EazyDiner, a restaurant table reservation startup, has raised INR 40 Crore ($4.8 million) in a strategic funding round from DMI Finance’s Sparkle Fund.
The latest investment will enable the startup to expand its reach across India and the Middle East, accelerating its growth plans and adding new features to make its platform more attractive for customers and restaurant partners.
EazyDiner operates across three major verticals, which include the restaurant table reservation business, food discovery platform, and payment solutions business through PayEazy.
The platform claims to have more than 12,000 restaurants on its platform across India and in Dubai, and it has partnered with 15 Indian banks and catered to over 30 Lakh users so far.
EazyDiner has grown 5 times year-on-year in terms of users and 18 times year-on-year with regards to payments volume on its app in 2022.
It claims to be profitable and to have partnered with marquee hotel chains such as ITC Hotels, Radisson Hotels, JW Marriott, and Four Seasons to offer its services. The startup competes with food tech giants Zomato and Swiggy, who are also ramping up their presence in the dine-out segment and making efforts to digitize the entire customer lifecycle from acquisition to payment.
The homegrown food service market in India is projected to soar to $79.65 billion by 2028, and the upscale dining-out market forms a small part of the food service industry.
Zomato has reintroduced Zomato Gold to woo more customers dining out, and Swiggy has launched its dine-out program. Swiggy has also integrated its dining-out service, Dineout, with its food delivery app, thereby expanding it to all users.
EazyDiner’s co-founder, Kapil Chopra, said, “This round will enable us to accelerate our growth and expand our reach across India and the Middle East.
With the latest funding round, EazyDiner is well-positioned to grow exponentially and add new features to make it even more rewarding for consumers and restaurant partners to encourage eating out at great restaurants. The investment from Sparkle Fund will help EazyDiner to compete in the dynamic and competitive food tech market and become a preferred choice for customers and restaurant partners alike.
