Singapore-based startup Easy Eat AI, which seeks to “turn restaurants into technology companies,” announced today that it has raised $5 million in funding. Easy Eat AI provides an operating system for restaurants that lets them digitize all parts of their business, from inventory and customer orders to delivery, and gain AI-based data analytics to improve revenue.
Many food and beverage businesses began to digitize orders and payments so that they could offer delivery during the COVID-19 pandemic. Although Easy Eat AI lets restaurants integrate with third-party food ordering apps, it also has its own delivery infrastructure, including on-demand riders, which cost only 4% per order, compared with 20% Many are the largest compared to -30%. Food delivery platform charge.
Founded in 2019 by Mohamed Wasem, Ridham Gupta and Abdul Khalid, Easy Eat AI currently has operations in Malaysia, and plans to expand to other Southeast Asian markets. The funding included participation from Arrow Ventures, the family office of Oyo founder Ritesh Agarwal; Reddy Futures Family Office; prediction enterprise; Maninder Gulati, Global Chief Strategy Officer, OYO; Alarco Ventures Managing Partner Sam Garhih; and Fethi Sabansi Kamali, Founder and Managing Partner of Esas Ventures.
Wasem told ClearTips that Easy Eat AI was created because even though Southeast Asia “is a foodie paradise, everyone eats out, eating out is a culture here,” the restaurant industry is still one of the least advanced digital. is. Before the pandemic, he said about 80% of restaurant business came from in-person dining, but manually taking orders resulted in little data being kept about who customers are, what they like to order or how often they return. Huh.
Easy Eat AI’s platform helps restaurants build digital connections with their customers. Some of its clients include chains such as Richiamo Coffee, Mr. Fish Fishhead Noodles, WTF Group and Hallam Toast. During the COVID-19 lockdown, Easy Eat AI has helped restaurants complete deliveries and its other features, such as targeted marketing campaigns and loyalty rewards programs, are also relevant to in-person dining.
Easy Eat AI’s consumer interface is based on QR code ordering – customers scan the code with their smartphone and are taken directly to the restaurant’s menu online. They choose what they want, then enter their mobile number to create an account or sign-in. Payment and reward programs can also be accessed through the platform.
The company says that after analyzing 100,000 orders at more than 50 restaurants over six months, it found that people spend about 30% more on ordering digitally than waiters — the same way people do when ordering in a specific way. Went to buy the item online and it expires. Adding more items to your cart while browsing.
After using Easy Eat AI for about 30 to 45 days, it is able to build a customer database for targeted online marketing strategies, sending offers to the people who are most likely to use them.
For example, a month after Mr Fish launched in its third outlet, the platform had collected data from more than 1,400 customers. The restaurateur was able to see that about 20% visited the restaurant more than once, and the average length of time between their visits was 12 days. Based on that information, it created marketing campaigns to bring back people who hadn’t returned in 20 days. During that time, Mr. Fish also began fulfilling delivery orders through Easy Eat AI, and by the end of the month, 13.4% of its orders were coming through the platform, leading to a reliance on third-party delivery apps. decreased.
In a statement about the funding, Keshav Reddy, Managing Partner, Reddy Futures Family Office, said, “The team is passionate about customers and understands the pain problems the industry faces. Their innovative software platform will be disruptive to the entire F&B ecosystem and how customers engage with the entire F&B lifecycle in an online-to-offline world. “