An Ahmedabad-based startup has secured funding from Delhivery

'Food Memories', an Ahmedabad-based startup, is invested by Delhivery. There is a growing demand for sweets and savories in India, pegged at Rs 50,000 crore, and there is a promising $30 billion export food market to take advantage of. Food Memories hopes to tap into 10 percent of this market and capitalize on a growing market opportunity. 

Delhivery invests in Ahmedabad-based startup Food Memories. Looking to tap 10 percent of the Indian sweets and savories market, pegged at Rs 50,000 crore, and a promising $30 billion export food market, Food Memories is placed to capitalize on a growing demand. 

Ahmedabad based startup ‘FoodMemories’, a marketplace for authentic geographically unique Indian foods, has secured seed investment from a consortium of 8 investors led by Delhivery co-founders Bhavesh Manglani & Suraj Saharan and Darshan Upadhyay & Sanjay Notani, Partners at Economic Laws Practice, Mumbai. 

The other investors in the Ahmedabad-headquartered Food Memories include legal professionals, investment bankers, and entrepreneurs.

According to Sikh, while the startup raised roughly Rs 1 crore of corpus earlier.

The company said in a statement that it would the money to accelerate its expansion plans.  Additionally, it will make investments in establishing physical retail stories in major Indian cities. 

Food memorie’s variety of foods

Food Memories, founded in September 2016 by Harmitsingh Sikh, combines well-known regional food brands with delicacies specific to specific Indian regions. Offering mostly sweets and savories of higher shelf life that are geographically unique, Food Memories features renowned food items like Rasgullas from KC Das (Kolkata), Ratlami Sev from Prakash Namkeen (Indore), Pethas from Pethawala (Agra), Gulab Pak from Khawda Sweets (Kutch), Shrewsberry Cookies from City Bakery (Pune), Vanilla Laddoos from Gopal Sweets (Chandigarh), and Kaju Katri from Jai Hind Sweets (Ahmedabad), among others.

Delhivery co-founder Manglani stated, "Food Memories is uniquely placed to capitalise on growing demand for delicacies of iconic local brands/establishments with the Indian sweets and savouries market pegged at Rs 50,000 crore and a promising $30 billion export food market." 

Owned and operated by One Click Innovations Pvt.  Ltd., the platform offers more than 3,000 Indian food products and more than 200 major brands. It ships these items to clients all over the world. 

“We’re now operational in 26 states across India and with the support of our investors, our first retail touchpoint will come up in Ahmedabad followed by gradual expansion to strong demand centers in the country”, said Sikh, who is also Food Memories’ chief executive officer. 

 A quick look at Delhivery journey:

The Gurugram-based e-commerce logistics major Delhivery was launched in 2011 by Sahil Barua, Mohit Tandon, and Suraj Saharan.  Later, they were joined by Bhavesh Manglani and Kapil Bharati. 

In May, last year, the logistics company cum supply chain enabler had secured $30 million funding from Chinese conglomerate Fosun International.  Delhivery had raised hundreds of millions of dollars since its inception, including from Tiger Global Management, Nexus Venture Partners, Times Internet Limited (TIL), and other investors. 

It currently claims to serve about 1200 cities and 12000 pin codes.  It has about 24 fulfillment centers for B2C and B2B fulfillment services and works with companies like Flipkart, Paytm, and others.  Delhivery was also in talks with Alibaba to raise additional funding last year. 

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