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Onnow

Direct-to-Consumer Food Startup

Bangladesh
Market: Internet and IT, Food industry
Stage of the project: Operating business

Date of last change: 18.04.2023
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Idea

Onnow is a direct-to-consumer food startup which offers a wide range of proprietary food menus for all palates and lifestyles designed and vetted by expert culinary chefs, made fresh using specially sourced quality ingredients and delivered instantly fr om a nearby kitchen wh ere the taste of the food is consistent in every single order.

Current Status

Households Reached: 200,000+
Items Sold: 275,000+
CAC/LTV: $0.6/$2,000

Market

We are building towards 30-mins guaranteed delivery of freshly made unique food.

Problem or Opportunity

Over 165M eaters in Bangladesh have limited access to convenient, freshly-made meals that they desire for. For a freshly-made meal ordered from home, the current wait time is 90 mins.

Solution (product or service)

Solution: a tech-enabled and impact-driven internet restaurant platform that utilizes mobile and web platforms to help existing restaurants drive more revenues from the ‘cloud’ market.

Key Benefits to SME Restaurants:

No CapEx
Minimum Cost
Minimum Hassle
Technology Access
Smooth Supply Chain

Competitors

Onnow faces competition from established quick-service restaurants (QSRs) such as KFC, Pizza Hut, and other well-known food brands that possess considerable technological and marketing capabilities.

Advantages or differentiators

Onnow's core strengths lie in our scalable business model and rapid expansion of our network. Our competitive edge surpasses even that of established brands in the QSR industry, such as KFC and Pizza Hut, due to our innovative approach to product development and network growth. Our mission is to continue to grow at a remarkable pace, so much so that new entrants would think twice before entering this space. By doing so, we aim to build a formidable competitive MOAT that can withstand market pressures. Furthermore, with our expanding network, we anticipate economies of scale in our supply chain, ensuring increased profitability in the future.

Finance

Our company generates revenue primarily through our proprietary mobile application and partnerships with popular food delivery platforms.

Business model

Onnow's business model is centered around partnering with under-utilized SME restaurants and home cooks through a digital franchise deal. Our role is to provide them with supplies, access to our tech stack, and generate orders through our own marketing efforts. This approach allows us to create a sustainable and profitable ecosystem for our partners and ourselves.

Money will be spent on

Network Growth
Technology Advancement
Expand Production Kitchen Facility
Build Logistics Support

Offer for investor

20% equity.
Pre-money valuation of Onnow: $8M

Risks

Here are a few potential risks:

Dependence on third-party food delivery platforms: While Onnow generates revenue through its own app, it also relies on third-party food delivery apps for a significant portion of its orders. If these apps change their fee structure, reduce their visibility of Onnow, or otherwise limit Onnow's access to customers, it could have a negative impact on the business.

Quality control issues: As Onnow partners with SME restaurants and home cooks for its meals, there is always a risk of quality control issues. If a partner fails to meet Onnow's standards for food quality or hygiene, it could negatively impact customer satisfaction and harm the brand's reputation.

Food safety concerns: Onnow operates in the food industry, where there are strict regulations around food safety and sanitation. Any incidents of food-borne illness or other food safety concerns could result in reputational damage and legal liability.

Competition: Onnow operates in a highly competitive market with established players like KFC and Pizza Hut, as well as emerging players. If competitors are able to replicate Onnow's business model or offer a better customer experience, it could result in a loss of market share for Onnow.

Supply chain disruptions: Onnow's business relies on a complex supply chain to source ingredients and materials for its partners. Any disruptions to this supply chain, such as shortages, transportation delays, or price increases, could negatively impact profitability and ability to meet customer demand.

Incubation/Acceleration programs accomplishment

Techne Infiniti Ventures’s Accelerator Program in Silicon Valley
Grameenphone Accelerator Program (Batch 7) in Dhaka
Impact Collective Accelerator Program in Singapore

Won the competition and other awards

Onnow won Impact Collective Accelerator Program (Korea) in 2021
Onnow became Top 9 in Bangabandhu Innovation Grant 2021
Onnow won Food Frontiers hosted by SUN Business Network and UN WFP
Onnow was selected for Grameenphone Accelerator Program (Batch 7)
Onnow was selected for Techne Infiniti Ventures’s Accelerator Program in Silicon Valley
Onnow became Global Semi-finalist at Asian Entrepreneurship Awards in Japan.

Photos

Photo 1 - Direct-to-Consumer Food Startup
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Presentation