Foodtech company FreshMenu designates funds for enlarging and scaling the sub-brands
- ByStartupStory | May 4, 2022
FreshMenu, one of the earlier food delivery startups adopting cloud kitchen founded in 2014 has announced that it will spend over Rs 20 crore on the broadening and up-gradation of sub-brands. The company has recently received funding of $7 million after the closure of a fresh round from growth stage venture capital firm Florintree Advisors. Lightspeed Venture Partners, Innoven Capital and Zodius Capital are some of the previous investors.
The founder and CEO, Rashmi Daga said that they are set to launch new private labels along with the expansion of its existing cloud kitchens namely Green Cravings, Donburi- the Asian Cuisine and Edesia- the dessert brand. She also added that there are ample opportunities to be tapped within the private label space and that the company will expand with many new brands in-house across different cuisines.
This Bengaluru based startup has seen a major decline to Rs 50 crore last fiscal year from Rs 104.57 crore severely due to the pandemic. In the recent round of funding, it was allotted 100 equity and 14,85,642 series C non-preference shares at an issue cost of Rs 336.95 per share aggregating to Rs 50 crore from Florintree. Currently, Florintree holds 26.683% of FreshMenu after allotment of shares according to the regulatory filings with the Registrar of Companies (RoC).
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