What happened—Goldbelly, a unique food delivery startup in the west, which ships freshly cooked food from high-profile restaurants across the country, raised $100 million from Spectrum Equity, and Intel Capital, at a $500 million+ valuation.
Goldbelly is quite an amusing idea—most food delivery platforms are geo-restricted, meaning you can’t Swiggy something outside of specific regions in BLR, if that's where you’re based. But what if you could order an artisanal delicacy from Gujarat, or street-food craving from Delhi?
The company essentially picks stuff up from local restaurants, packs it to last, freezing it if needed, and then ships it to you on an express basis. Upon delivery, food needs to be heated or partially cooked just like a meal kit—but the service has been highly successful in bringing popular and celebrated local restaurants experiences to a wider consumer base.
Now there's a fair bit of criticism around quality degrading, like always, but overall it's been a 10 on 10 knockout. Through 2020, the business saw total users top 1 million, with order volumes up more than 300%—a clear indicator of the model thriving.