IDC Kitchen, a quick service restaurant chain, has secured INR 1.5 crore in a debt fund from Peter Thiel’s Valar Ventures-backed financing platform, Velocity.
The newly acquired funds will be allocated towards marketing initiatives and other inventory-related expenses, with the aim of enhancing outreach and sustaining the commitment to delivering an authentic South Indian culinary experience.
Abhishek Baldota, Director of IDC – Idli Dosa Coffee, said, “As we embark on the next phase of our journey, IDC Kitchen signifies more than just a culinary service; it’s a transformative culinary journey. With the support of Velocity and the unwavering love of our patrons, we are thrilled to bring the essence of South India to doorsteps across the nation. This new chapter, fueled by the recent funding from Velocity, allows us to not only maintain our high standards but also elevate the IDC experience for our valued customers.”
Established in 2012, IDC Kitchen is a chain of vegetarian South Indian self-service restaurants, dedicated to offering affordable dining options. The company’s menu is accessible through all leading food delivery platforms and also accommodates catering and party orders.
The Bengaluru-based company aims to empower the Indian quick-service restaurant landscape, asserting its presence with 11 locations in Bengaluru, two in Mumbai, and one in Raichur.
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Atul Khichariya, COO & Co-Founder of Velocity adds, “At Velocity, we are thrilled to contribute to the growth and success of IDC through our recent funding of INR 1.5 Crore. This partnership opens up new avenues in the dynamic landscape of restaurants and QSR chains, and we believe that IDC’s commitment to authenticity and innovation aligns seamlessly with our vision. I am confident that this infusion of funds will not only fuel IDC’s brand growth but also set new benchmarks in the restaurant and QSR industry. We look forward to witnessing the continued success of IDC as it persistently redefines the culinary experience for patrons across India.”
Velocity serves as a cash-flow-based financing platform catering to modern businesses. It has provided funding to various restaurants and cloud kitchens, such as Caters Point, Brahma Brews, BurgerRama, Jamie Oliver’s Pizzeria, Oven Fresh, Crave by Leena, and Smoor. Collaborating with over 4,000 brands, Velocity has disbursed over INR 750 crore and established partnerships with 26 marketplaces.
According to Mordor Intelligence, the QSR Restaurant market is projected to reach 38.71 billion USD by 2029, compared to its current 25.46 billion USD. The rise of online food ordering and factors such as low start-up costs, ease of operations, and localized menus are expected to drive further growth in the coming years. Given the favorable demand outlook, the domestic QSR industry is looking at aggressive store capex over the medium term.
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