Bengaluru-based foodtech startup SmartQ has acquired Nexus Venture Partners-backed Goodbox’s cafeteria business in an all-cash deal. However, exact figures of the deal has not yet been disclosed. It is expected to be ₹5.5 crore.
The development comes just a few months after SmartQ raised close to $1 million in funding from a consortium of Dubai-based investors. The existing investor, YourNest, also participated in this round.
SmartQ aims at increasing its customer base with this acquisition. On the other hand, by offloading its cafeteria business, Goodbox plans to focus on its hyper-local business.
“We have sold our cafeteria business to SmartQ. We wanted to focus on the hyperlocal business and are exiting the cafeteria solution as it is non-core to us now” said Abey Zachariah, CEO, Goodbox.
Goodbox, founded in 2015, provides businesses with a Mini App and provides customers with a Mega App to discover 1000s of Mini Apps. Businesses can create a Mini App at less than 1% of the cost of making their own app and within just five minutes. Mini Apps are readymade apps that are power-packed with features such as messaging, catalog, online payments, booking engines, reward points etc.
SmartQ, founded by founded by Krishna Wage and Abhishek Ashok in 2014, enables a digital cafeteria experience across different sectors including corporates, malls, multiplexes, stadiums, hospitals and colleges.