Cloud kitchen startup Ghost Kitchens India has secured $5 million (around INR 41 crore) in its Series A funding round. The investment was spearheaded by GVFL (formerly Gujarat Venture Finance Ltd), with contributions from NB Ventures, LetsVenture, and Lead Angels.
Existing investors Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati also participated in the funding round, which involves a mix of both equity and debt infusion.
The startup plans to utilize the new funds to expand its business operations and venture into retail stores for both its existing and upcoming brands. Additionally, the proceeds will be allocated towards enhancing the partner program and expanding the presence of company-owned and operated cloud kitchens and Quick Service Restaurants (QSR) stores.
Established in 2019 by Karan Tanna, Ghost Kitchens is a platform that provides a virtual restaurant network for food businesses. The platform aims to enhance incremental sales and improve margins by offering affordable, low-risk expansion opportunities. Additionally, it provides a complimentary tech platform to monitor sales and operational metrics, facilitating organic order growth.
The platform features various food brands such as Wakka Makka, SpeakBurgers By Chef Vicky Ratnani, New York Waffles, and Starboy Pizza.
Presently, it operates more than 15 self-owned and operated cloud kitchens in Mumbai and Ahmedabad, along with partnering with over 1,200 restaurants across 40 cities in India.
The startup’s food brands are available on food delivery apps Swiggy and Zomato, as stated by founder and CEO Tanna.
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With a focus on expanding both its in-house and partnership footprint, the startup aims to achieve an annualized revenue of around INR 200 Cr in the next two years.
Tanna said, “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 the coming years where we will focus on building iconic brands through customer loyalty and love for our food.”
In 2022, Ghost Kitchens India acquired the technology company WTF to develop proprietary technology for streamlined operations. Utilizing this in-house SaaS platform, the company aims to achieve profitability within the next 12-15 months by focusing on strengthening its flagship brands and forging new partnerships with celebrities.
Last year, it acquired SpeakBurgers for an undisclosed amount. With the acquisition, the startup plans to grow the partnership through 25 offline retail stores in the next 18-24 months.
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