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Cloud kitchen startup Kitchens@ has raised $65 million in a Series C funding round from London-based private equity firm Finnest.
The company said in a press release that the funds will be used to expand Dinerium, a hybrid model that integrates offline and online elements.
Prior to this round, the company had previously raised $17.5 million in funding from Trifecta, Beenext, DG Ventures, and others.
Bangalore-based Kitchens@ provides turnkey solutions to F&B brands to expand their presence with end-to-end services including infrastructure, technology, and operational services.
We partner with multiple food brands such as Domino’s, Subway, Taco Bell, Nando’s, and ChicKing, as well as national chains such as ITC, Mainland China, and Barbeque Nation.
In May 2022, Kitchens@ announced its merger with Delhi-based Kitchens Center.
Recently, it has been obtained Swiggy’s Access Kitchens business has entered into a share swap agreement. Kitchens @ CEO Junaiz Kizhakkayil said the acquisition will expand the company’s reach across his 52 locations in four cities and his more than 700 kitchens.
The company also said the acquisition will bring Kitchens@’s total annual GMV to $65 million (approximately Rs. 520 crore) and aims to reach revenue of $100 million (approximately Rs. 800 crore) within the next six months. said.
Kitchens@ is yet to file its annual financial report for FY23, but it posted a revenue of Rs 3,737 crore and a loss of Rs 4,315 crore in FY22.
This is one of the largest funding rounds for a cloud kitchen brand in 2023. In April, Cure Foods raised $36.5 million led by Binny Bansal’s fund Three State Ventures.Rebel Foods is a leader in this field and became a unicorn after cultivating $175 million In October 2021.
Lead investor Finnest is a growth investment firm specializing in early stage investments. The company, led by Viswanath Patnaik, backs startups focused on banking, healthcare, consumer products, fintech and renewable energy.
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