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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.

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.

Curefoods acquires pan-India rights for Krispy Kreme

EntrackrEntrackr · 2m ago
Curefoods acquires pan-India rights for Krispy Kreme
Medial

Curefoods has acquired pan-India rights for Krispy Kreme, extending its operations to 11 stores in Delhi-NCR. The acquisition includes seven retail outlets and four cloud kitchens in locations such as Worldmark Aerocity, Select City Walk Mall Saket, Ambience Mall Gurgaon, Promenade Mall Vasant Kunj, and Mall of India Noida. With this move, Curefoods now operates over 100 Krispy Kreme outlets across India, encompassing dine-in stores and cloud kitchens. The expansion aligns with the company’s strategy to scale Krispy Kreme’s footprint beyond South India and into northern regions. Ankit Nagori, Founder of Curefoods, stated that the acquisition enables the company to develop a unified strategy for brand growth, customer experience, and innovation across India. Future expansion plans include western markets such as Mumbai. Curefoods manages a portfolio of F&B brands, including Kitchens of EatFit, CakeZone, Nomad Pizza, Sharief Bhai, Olio Pizza, Frozen Bottle, and Krispy Kreme. In October 2023, Curefoods had acquired foodtech startup Yumlane. It also acquired a majority stake in milkshake brand Frozen Bottle in 2022 and announced its merger with Mumbai-based Maverix and the acquisition of south India franchise rights of US-based pizza chain Sbarro. As per media reports, Curefoods is planning to raise $300–400 million through an IPO, which is expected to hit the markets in the latter part of FY26. The company recently converted itself into a public entity.

Ecommerce roll-up firm GOAT Brand Labs acquires Frangipani

IndianStartupNewsIndianStartupNews · 1y ago
Ecommerce roll-up firm GOAT Brand Labs acquires Frangipani
Medial

Mumbai-based e-commerce roll-up firm GOAT Brand Labs has acquired the remaining stake of founders in children's nightwear and loungewear brand Frangipani, aligning with terms initially outlined during the majority acquisition in 2021. Frangipani offers children's nightwear and loungewear, gaining recognition for its kidswear products. The acquisition aims to boost Frangipani's growth in India and international markets, with GOAT Brand Labs providing digital marketing, technology support, working capital management, and distribution expansion. GOAT Brand Labs acquires and scales direct-to-consumer (D2C) brands and has a portfolio of around 20 brands, backed by global investors like Tiger Global and Flipkart.

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