SaveEat, India’s first food saving app, has raised a pre-seed round of $500,000USD from Credent Investment Private Limited The post money valuation of SaveEat post this round stands at $4Mn USD . SaveEat is focused on solving the ‘food wastage’ problem by enabling eateries and restaurants to sell everything they prepare, everyday.
Speaking on the fund raise, Sneh Binny – Founder & CEO of SaveEat said, “This pre-seed round comes on the heels of the product’s unique ideation, business revenue model that is ambitious yet realistic and the untapped potential the business has in a country like India.The company also aims to hire the best and competitive talent in the country for this mission. We plan to become a first-of-its-kind foodtech platform that’s addressing the INR 40,000 crore problem of food wastage in the hospitality sector of India. We intend to utilise the funds majorly towards strengthening our technology, increasing our team sizeand also on marketing. This would also help us expand our business operations across 3 key markets – Mumbai, Pune and Bangalore. Our goal is to partner with 3000 plus outlets by March .”
Aditya Kanoria Director designation at Credent Investment said, “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.”
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