Actor Suniel Shetty introduces food delivery service Waayu and plans to support more startups
When the going gets tough for start-ups, the tough get going. Actor-turned-entrepreneur Suniel Shetty announced the launch of a food delivery app called Waayu, and said that times are not challenging, but interesting, because there are great ideas.
"We all know it is a funding winter. So it shouldn't be about cash burn. The team has to be lean and there should be basic cash flow. I am not talking about unicorns, I am not interested in them anymore. If you are going to look at every start-up as a unicorn that is not going to happen. I will continue to back great founders and great ideas, but also make sure they have good management in place," Shetty told.
Since high commissions are an issue many restaurants have with existing food delivery apps, Waayu charges zero commission to restaurants. Shetty holds equity in the company and is also its brand ambassador.
The actor said he will be investing in more companies this year and that he has already backed start-ups in the sports and health sectors. "I invest in founders like that of Waayu. They are not going to be thinking about their jets and Maybachs, but are going to be thinking of how to cover their backs," said Shetty.
"That's the kind of founder you look for. That's the kind of founder my father was who thought of how to take care of the family and establish a brand that he was proud of. A business where there is no cash burn, and which has the mindset of an MSME (micro, small and medium enterprise), that business can't go wrong," he added.
Shetty said that he saw Waayu as a great opportunity as he has been part of the restaurant and hotel industry for long, and has also majored in hotel administration and food technology. He said that the high commissions charged by food delivery apps were affecting both restaurants and customers, and a solution for this was the need of the hour.
"Earlier aggregators did a brilliant job, as restaurant discovery and delivery were a problem and they came up with a solution. Now the solution has become a problem due to the 30 percent commission that restaurants have to pay. Waayu is offering a solution to that," Shetty explained.
He added that the service has the support of the Indian Hotel & Restaurant Association, Mumbai (AHAR), which helps them acquire a strong pipeline of restaurants and customers. "The tie-up with the association is helping them acquire thousands of restaurants and millions of customers. They are saving on the acquisition cost, and that they will give back to customers," he added.
The app will not charge commission on a per-order basis but will have fixed fees at an introductory price of Rs 1,000 per month per outlet, which will be increased to Rs 2,000 eventually. The app currently has over 1,000 restaurant listings, which is estimated to increase to 10,000 in the next three months across Mumbai and Pune. The service, which is currently available in Mumbai, is looking to expand to other metro and non-metro cities across India.
The platform is also looking to integrate with the Open Network for Digital Commerce (ONDC). Waayu Co-founders Anirudha Kotgire and Mandar Lande said that restaurants can choose from a range of delivery partners like Dunzo, Grab, or even have their own delivery personnel. "We are encouraging restaurants to have their own delivery partners. It is my dream to see the dabbawallas (of Mumbai) come on board as delivery partners," said Shetty.
