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Exclusive: Finnest invests $145 Mn to acquire majority stake in Kitchens@

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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.

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