The new funds give TinyOwl 12 months of runtime to focus on creating a sustainable business in the food-tech domain. Harshvardhan Mandad, CEO of TinyOwl, said the company is in the middle of a restructuring process, which will help them optimise their resources and cash in a more effective manner.
"In the last few months, we have fully outsourced our last-mile delivery to partners including Roadrunnr, Opinio, Shadowfax. This move helps us focus sharper on our core technology and processes as well as significantly cut costs of delivery," said 26-year-old Mandad. "Our costs have come down by 43% with this realignment."
TinyOwl's cofounders are IIT-Bombay graduates Harshvardhan Mandad, Gaurav Choudhary, Saurabh Goyal, Shikhar Paliwal and Tanuj Khandelwal. In February, TinyOwl raised Rs 100 crore led by Matrix Partners India, with participation from Sequoia Capital and Nexus Venture Partners. Launched in 2014, the company counts Snapdeal founders Kunal Bahl and Rohit Bansal as investors.