Bengaluru based SmartQ, a mobile app that enables queue-less ordering at food courts in malls and corporate office complexes, on Wednesday said it raised pre-series-A funding from early stage investor YourNest Angel Fund. The 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 billion.
SmartQ, which was founded in 2015, 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 (point of sale) 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. SmartQ has seen swift adoption and already has a presence in over 10-15 IT companies and IT Parks in Bengaluru. The company has more than 45,000 users on its android app currently and clocks over 1800 transactions daily. It is witnessing a growth of 50% every month.
“The funds raised will help us expand our business to newer geographies like Mumbai and Pune and give us the necessary momentum to achieve our target of acquiring 1 million+ users in next 18 months”, said Krishna Wage, CEO, SmartQ, in a statement.
“We are very impressed with the SmartQ team’s ability to onboard some top notch initial customers at a very low cost. Nothing can set the ball rolling for startups than serving quality conscious, large-scale businesses that expect very high service standards in the very beginning”, said Sunil Goyal, Founder and CEO, YourNest Angel Fund.
Vijay Jumani, ex-CEO of BabyOye.com also participated in the funding round.