Mumbai-based foodtech startup Thrive has raised an undisclosed pre-Series A funding led by Whiteboard Capital and Ahimsa Capital. The funding will be used to add more restaurants to the platform and expand its product offering. The team added that it will be moving to a self-serve model, which would make Thrive more accessible to small, independent restaurants across the country.
The company was founded in 2020 by Krishi Fagwani, Dhruv Dewan, and Karan Chechani. Thrive has built an integrated SaaS solution for restaurants to build their own ordering experiences. This in turn helps them save close to 30 percent of their revenues but also provides them with the ownership of the customer data.
Krishi Fagwani, Co-founder, Thrive, said: “We quickly understood the reality for our business and the industry we serve had changed. We immediately went back to the drawing board and spoke to our customers to understand how this new normal will shape up. Thrive is a restaurant-first solution that will not only allow them to survive the harsh reality of the pandemic but also thrive in it.”
Anish Malhotra, Founder at Ahimsa Capital, said, “We are proud of the team’s tireless focus through these difficult months on helping restaurants take control of their destiny. Now, more than ever, businesses need to improve margins, own their distribution and data. Thrive allows them to do this and more.”
Anshu Prasher, General Partner at Whiteboard Capital, said, “Leveraging their background in customer relationship management and a deep understanding of the restaurant industry, the Thrive team has built an extremely relevant vertical tech product solving for data and control for their partners. We have loved the initial engagement and partnerships the company has forged and look forward to an exciting journey with the team.”
Thrive has partnered with the likes of Natural Ice Creams, Lite Bite Foods, and Apsara Ice Creams as well as popular independent restaurants like Izumi, Americano, The Table, and The Mexican Box.