Online cake delivery startup Bakingo has raised $16 million in its first round of growth capital from private equity firm Faering Capital.
The proceeds will be used to strengthen its distribution footprint by expanding from 75 dark kitchens to 150 and entering 10 new cities, Bakingo said in a press release. The firm also plans to open exclusive brand stores for customers to experience the product and to invest in technology to enhance its production, supply chain and forecasting capabilities.
Founded by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo offers a variety of cakes and desserts, including its signature Cheesecake, Gourmet Cakes, Jar Cakes, and over 100 SKUs.
The brand also customizes more than 200 cake designs and claims to deliver within 2 hours in 13 cities.
The Gurugram-based bakery startup recently expanded its operations to Jaipur, Chandigarh, Lucknow, and a few smaller cities such as Meerut, Panipat, Karnal, and Rohtak.
Indian private equity firm Faering Capital has raised over $720 million of capital across three funds and has partnered with 30 companies. This is Faering Capital’s fourth investment from its $346 million Fund 3. Its portfolio includes Go Digit General Insurance, Niva Bupa Health Insurance, Vastu Housing Finance, Nykaa, Plum and Finova Capital.