Spice Lounge, the primary franchise operator for Buffalo Wild Wings, a well-known American Sports Bar franchise celebrated for its delicious wings and lively sports ambiance, announced today the successful fundraising of $1 million through Klub, India’s leading Revenue-Based Financing platform.
The infusion of funding marks an exciting new chapter for Spice Lounge, as it has teamed up with Klub to oversee a mandate to raise an additional $10 million for its expansion plans in 2024.
“This infusion of funds comes at a pivotal moment for us as we continue our expansion journey in India. We are grateful for the partnership with Klub, which aligns with our vision and recognises the potential of our brand. Our new outlets aim to offer an unforgettable experience, bringing together great food, camaraderie, and the thrill of sports under one roof,” shared Mohan Karleja, Managing Director, Spice Lounge.
With recent financial support, Spice Lounge has swiftly inaugurated two new outlets, including its latest venture nestled in South Bangalore at the Falcon City Mall. These openings signify the brand’s dedication to bringing its signature flavors and spirited ambiance to additional cities.
The allocation of the raised funds primarily focuses on financing new stores, guaranteeing that each upcoming outlet reflects the brand’s unique essence. The franchise aims to establish 25 outlets in India by 2024, spanning across Tamil Nadu, Kerala, Goa, Maharashtra, and Delhi-NCR. Presently, Buffalo Wild Wings operates eight outlets in India, located in Hyderabad and Bangalore.
Spice Lounge aims to transition to a Quick Service Restaurant (QSR) model in 2024, projecting a revenue of INR 150 crores by the end of FY25. Notably, the brand served as the official club partners for Sunrisers Hyderabad in the IPL seasons of 2022 and 2023.
“Store financing plays a crucial role in the dynamic restaurant & hospitality sector especially after the pandemic has subsided with FY22 growth being 11% more than FY20, and Klub is dedicated to addressing this need. Our collaboration with Spice Lounge underscores our commitment to supporting visionary brands. We believe this partnership sets a significant precedent, highlighting the potential for sustainable growth through Revenue Based Financing,” added Anurakt Jain, Co-Founder and CEO at Klub.
Significantly, this partnership establishes Klub as the first Revenue Based Financing player in India to finance an American franchisee, reinforcing its standing as an innovator in the financial technology landscape.