Food-tech company SmartQ buys Goodbox Cafeteria biz
YourNest Angel Fund-backed SmartQ, a food-tech startup, has acquired Nexus Venture Partners-backed Goodbox’s cafeteria business for an undisclosed sum. SmartQ expects to increase its customer base with this acquisition, while by offloading its cafeteria business, Goodbox wants to focus on its hyperlocal business.
As per sources, the deal size is around $8,00,000 (Rs 5.50 crore) and is a complete cash deal. SmartQ declined to divulge the deal size.
“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. He further said that Goodbox is doing very well in hyperlocal commerce.