"The company said that it has raised $10 million in a Series B extension round led by PSG Equity through its portfolio company Zenchef SAS. Notably, this amount is larger than the startup's original Series B round of $6 million in 2022. With this fundraiser, Eat App has now raised over $23 million in funding to date. The company, which has been around for more than a decade, has been present in over 92 countries, serving more than 5,000 restaurants and $12 million in ARR."
"To achieve scale, Eat App acquired a rival called ReserveGo and also partnered with a recently listed food and grocery platform, Swiggy, to upsell its restaurant product. ReserveGo was built by Vijayan Parthasarathy in 2022. Parthasarathy has had a storied history in restarant reservation industry. Prior to ReserveGo, he built a similar platform called Inrestro in 2014, which was acquired by Times Internet-owned Dineout in 2015. In 2022, Swiggy acquired Dineout from Times Internet."
"However, in the last 12 months, India has been a central focus for the company as it scaled to over 2,000 restaurants in the country. India's food service industry is set to reach over $85 billion by 2028, according to industry reports, with dine-in making more than half of it. Restaurants are relying on walk-ins and separately managing their reservations coming from sources like Zomato, Swiggy, and EazyDiner."
Eat App raised $10 million in a Series B extension led by PSG Equity through Zenchef SAS, bringing total funding to over $23 million. The company has operated for more than a decade across over 92 countries, serving more than 5,000 restaurants and generating $12 million in ARR. India became a central focus in the past 12 months, with growth to over 2,000 restaurants. India’s food service market could exceed $85 billion by 2028, driven largely by dine-in. Restaurants manage multiple reservation channels and walk-ins. Eat App acquired ReserveGo and partnered with Swiggy to aggregate reservation data and upsell its restaurant product.
Read at TechCrunch
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