Food-tech company SmartQ buys Goodbox Cafeteria business

As per sources, the deal size is around $8,00,000 (Rs 5.50 crore) and is a complete cash deal.

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As per sources, the deal size is around $8,00,000 (Rs 5.50 crore) and is a complete cash deal.
AHMEDABAD: YourNest Angel Fund-backed SmartQ, a food-tech startup, has acquired Nexus Venture Partners-backed Goodbox’s cafeteria business for an undisclosed sum. SmartQ expects to increase its customer base with this acquisition, while by offloading its cafeteria business, Goodbox wants to focus on its hyperlocal business.

As per sources, the deal size is around $8,00,000 (Rs 5.50 crore) and is a complete cash deal. SmartQ and Good-box both declined to divulge the deal size.

“We have sold our cafeteria business to SmartQ. We wanted to focus on the hyperlocal business and are exiting the cafeteria solution as it is non-core to us now” said Abey Zachariah, CEO, Goodbox. He further said that Goodbox is doing very well in hyperlocal commerce.

“With this acquisition, we are looking at increasing our customer base across India” said Krishna Wage, cofounder, SmartQ. Good-box has customer base of 10 plus Multi-national companies as its clients, post-acquisition, SmartQ will further strengthen its digital cafeteria business by adding Good-box’s customer base to its portfolio.

SmartQ claims to have clocked more than one crore transactions in last one year and witnessed a 50% month-on-month growth with over 1.2 lakh plus daily transactions. SmartQ is spread across 100 locations across India and globally.

Good-box established in 2014, cofounded by former redBus executives Abey Zachariah and Mayank Bidawatka, and IIM-Bangalore alumni Nithin Chandra, Mohit Maheshwari, Anand Kalaginamani and technologists Mahesh Herle and Charan Shetty.

Good-box funded by Nexus Venture and other angel investors like Manipal Group, Aprameya Radhakrishna cofounder TaxiForSure and Charan Padmaraju cofounder redBus, allows businesses to create a storefront on its app, similar to real-world store, where customers can directly interact with the store and do transactions. Thus it works like a mega app where users can see mini apps of several businesses within and on using it the users also gets loyalty/reward points.

While SmartQ, also founded in 2014 by Krishna Wage and Abhishek Ashok, provides digital cafeteria across different sectors including corporates, malls, multiplexes, stadiums, hospitals and colleges. Primarily it eliminates queues, minimizes waiting time, and increased collaborative work time for cafeteria working in large establishments/setups.

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