Jcurve, a seed fund, enters the B2B food industry by investing in Hoi Foods, a cloud kitchen company. Jcurve initially invested in Hoi Foods in 2018 as a part of its first pre-seed round led by 1Crowd. What JCurve finds interesting is that Hoi Foods caters to hotels for food the way OYO caters to hotels for stays, improving the hygiene & quality of food and the overall experience of a customer’s stay at a low budget hotel.
CARE Rating estimates the foodservice industry to be worth 5.5 trillion by 2022 growing at a CAGR of 10.4%. The growth will be driven by long term demand for healthy food, backed by higher disposable income, favourable demographics and rising aspirations of the burgeoning middle class, increasing internet penetration, an increasing number of women joining the workforce, increasing focus on health and wellness, technological advancements and growing urbanization Hoi Foods, CEO & Founder, Indrajeet said, “Food Delivery market is growing very fast across
India and is dominated by a burn model where a sustainable business model is still missing. Hoi Foods is catering to the food delivery market at scale with a philosophy of keeping every order profitable and finding a unique sustainable business model where every stakeholder gets the benefit.”
Samar Singla, Founder JCurve added, “Hoi Foods is a perfect model in the B2B Food Segment. With the increasing number of cloud kitchens, Hoi Foods is operating sustainably in one of the fastest-growing verticals while bringing standardization, hygiene and quality food to budget hotels, a sector which is currently completely unorganized. We see a great opportunity in this sector and expect it to grow multifold.
About Hoi Foods:
Founded by Mr.Indrajeet Roy in 2017, Hoi foods is a food tech/cloud kitchen company that aims to provide low budget hotels with healthy and standardised food. Headquartered in Gurgaon, they operate across Delhi, NCR and Bangalore. With the funding, they plan to expand to Mumbai, Hyderabad, Pune and a few tier 2 cities.
Jcurve, is a seed fund founded by Mr. Samar Singla, Founder Jugnoo & Jungleworks. He envisions to help early-stage startups scale leveraging his tech and operational expertise across B2B and B2C segments. Jcurve’s prior investments include Rupeek, Gyandhan, Blue Tokai and Emflux.