Quick service restaurant chain IDC Kitchen has secured Rs 1.5 crore in a debt fund from Peter Thiel’s Valar Ventures-backed financing platform, Velocity.
The company plans to channel the funds towards marketing initiatives and other inventory-related expenses, enhancing its outreach and sustaining its commitment to delivering authentic South Indian culinary experience, IDC Kitchen said in a press release.
Founded in 2012, IDC Kitchen is a chain of vegetarian South Indian self service restaurants which aims to serve foods at an affordable price point. The company’s products are available on all major food delivery apps and also executes catering/party orders.
The Bengaluru-based company aims to empower the Indian quick service restaurant landscape and claims to have a presence with 11 locations in Bengaluru, two in Mumbai and one in Raichur.
The QSR restaurant market size is expected to be valued at $38.71 billion by 2029 as compared to its current valuation of $25.46 billion, according to Mordor Intelligence.
Velocity is a cash-flow-based financing platform for new-age businesses and has been funding a range of restaurants and cloud kitchens, including Caters Point, Brahma Brews, BurgerRama, Jamie Oliver’s Pizzeria, Oven Fresh, Crave by Leena, and Smoor. It works with more than 4,000 brands and has disbursed over Rs 750 crore and partnerships with 26 marketplaces.
Velocity has raised $30 million in equity funding so far led by Valar Ventures.
