Mobikon raises $2.3 million from Jungle Ventures

To use funds to expand ops in India, Manila, Singapore and Dubai

Mobikon Technologies, a mobile commerce platform for the food and beverage sector, has raised $2.3 million (Rs 14.5 crore) in a funding round led by Jungle Ventures.

Mobikon, founded in 2008 by Sameer Khadepaun and Salil Khamkar, plans to use the funds to fuel growth across markets, including India, Manila, Singapore and Dubai.

The company had in 2012 closed $1.7 million in a Series-A round of funding led by Jungle Ventures, with participation from angel investor Ravi Mantha, a member of the board of trustees at The Indus Entrepreneurs (TiE).

"The F&B business across Asia is set for a period of unprecedented growth. We expect to partner 3,000 F&B outlets by the end of this financial year and double the number in another year. This funding round will help Mobikon achieve some critical scale points, including the launch of its automated marketing platform for the F&B industry," Khadepaun, co-founder and chief executive of Mobikon, said in a release on Wednesday.

At present, the Mobikon platform powers over 65,000 reviews every month. It engages more than 600,000 diners every month, with over 130,000 new diners being added month-on-month. The company has expanded to five countries in the last 18 months, and the international market currently contributes 45% to its overall business.

"Mobikon has been consistently growing at around 10% month-on-month for the last two years and we expect the company to dominate the customer engagement and marketing for restaurants. The food tech space is seeing a lot of disruption and Mobikon is well positioned to be a market leader in Southeast Asia," said Anurag Srivastava, co-founder and managing partner at Jungle Ventures.