Restaurant marketing and customer engagement platform Mobikon has closed a Series B funding of US$7 million from a three-member investor consortium that includes Sistema Asia Fund (Proprietary fund of Russia’s largest conglomerate, Sistema JSFC), C31 Ventures (Singapore) and Qualgro. Its existing investors, i.e.- Jungle Ventures & Spring Singapore also participated in the round.
The company will use the funding to scale up its business in India, South East Asia, and the Middle East. It also plans to penetrate deeper into existing markets and strengthen its leadership team in India, United Arab Emirates (UAE), Philippines, Singapore and new markets like United Kingdom (UK) and Australia in the next 12-18 months.
Singapore-headquartered Mobikon currently has presence in six countries and has close to 700 restaurants brands with 3400 outlets linked with the platform. The company plans to launch operations in United Kingdom (UK) and Australia by January 2018 and double the number of restaurants on its platform over the next one year, it said in a statement.
Mobikon provides a single dashboard for restaurant services including; quick service, fine dine, casual dine and cafes, engagement with customers, with integration across ordering, reservations, feedback, payments, and marketing platforms. Its platform mEngage helps restaurants with a single view of customers across ordering, reservations, feedback, payments, social media, website and marketing channels.
Mobikon claims that it has witnessed more than 200% growth in FY 2016, and has set an estimated growth rate target of 200% for the next financial year as well.
Mobikon earlier developments
Prior to this round of funding, Mobikon had raised seed funding in 2012 and Series A funding of $1.7 million from Jungle Ventures, Life.Sreda, Qualgro, Spring Singapore, and Lion Rock, followed by infusion of $2.3 million in 2015 from Jungle Ventures . The capital raised by the company from new and existing investors,now totals US$12 million.
Mobikon had acquired Singapore-based customer feedback management company Trii.be in 2015, followed by a Mumbai-based social and marketing solutions provider MassBlurb in 2016 for $2.5 million. Last year, Mobikon had also invested an undisclosed amount of finding in an beverage discovery and gifting platform Hipcask.
In India, Mobikon will compete with likes of Zomato and Swiggy. Zomato announced in a blog post this month that it has surpassed 3 million online orders in a month (for the month of July).
Swiggy recently closed Series E funding of $80 million led by global internet and entertainment group Naspers, along with participation from existing investors. It said that it will use funding for introducing a suite of new product and service offerings by the company.