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Food-tech platform Ghost Kitchens India raised $5 million in Series A funding round, which is a mix of equity and debt. The round was led by GVFL Limited with participation from NB Ventures, LetsVenture, and Lead Angels.
Existing investors Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati also participated in this round.
Founded in 2019, Ghost Kitchens India operates through over 15 company-owned and operated cloud kitchens in Mumbai and Ahmedabad and 1,200 internet restaurants across 40 cities in India.
Karan Tanna, Founder and CEO, Ghost Kitchens told businessline, ”After testing our brands in various geographies through B2B fulfillment partner programme, we will now focus on opening company-owned restaurants. These will be for our hero brands, SpeakBurgers by Chef Vicky Ratnani and Starboys Pizza.”
“We will also be launching three celebrity-led brands and are in the process of finalizing the agreements. These celebrities will be the co-founders of these brands and we will the operator,” he added.
The company will look to open 25 restaurant outlets in the next 12-15 months across these five brands. Ghost Kitchens India had acquired SpeakBurgers by celebrity Chef Vicky Ratnani last year.
Tanna said that through the cloud kitchens model, the company has been focused on developing brands and will now focus on opening retail outlets to reduce the gestation period.
Ghost Kitchens India saw 60 per cent growth in FY24 over FY23. “Ghost Kitchens plans to be profitable in the next 12-15 months by doubling down on our hero brands and new celebrity brand partnerships,” Tanna added.
Earlier in 2022, Ghost Kitchens India had acquired a technology company enabling it to create its proprietary technology, manage the business end-to-end and to make it more efficient to generate organic revenue.
“We have created 10X value for our earlier investors and we are sure to continue with this performance for new backers. We are excited for coming years where we will focus on building iconic brands through customer loyalty and love for our food,” Tanna added.
Kamal Bansal, MD, Gujarat Venture Finance Limited said, “We have closely observed Ghost Kitchens’ journey for over three quarters before partnering with them. Their execution is focused and frugal with a clear path of profitability. We were particularly excited about repeat customers of their brands and the in-house tech that they have which helps to optimise the aggregator algorithm better for organic growth.”
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