Merger and Acquisition

Finnest Acquires Majority Stake in Bengaluru-Based Kitchens@

• ByStartupStory     |    June 28, 2024

Kitchens@, a Bengaluru-based cloud kitchen startup, has announced that London-based private equity fund Finnest has acquired a majority stake in the company. This acquisition was disclosed in a recent filing where the Kitchens@ Board passed a special resolution to issue 40,00,000 equity shares worth up to Rs 1,200 crore to Finnest Holdings. Additionally, the company will issue 450,000 Series C Compulsory Convertible Preference Shares valued at up to Rs 135 crore.

According to the filings, Finnest will hold a 53.75% stake in Kitchens@ following the share allotment, making the startup a subsidiary of Finnest.

Kitchens@ was founded in 2018 by Junaiz Kizhakkayil. The company specializes in providing kitchen solutions for food businesses and has catered to prominent fast food chains like ChickKing and other well-known restaurants such as Beijing Bits and Rolls on Wheels. Last year, Kitchens@ acquired Swiggy Access Kitchen in an undisclosed all-equity transaction, which expanded its operations to six major cities and 45 locations.

In December 2023, Kitchens@ raised $65 million in Series C funding from Finnest, bringing its total funding to $82.5 million since inception, according to Tracxn. The startup faces competition from other brands, including Mumbai-based Kytchens and Rebel Foods.

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