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DabbaDrop

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A closed-loop takeaway delivering fresh plant-based meals in reusable containers with zero emissions.

128%
 - 
Funded 22 Nov 2022
£300,010 target
£387,070 from 165 investors
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Business overview

Location London, United Kingdom
Social media
Website dabbadrop.co.uk/
Sectors Food & Beverage Digital B2C
Company number 11305503
Incorporation date 11 Apr 2018
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Investment summary

Type Equity
Valuation (pre-money) £2.5M
Equity offered 13.47%
Share price £24.86
Tax relief

EIS

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Business highlights

  • > 300% revenue growth in the last 2 years*
  • Serving hundreds of households across London each week
  • LTV of around £1,000 and an average 14 month retention
  • Plant-based and emission-free deliveries
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Key features

  • Secondary Market
  • Seedrs nominee min. £24.86 +
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 165
  • Discussion
  • Documents

Idea

Introduction

Founded by neighbours Anshu and Renee, DabbaDrop is on a mission to change the way Britain does takeaway. Using an advanced subscription model, we coordinate and deliver plant-based takeaways to hundreds of households every week, reducing waste and eliminating grease guilt.

Our inspiration is the famous DabbaWala system from Anshu’s hometown, Mumbai, with reusable stainless steel packaging, wholesome food and zero-emission deliveries.

From humble beginnings in a home kitchen, DabbaDrop has grown in popularity over recent years. We now have a fully-serviced, commercial kitchen to support production, a network of cycle couriers and a fulfilment team helping us cover our existing geographies. But we want to do more. With just 1/5th of London currently serviced, and over 2000 people on our waiting list, we’re ready to grow into new locations in London and beyond. This funding round will be used to support expansion of our operations into new territories, help invest in infrastructure and support at HQ.

Substantial accomplishments to date

· >300% revenue growth in the last 2 years*
· Serving hundreds of customers across London each week
· LTV around £1000 and an average 14 month retention*
· Plant-based, minimal waste and emission-free delivery
· Marie Claire Sustainability Awards winner 2021
· As featured in Vogue, TimeOut, The Guardian, Courier and Evening Standard
· Built a community of over 18,000 DabbaDroppers
· Delivered over 50,000 dabbas to date
· Grown our team to over 10 members
· Collectively saved over 200,000 of plastic containers from ending up in landfill

*Based on unaudited accounts. Growth is from 31 March 2020 to 31 March 2022.

Monetisation strategy

DabbaDrop uses an advanced subscription model, so nothing is a surprise. We order the right amount of ingredients, for the right amount of customers. We can match our production needs & labour costs with demand & sales, therefore we can manage our costs incredibly closely. This is a win for our investors, but also for our customers, knowing their food is freshly prepared with minimal waste, delivered emission-free.

This subscription model gives us clear viability of sales for the coming weeks and we can accurately monitor geographic demand, sales growth & any potential churn (currently very low at 4.5%)

Our plan is to create more flexibility within our existing model; we currently deliver on a Thursday and Friday, we would like to extend this to 5 days/week and we want to explore other regional cuisines and flavours. Crucially, we have over 2000 on our waiting list for new locations, therefore our near-term strategy is to onboard as many as possible in a deliberate London-wide roll out.

Use of proceeds

In order to responsibly, sustainably expand, it's important we take on investment. We don't want to let our customers down, therefore we believe spending money to support our expansion across London is absolutely the right thing to do. We'll be investing into our head office, with key hires in operations, food development and marketing to help ensure process is as easy as possible for customers.

We're investing in our kitchen to expand both our team and production capacity, increasing deliveries to 5 days/week. In addition to this investment, we want to support each regional roll-out with sufficient marketing and advertising to ensure each one is a success. To date, c. 50% of all DaddaDrop business has been referrals, scaling to over 1000 subscribers this way. We appreciate we can't do this forever, therefore raising awareness that there's a better takeaway option available is crucial to our ongoing growth and success.

40% - Marketing and Growth
40% - Operations and infrastructure
20% - Team and HR

Key Information

Material Debt

The company has the following outstanding loans:

A revenue share agreement from Clearbanc with a total amount of £10,794.49 outstanding. The loan has no fixed repayment date

£37,580 BounceBack loan from HSBC at an interest rate of 2.5% per annum. The loan is to be repaid by 2027.

£56,000 Directors’ Loan with no fixed repayment date.

£37,001 Recovery Loan Scheme Loan from Funding Circle at an interest rate of 12.10% p.a. To be repaid by April 2027.

The funds raised from this investment round will not be used to repay these loans.

Share Classes

The company currently has two classes of shares, A Ordinary shares and B Ordinary shares. All investors in this round, including Seedrs investors, will be receiving A Ordinary shares. The A Ordinary and B Ordinary shares have identical rights to receive dividends, to vote and to participate pro rata on a winding up or exit.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £2,486,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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