India Restaurant Procurement Startup Lands Pre-Series A

An eProcurement startup in India secured pre-Series A funding, reports Friday (March 24) said.

Adurcup raised financing from corporate investors and family offices, according to reports, in what is a rare instance of investors targeting the eProcurement space. While the amount of money raised was not revealed, the company is reportedly planning to raise a total of $500,000, with about 65 percent of that already secured.

Adurcup focuses its services on the food packaging industry and has since expanded to the broader restaurant space. The company is part of the GHV Accelerator program, which includes other startups like MyTaxiIndia, FitMeIn and Pick My Laundry.

“[Adurcup is] one of the most scalable businesses in the F&B sector, and that too on the procurement side,” said GHV Accelerator Evangelist Vikram Upadhyaya of the startup. “A highly memorable team that has done their homework well.”

Adurcup cofounder Kushang (reports did not provide his first name) said the company first focused on cracking the hotel, restaurant and catering space.

“It’s a given that only fundamentally strong businesses can scale,” he said. “In the last 1,980 days we have grown consistently focusing on increasing adoption rate by restaurants to order online.”

“The current fund raise will help us scale, bring more process innovations and improve our product with profitability being the first milestone,” he continued. “We are taking each quarter as a separate challenge and are achieving milestones each quarter.”

He added that Adurcup will aim to hit $500 million in revenue in the next four to five years and said it could do that by tapping just 1 percent of India’s restaurant industry. As it expands, the company will continue to focus on F&B suppliers to help them reach more restaurants and other corporate clients; Adurcup said it will look to provide them with additional services like logistics and inventory management, accounts receivable and working capital management.