News

Calcutta Angels' portfolio company TabSquare raise SGD3.5mn in Series A funding

by IBNS 20 May 2016, 08:17 pm

Kolkata, May 21 (IBNS) TabSquare, a portfolio company of Calcutta Angels Network (CAN) and a start-up that offers cloud-based operations management and customer engagement platform for the Food & Beverage (F&B) industry, raised Singapore dollar 3.5 million in its Series A funding round recently.

The announcement was made by Sidharth Pansari, President, Calcutta Angels, who said, “TabSquare is the first CAN portfolio company to raise such a substantial round of investment.  Founded by Kolkata-based entrepreneurs, TabSquare has a huge potential to grow and acquire leadership in this space.”

Singapore-based TabSquare  was founded by three INSEAD graduates, Anshul Gupta, Chirag Tejuja and Sankaran Sreeraman.

With TabSquare SmartTab restaurant owners can offer a customized tablet menu on every restaurant table where customers can view dishes, get recommendations, place orders, redeem promotions and even pay their bills, without waiting for the waiter. 

Integrated with the leading point-of-sale (POS) systems in South-East Asia, TabSquare smart tab is easy to adopt and restaurant operators can enjoy a fully integrated Front- and Back-office system that gives them complete control over restaurant operations from inventory to kitchen management to customer marketing and engagement.

TabSquare has been able to address the F&B industry pain points of tight labour market, increasing costs and low profitability, said the company.

Apurva Sallarpuria, who led CAN’s investment in TabSquare, said, “In today’s market, manpower management is critical to any business operation and with TabSquare, we saw immense growth potential in the F&B industry. TabSquare’s platform offers solutions that improve productivity by lowering labour and operational costs while powering-up revenues. We see this as a strong value proposition not just in Singapore but also for the international markets.”

TabSquare works with leading brands including Far East Hospitality, Food Theory Group, Global Retail Partners, Japan Foods Holding and many more.  It caters to more than 60 F&B brands and 150 stores.

Anshul Gupta, CEO, TabSquare said, “Our vision of building a strong data driven business model for restaurant operations makes us unique and best positioned to be a leader in this space. We provide an easy, simple and comprehensive solution. This is the future of restaurants.”

TabSquare said it will utilise the fund to strengthen its market dominance in Singapore, expand to regional markets and further develop its technology platform.

Commenting on the utilisation of the fund, Pansari said, “This further investment is a validation of the capabilities and huge potential of an angel network in Eastern India. This will motivate more members to invest and help in growth of better ecosystem in Eastern India.”

Calcutta Angels Network was one of the first to invest in Tabsquare, which also helped CAN to establish its global presence. CAN has taken the leadership in developing the start-up eco system across eastern India.   CAN has established associations with premier angel networks, accelerators, incubators and institutes for knowledge sharing, deal flow sharing and co-investments. 

According to CAN, its robust systems and processes offer immense benefits to investors and start-ups, especially those seeking investment from this part of the country.

Image: Tabsquare website