Cloud kitchen startup Kitchens@ has raised $65 million from London-based private equity firm Finnest as part of the former’s Series C funding round.
The funds will be used to expand the hybrid model, Dinerium, which integrates offline and online elements, Kitchens@said in a press release.
Before this round, the company had raised $17.5 million from Trifecta, Beenext, and DG Ventures, among others.
Bengaluru-based 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 May 2022, Kitchens@ announced its merger with Delhi-based Kitchens Centre.
Earlier this year, it acquired Swiggy’s Access Kitchens business in a share swap deal. Kitchens@ CEO Junaiz Kizhakkayil had said that the acquisition will help expand the company’s reach in four cities across 52 locations and over 700 kitchens.
The firm also said that the acquisition will enable a combined annual GMV of $65 million (Rs 520 crore approximately) for Kitchens@, which is also aiming to reach $100 million (Rs 800 crore) in revenue within the next six months.
While Kitchens@ is yet to file its annual financial report for FY23, it recorded a revenue of Rs 37.37 crore in FY22 with a loss of Rs 43.15 crore.
This is one of the largest funding rounds for a cloud kitchen brand in 2023. In April, Curefoods scooped up $36.5 million led by Binny Bansal’s fund Three State Ventures. Rebel Foods is the leading player in this space which turned unicorn after raising $175 million in October 2021.
Lead investor Finnest is a growth investment firm that specializes in early-stage investments. The Biswanath Patnaik-led firm backs startups focusing on banking, healthcare, consumer products, fintech, and renewables.
