Two-year old unmanned retail startup Grubox has recently been awarded in the ‘E-commerce’ category in India by popular online magazine Red Herring, and is amongst the two winners to have made the cut.
An online magazine and media company, Red Herring recently announced its Top 100 Asia award winners in recognition of the leading private companies from the region, celebrating startups’ innovations and technologies across their respective industries.
Grubox, founded in 2017 by Nishant Mishra and Prerna Singh is working on creating India’s first unmanned retail chain using AI and ML. Unmanned retail is the next big frontier that with the capability to give a hassle-free, faster and smoother retail experience to millennials. Grubox works on highly scalable proprietary technology which is based on machine learning and complex algorithms.
Their tech-driven supply chain network supports all food and beverage requirements of clients while minimizing stock outs and food wastage.
Aiming to ease food requirement & keeping in mind the choices of millennial users, the startup currently services locations such as offices, co-working spaces and colleges with among others.
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies.It selects these award winners from approximately 1000 privately financed companies every year in Asia.
Founded in 1996, Red Herring has kept track of emerging companies across the world who are working on disruptive business models across sectors and was the first to recognize companies such as Google, Facebook, Alibaba, Twitter, Xiaomi and YouTube as innovative business ideas that could bring radical change in the way we live and work.
As per Alex Vieux, publisher and CEO of Red Herring –
In 2019, selecting the top achievers was difficult as always. The variety, depth, disruption and traction we saw from the early stage companies to those with significant scale made 2019 a great vintage to judge. The Asia winners are representative of the amazing ecosystem that never ceases to astound, with new and experienced entrepreneurs continuing to push the barriers of innovation.
Some of the technical wizardry and first-rate business models on show here at the conference has been fantastic to learn about. We believe Grubox embodies the drive, skill and passion on which tech thrives. Grubox should be proud of its achievement: the competition was incredibly strong says Vieux.
As per Vieux, Grubox has decide to take on one of the most forgotten fixtures in everyone’s environment around the globe: the vending machine. Bringing AI, big data and intelligence to its ubiquitous platform, alongside an edgy business model will provide end customers fresh products, customized, timely solutions and for suppliers, it will provide a novel way to reach millions.
Speaking on the achievement, Mukul Singhal, Co-founder of Pravega Ventures, an investor in Grubox said –
At Pravega, we are excited by the way Nishant and Prerna are building an entirely new distribution channel for on demand and on the go food products. The bundling of an age old hardware with new technology stack of data science is very interesting. A company like Grubox will create an aha moment for existing delivery businesses on distributing such products in a profitable manner.”
Grubox has been growing at over 15% month on month and has sold over 2 million products. Its founders and team envisions to touch 100 million users in the next 5 years with its automated retail platform.
As per industry experts and analysts, only 10% of the 15,000-20,000 fast-moving consumer goods (FMCG) launched every year succeed in the Rs 2 lakh crore market, and Grubox can create a difference by tapping this opportunity to make unmanned retail a rapidly-growing and sustainable solution to the problem.