company routes its delivery personnel to clients using an app that utilizes routing algorithms.
It also offers its clients real-time order tracking. Initially, Swiggy offered free delivery. Currently, Swiggy charges an average of Rs. 30 for delivery, but it also provides free shipping on orders exceeding Rs. 250.
On the Swiggy platform, there are around 5000 workers who work in eight cities. Additionally, the platform has more than 9000 eateries listed. With $1.47 billion invested, Naspers, DST Global, and Tencent have created the startup. With a carefully curated roster of restaurants and services, as well as a fleet of in-house delivery cars, it seeks to differentiate itself from its rivals.
FreshMenu
Rashmi Daga founded FreshMenu. It is established in 201 and situated in Bengaluru with Received funding of $24 million USD. A restaurant in Bangalore called FreshMenu uses cloud technology to send food to nearby homes. The restaurant specializes in a variety of cuisines, including Mughlai, Italian, Continental, and Oriental.
Fresh meals are delivered to clients’ doorsteps in 45 minutes thanks to the startup’s daily-changing menu; it has a delivery fleet and cooks all throughout the city. FreshMenu purchases its fresh meats, fresh dairy products, and fresh veggies from regional farmers for its meals.
It typically fulfils 12000 orders per day for a price of INR 320. The startup was started by Rashmi Daga, the creator of FreshMenu. $24 million has been invested in the firm by GrowthStory Investments and Lightspeed Venture Partners.
Faasos
Jaydeep Barman and Kallol Banerjee are the founders of Faasos. It is Established in 2011 in Pune with an Amount of money received of $80 million. Food-on-demand firm Faasos Food Services Pvt. is situated in Pune.
Faasos is a company that focuses on the inhalant market; it was founded in 2011 by Jaydeep Barman and Kallol Banerjee. Customers can place food orders through the company’s website and mobile app, which is now available in 16 Indian cities.
To provide clients with a variety of meals, Faasos brings together restaurants from various brands and independent eateries. It has achieved balance despite issues with scalability and sustainability.
Faasos processes about 18000 orders every day. One of the brands of the companies is Behrouz Biriyani, along with Kettle & Eggs and Overstory. Investments totalling $80 million have come from companies including Altia Capital, Sistema Asia Capital, Evolvence India, etc.
Box8
Anshul Gupta and Amit Raj founded Box8. It is Established in 2011 in Mumbai with $12 million received in funding. A quick-service restaurant chain called Box8 is established in Mumbai. The Box8 website allows users to browse the site and place online orders for things to be delivered to their homes. The service has an app for both iOS and Android.
The technology business raised $12 million, which it would utilize to enhance technology, expand its team, and create a seamless consumer experience across its mobile and website platforms in order to increase market penetration. Bangalore, Gurgaon, Pune, and Mumbai are the current locations.
HungerBox
The founder of HungerBox is Sandipan Mitra. It is Established in 2016 in Bengaluru with money received of $16.5 million USD. India’s top institutional food tech company is called HungerBox. In the Technology, Financial Services, Education, Manufacturing, and Healthcare sectors, HungerBox manages the end-to-end food and beverage needs of close to 160 institutions. HungerBox was founded in 2016 by industry veterans Sandipan Mitra and Uttam Kumar.
With an annual gross food value of INR 750 Cr, HungerBox has handled more than 200 million meal orders across 565 institutional cafés in 18 Indian cities since its launch.
Investors who contributed to the company’s $16.5 million fundraising round include Kris Gopalakrishnan, co-founder of Infosys, Paytm, Sabre Partners, Lionrock Capital, Neoplux, and NPTK.
The core components of HungerBox’s solution are its unique technology platform, in-depth knowledge of food operations, a carefully curated network of food partners, and strict food safety procedures.
The epidemic era’s reopening of campuses and emphasis on workplace and café digitalization has increased the significance of the HungerBox value proposition. Along with its F&B digitization service, HungerBox has seen considerable client traction with its product expansion into workplace automation and safety.
Among HungerBox’s clients are eight of India’s top ten private sector companies, big automakers, hospitals, universities, innovation parks, and multiplexes. As part of its social responsibility, HungerBox and its partners provided more than 50 lakh meals free of charge to the poor during the lockdowns brought on by the pandemic in India.
Curefit
Mukesh Bansal is the founder of Curefit. It is established in 2016 in Bengaluru with a money received of $170 million USD. Curefit was started in 2016 in Bangalore by Mukesh Bansal. In addition, he started Myntra.
Fitness, nutrition, and Curefit’s offers all have something to do with physical and mental health. The business aims to make working out simple and pleasurable. Curefit not only provides a range of services but also places an emphasis on preventative healthcare.
Fresh and custom-made salads are sold under the Eatfit brand by Curefit. It offers fresh and comfortable meals in addition to home deliveries of low-carb, high-protein, and green veggies. Indian food, fusion dishes, salads, and snacks are all on the menu and are healthy selections. $170 million has been invested in Curefit by Oaktree Capital Management, Aceel Partners, and Kalaari Capital. Hrithik Roshan serves as Curefit’s brand ambassador.
MagicPin
The founders of MagicPin are Anshoo Sharma and Brij Bhushan. It is Established in 2015 in Gurugram with $30 million received in funding. MagicPin provides discounts. Customers receive rebates and perks. Bangalore-based Anshoo Sharma and Brij Bhushan founded the business there in 2015.
MagicPin serves a wide range of users with its presence in 16 Indian cities, including Delhi, Hyderabad, Chennai, and Pune. With the help of 1.4 million users, a platform like this generates Rs. 30 crores in revenue for food and beverage (F&B) companies like KFC and Hard Rock Café. The markets that MagicPin is now exploring include groceries and beauty & wellness.
With a photo of the bill and a selfie taken after the meal at a restaurant that is a partner with the MagicPin app, diners can get cashback. To boost user involvement, MagicPin’s live feed-style timeline interface displays user check-ins, recommendations, and reviews. The website allows restaurants to post surveys and adverts.
Swadhika Food
Swarnamugi R. Karthik founded Swadhika Foods. It is established in 2015. Chennai, India is home to the fledgling food processing company Swadhika Foods. The company’s primary products are frozen ready-to-eat foods and frozen fruits and vegetables.
Swadhika Foods has certifications from the APEDA, USFDA, FSSAI, ISO, BRC, and HACCP in addition to the USFDA, US Food and Drug Administration, and even the European Union. Swadhika Foods offers a network of the greatest partners to guarantee a trustworthy source, produce, and product.
EazyDiner
Vir Sanghvi founded EAZYDINER. It is established in 2014 in New Delhi in which money received $14.6 million USD. EasyDiner is a firm that offers tools for finding restaurants and reserving tables. You may make reservations at more than 10,000 restaurants across Delhi, NCR, Mumbai, Bengaluru, Pune, Chennai, Kolkata, Goa, Ahmedabad, Jaipur, Hyderabad, Chandigarh, and more than 150 more Indian cities by downloading the app or going to the website. Dubai has an EazyDiner as well.
As a thank you for making a reservation, EazyDiner offers special promotions like a free dessert or drink or a discount on the full bill. Customers can earn Eazy points by making reservations with EazyDiner, which they can then use however they see fit. EazyDiner makes dining out simple and convenient.
Several Important Current and Emerging Trends in Food Technology
Food Security
Food safety is not a new trend, but there has been a growing emphasis on keeping up with its various aspects, such as labelling and traceability. The food business is experiencing a growing trend of rapid digitization, which has increased the importance of traceability and improved transparency throughout the supply chain.
The necessity for better change monitoring and speedy decision-making to address issues like health concerns has increased as a result of the supply chain network’s rapid expansion, which has sped up the adoption of blockchain technology.
Additionally, food businesses must abide by the FDA’s new rules regarding meat usage restrictions, shelf-life labelling, and the definition of what constitutes healthy or natural food.
Food labelling is anticipated to improve the level of transparency and compliance in regard to foods that have undergone genetic modification or augmentation. To win and keep the trust of their client base, businesses have started incorporating wording referring to carbon neutrality into labelling systems.
Voice Recognition
Food businesses now have profitable prospects to become more adaptable and relevant in the market thanks to speech technology integration in the sector. Voice technology helps employees store information on a software system, reducing the need for employees to physically store information.
This can increase productivity. Voice instructions have improved the efficiency of line loading, inventory control, and other processes.
The emergence of diets and foods based on plants
Due to a growing emphasis on ethical, dietary, and ecological issues, consumer preferences are quickly turning to plant-based diets. The emergence of plant-based meat substitutes, such as those offered by Impossible Foods and Beyond Meat, has recently changed the food technology sector. Numerous enterprises creating plant-based food products have sprung up quickly as a result of increasing demand for these food items.
Future Prognosis
With rising internet usage, extending reach at lower tiers, and a growing nationwide network of restaurants connected to food-tech platforms, the food-tech industry appears to be in a favourable position.
Small players will face a stronger threat than ever from food tech giants like Swiggy and Zomato. In order to remain competitive, young or aspiring business owners must stay on top of the innovation and creativity curve.
Technology-driven innovations will affect consumer purchasing as they make investments in new culinary experiences. Due to a favourable consumer attitude and an increase in ordering frequency, it is anticipated that the Indian food tech sector would continue to draw more customers in the future.
In a recent analysis, Emergen Research predicted that by 2027, the global food technology market would be worth USD 342.52 billion.
The increased use of cutting-edge technologies in food processing techniques, which improve food safety and manufacturing process efficiency, can be attributed to this expansion. A rising area of investment for food processing businesses is the adoption and integration of robots and automation across the industry’s processes.
This leads to more hygienic operations, speedier production, and higher output capacity. Due to increased demand and consumption as well as enhanced online exposure to fresh goods, the market for food technology is growing.
The food sector is heavily investing in automation and digitization to keep up with the growing demand for food as a result of the expanding population. In addition, the industry is growing as a result of rising customer demand for more reasonably priced, secure, and hygienic food goods.
Conclusion
It is a sector that will, first and foremost, grow to suit the needs of customers. In fact, a growing number of people are concerned about their diets and are searching for healthy eating options. Additionally, businesses in this sector are profiting from the distributor’s and food industries’ growing distrust.
Foodtech startups are utilizing technology to demonstrate transparency and foster confidence. For instance, you can now identify an ingredient’s grower and the farming techniques they employed to generate it.
Consumers want to learn about new flavors, ingredients, and cooking techniques in addition to how their food is grown, processed, or distributed.
In conclusion, foodtech businesses are reacting to consumer demand for high quality and novel flavors because they recognize the importance of food.
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