Foodtech firm SaveEat raises $500,000 in funding to expand business

Start-up's app helps eateries sell their surplus food and gives customers discounts

SaveEat has raised $500,000 in pre-series A funding from Credent Investment Pvt Ltd, bringing the foodtech start-up’s valuation to $4 million.

The firm will use the fund on technology, increasing its team and on marketing. The money would help the firm expand its business operations in Mumbai, Pune and Bengaluru.

“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 Rs 40,000 crore problem of food wastage in the hospitality sector of India,” said Sneh Binny, founder and chief executive officer of SaveEat.

“With a goal to make India a zero food-waste country, SaveEat is transforming how surplus food is managed in India,” said Aditya Kanoria, director at Credent Investment.

SaveEat’s free smartphone app helps eateries sell their surplus food (over-prepared, overstock, inaccurate predictions of sales, under consumption, etc) while giving customers discounts.