Cambodia Investment Review
On episode 119 of the Rising Giants Podcast with Max Thronton and Dom Kalousek sat down with Surasit Sachdev, CEO and Co-Founder of Hungry Hub Thailand’s premier restaurant reservation platform. The startup launched in 2014 has emerged as a leading player in the country’s F&B industry, with the company eyeing regional expansion plans across South East Asia by 2025.
As of 2024 the platform supports over 1,000 restaurant brands, facilitates 100,000 seating arrangements monthly, and has generated upwards of $50 million in new revenue, all while operating with a robust team of up to 100 professionals. With over $2 million secured in funding, Hungry Hub is on the verge of expanding its footprint beyond Thailand in the forthcoming year.
Hungry Hub 2.0: All-You-Can-Eat Experiences At Fixed Prices
Reflecting on his journey so far, Surasitrecounts his transition from a career in system implementation at Standard Charter Bank to entrepreneurship, driven by the desire for greater challenges and a departure from corporate politics. “My time at the bank was invaluable, exposing me to system implementation across markets, but I craved something more entrepreneurial, away from the office politics,” Surasitshares. His academic stint in Australia, coupled with an MBA, provided him not just with a foundational understanding of business and technology but also with the network and confidence to conceptualize Hungry Hub.
The initial iteration of Hungry Hub mimicked more the American model, relying on monthly subscription fees and booking charges. However, Surasitquickly realized the unique dynamics of Thailand’s dining culture. “The assumption that a direct transplant of the model would work in Thailand overlooked the vast supply of restaurants and the relatively non-existence of a booking culture here,” he explains. This realization prompted a strategic pivot in 2017, transforming Hungry Hub 2.0 into a platform offering all-you-can-eat experiences at fixed prices, a move that proved both innovative and popular in the local market.
Surasit elaborates on the evolution, “We saw an opportunity to serve both restaurants and diners differently. For restaurants, we could drive customer traffic without resorting to unsustainable discounting. And for diners, we offered a fixed-price dining experience that included everything – service charges, taxes, even drinks, creating a transparent and attractive proposition to many consumers.”
Despite initial resistance from restaurant owners, Hungry Hub’s model gained momentum, underscored by a successful collaboration during a restaurant’s fifth anniversary. “Many thought our model was unfeasible, but that initial event demonstrated our potential to create value for both restaurants and customers, catalyzing our growth,” says Surasit. Currently, with 1,400 restaurants on board and daily bookings around 30,000 seats, Hungry Hub has far from saturated the Thai market, where approximately 30,000 seated restaurants operate – 10,000 in Bangkok alone.
COVID 19 Showcased Hungry Hub’s Adaptability During a Crisis
Surasitalso touched upon the challenges posed by international competitors and the impact of COVID-19. The pandemic necessitated a temporary shift to a delivery model and the introduction of staycation packages, showcasing Hungry Hub’s adaptability. Reflecting on the broader economic climate post-COVID and its effects on Hungry Hub’s strategy, Surasitnotes, “The economy is facing headwinds, with local spending contracting. However, the surge in tourism presents an opportunity we aim to capture in our regional expansion.”
On regional expansion – plans that could include Cambodia – Surasitis keen on leveraging Hungry Hub’s data-driven insights and Thailand’s tourism boom to explore markets with similar dynamics. “Our aim is to not just expand geographically but to also deepen our understanding of consumer preferences, enabling us to offer tailored dining experiences that resonate across regions,” he states, envisioning a future where Hungry Hub’s model can be adapted to different markets while maintaining profitability and growth.
In personal reflections, Surasitemphasizes the importance of work-life balance, family time, and continuous learning through industry-specific podcasts. Success, for him, is defined by the ability to scale Hungry Hub internationally, underscoring a team-centric approach to achieving this goal. He also underscores the importance of understanding the value proposition for consumers, a lesson pivotal to Hungry Hub’s strategy and ethos.
As Hungry Hub gears up for its next phase, its journey from a fledgling startup to a dominant force in Thailand’s dining sector encapsulates the essence of innovation, resilience, and strategic foresight. With Surasitat the helm, the platform is poised to redefine dining experiences across the region, embodying a commitment to value, transparency, and customer satisfaction.
