Company Profile is an initiative by ListMyStartUp to publish verified information on different startups and organizations. The content in this post has been approved by FreshMenu.
The cloud kitchens in India have overcome the conventional food services and are most welcomed by everyone. The lack of time, patience, and knowledge of foods and cooking has largely been observed in this generation, which is fuelling more cloud kitchens and driving sales for many food delivery businesses.
Besides, this culture of cloud kitchens or food coming from a separate kitchen outside has been largely preferred on many occasions during the season of the pandemic. All of these have led to a providing a renewed boost to the cloud kitchens and the businesses that revolve around them.
FreshMenu is one such company that was founded by Rashmi Daga in 2014. This cloud kitchen has been the favourite of locals since its launch and today the company has grown up to providing 13,000+ orders per day across the nation. Here is the journey and endeavours of the FreshMenu company, where we will learn about the Freshmenu company, discover the Freshmenu founder, its funding and investors, business model, revenue model, campaigns, competitors, growth and revenue, future plans, and more.
FreshMenu – Company Highlights
- Startup Name-FreshMenu
- Sector-Food Processing
- Founder-Rashmi Daga
- Founded -2014
- Parent Organization-FoodVista India Private Limited
- Funding-$32.4 mn (2022)
FreshMenu – About
FreshMenu is a food-tech startup that delivers food to the cities of Bangalore, Delhi, Hyderabad, Chennai, Pune, and other nearing places. The speciality of the startup lies in its variety of cuisines with highly experienced chefs and a fresh food menu expanding every day. The startup keeps up its name with the early delivery of fresh food.
The FreshMenu head office is in Bangalore, but the demanding everyday menu is the major reason for the growth of the company to 27+ kitchens in three years, with 500+ staff members escalating to 700+ delivery personnel. Chefs at the kitchen experiment with new dishes with fascinating ingredients such as ancient grains, fresh-to-home meat products, and exotic vegetables added in good quantities at reasonable prices. While the fresh menu reviews are mostly positive as their customers love their products.
The company looks after its delivery costs without relying on third-party logistics and saves its rentals and other high operating costs. A lot of people also ask questions like "Is freshmenu safe?" and "Is fresh menu halal? The company does source halal-certified meats and is extremely safe as it follows all the rules and regulations especially during the Covid 19 pandemic times. The FreshMenu Parent company is FoodVista India Pvt Ltd.
Rashmi Daga - Founder of FreshMenu
Rashmi Daga is not only the FreshMenu founder but is also the current FreshMenu CEO. Before launching FreshMenu, she worked as a Sales Head at Ola Cabs and she was also the founder of Afday.com. She is a graduate of IIM Ahmedabad and completed her bachelor's from Delhi College of Engineering.
This Fresh menu owner is recognized with many prestigious awards such as ET Prime Women Entrepreneurship Award, ET Facebook Women Ahead Award, and a lot more. The company now operates with around 1000 employees. Rashmi Daga net worth is not known yet but she is responsible for the exponential growth of the company.
FreshMenu – Vision and Mission
The food delivery platform’s mission is to make the food experience a greater one with simpler delivery options through FreshMenu’s fresh and delicious food.
FreshMenu – Name, Tagline, and Logo
The FreshMenu name depicts the service of the company i.e., to deliver fresh food. While the FreshMenu logo has a small spoon and fork within a yellow circle. The Freshmenu tagline is "When you order FreshMenu, you order Local", this tagline for cloud kitchen like FreshMenu represents what it stands for.
FreshMenu – Business and Revenue Model
The FreshMenu business model is designed in a way that it makes use of its wide range of cuisines like Mexican, South Asian, Italian, and a lot more to garner revenue. According to FreshMenu reviews, the promptness in delivery and daily changing menus paired with the freshness of the food are the special worth of FreshMenu. The FreshMenu business model offers end-to-end services within a radius of 4-5 km from its cloud kitchens and operates on a Full Stack Business Model.
FreshMenu earns a significant portion of its revenue from the food it prepares, which helps the startup earn its shares. This is unlike the other food-related or delivery startups that earn commissions from the delivery of food items.
FreshMenu – Growth and Revenue
FreshMenu has started to witness a good growth initially, fuelled by the early bird advantage. In 2019, it was seen that 45% of the orders came from its food delivery app and the other 55% of the orders came from Swiggy and Zomato. It was also discovered around that time that the FreshMenu revenue model received around 13K orders every day with the average price of each order being $5. However, all of it came tumbling down after the COVID-19 onslaught. The disruptions due to the pandemic outbreak has reportedly eaten down 52% of the Freshmenu scale.
FreshMenu's revenue from operations lowered from Rs 104.57 crore that it saw in FY20 to Rs 50.17 crore during FY21. This shrinkage of scale also reduced the losses of the company, which declined from Rs 11 crore to Rs 7.34 crore during FY21. FreshMenu revenue faced a net loss of Rs 11 crore in FY20, which marks a 63% decrease from Rs 30 crore from the previous fiscal, regulatory filings show. The current FreshMenu valuation is estimated to be over $30 million.
“FreshMenu aims at being the solution: great delivery and great food, for anyone whenever they are hungry. Our business model was always designed to be full-stack and hence bring the best quality of food to customers" says, Rashmi Daga, Founder of FreshMenu.
With its FY21 financials, FreshMenu's total valuation has been estimated at $27.42 mn, which has been cut steep from $52.88 mn.
FreshMenu – Funding and Investors
FreshMenu has raised a total of $32.4M in funding in over 9 different rounds that it saw of funding. The last round that FreshMenu witnessed was the Series C round worth $6.53 mn that was led by Florintree Advisors.
In January 2021, Fresh menu funding got a funding of $467.67K or (Rs 3.5 crore) in its Series B1 round from existing FreshMenu investors like Lightspeed India, Zodius Technology fund, and Vistra India.
FreshMenu – Campaigns
“Vocal For Local” is a campaign organized by FreshMenu to promote the usage of ingredients collected from local farms for food preparation. This campaign was fostered on social media and other platforms. The company states that they have been following this approach since their launch, as they serve local customers. They also posit this through their FreshMenu tagline, “When you order FreshMenu, you order Local”. FreshMenu also has partnerships with various farms and ensures high-quality and hygiene in the food.
Another prominent FreshMenu campaign is the "Earn your Lava" campaign when FreshMenu launched the Sugar Free Lava Cake in a Jar, where the company came up with the #30PushUpChallenge and claimed to give out 50 jars of the same product to those who take up the same.
The next was the two-film ad campaign that brought out the joy of having different kinds of foods together in one table.
FreshMenu – Competitors
The top competitors of FreshMenu are:
- Rebel Foods
- Uber Eats
FreshMenu sustains its supremacy with its Innovation kitchens, dynamic menu, and well-trained chefs. FreshMenu differs from other food startups by operating as both a takeaway restaurant and a cloud kitchen.
FreshMenu – Future Plans
The future plans of the company are to make a profit by adding more sub-brands and reducing the inventory level costs. FreshMenu is also planning to introduce a new pizza brand to serve its different sets of customers. FreshMenu had also launched its new membership program called as FreshClub. Also, the FreshMenu franchise is planning to expand its services in at least 10 cities in two years, adding to the existing 200 delivering cities in India. It also plans to increase its marketing spending to 8-10% of revenue post fundraise.
What is FreshMenu?
Freshmenu is the go-to neighbourhood food home delivery option you can turn to when you're famished.
Who owns FreshMenu?
Rashmi Daga is the Fresh menu owner.
How does FreshMenu work?
The process of ordering is very easy.
1. Choose your favourite food and add it to the cart from App.
2. Once done, click on “check out”, when you're about to order.
3. There are multiple payment options, such as e-wallets and COD.
How big is FreshMenu?
In a span of three years, the FreshMenu company has grown to 27 kitchens: 18 in Bengaluru, 5 in Mumbai and 4 in Delhi/NCR. Its staff of 550 members and 700 delivery personnel (hired through an agency) together fulfil about 12,000 orders every day.
Does FreshMenu serve halal?
What kind of meats and ingredients does FreshMenu use? ... Our food is the freshest as we source halal-certified meats, farm-fresh fruits and vegetables, directly from the local supplier.
How did Freshmenu start?
Freshmenu was started by Rashmi Daga in 2014 in Bangalore. The idea behind the Freshmenu is to deliver food from the new menu every day.