DMI’s Sparkle Fund Invests Rs 40 Crore in EazyDiner’s Latest Funding Round

• ByStartupStory     |    March 30, 2023

EazyDiner, a platform for restaurant table reservations, food discovery, and payments, has secured Rs 40 crore ($4.86 million) in funding from Sparkle Fund, a venture capital arm of DMI Alternatives. The company, which operates in India and the United Arab Emirates, plans to use the funds to expand its business from 30 to 100 cities and to develop new products. EazyDiner founder Kapil Chopra stated that the capital will be used to introduce new products that offer users more convenience and instant confirmations when dining out. The funds will also be used to launch payments in Dubai, Abu Dhabi, and Saudi Arabia, as the Middle East is an important market for the company.

EazyDiner was established in 2015 by Kapil Chopra, a former president at the Oberoi Group, along with other hoteliers, restaurateurs, and journalist Vir Sanghvi. The company’s co-founders and senior executives include CEO Sachin Pabreja, COO Ahana Bhutani, and CMO Prakhar Kapoor. EazyDiner has formed partnerships with over 12,000 restaurants in India and Dubai, and it has collaborated with 15 banks, including ICICI Bank, Axis Bank, Citibank, and American Express, to provide credit card offers to its 3 million users.

EazyDiner has witnessed remarkable growth, with a 5X increase in diners and an 18X surge in payments made through its app from 2021 to 2022, as per a statement released by the company. With the eating-out culture in India expanding significantly, especially after the pandemic, EazyDiner aims to provide its users with content and discovery options, table reservations, a VIP dining program (EazyDiner Prime), and payment services via its app. The Gurugram-based startup has previously raised Rs 70 crore from investors such as DSG Consumer Partners, Saama Capital, Beenext, and Denlow Investment Trust.

 

Shivashish Chatterjee, co-founder of DMI Finance, expressed his excitement about partnering with EazyDiner as the company expands its business in India and abroad. DMI Alternatives, an associate company of DMI Finance and the investment manager of DMI Alternative Investment Fund, believes in supporting innovative companies in the financial services ecosystem. According to Chatterjee, EazyDiner’s vision to revolutionize the eating-out experience holds promise for the future.

In 2021, the Sparkle Fund closed a round of funding worth $40 million and has invested in several companies, including M2P, Credgenics, Servify, Uni, and Mobikwik. EazyDiner joined hands with IndusInd Bank last year to launch its co-branded dining credit card, which offers numerous benefits, such as a complimentary EazyDiner Prime membership, which guarantees savings of at least 25% and up to 50% at over 2,000 restaurants, an extra discount of up to Rs 1,000 each time a customer pays via PayEazy, loyalty points, complimentary alcoholic beverages at select restaurants, and domestic airport lounge access. EazyDiner competes with Swiggy-owned DineOut and online food ordering platform Zomato in the offline hotel reservations and digital payments space. 

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