The meaning of FoodTech Or Food-Tech is in the name itself, you know? Yes, as you have guessed already, these are the very companies that use advanced technology to launch themselves in the food industry, simple as that. But just a decade ago, there weren’t this many FoodTech companies in India, but things have changed quite a bit and we all have witnessed it, right? Right now though, there are some FoodTech companies that rank among the biggest companies in the country. And today, we are here to talk about the top 10 most renowned foot-tech companies in India as of 2024. So, let’s see which are your favorite companies that have made it to this list, here we go.
1. Zomato
Reporting its first full-year profit, which shows a net profit of ₹175 crores in Q4 FY24, a huge name in the food delivery sector Zomato reached a significant mark this year. For sure, this is far different from the ₹ 188 crore loss in the same quarter last year. Though their success story does not stop here, Blinkit, Zomato’s fast-moving business, has revolutionized and doubled its income to ₹769 crore, you know? Targeting 1,000 outlets by the end of FY25, Zomato, with a market capitalization of about $9.3 billion, is fast expanding, mostly focusing on India’s top eight cities.
2. Swiggy
Emphasizing its strong financial situation, Swiggy is preparing for an IPO valued at $1.2 billion by the end of 2024. And yes, renowned for its vast delivery system, Swiggy is about more than just food these days. Delivered in minutes, Swiggy Instamart today provides over 35 categories including electronics and clothes. Another thing is that with a substantial $65 million ESOP liquidity program, Swiggy demonstrates its staff members’ value. With its multi-service app combining new services like Swiggy Dineout and Swiggy Genie, operating in more than 25 cities, Swiggy positions itself as a complete on-demand convenience platform in the country, you know?
3. BigBasket
Under Tata Digital, BigBasket still rules the online grocery space even with a 1,535 crore rupees deficit in FY 2022-23. Still, a 5% revenue boost to ₹7,462 crore shows how stable and robust their core is. BigBasket is on course to become profitable in six to eight months with its new vertical, “BB Now.” Aiming for an IPO by 2025, they intend to generate $80 to 100 million to support development. All in all, BigBasket is a household name for online groceries because of especially improved service offerings and operational efficiency brought about by collaborations with Zoho Corporation and companies like Tanishk.
4. Rebel Foods
Expanding its global presence with more than 450 cloud kitchens spread over more than 70 cities globally, Rebel Foods, the parent company behind Faasos and Behrouz Biryani, is Aiming for a $1.5 billion market value. And yes, just so you know, Rebel Foods is now in negotiations to finance $150 to 200 million to be used for acquisitions and infrastructure development. All in all, a monument to its creative business concept, Rebel Foods is aiming to be the first cloud kitchen company to go public in India in 2025.
5. FreshMenu
Starting FreshMenu, Rashmi Daga is creating a niche with gourmet-style cuisine right here in India. The company is in negotiations to raise $25 to 30 million to support technology and infrastructure. Investigating physical stores to complement its online presence, FreshMenu’s market capitalization is believed to be between $40 and 50 million as of 2024. However, talks on past acquisitions with OYO and Ola haven’t stopped their independent development. FreshMenu wants to be net profitable within the next 12 months with strategic investments and expansion plans, therefore confirming its place in the cutthroat food-tech scene.
6. HungerBox
Leading name in B2B food-tech, HungerBox specializes in digital cafeteria management for more than 160 corporate cafeterias, and catering companies like Qualcomm and Microsoft, you know? Right now though, HungerBox handles approximately six million orders a month using cutting-edge technologies including IoT and artificial intelligence. And yes, their recent Series A fundraising of $4.5 million seeks to increase operations in India and Southeast Asia.
7. Curefit
Originally started by Mukesh Bansal and Ankit Nagori, Curefit has transformed the wellness and health industry right here in India. Combining fitness, food, mental health, and medical treatment, Curefit raised $120 million in 2024, therefore driving its valuation beyond $500 million. Over the next three years, Curefit plans to open 1,000 stores and aggressively invests in technology and new hardware items including fitness wearables. All in all, Their whole health ecosystem, which meets various wellness needs, sets Curefit up for explosive growth and global market launch.
8. MagicPin
Now this one, you see, is a bit different because MagicPin links consumers to nearby stores in food, fashion, electronics, and grocery. Though, under Zomato’s direction, MagicPin raised $60 million in Series D money; their whole capital comes to almost $100 million. Daily fulfilling over 10,000 orders, actively engaged in ONDC shows their e-commerce skills, you know?
9. Box8
Established by IIT graduates, Box 8 is a top cloud kitchen startup well-known for its varied menu including All-in-1 Meals and Desi Boxes. Though, Box8 runs more than 1.5 million meals a month out of the 150 cloud kitchens they currently have in India. Funding recently $40 million seeks to grow to 500 sites in 15 cities. Box 8 uses technologies to maximize operations using brands like MOJO Pizza and GLOBO Ice Cream.
10. InnerChef
Raising $6.5 million in 2024 for brand promotion and extending its kitchen network, InnerChef provides gourmet meals, healthy eats, and DIY recipe kits right here in India. Using artificial intelligence for efficient operations, InnerChef wants to open 100 stores in 10 different cities of the country. All in all, InnerChef is a major participant in India’s food-tech sector with a market capitalization of $50 million because they are there to serve the best possible quality to the customers, that’s all!
Conclusion
That’s all there is for now. These are by far the biggest, leading, and top-of-the-line companies in the food industry of India. At this level, some of these companies are literally dominating the market, and that’s only because of how much data they have, and the super advanced tech that they use.
