The startup has invested $3 million (around Rs 22 crore) on facilities that can support 2 million meal boxes a month.
Raju told ET that the company is valued at around $75 million and would look at raising around $15 million through dilution of minority equity stake. The proceeds would be deployed mostly on expanding market reach to 3,000 large retail outlets across the country from around 500 stores now, he said.
The Taste Company, which was in active parleys with the private equity players early last year and suspended talks owing to the Covid-19 pandemic, “will revive discussions post-May,” said Raju.
“This demand for non-veg food was left unaddressed by the present instant food brands still experimenting with the breakfast range,” said Raju. “The Taste Company is steps ahead in its product research and innovation to come up with a non-vegetarian and vegetarian meal.”
The Taste Company said it has readied the business plan keeping in view that there has been a considerable change not only in food preference but also consumption style in the past few years owing to rapid urbanization, increase in working female population, and increase in nuclear families.
The vegetarian meal category currently includes Classic Dal Rice, Special Veg Rice, and Dal Khichidi, the ready-to-eat breakfast range includes Classic Rava Upma, Pongal, Semiya Umpa, among others, where the customers need to just pour hot water and eat directly from the box in 3-5 minutes.
Apart from teaming up with a few large airlines, multiplex chains, and etailers like Amazon and Flipkart, The Taste Company has forged alliances with large retail store chains including Spencers, Qmart, Ratnadeep, Sampoorna and Vijetha. At present, the product range is being made available at over 500 outlets in Hyderabad and Bangalore.