Blume Ventures funded MonkeyBox Food Tech Pvt. Ltd has acquired food delivery startup 75 In A Box in an all-stock deal. This is the second acquisition this year for MonkeyBox, which lapped up juice manufacturing startup RawKing earlier this year to add healthy juices into their menu. The Blume Ventures funded startup currently delivers nutritious meals across schools and corporate clienteles only in the Bengaluru city.
MonkeyBox co-founder Sanjay Rao while speaking to VCCircle told that the latest acquisition will help in expanding their product menu to adult category, adding that 75 in a Box boosts a very substantial experience in the adult health food sector.
He also disclosed that 75 in a Box’s co-founders Dinakar Raju and Veeraraghavan Vasudevan along with 10 other staff members have joined MoneyBox. However, 75 in a Box will continue to operate as a separate brand, since it will become the subsidiary company of the firm.
Raju informed VCCircle that 75 In A Box will serve veg as well as non-veg food from its existing kitchens, while its parent company will expand the non-veg menu in February by taking help from four of its existing kitchens. The expansion of non-veg menu will help in catering the corporate clientele, adds Raju.
Since the year 2015, the food tech sector has been going through consolidation owing to lack of funds and negative sentiments pervading across the Indian startup ecosystem. Many food startups were even forced to shut their shops, including the Flipkart funded SpoonJoy that closed nearly two years back. However, MonkeyBox has somehow managed to hold on during these tough times. The company claims to enjoy 6,000 subscribers and processing nearly 12,000 orders on day-to-day basis to almost 150 schools. The startup now aims to expand across Central Bengaluru, a region that is yet to be explored.