Bakingo Secures $16 Million in Growth Capital Led by Faering Capital
- ByStartupStory | November 13, 2023
Online cake delivery startup Bakingo has successfully secured $16 million in its inaugural round of growth capital, led by private equity firm Faering Capital. Bakingo plans to utilize the funds to fortify its distribution network, aiming to expand from its existing 75 dark kitchens to 150 while venturing into 10 new cities. The company envisions creating exclusive brand stores to provide customers with an immersive experience, alongside strategic investments in technology to enhance production, supply chain, and forecasting capabilities.
Founded by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo stands out for its diverse range of cakes and desserts, including the popular Cheesecake, Gourmet Cakes, Jar Cakes, and a catalog boasting over 100 SKUs. The startup’s customization options extend to more than 200 cake designs, with a commitment to delivering orders within 2 hours in 13 cities.
Bakingo, headquartered in Gurugram, has recently expanded its operations to Jaipur, Chandigarh, Lucknow, and several smaller cities such as Meerut, Panipat, Karnal, and Rohtak.
Faering Capital, a prominent Indian private equity firm, has successfully raised over $720 million across three funds and boasts partnerships with 30 companies. This investment marks Faering Capital’s fourth venture from its $346 million Fund 3. Noteworthy entities within its diverse portfolio include Go Digit General Insurance, Niva Bupa Health Insurance, Vastu Housing Finance, Nykaa, Plum, and Finova Capital.
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