Mobikon on Friday said it raised $12.5 million in funding led by Binny Bansal. The investment is part of the firm's series B round of funding. Mobikon has so far raised close to $30 million in funding, according to data from Crunchbase. The data exchange platform for the food and beverage sector operates in five countries servicing over 6,000 restaurants.
"This is Binny's single-largest investment bet on a scale up focused on the Southeast Asia market," the company said in a statement. The Singapore-based firm said it would use the fresh capital to take a formidable market share in existing geographies and establish a strong foothold in Australia and Indonesia, besides investing heavily in data science team and integration frame work.
"Our objective is to accelerate the value creation for restaurants beyond discounting by using Data Insights and open API platform which will network and channelise the entire eco-system around restaurants," said CEO and founder Samir Khadepaun. Indian brands in the F&B sector like Lite Bite Foods, Gajalee, Yellow Banana, Radisson Hotel Group, international brands like Bistro Group, Gerry's Grill, Swensens, Nandos, Harry's, along with reputed banks, Fintech organisations, point of sale (POS) providers and beverage brands are working with Mobikon on its data exchange platform.
Mobikon's short-term vision is to take over 50,000 restaurants on board, the firm said. "Mobikon has posted a stellar growth rate in customer acquisition in the past few months, along with demonstrated improvement in key business metrics of portfolio restaurants. Their proposed geographical expansion into Australia and further into Southeast Asia will give them unbeatable market leadership in the restaurant-tech space." Binny said.