The startup, present in India and United Arab Emirates, will utilise the capital to expand its business to 100 cities from 30 currently and for product development, founder Kapil Chopra told ET.
“This money will go towards developing new products which will help users eat out in a more convenient way, get them instant confirmations… This money is going to go on launching payments into Dubai, Abu Dhabi and Saudi Arabia. The Middle East is very significant because that is a very important market for us and we’ve been in Dubai for over five years now,” he added.
Chopra, who had served as president at the Oberoi Group, founded EazyDiner in 2015 with other hoteliers and restaurateurs, and journalist and food writer Vir Sanghvi.
Chief executive Sachin Pabreja, chief operating officer Ahana Bhutani and chief marketing officer Prakhar Kapoor are its other co-founder and senior executives.
EazyDiner is currently linked at over 12,000 restaurants in India and Dubai and has also partnered with 15 banks such as Axis Bank, ICICI Bank, Citibank, American Express, IndusInd Bank and Kotak Mahindra Bank for credit card offers for its over 3 million users.
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The company, according to a statement, grew 5X in terms of diners and over 18X in terms of payments of restaurant bills on its app from 2021 to 2022.Chopra told ET that the company will be profitable in the current financial year.
“The eating out culture in India has been growing exponentially, with people preferring to head to restaurants for a meal, more so post the recent pandemic. EazyDiner is the only app focused on and benefiting people eating out through content and discovery, table reservations, a VIP dining program (EazyDiner Prime) and also payment on the app,” the company said.
The Gurugram-based startup has previously raised Rs 70 crore from investors such as DSG Consumer Partners, Saama Capital, Beenext, and Denlow Investment Trust.
“We are excited to partner with the EazyDiner team as they scale their business pan India and internationally. The Sparkle Fund is always on the lookout for companies that have a vision to innovate in the financial services ecosystem and with EazyDiner, the future of eating out looks promising,” said Shivashish Chatterjee, co-founder of DMI Finance.
DMI Alternatives is the investment manager of DMI Alternative Investment Fund and an associate company of DMI Finance.
Its Sparkle Fund, which hit a closure of $40 million in 2021, has also invested in companies such as M2P, Credgenics, Servify, Uni and Mobikwik.
Last year, EazyDiner partnered with IndusInd Bank to launch its co-branded dining credit card featuring benefits including a complimentary EazyDiner Prime membership that guarantees a minimum of 25% and up to 50% savings at over 2,000 restaurants, an additional 25% discount of up to Rs 1,000 every time a customer pays via PayEazy.
Other benefits included loyalty points, complimentary alcoholic beverages at select restaurants, and domestic airport lounge usage.
EazyDiner competes with online food ordering platform Zomato and Swiggy-acquired DineOut in the offline hotels reservations and digital payments space.
