Online restaurant booking website, Dineout.co.in, has raised angel funding from the founders of Travel Boutique online – the online B2B travel agency and Mediology Software. The investment worth Rs 60 lacs will be used to grow technology back end, develop mobile applications and marketing.
“The funds will also be used to expand services to Mumbai and Bangalore at the end of the first quarter in 2013,” Ankit Mehrotra, CEO and founder of Dineout told Pi. The startup is also looking to launch a completely new vertical in the banquet space for the party season this year. This vertical will specifically cater to corporates and the wedding parties.
Other sites competing in the category are Tablegrabber.com and Bookmyrestaurant.co.in which currently serve only Delhi-NCR, Bookurtable.com with services in 10 states, Justeat.in functional only in Bangalore pan India and Zootout.com that serves only in Indore. Most websites generate revenues by the way of commissions they earn for referrals form restaurants.
The Indian Food and Beverages market is estimated to be nearly Rs 100,000 crore which includes bars, pubs, restaurants and hotels and a large section of unorganized players. Rising middle class and increasing disposable income has fueled its growth which is expected to be 20 % on an average for the next five years.
