Easy Eat founders
Easy Eat, a new Artificial Intelligence-powered foodtech startup headquartered in Singapore, has secured an undisclosed amount in pre-Series A investment round from half-a-dozen investors.
The names include Bala Chandra, Managing Partner of Vernalis Capital, and his family office, besides five other unnamed angels.
The less-than-a-year-old startup, which also has offices in Malaysia and India, will use the capital raised to build the team and launch the product.
The startup was founded last year by Mohd Wassem, Rhythm Gupta, Abdul Khalid, Akshay Chauhan, and Alok Ranjan. Wassem has previously built and exited Bobble Keyboard, for which he raised multiple rounds of funding from SAIF Partners, Sachin Bansal and Binny Bansal (Co-founders of Flipkart), Deep Kalra (Founder of MakeMyTrip, Amit Ranjan (Co-founder of Slideshare), and Prashant Malik (co-creator of Cassandra).
Also Read: AI startup Easy Eat aims to transform restaurants into tech firms and make dining more interactive
Easy Eat’s AI-based tech solution personalises and rewards users’ dining experience. It digitises all customer-facing interaction in the restaurants — from browsing menu and ordering to tracking to payments. It even suggests customising options basis the users’ preferences and history. The more a user uses Easy Eat AI tech, the more personalised it gets.
“Imagine the app taking care of your dining preferences, allergies, calories, choosing best payment options and rewarding you for loyalty without any extra effort,” Wassem said.
On the other side, restaurants can save time and money and better manage the footfall. They will also have access to advanced user analytics (the equivalent of Google Analytics for offline businesses). It will give a fillip to their marketing intelligence, customer strategy and business efficiency.
“While this innovation may not compete with restaurants as an alternate supplier, it certainly has a vast potential to transform the way customers buy and experience dining. Restaurants don’t have to incur any additional cost to use the solution. More importantly, this will increase their bottom-line by 40 per cent,” Wassem added.
The company targets the US$100-billion food & beverages sector in Southeast Asia, where majority prefer eating out — in some countries, more than 90 per cent of the people consume at least one meal outside a day. Plus, the region has a high female working population.
Also Read: Coping with consumer behaviour during the COVID-19 crisis
Easy Eat is going to start online ordering as well as takeaways at zero per cent commission to support restaurants in these tough times. Wassem claimed that tens of restaurants have already signed up for this programme, as they are not happy with the commissions charged by the likes of foodpanda and Grab.
“I was convinced about the idea from the very beginning, and the recent COVID-19 outbreak has further strengthened my belief in it. As the world emerges from the virus, we would see large scale technology adoption in this area. Restaurant offerings, from ordering to payments to service delivery, will all go contactless,” said investor Chandra.
“I was the first investor in Wassem’s previous company and continue to back him in his second venture. The team comes with a strong entrepreneurial, business and technology background. I am upbeat about the future of Easy Eat,” Chandra added.
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Image Credit: Easy Eat
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