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100X.VC Team
Written by various collaborators within Team 100X.VC
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Apr 17, 2022
Topic

Introduction

More than 90% of the restaurants fail to provide a superior dining experience or face operational inefficiency due to heavy inflow of customers or because they are understaffed. There is more wait time and less TAT, digital menus are not integrated with the restaurant management POS systems. This leads to staff jumping and heavy operational costs. 

Historically, the restaurant industry has been slower to adopt technology than the other industries, however, everyone is stepping up their game to realise greater ROI. Various startups are addressing these difficulties using tech and coming up with innovative solutions. Following the same, ToastApp was born that works on integrating & providing a superior customer experience -- from ordering to checkout all the while making it easier for restaurants to run their business from one single dashboard. 

Customers can order the food using QR codes on their tables via ToastApp without waiting for waiters. The whole process is digitised from placing an order to online payments to providing valuable feedback. With Totast App the Customers appreciate paying at the table, giving them a layer of security and efficiency to conclude their experience at the restaurant.

The founding team consists of people with great experience, Vishal worked as commodities trader and at Microsoft. Ankit was at J-Wire and is skilled in C++ and SQL and as for RS Arun, he has 5+ years of experience in data modelling and coding. 

Market Opportunity

The total addressable market of Food & Beverages is $65B and is growing rapidly. 

Out of which, the serviceable addressable market is 40% i.e. $26B which is organised and regulated. The serviceable obtainable market can capture up to $1.5B in next 5 years.

Post Covid, the industry is on a run and restaurant management software like ToastApp will provide increased penetration on the analytics at granular levels which will help organisations form an efficient system optimization.

100X Thesis

Dine-in and restaurant management has to be simpler post covid, and Toastapp with its very impressive metrics and low churn rate is building it in the right direction. It is an execution play with software as a moat. The software is proven and the startup is generating revenues. 

Conclusion

The demand for digital integration in restaurants has grown to encompass every brand and entity. ToastApp with its impressive interface providing features such as - easy sign in, QR based ordering, getting extra offers while check-out for the restaurant’s customers, it's a win for them. At the same time, POS integration for the restaurant owners makes them easily manage and get insights on their revenues, table turns etc. The post-covid hospitality industry is different and ToastApp is here to lead the change. 

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