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The Silicon Review Asia

The amazing grocery service of GrubMarket earns a revenue of $32 million

The amazing grocery service of GrubMarket earns a revenue of $32 million

The world is getting more health conscious day by day. As people’s concern about their diet is growing, it is the right time for startups to grab the opportunity in this sector. In the wake of demand, GrubMarket, a vendor of organic food is capturing the food delivery ecosystem. It is an affordable farm-to-table food delivery service, which delivers to its customers at a discount of 20-60 percent over other service providers.

GrubMarket announced a profitable revenue of $32 million in its business, including the acquisitions and its expansion on its own. “We are looking to buy companies to make more revenues ahead of an upcoming IPO”, said Mike Xu, CEO and the founder of the company. GrubMarket, based in California, is slowly expanding to other U.S states like New York and New Jersey.

Though there is an obvious risk in food-related businesses as they have to deal with perishable items and generated wastes, the firm is in the profitable state. Currently, a large percentage of its business is in the B2B space i.e. restaurants, grocery stores, and offices, and hence it is not a familiar name amongst the public.

Some of its customers are Whole Foods, Hello Fresh, Chipotle etc. If we talk about specifics, it is one of the leading suppliers of mushrooms in Northern California and Hawaiian produce in the Bay Area. It is a promising startup that is helping the businesses to manage food logistics efficiently.

 

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