Bakingo, the online cake delivery startup, has raised $16 million in its first round of growth capital from private equity firm Faering Capital.
The funds will be utilized to bolster its distribution reach, with plans to increase from 75 dark kitchens to 150 and venture into 10 additional cities, as stated in a press release by Bakingo. The company also intends to establish exclusive brand stores to provide customers with firsthand product experiences and invest in technology to improve its production, supply chain, and forecasting capabilities.
Established by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo provides an array of cakes and desserts, featuring its distinctive Cheesecake, Gourmet Cakes, Jar Cakes, and a selection of over 100 SKUs.
Additionally, the brand personalizes over 200 cake designs and asserts delivery within 2 hours across 13 cities.
The Gurugram-based bakery startup has recently expanded its operations to Jaipur, Chandigarh, Lucknow, and several smaller cities such as Meerut, Panipat, Karnal, and Rohtak.
Faering Capital, an Indian private equity firm, has amassed more than $720 million in capital through three funds and has collaborated with 30 companies. The recent investment in Bakingo marks Faering Capital’s fourth venture from its $346 million Fund 3. Noteworthy additions to its portfolio encompass Go Digit General Insurance, Niva Bupa Health Insurance, Vastu Housing Finance, Nykaa, Plum, and Finova Capital.