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PITCH
Qraved ups the ante in restaurant search/booking + social networking with professionally-curated dining guides; users’ own curated, shareable guides; and points redeemable for dining vouchers.
WHY?

Rising income

The booming middle class in Indonesia now have more disposable income.

New social culture

Dining out is a newly popular and accessible scene in Indonesia.

Food-, social media-loving

Like many Asians, Indonesians are foodies and love sharing their food photos/experiences on social media.

MARKET

US$1.5 billion

Annual spending for dining-out in Jakarta alone

Qraved targets diners in Indonesia's large cities, such as Jakarta.

PRODUCT
Besides the regular restaurant search/booking, rating, review and photo-sharing features, Qraved lets users enjoy exclusive discounts and promotions, and earn points with every booking, redeemable for dining vouchers. Other fresh elements include professionally curated eating guides, users’ own curated guides that they can share, and food-related news. Via website, app.
Besides the regular restaurant search/booking, rating, review and photo-sharing features, Qraved lets users enjoy exclusive discounts and promotions, and earn points with every booking, redeemable for dining vouchers. Other fresh elements include professionally curated eating guides, users’ own curated guides that they can share, and food-related news. Via website, app.
BUSINESS MODEL
Free for the public, Qraved makes money from restaurants. As its partners, they receive back-end technology support to manage bookings and access analytics. Qraved generates revenue through fixed monthly subscription fees, a cut on every reservation made through its platform and sponsored content.

Read more

Qraved attracts 1.2–1.3 million unique users per month. Playing a large part behind those numbers is its content-driven approach: the website regularly publishes social media-ready articles on its Qraved Journal, and encourages its readers to create their own content by way of Yelp-like reviews. 

Qraved also builds its thought leadership in the dining industry through a series of surveys and infographics.

TIMELINE

  • Launch
  • Growth
  • Recent Developments
  • Future Plans
  • 2013 - Qraved launched, with unique dish upvote feature; raised seed funding.

    Read in detail:

    The launch

    August, launched Qraved.com beta with over 2,000 restaurant listings and 30 team members across Indonesia and China.

    • Founded by former Rocket Internet employees Adrian Li, Steve Kim and Sean Liao.
    • Claimed to be the only site where users can rank dish-specific photos. Users share food photos and upvote the dish, creating a ranking system.
    • Users can make reservations on the site.

    November, officially out of beta, released new interface.

    • Offered incentives for online restaurant bookings through discounts.
    • Partnered with 100 restaurants, including high-end ones.
    • First among food social network players to offer discounts.
    Expansion

    December, took part in Indonesia’s National Online Shopping Day 2013 with 21 other online retailers.

    Fundings

    September, raised seed funding from Rebright Partners, 500 Startups, and Skype co-founder Toivo Annus, 10 days after the product’s public launch.

    • Cash to be used to create mobile apps and vendor apps for customers and restaurant partners.
  • 2014 - Raised Series A funding, released Android and iOS apps, expanded to Bali.

    Read in detail:

    Products and services
    January, launched Qraved Android and iOS apps.
    Expansion

    January, reached over 3,000 restaurant listings and more than 10,000 user-generated food pictures.

    April, released an infographic on Jakarta diners’ spending habits.

    • Key findings: Jakartans ate at restaurants 380 million times in 2013, preferring mid-tier restaurants, and spent US$1.5 billion annually on dining out.

    December, added restaurants in Bali to the database.

    Fundings

    November, raised US$1.3 million from Convergence Accel and M&Y Growth Partners.

    • Qraved co-founder Adrian Li is also the founding and managing partner of Convergence Accel.
  • 2015 - Raised US$8 million Series B funding, launched Qraved Journal, updated apps, hit 1 million unique monthly visitors.

    Read in detail:

    Products and services

    June, released Qraved Android and iOS app version 2.21; launched the Qraved Journal to further engage community via content.

    • Qraved Journal features restaurant reviews, listicles, recipes, interviews and more.
    Expansion

    June, hit 1 million unique visitors per month; initiated Eat Jakarta 2015; announced plans to expand to Surabaya and Bandung.

    • Eat Jakarta was a 30-day event that showcased 100 of the city’s top restaurants.

    October, covered over 25,000 restaurants in Jakarta and Bali.

    Fundings

    October, raised US$8 million Series B funding from Richmond Global Ventures and Gobi Partners.

    • Funding would be used to further develop new features in Qraved’s core mobile and web applications, expand its footprint in Indonesia and grow its user base through marketing and promotions.
  • 2016 - Expanded to Bandung; chosen by the city of Jakarta as a partner in street food vendors certification.

    Read in detail:

    Products and services

    January, chosen by the city of Jakarta to become a partner in street food vendors certification.

    • Certified and accredited street food vendors to be added to Qraved’s database.
    Expansion

    May, included Bandung venues in the database.

    Challenges

    October, rumored to be planning a major layoff.

    • Rumors flew around the Indonesian tech startup community that several companies, including Qraved, were laying off employees.
    • While CEO Steve Kim announced that the team was not planning a major layoff, he stressed that the startup wanted to continue to be lean.
  • Recent Developments

    Qraved has grown into a 130-person team.

    More than 1.3 million monthly unique visitors and over 6 million monthly page views.


  • Future Plans

    Southeast Asia expansion.

Updated: 10/2016
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