Bengaluru (Karnataka) [India], September 11: Formi, which empowers retail businesses in managing customer experiences, has announced its pre-seed funding round from Campus Fund. Funds will be used to enhance the tech platform and further expand its network of businesses catering to retail customers.
Founded by Anirudh Arun and later joined by Aryamann Ningombam, Harshavardhan Reddy (from Manipal Institute of Technology), and Venkat Giri Harsh (from Vellore Institute of Technology), Formi is an experience management platform for retail customers. Currently, their focus is on empowering F&B outlet owners, offering a comprehensive platform for seamless resource planning and execution at scale. By leveraging deep customer insights and data, Formi's mission is to provide retail outlet owners with a full-stack infrastructure, enabling them to efficiently manage the entire customer journey from start to finish. Formi has onboarded multiple large F&B outlets on their platform, and in an industry marked by unorganized operations, limited skills, and a low-tech environment, Formi's automation and data-first approach has enabled them to grow over 250% MoM. Formi intends to use the funds to accelerate partnerships with F&B outlets to increase the on-ground presence of their brand and build a robust technological infrastructure.
"At Formi, we are not just transforming operations; we're enhancing customer experiences. Our data-driven approach empowers businesses to predict demand, personalize offerings, and foster customer loyalty. By bridging the gap between operators' skills and market demands, Formi ensures a seamless journey from discovery to satisfaction," said Anirudh, Founder of Formi.
India's Food and Beverages industry is expected to reach nearly US$ 504.92 Bn by 2028, with the food services market projected to have an impressive CAGR of 11.19 percent and reach $79.65 billion by 2028. Full-service restaurants are the largest food service type. Cafes and bars, the fastest-growing and a major subsegment (48%) of the Full-Service restaurant market in India continue to grow in popularity, driven by rising disposable incomes and demand for socialization. In a sector undergoing transformative shifts in customer behavior, Formi serves as the catalyst for operational efficiency and customer experience management by enabling a comprehensive 360 customer profile. Formi plays a pivotal role, providing an all-in-one platform that enables F&B outlets to effectively harness data, thereby managing the customer experience from discovery to fulfillment. This data-driven approach empowers outlet owners to boost revenue, enhance customer retention, gain deeper insights into their customer base, predict demand and seasonality, foster repeat business, and implement intelligent marketing strategies.
Sumit Sagar, a well-known name in the hospitality industry, said, "As a restaurateur, the ability to make informed decisions based on real-time data is a game-changer. The lack of understanding of marketing ROI and customer experience has been a struggle in the industry. Formi is exactly what we need."
Avinash Singh, part of the Formi deal team at Campus Fund, highlighted, "Anirudh and the Formi team have shown their expertise in deeply understanding the pain points of businesses catering to retail customers and solving a critical problem for them. Consumption at F&B outlets is growing at a very fast pace owing to consistent demand from all generations. Formi empowers operators with technology and data, irrespective of their tech-savviness, and by dismantling barriers, Formi paves the way for unparalleled growth, efficiency, and success in a market primed for digital revolution."
(Disclaimer: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)