Funding Alert

EatClub Brands (Earlier known as Box8) to get investment from Tiger Global And A91 Partners

• ByStartupStory     |    March 10, 2022

Nearly $30 Mn of secondary funding round deal to get sealed by cloud kitchen startup EatClub Brands, which was earlier known as Box8. Tiger Global and A91 Partners are the startup’s existing members which will increase its stake.  

IIFL will sell part stake in Box8 with A91 Partners’ infusion in the funding round that it holds following its investment in 2016. According to a report, in addition to this new shares will also be purchased owing to their primary infusion in EatClub Brands by  IIFL and A91.

Previously an investment of about $40 Mn was made in EatClub Brands by Tiger Global. EatClub Brands was pegged at about $300 Mn, when the current secondary transaction was an extension of the previous funding round. 

According to the report, The size of Box8’s funding round was marginally more than what was decided earlier. Angel investors who backed the startup as a part of the deal, are also exiting with good returns.

EatClub Brands was founded by Gupta and Amit Raj in 2012,. In 2014, it pivoted from a QSR chain in order to its present business model. Currently it holds eight brands and operates in about five Indian cities. 

Box8 raised About $40 Mn was raised by Box8 in a Series D funding round led by Tiger Global in December, 2021. The startup along with the raised funding, rebranded itself to EatClub Brands too. Utilising the freshly infused capital for on-boarding talent and building teams that can support its plans to scale its business to over 500 kitchens in 15 cities was planned by the startup. 

Cloud kitchen brands aggregator Curefoods in February this year announced its acquisition for the globally renowned pizza brand Sbarro, of exclusive franchise rights in South India. In the next three years, Curefoods plans to open 50 Sbarro outlets starting with Bengaluru. A mix of walk-in outlets and cloud kitchens so as to ensure maximum customer reach will also be included in the expansion.

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