Eatonomist, a food-tech startup handled by Fitmeal Solutions Pvt. Ltd closed its doors after serving clients for three years. Eatonomist was established in November 2014 by Anisha Dhar and Nupur Khanna. The downfall of this food tech startup creates a bold concern among other companies who are struggling to keep up with the public’s demand.
Hungry Forever states Eatonomist provided gourmet meal delivery options to the offices and homes of their customers. While the Eatonomist website claims they will be back shortly, reports suggest Dhar hasn’t answered any questions to confirm the status of her company. Indeed, according to Dhar’s LinkedIn profile, she has now joined UberEATS.
What is UberEATS?
UberEATS is an on-demand food delivery app, which partners with more than 200 restaurants in any given major metropolitan area. The company’s app offers customers a wide selection of various local restaurants where they can choose their favorite menu items and have it delivered right to their door. UberEATS is on the rise globally and is now developing their presence across India.
Joining a startup should not be viewed as a short-term gig.
There’s still no apparent reason on why Dhar chose to move to UberEATS. According to Indian Webz, Eatonomist raised a confidential amount in seed funding from MCube Capital Advisors Pvt. Ltd. However, the company was unsuccessful in raising the needed follow-on funding, causing it to shut down.
A Rising Food-Tech Industry
Other food delivery startups like iTiffin, Zeppery, Frsh.com, Zuper Meal, MealHopper, and Bite Club also closed shop due to unsustainable business models. Despite Eatonomist’s demise, there are other companies still striving to make a go of it, including Voolsy, Jolly Food Fellow, IdeaChakki and Petpooja. Investors are still finding opportunities in the food-tech industry, with the investment flow picking up since late last year.
Todd Horton, the Founder and CEO of KangoGift, said that “Joining a startup should not be viewed as a short-term gig. Building a company and building skills for your career may take longer than we think. While the pace of a startup is fast, the experiences that will benefit the rest of your career will take time.”
The closure of Eatonomist might provide a way for UberEATS to capture market share.