Gurgaon based Big Spoon Raises $2 million Via Lease Financing
- ByStartupStory | December 2, 2021
Gurugram-based asset-backed investments digital platform Grip Invest has entered into a $2 Mn lease financing deal with cloud kitchen startup Big Spoon.
“Grip plans to enable Big Spoon in capitalizing on alternative revenue streams, allowing the cloud kitchen startup to scale its operations,” said a statement from Grip.
Lease financing is a medium and long-term financing route wherein the owner of an asset gives the lessee the right to use that asset against periodical payments.
Kapil Mathrani, founder & CEO, Big Spoon, said that with this partnership, the startup can focus on increasing its presence in tier 2 and tier 3 cities that have a lower brand affinity.
“We plan to unlock the next phase of growth and further become more agile,” he added.
Speaking to Inc42, Nikhil Aggarwal, founder & CEO, Grip Invest said that the funds will be deployed over a period of six months.
“Cloud kitchens are one of the fastest-growing segments in India, with reports projecting revenue growth of $2000 million by 2024. Lease Financing couldn’t be more important. It can meet different forms of capital requirements and unlock potential growth,” he said.
The Ahmedabad-based cloud kitchen startup operates 80 internet restaurants and has a presence across 15 cities with 21 outlets. It offers 11 different brands including Makhni, Oven and Grill, Meals 101, Monkey Fries, The Wrap Co, and East Pizza Co.
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