Yummy Plate, a subscription-based meal service provider, announced on Tuesday (August 22) that it has secured $2 million in funding from educational services platform K12 Techno Services. The startup intends to utilize this investment to extend its presence in the country by expanding into new cities.
B2B Startup Focused on School Meal Services
Founded in 2022 by Bala Hariharan, Yummy Plate operates as a B2B startup, offering subscription-based meal services for schools. Presently, the startup caters to more than 3,000 students across 30+ schools in Bengaluru.
Yummy Plate Ambitious Expansion Plans and Pan-India Presence
The freshly acquired funds will play a crucial role in Yummy Plate’s expansion strategy. The startup plans to introduce its services in cities like Mumbai, Pune, Hyderabad, Chennai, and Delhi. Their goal is to engage with over 100 schools by the next year, serving a student base of more than 20,000. Furthermore, Yummy Plate aims to establish a nationwide presence within three years.
Yummy Plate Positive Outlook and Alignment of Goals
Founder Bala Hariharan expressed confidence in the startup’s ability to provide nutritionally balanced meals to students. He emphasized that the funding will enable Yummy Plate to realize its growth ambitions and extend services across multiple cities.
K12 Techno Services, the investor in this funding round, highlighted a significant gap in the market regarding the supply of quality nutritious food in schools. CEO Jai Decosta affirmed that Yummy Plate’s mission to address this gap aligns with K12 Techno Services’ commitment to enhancing student well-being.
Battling Funding Challenges in the Startup Ecosystem
Yummy Plate’s funding success arrives amid a challenging funding landscape for startups. The ongoing funding winter has created a scarcity of capital, impacting the growth trajectory of many businesses. According to Inc42’s Indian Tech Startup Funding Report H1 2023, Indian startups collectively raised $5.4 billion in H1 2023, witnessing a decline from the $19 billion raised during the same period the previous year. Additionally, seed-stage funding experienced a substantial drop from $1.4 billion in the first half of the prior year to $479 million in H1 2023.
