Binny Bansal leads $12.5 mn funding in Mobikon; CEO says funds will be used for expansion activities

Mobikon, which provides software platforms for restaurants, on Friday announced a fund raise of $12.5 million in a round led by Flipkart co-founder Binny Bansal

Press Trust of India October 25, 2019 16:44:03 IST
Binny Bansal leads $12.5 mn funding in Mobikon; CEO says funds will be used for expansion activities
  • Mobikon, which provides software platforms for restaurants, on Friday announced a fund raise of $12.5 million in a round led by Flipkart co-founder Binny Bansal

  • The funds will be used for expansion activities in newer areas and increasing market share in existing ones, Samir Khadepaun, the founder and chief executive of the six-year-old company said

  • The company, which started as a customers engagement platform for restaurants now operates in five countries and has 6,000 customers as 360-degree data exchange platform now

Mumbai: Mobikon, which provides software platforms for restaurants, on Friday announced a fund raise of $12.5 million in a round led by Flipkart co-founder Binny Bansal.

The funds will be used for expansion activities in newer areas and increasing market share in existing ones, Samir Khadepaun, the founder and chief executive of the six-year-old company said.

Binny Bansal leads 125 mn funding in Mobikon CEO says funds will be used for expansion activities

File image of Binny Bansal. Pic courtesy- CNBC TV-18.

The company, which started as a customers engagement platform for restaurants now operates in five countries and has 6,000 customers as 360-degree data exchange platform now.

"Mobikon has posted a stellar growth rate in customer acquisition in the last few months, along with demonstrated improvement in key business metrics of the
portfolio restaurants," Bansal, who quit as Flipkart's chief executive amid allegations of personal misconduct last year, said.

He added that the company is looking at expansion into Australia and further into South East Asia.

Bansal will also sit on the board of the company, a statement said.

The company is serving both restaurants as well as banks, financial technology companies and point of sale service providers.

"Our objective is to accelerate the value creation for restaurants beyond discounting by using Data Insights and open API platform which will network and channelise the entire eco-system around restaurants," Khadepaun said.

Updated Date:

also read

Mumbai's first restaurant-on-wheels opens today at Chhatrapati Shivaji Maharaj Terminus
India

Mumbai's first restaurant-on-wheels opens today at Chhatrapati Shivaji Maharaj Terminus

Apart from the restaurant, a mini-café and a separate takeaway window for juices will also be set up

As COVID-19 cases decline, Maharashtra lets restaurants and eatries function till midnight
India

As COVID-19 cases decline, Maharashtra lets restaurants and eatries function till midnight

The government decision comes a day after Chief Minister Uddhav Thackeray chaired a meeting with the COVID Task Force and asked officials to prepare fresh guidelines for restaurants

Kolkata: Fire breaks out at city restaurant; no casualties reported
India

Kolkata: Fire breaks out at city restaurant; no casualties reported

Three fire tenders pressed into service to douse the blaze, which started from the kitchen of the Mughlai restaurant