Food-tech startup Adonia Hospitality has raised $1 million in a seed round from Pepperfry founders Ambareesh Murthy and Ashish Shah. The funds will be deployed to set up 6 additional restaurants in the next 6 months.
The four-months-old company is currently operating in the casual dining and cloud kitchen segment and is gearing up to expand in packaged and frozen food.
Founded by Rupesh Kumar Shah, the firm has 6 restaurants in its portfolio and is currently profitable at an ARR of Rs 7 crores for FY 21-22 with a month-on-month growth of 7-9% and aims to operate a network of 200 restaurants with an annual revenue estimate of Rs 135 crores.
The startup currently owns brands like Bread Butter Beyond, 9th Street Pizzeria along with Mia Cucina, which it acquired in July 2021.