Ressy, an app that provides last-minute deals and discounts at restaurants, has raised $400,000 (Rs 2.5 crore) in seed funding led by Eight Capital’s founding partner Vikram Chachra and a bunch of other investors. Mohandas Pai, chairman of Manipal Global Education and former member of Infosys’ board; Akshay Garg, co-founder of Komli Media; Jeljo Joh Kottor, director, ProV Venture Investments (Singapore) and Ketharaman Swaminathan, founder of GTM360 were the other investors to put money in this round. The Pune-based Ressy Technology Pvt Ltd, the firm behind Ressy, will use the money for product development and to bring over 1,000 merchants onto its network, as per a press statement. It will also use the funding to setup a sales and technology team. “The first thing that attracted me to Ressy, was their team. It is a very solid team with good market insights….the founders came with a particular insight and value proposition, they knew how to convince the restaurant of that they wanted…their stand apart feature of being a real time, dynamic app appealed to me, as I own a restaurant myself, where I noticed and faced the exact issue they were trying to solve,” said Chachra. Ressy was founded in March 2015 by Sagar Patil and Koustubh Rajepandhare. The mobile app provides up to 50 per cent discount at local restaurants in real-time. The app provides real-time platform discovery, discounts and offers, time bound activations, capacity & inventory management in addition to location specific, time-bound deals. “Ressy’s conception came about when, we noticed the prevalent trend within the food and beverage sector, wherein restaurants remained vacant on a few days and saw a surge of customers on few others. We wanted to create an app where the restaurants were able to attract customers when the need arose and be in control,” said Rajepandhare. The company has tie ups with over 500 restaurants in Pune. Chachra had previously invested in ventures such as Carwale.com, EzeTap, LetsVenture and OnlineTyari. Eight Capital Advisory Services Pvt Ltd is a private equity fund with approximately $250 million worth of assets under management.
- B2C startups’ GMV is an artificial number; B2B revenues are more real: Exfinity’s V Balakrishnan
- Tuition startup CueLearn raises angel funding from ex-Canaan Partners MD Alok Mittal