JAKARTA, Indonesia, June 20, 2022 /PRNewswire/ -- Dailybox Group, an Indonesia-based tech-enabled multi-brand restaurant chain, announced it has closed a USD 24 million (approximately IDR 355 billion) Series B investment round led by Northstar Group and Vertex Growth, with participation from existing investors Vertex Ventures Southeast Asia and India (VVSEAI) and Kinesys Group. The start-up plans to deploy the fresh funds to expand its national footprint, enhance its tech capabilities and add more food and beverage brands.
The company currently operates more than 150 outlets - making it one of Indonesia's largest F&B operators. Dailybox Group is currently present in more than 20 cities across Indonesia, and plans to continue growing nationally with a focus on second and third-tier cities.
"Dailybox Group was founded with the goal to disrupt the F&B industry in Indonesia with various practical comfort food dishes. We are grateful for all investors supporting us to achieve this goal. The new funding will allow us to enhance our tech-enabled product offerings and build momentum in second and third-tier cities. Our strategic expansion plan in non-metropolitan cities will also create many jobs to support the local economy and consumers while strengthening our presence nationally," said Kelvin Subowo, Co-founder, Dailybox Group.
From the seed funding phase to date, Dailybox Group grew more than 16x in revenue. It has a total of three F&B brands, including Dailybox (convenient comfort food in rice boxes that has been certified HALAL by LLPOM MUI & BPJPH), Shirato (a fusion of Sushi-Burrito concept) and Breadlife (Indonesia's leading bakery brand).
"Dailybox Group has grown significantly in the last two years amidst the pandemic while maintaining attractive unit economics. It is now a leading multi-brand F&B group providing delicious and affordable Indonesian food to customers across the country, and has established outlets in all of Indonesia's major islands. We are impressed by Kelvin and his team and look forward to working closely together to drive growth," said Wong Chee-Yann, Chief Investment Officer, Northstar Group.
"Dailybox Group has developed the formula to bring the best of Indonesia's local cuisines to the wider consuming public from Sumatra to Papua. Through close collaborations with prominent chefs, they have recreated favourite delicacies from different parts of Indonesia, making them accessible while maintaining their authentic taste. We are very impressed with what the team has achieved and look forward to working with Dailybox Group," said Tam Hock Chuan, Managing Director, Vertex Growth.
"Dailybox Group is an example of a start-up that successfully balances growth and profitability. From a single brand with a limited footprint, Dailybox Group has quadrupled its earnings and transformed into a collaborative platform in the midst of the pandemic. They are agile and constantly innovate, paving the way for them to become one of the most resilient key players in the F&B industry. We are glad to continue supporting the team with our breadth and depth of knowledge in the category and networks to help them rise to new heights," said Chua Joo Hock, Managing Partner, VVSEAI.
During the pandemic, Dailybox Group recorded over a 100x increase in transactions, propelled by the establishments of food delivery platforms and shifting consumer behavior - from hitching a ride to a restaurant to ordering more food deliveries.
SOURCE Dailybox Group