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Restroworks, a cloud-based enterprise restaurant technology platform having changed its name from Posist, is now eyeing to be among the top three players globally in the business it is in, its CEO said
Currently the top three global players include Oracle, NCR and Microsoft.
“We want to be the top three restaurant tech players in the enterprise space globally in next coming years,” Ashish Tulsian, co-founder & CEO, Restroworks said in an interview.
“We want that if you are a restaurant chain sitting anywhere in the world and if you think about your digital transformation, we should be one of the three names that comes to your mind by default,” he said adding the company is already among the top two in many markets.
“Our mission is not only just the point of sale system, but we are impacting every living aspect of restaurant operation. And that’s why we said that our agenda is not restaurant management which is a solved problem,” Mr. Tulsian added.
“Our agenda is bottom line efficiency because today’s world, restaurants are struggling with margins. Up until seven years back, when aggregators and delivery marketplaces were not that prevalent, restaurants used to enjoy 85% to 65% gross margins, and they used to net 25% to 15%,” he said.
“But today the gross margins have fallen down to 45% to 35% and net has fallen down to 5% and in some cases 2%. That means the margin of error is so small that you err, and you are a negative. And restaurants nowadays are actually running on negative balance sheets,” he added.
Mr. Tulsian said his company helps restaurant chains to improve bottom line by at least 3% and this is why the company’s products are in demand.
Having entered several key markets the company is now planning to enter into the UK market where it has a lot of customers already. “Currently we do not have any on ground presence in UK. We intend to enter UK market within the next two years on ground,” he siid.
The company supplies technology to several chains such as Taco Bell, Subway, Nando’s, Buffalo Wild Wings, Belgian Waffle Company, and groups like Dabur, ITC, and Reliance across multiple formats, including food courts, IT parks, universities, food zones in airports, among other.
On the name change he said, “The new brand name embodies the company’s unified suite of products addressing all aspects of restaurant operations and technological requirements.”
“This rebrand is more than just a name change; it reflects our strategic approach to building the company over the next decade as a pioneering force in restaurant technology,” he added.
In FY24, the company achieved over 80% year-over-year growth, reaching 20,000 customers across more than 50 countries.
Over the last five years, Restroworks has significantly invested in expanding its global presence in the U.S., West Asia, Latin America, and Southeast Asia, he said.
