Foodtech platform ‘SaveEat’ raises$500,000 USD from Credent Investment at $4 MN USD valuation
Mumbai, December 13, 2022:SaveEat, India’s first food saving app, today announced that they have raised a pre-seed round of $500,000USD from Credent Investment Private Limited The post money valuation of SaveEat post this round stands at $4Mn USD . SaveEat is focused on solving the ‘food wastage’ problem by enabling eateris and restaurants to sell everything they prepare, everyday.
Speaking on the fund raise, Sneh Binny – Founder & CEO of SaveEat said, “This pre-seed round comes on the heels of the product’s unique ideation, business revenue model that is ambitious yet realistic and the untapped potential the business has in a country like India.The company also aims to hire the best and competitive talent in the country for this mission. We plan to become a first-of-its-kind foodtech platform that’s addressing the INR 40,000 crore problem of food wastage in the hospitality sector of India. We intend to utilise the funds majorly towards strengthening our technology, increasing our team sizeand also on marketing. This would also help us expand our business operations across 3 key markets – Mumbai, Pune and Bangalore. Our goal is to partner with 3000 plus outlets by March .”
Mr. Aditya Kanoria Director designation at Credent Investment said, “SaveEat is one of the only payers in India which is a ‘business with a cause’ which sets it apart from other major players in the food-delivery industry. With a goal to make India a ZERO food waste country, SaveEat is transforming how surplus food is managed in India.”
Each year, around one third of the food produced in the world for human consumption gets wasted. This equals to 2.5 billion tons of food wasted every year and is responsible for 10% of the global greenhouse gas emissions. This is scary indeed!
Nobody likes to see food go to waste, but there’s only a little common people can do to reduce this food wastage on a larger scale. That’s where SaveEat comes in. It operates on a larger scale and the potential it has is tremendous! There are many great companies in Europe, US and Canada who have been doing this for over a decade. And recently, many Asian countries have seen startups in this space. Finally! India gets Its own food saving app. Let us fight food waste and climate change together.
SaveEat aims to reach every household and build a community of like-minded individuals, empowering them to make sustainable life choices. Through its free smartphone app, SaveEat helps eateries sell their perfectly fresh surplus food (over-prepared, overstock, inaccurate predictions of sales, under consumption, etc) and on the other hand It allows customers to get fresh, quality food from great places that would have otherwise gone to waste if not consumed in time. What’s more to it? Well, customers get great hefty discounts! This is a win-win-win situation for all, Restaurants, Customers and the Environment.
The app is live on Google Play store for android users. The app is being updated on a regular basis and it only gets better with the new improvements.
Moreover, the team at SaveEat is driven, fearless and passionate to make this social change under the leadership of its young and ambitious Founder and CEO, Sneh Binny. The response from its users is quite overwhelming! The SaveEat team is in full swing to stand out from its competitors and make this business sustainable, meaningful, and one of its kind in India.