Gurgaon based D2C Food startup MOPP Foods has announced it has secured Seed funding from existing investor network of India Accelerator. With this funding (undisclosed) the startup plans to expand capacity in its existing cloud kitchens across Delhi NCR.
“We are currently clocking about 25,000 orders a month with a GMV ARR of Rs 8 Crore,” says Geetika Anand Gupta, Co-founder MOPP Foods.
Street food have wide appeal: Co-Founders
Founded in 2019 by Gold Medalist MBA Geetika Anand Gupta and IIT Bombay alumni Gaurav Gupta, the startup currently operates 3 brands – MOPP - Mad Over Parathas & Pakodas, Mealy and Mad Over Curry across Delhi NCR. MOPP has reinvented the recipe of pakodas to make them delivery friendly, as they are less oily, do not become soggy and remain crispy on delivery, it said in a press statement.
“We started off with an aim to build a single brand QSR chain focused around popular street-foods and snacks, parathas and pakodas. We strongly believe that these street-foods carry a wider appeal compared to Burgers, Pizzas or Momos but still there is no big brand or chain trying to uplift them in an organized segment. While we have evolved into a multi-brand cloud kitchen over the last 2 years, our original aim to uplift popular Indian street-foods remains the vision of our brand MOPP,” says Gaurav Gupta, Co-founder MOPP Foods.
Their other brand Mealy delivers everyday lite comfort meals made in homestyle recipes to ensure a homely experience. The third brand Mad Over Curry delivers North Indian curries with a range of tandoori and grilled starters.
Plans to enter retail sector
The startup also plans to enter the retail sector with frozen versions of their popular dishes.
Mona Singh, Co-Founder and Partner, India Accelerator, said, “We have seen the founders hustle through the last 2 years, which perhaps is the toughest time a food startup could ever see in its journey. We are very proud and happy to see how they have successfully scaled and achieved 5x growth during this period. It is noteworthy that the startup has already given a multifold exit to its early investors which builds great investor confidence in founders and their commitment.”
MOPP Foods has grown at a CAGR of 80 percent over the past three years and is looking to achieve even faster growth now on as the pandemic challenges seem to be behind us. It is looking to raise additional funding to fuel the next stage of scale across Delhi NCR, the startup said.
Geetika Anand Gupta, Co-Founder said, “This is a very exciting stage in our journey as we are pushing our limits to breach our own projections. While the pandemic has been challenging, it has taught us to do more with less. This mantra is our guiding principle as we look to scale beyond Delhi NCR in the coming year.”
The online food delivery market was worth around $4.66 billion in 2020 and is forecast to be worth $21.41 billion, with a staggering CAGR of 28.95 percent during 2020-2026. MOPP Foods said it is well poised to capitalize on this market opportunity which has expanded multifold due to food ordering behavioral changes caused by the pandemic.
