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Exclusive: Finnest invests $145 Mn to acquire majority stake in Kitchens@

EntrackrEntrackr · 1y ago
Exclusive: Finnest invests $145 Mn to acquire majority stake in Kitchens@
Medial

London-based private equity firm Finnest now holds a majority stake in Bengaluru-based cloud kitchen startup, Kitchens@. The board at Kitchens@ has passed a special resolution to issue 40,00,000 equity shares Rs 3,000 each to raise Rs 1,200 crore or $145 million, its regulatory filing sourced from the Registrar of Companies shows. The board also issued another 4,50,000 Series C CCPS at an issue price of Rs 3,000 amounting to Rs 135 crore. It is important to note that Kitchen@ has raised Rs 1,200 crore ($145 million) in the fresh round while the remaining Rs 135 crore ($16 million) is likely the tranche of a Finnest-led $65 million Series C round, which was announced in December last year. According to the filings, Finnest holds 53.75% of the shares in Kitchen@ after the new investment. This means Kitchens@ will become the subsidiary of Finnest Holdings. As per Fintrackr’s estimates, the company has been valued at around Rs 2,114 crore or $255 million post-allotment. ALSO READ: Decoding the financial health of leading cloud kitchen startups Founded in 2018, Kitchens@ provides turnkey solutions to F&B brands to expand their presence with end-to-end services, including infrastructure, technology, and operation services, among others. It works with multiple food brands including Domino’s, Subway, Taco Bell, Nando’s, ChicKing, and national chains such as ITC, Mainland China, and Barbeque Nation. In early 2023, Kitchens@ acquired Swiggy’s Access Kitchens business in a share swap deal. After the acquisition, Kitchens@ set a target to expand reach in four cities across 52 locations and over 700 kitchens. Kitchens@ demonstrated solid growth in FY23 as its revenue from operations grew 67% to Rs 62 crore in FY23 from Rs 37 crore in FY22. At the same time, its losses stood at Rs 27.3 crore in the same period. The company is yet to file annual results for FY24. It competes with Rebel Foods, Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Bigspoon, Dil Foods, Ghost Kitchens India and HOI Foods.

Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods

EntrackrEntrackr · 1y ago
Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods
Medial

Cloud kitchen startup Curefoods has raised an additional capital of $25 million in its Series D round from Three State Ventures, a fund launched by Flipkart co-founder Binny Bansal. The company raised $36 million in the first tranche of Series D and is now valued at $375 million, according to Curefoods founder and CEO Ankit Nagori. As per data intelligence platform TheKredible, it has raised more than $190 million to date. Bansal made the investment by buying out Cultfit’s remaining stake in the cloud-kitchen platform and from some angel investors, according to an ET report. Four-year-old Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. It has over 100 kitchens in over 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. Also Read: Decoding the financial health of leading cloud kitchen startups Besides fundraising, the company also acquired two brands – YumLane Pizza and Millet Express in 2023. Curefoods competes with Rebel Foods and Box8, FreshMenu, and a host of independent brands such as Biryani Blues and Biryani by Kilo. Among the cloud kitchen brands, Curefoods is the second largest brand in terms of revenue after Rebel Foods. While Rebel Foods’ revenue from operations grew 39.2% to Rs 1,195 crore in FY23, Curefoods reported Rs 384 crore in revenue followed by EatClub with revenues exceeding Rs 300 crore in the same period. Biryani By Kilo also claims a revenue of around Rs 300 crore in the last fiscal year.

Ghost Kitchens India acquires Shy Tiger Brands

EntrackrEntrackr · 1y ago
Ghost Kitchens India acquires Shy Tiger Brands
Medial

Ghost Kitchens India has announced the acquisition of Shy Tiger brands, a cloud kitchen company based out of Ahmedabad. The acquisition comes on the heels of Ghost Kitchens’ equity and debt round of $5 million earlier in February 2024. Founded in 2018 by Milapsinh Jadeja, Shy Tiger has five multi brand cloud kitchens spread across Ahmedabad. The firm’s portfolio includes iconic brands like KBOB’s and The Black Chimney. With this acquisition, Ghost Kitchens will amplify its presence in Gujarat by integrating its existing brands in Shy Tiger’s infrastructure. Ghost Kitchens operates through 15 company owned and operated cloud kitchens in Mumbai and Ahmedabad, and 1,200 internet restaurants across 40 cities in India. Earlier in 2022, Ghost Kitchens had acquired a technology company-WTF which helped them create their proprietary technology. Additionally, Ghost Kitchens acquired Speak Burgers by celebrity Chef Vicky Ratnani in February 2023 to grow the partnership through 25 offline retail stores in the next 18-24 months. According to a Redseer report, the estimated size of the cloud kitchen market would touch $3 billion by 2024, from $400 million in 2019. Moreover, top startups operating in the segment mopped up around $600 million in funding in the past three years and close to $1 billion since their inception, according to the startup intelligence platform TheKredible.

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