The Mumbai-based food-saving app SaveEat announced on Tuesday that it has secured pre-seed funding from Credent Investment for the sum of $500,000.
SaveEat will use the new funding to improve its technology and grow its workforce and marketing efforts. The startup was valued at $4 million post-money in the transaction, as per reported by VCCircle.
“We plan to become a foodtech platform that’s addressing the Rs 40,000 crore problem of food wastage in the hospitality sector of India. The fundraise will help us expand our business operations across 3 key markets – Mumbai, Pune and Bengaluru. Our goal is to partner with over 3,000 outlets by March next year,” said Sneh Binny, founder and chief executive at SaveEat.
Sneh Binny founded SaveEat in 2021 to assist restaurants in selling their fresh surplus food and to give customers access to fresh, high-quality food that would otherwise go to waste if not consumed quickly.
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 at Credent Investment.
SaveEat is an app-based platform, India’s first food saving app that enables eateries to promote their food items to a larger wallet-conscious customer segment to mitigate the increasing concern of food surplus in India. While there are many ways to help tackle the issue, SaveEat is India’s 1st surplus food management ecosystem that provides an end-to-end solution to market your food items and assures a tummy for each item listed on SaveEat as surplus.