Bengaluru: The UK-based Compass Group has acquired a majority stake in Bengaluru-based foodtech startup SmartQ. The Krishna Wage and Abhishek Ashok founded foodtech startup is into digital services for cafeteria management. It was founded in 2012. The USP is corporate gifting, contactless prepaid cards, point-of-sale software and automated kiosks. Last year during the lockdown, SmartQ launched slot based booking to decongest cafeterias.
Compass India will utilise SmartQ’s technology offerings such as the mobile app for food ordering at the workplace, self-ordering kiosks, cashier-less cafeteria and PoS solutions and look to deploy SmartQ’s solutions across its global client base. The advantage claimed by SmartQ is the elimination of queues and better service to customers. Compass India looks to roll out the cloud-controlled menu display systems.
The acquisition will entail the roll out of solutions to the client base not only in UK but also in India. Officials say that there are plans to expand to New Zealand, USA and in the East to Singapore and Japan.
SmartQ last announced a $1-million fundraise from a consortium of Dubai-based investors in 2018. Existing investor YourNest participated in the round as well. IN 2018, SmartQ had acquired Nexus Venture Partners-backed Goodbox’s cafeteria business for an undisclosed amount.
SmartQ competes with the likes of HungerBox and Sodexo. HungerBox has investment from Paytm and investors such as Sabre Partners and Neoplux. It raised $12 million in December. Compass Group is one of the world’s leading providers of contract food and support services with a presence in 45 countries. Compass Group India is the wholly-owned subsidiary of Compass Group PLC and has been in the country since 2008.
Dev Amritesh, Managing Director for Compass Group India said, “We are delighted to welcome the founders and the entire SmartQ team to the Compass India family. The workforce in India today is increasingly made up of people who have either grown up or are deeply accustomed to personal technology. They are our core consumers and are driving a change in the way we operate contract food services to meet their needs. Tech solutions that deliver seamless, enhanced experiences like menu discovery, pre-ordering, payment and post-order support have become an increasingly important part of the food experience at work. We want to be at the forefront of this change, continually leading innovation and reinventing our service and experience model. We are excited about the possibilities with the best-in-class technology and development capability that SmartQ brings to our company.”
Krishna Wage Co-founder and CEO of SmartQ said, “We are extremely excited about the massive potential we will able to unlock for our clients and stakeholders with the partnership with Compass India. Both companies aim to work together to truly transform and disrupt the B2B food-tech horizon by creating an innovative technological experience everywhere.”
