Restaurant tech platform Restroworks eyes top 3 position globally, to expand into U.K.

Restroworks, formerly Posist, aims to be a top global restaurant tech player, improving bottom line efficiency for chains worldwide.

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.