The Artificial Intelligence-powered Foodtech startup Easy Eat Pte Ltd (Easy Eat AI) today announced that it has secured a funding of USD 5 million. The round saw participation from Aroa Ventures – family office of Ritesh Agarwal, the founder and group CEO of OYO, Reddy Futures Family Office, Prophetic Ventures, Maninder Gulati – Global Chief Strategy Officer of OYO, Cem Garih – Managing Partner at Alarko Ventures, Fethi Sabancı Kamışlı – Founder and Managing Partner of Esas Ventures and a few Silicon Valley based VCs and angels.
Founded by Mohd Wassem, Rhythm Gupta and Abdul Khalid, Easy Eat AI is headquartered in Singapore and has made Malaysia its launchpad for its product before expanding to other Southeast Asian countries.
Aiming at transforming restaurants into technology companies, Easy Eat AI’s technology solves the biggest of all problems of restaurants which is building the direct connection between the customers and restaurants. At the heart of their technology is an operating system with integrated QR based table ordering, loyalty programs, payment solutions, social media integration, inventory and integrated delivery services. Once the restaurant adopts Easy Eat AI’s technology, the entire operations moves online and just like any other technology company, restaurants are able to capture each and every data point in the value chain which leads to better understanding of customers choices, higher revenue and reduced cost.
In the last one year of operation, Easy Eat AI has been able to increase the revenue of restaurants by 30% and reduce the operational cost by 15%. In Malaysia, Easy Eat AI is already serving hundreds of merchants including some of the well known brands like Richiamo Coffee, Mr. Fish Fishhead Noodles, WTF Group and Hailam Toast, to name a few.
“The current pandemic scenario has accelerated the digital transformation of the restaurant industry, with more and more restaurants and customers increasingly wanting contactless services. Easy Eat AI partner restaurants have been able to withstand the impact of Covid-19 better than other restaurants. Even during the worst of the lockdown period, our merchants were generating 50% of the usual revenue.” said Mohd Wassem, Founder of Easy Eat AI.
“The most affected restaurants are those with no clear digital strategy that will continue to struggle even post covid with limited revenue generating opportunities, escalating cost of operations and they would continue to rely on third party platforms for deliveries paying 30-35% commission.” said Wassem.
“The team is customer obsessed and understands the pain problems of the industry. Their innovative software platform will be disruptive to the entire F&B ecosystem and how customers engage through the F&B lifecycle in the online-to-offline world. I am extremely bullish on the team and the market that they are pursuing.” said Keshav Reddy, Managing Partner, Reddy Futures Family Office.
“We have a dedicated and loyal customer base across Malaysia where we serve more than 10,000 customers every day across our 50 plus outlets. Our coffee and food are best suited to Malaysian palates but technology is not our strongest suit. The only threat we face from the global coffee chains is their ability to process data and generate insights using advanced technologies. Deploying Easy Eat AI’s technology puts us at par with the best of the coffee chains in the world.” explained Muhamad Zamry Abu Samah, Managing Director of Richiamo Coffee chain.