MAM
Mayfield pumps Rs 21 crore in Mumbai based food technology startup Box8
MUMBAI: On-demand food delivery service Box8 has raised approximately Rs 21 crore in Series A funding from US-based venture capital fund Mayfield. Founded by IIT graduates Amit Raj and Anshul Gupta in 2012, Box8 is one of the front-runners in India’s Rs 50,000-crore food tech market.
One of its best-selling products, ‘all in one’ meal box was developed keeping in mind the hectic and fast paced life of the Indian consumer. The company’s strength lies in its strong development team, which comprises experienced chefs from ITC and Marriott Hotels.
“We keep only one thing in mind when we make our food; that we would only serve food that we enjoy eating. Food is a tricky business. It has many moving parts and is very personal to customers,” says Raj.
Having 22 delivery units across Mumbai, with over 2,000 transactions per day, Box8 has grown 10x in the last 15 months. Keeping a focus on taste, technology and innovation has resonated well with its customers, as 80 per cent of its daily transactions come from repeat customers. Therefore, the funding comes at a welcome time when they not only need to keep their quality consistent but more man power on board.
“We have over 30 IITians in our team and we would like to hire more such talented individuals from different backgrounds. Execution is the key to the success of this business and we want to build a team, which focuses on getting the job done,” added Gupta.
Box8 is also backed by multiple angel investors, including Mu Sigma founder Dheeraj Rajaram, Avendus Capital co-founder and managing director Kaushal Aggarwal and Indian Angel Network.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
