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HOMETASTE TECH

From home recipes to data-driven multi-brand online kitchen through tech - enabled channels.

COMPANY DETAILS

Company Highlights

With the passion of sharing good food since 2017, Hometaste is on a mission to empower home recipes to multi-brand online kitchens:
  • Over the past 3 years, our annual revenue has increased by 15 times, our revenue in 2020 is RM2.2M
     
  • We deliver over 10,000 home recipe orders every month and has served over 414,000 pax in Klang Valley since 2017
     
  • Over 1000 home recipes were brought online,  where home recipe creators have a chance to share the food their families have enjoyed for generations 
     
  • We are backed by Andy Sitt, Founder of Inmagine Group and 1337 Ventures, a Malaysia's premier early stage Venture Capital firm
     
  • For expansion and scaling of existing brands, we are aiming to launch 12 multi-brand kitchens by June 2022
     
  • Our prospect is to empower multi-brand kitchens across South East Asia with home recipes, connecting foodies with good food while preserving the home recipes 
     

Opportunity



Digitalisation of the F&B industry is a huge opportunity, it is expected to be restructured by the technology in the next 5 to 10 years.

  1. For example, Zalora, an online-born brand has challanged the fashion retail industry. We believe that online F&B brands will stand out in the F&B industry especially with the utilisation of data, we can understand consumers better. 

  2. New business model like Fullfillment By Amazon where stock management was redefined with technology is achievable for the F&B industry with cloud kitchen model which is also a rising star of F&B industry. 

  3. E-commerce solution and Software as a Services company such as IPO listed BaoZun & Shopify has made it easier for online retails, these tools are neccessities for the digitalisation of F&B industry. 
     

    Solution

1. Online F&B Brands

Hometaste incubates multi-brand online kitchen with home recipes. By leveraging tech-enabled channels such as our system, we are able to increase the success possibility of every brand created. Customization of orders through our system provides better customer experience while we lower down the new brand development cost and provide bigger coverage area. 

2. Cloud Kitchen

We have a plan to provide cloud kitchen to other parties, but not at the moment, because we believe cloud kitchen is not about only renting out a space. A cloud kitchen should be a smart kitchen, minimizing cost and increase productivity through technology. We plan to develop AI crew management and stock check systems, which can lower down management cost of a kitchen.

Market Size

Food delivery in SEA is estimated to grow by 400% from 6B to 23 Billion within 5 years whereby Malaysia alone is projected to reach up to US410M by 2024.

 

We are currently building a global food delivery opportunities, starting from Malaysia, and across South East Asia soon. 
Entrepreneurs around the world are raising up to hundreds of million to catch the opportunity.

Business Model

There are 4 key advantages supporting us in continuing to conquering the market

1. Traffic advantge with Hometaste.my

Starting off as a platform empowering home recipes in 2017, we can carry new brands with the existing traffic. 
With the few high ranking SEO kaywords, we are listed in the top few results upon searching these keywords and we deliver over 10,000 orders every month. 

2. We are experienced in incubating multi-brand online kitchens 

We are currently incubating 4 brands currently, operating in 2 clour kitchens. Here are two examples: 

  • Lau Kitchen is aiming to become Malaysia's premium subscription meal brand. After 2 years of incubation, it is on its way to achieve RM 2.5 Million revenue this year.

  • Dip Dip is an online-born brand, aiming to be Malaysia's top delivery brand. From Jan 2021 to March 2021, DipDip has recorded 3x growth on third party delivery platform serving over 2000 pax monthly.

3. A delivery fleet management system with cost advantage 

We are able to help home recipe creators around us to increase their delivery areas by 200% while we decrease their delivery costs by 40%. This is a win-win situation for us too, by helping them, we have also succeeded in decreasing 20% of our delivery fees. Our current delivery fees are controlled within RM4.50 to deliver within Klang Valley, while newcomers to the market easily surplus RM10 to deliver one order.

4. Onboarded and well managed third-party delivery platform 

We are onboard to third-party platforms to leverage with on-demand big players' traffic in order to scale fast and get more brand exposures. We plan to grow 37 times on third party platform to achieve RM1.5 Million and grow 3 times  on our current business to RM4.5 Million in 2021. 

Traction

From 2017 to year 2020, we have grown by 15 times. Most importantly, our gross profit margin also increased from 13% to 40% , enabling us to grow continuously. 

We are able to grow continuously despite the pandemic and we have proven to grow stronger after lockdowns. 

 

  • Orders served monthly: 10,000 orders
  • Basket size: RM25.95
  • Average purchase per customer: 20.48 times
  • Customer acquisition cost: RM27.18
  • Life time value: RM531.43

    Projected Annual Revenue

We are projected to reach RM150 Million annual revenue by 2023.

How are we going to achieve this? Here is our roadmap with the expansion across South East Asia by 2023.

Currently we have 2 cloud kitchens operating and we are aiming to launch another 6 cloud kitchens this year to increase our service coverage area. We are aiming to reach 154 cloud kitchens in year 2023 across South East Asia. 

 Competitors

Here are three types of competitors:

  • DahMakan (known as PopMeals now), they built all products under 1 brand with their own channel. 
  • Pasta Panasa, they expand their cloud kitchen through third-party platform, which can be a weakness as thier sales is 100% depending on others.
  • Traditional restaurants, they are not willing or do not have the resources to suit their business model to food delivery. It might be tough for them to grow and expand as the F&B industry restructures.

Financial

We are raising RM1.6 Million to expand our business. Although we are a profitable business, we are expecting to shorten the period from  6 years to 2 years, achieving our projected plans to continue make an impact in the industry. 

Investors 

We are backed by:

1. Andy Sitt, Founder of Inmagine Group, one of Malaysia's most successful technology companies, with approximately 350 employees in 40 offices around the world.

2. 1337 Ventures, Malaysia's premier venture capital firm focuses on pre-seed and seed-stage startups.

Team

We are a team that has focused on building online F&B over the past 4 years.

Join us, together we will grow the company many times more in coming years and become one of the biggest multi-brand online kitchens across South East Asia.


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