Retail Convenience start-up DroptheQ raises USD 1.15 Mn in Seed round
Dec 09, 2021
New Delhi [India], December 9 (ANI/SRV): DroptheQ, a retail and food-tech venture helmed by Vaibhav Singhal, is set for an upwards trajectory having recently received funding of USD 1.15 million.
The firm was invested in by Hyderabad based angel investors and raised this amount in its seed funding round which started and culminated well within a matter of two months. With the funds in place, the work has already started towards collaborating with more and more brands with the OKR set at getting a market cap of 15% by the end of FY 2021.
DroptheQ, which currently has some of the biggest names of the North Indian FnB space to its name, is planning to expand to all Metros and tier-1 cities within the next two quarters.
Nikhil, who heads Tech, said, "DroptheQ has the vision to eliminate the Billing Counter Queues from all Retail formats using the latest and best technologies available in the world." Along with F&B, DroptheQ has developed the solution, Scan & Go for Modern Retail stores. They have plans to bundle it up with AI and ML-based theft prevention technology and introduce this to Indian retailers and customers.
As per Murli Krishnaa Vemuri, DroptheQ's underlying idea had an instant resonance with the entire VC team. He said, "None of us like waiting and as somebody who has been investing in the food-tech & retail space, I have seen how retail and QSRs suffer because of this endless line of orders. I personally feel that while the B2C space may take its own time to warm up to the concept, the B2B space of the restaurant and food court owners will have a lot to benefit from this."
Indian QSR and Modern Retail market is close to USD 45 billion, while loads of work is being done around online deliveries, very little is on offer for offline shoppers. One unique use case of the same came up with one leading grocery retail chain in Central India that DropTheQ is currently associated with. With demands getting excessive on weekends, the inventory management systems ended up showing out of stock in many cases.
With DroptheQ, the retail chain was able to not just manage the crowd inside the outlet better but was also able to keep a stock of how much to fulfil in what time. Since then, DroptheQ has expanded its presence to several outlets of this retail chain in North India as well. Through its offerings, DroptheQ aims to cut the waiting time in queues by half and make the shopping experience seamless.
DroptheQ is jointly headed by Vaibhav, Nikhil, and Swati. Swati is the one who handles the day to day operations. She adds, "I have been running around my house managing stuff as well as work, DroptheQ is just another baby for me to handle! Now, while this baby keeps me awake at night, at least it doesn't cry!" Additionally, the DroptheQ team displays an unusual camaraderie and is already on the path to hiring more foot on the ground to further its reach in the Delhi-NCR region.
Some of the major clients of the brand include Subway, Nirulas, Baskin Robbins, Spark Mall, Parsvanath Math, and Inderlok Food Courts. In addition to this, the company also tied up with several top technology and management institutes in the country, and major clothing retail chains. Their contactless ordering was successful during the lockdown phase as it became the app of choice for people who wanted to go out but get a drive-through service instead of waiting in long lines.
The firm is on track to fast growth, and is fast grabbing the market. With aims to soon be a unicorn startup, DroptheQ hopes that 2022 will be an even better year. To know more, visit - https://droptheq.com/
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