SaveEat Raises $500,000 From Credent Investment At $4 Million Valuation
The fund raised will be utilized towards strengthening the technology, increasing the team size and also marketing
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SaveEat, India's first food saving app, today announced that they have raised a pre-seed round of $500,000 from Credent Investment Private Limited. The post money valuation of SaveEat post this round stands at $4 million. SaveEat is focused on solving the 'food wastage' problem by enabling eateris and restaurants to sell everything they prepare, every day. The fund raised will be utilized towards strengthening the technology, increasing the team size and also marketing.
"This pre-seed round comes on the heels of the product's unique ideation, business revenue model that is ambitious yet realistic and the untapped potential the business has in a country like India. The company also aims to hire the best and competitive talent in the country for this mission. We plan to become a first-of-its-kind foodtech platform that's addressing the INR 40,000 crore problem of food wastage in the hospitality sector of India. We intend to utilise the funds majorly towards strengthening our technology, increasing our team size and also on marketing. This would also help us expand our business operations across 3 key markets – Mumbai, Pune and Bangalore. Our goal is to partner with 3000 plus outlets by March," said SnehBinny, founder and CEO of SaveEat.
SaveEat aims to reach every household and build a community of like-minded individuals, empowering them to make sustainable life choices. Through its free smartphone app, SaveEat helps eateries sell their perfectly fresh surplus food and on the other hand It allows customers to get fresh, quality food from great places that would have otherwise gone to waste if not consumed in time. The app is live on Google Play store for android users, as per a statement given by the company.
"SaveEat is one of the only payers in India which is a business with a cause which sets it apart from other major players in the food-delivery industry. With a goal to make India a ZERO food waste country, SaveEat is transforming how surplus food is managed in India," said Aditya Kanoria, director designation at Credent Investment.