Bangalore based SmartQ, a mobile app that enables queue-less ordering at food courts in malls and corporate office complexes, announced on May 18 that it has raised pre-series-A funding from YourNest Angel Fund. Particpation from Vijay Jumani, ex-CEO of BabyOye.com was also seen in the funding round.
Company will utilize the funds to develop and deploy technology for verticals like amusement parks and retail, targeting a market size of more than $100 bn and expand business to newer geographies like Mumbai and Pune. It also aims to achieve a target of acquiring 1 million+ users in next 18 months.
SmartQ, founded in 2015 by Krishna Wage in partnership with Abhishek Ashok, aims to solve the everyday problem of uncertainty and delays over food ordering in food courts frequented by thousands of consumers every day. The app enables users to order food from a service outlet in a food court within 20 seconds and get an alert when the food is ready to be picked up, thereby eliminating the queues at both the PoS and pickup counters.
The company has also tied up with mobile wallets like PayUMoney and Paytm to enable swift cashless transactions for its users. The company charges a commission for every order serviced by its platform.
Company has seen swift adoption and already has a presence in over 10-15 IT companies and IT Parks in Bangalore. The company has partnered with large employers such as IBM, Wipro, and Accenture and has more than 45,000 users on its android app currently and clocks over 1,800 transactions daily. It is witnessing a growth of 50% every month.