Food tech platform Ghost Kitchens acquires Speak Burgers brand
- ByStartupStory | February 28, 2023
In an undisclosed sum, an Indian cloud kitchen incubator, has acquired Speak Burgers, a gourmet cloud kitchen startup owned by celebrity chef Vicky Ratnani.The aim is to expand the premium food delivery market by Ghost Kitchens.
The aim and vision of Ghost Kitchens is to establish a range of premium food delivery brands that operate on food delivery platforms such as Swiggy and Zomato. Ratnani is set to become Ghost Kitchens chief culinary officer and co-founder as part of deal.
The company will launch three new brands with Ratnani in the mass premium and cloud kitchen categories.
This partnership will help Ghost Kitchens to scale its business and add an additional 400 fulfilment partners in next 3 years.
Speak Burgers plans to increase its presence to over 200 locations in the next three years through fulfilment partner programmes.
The acquisition will help Ghost Kitchens fill gaps in the supply of premium brands, according to founder and chief executive officer (CEO) Karan Tanna.
Wakka Wakka, Biryani Hazir Ho, Momo Guy, Starboy Pizza and Shakes and Maa Ki Khichdi, among others are some of the Ghost Kitchens portfolio.
At the end of December 2022, Ghost Kitchens had an annual GMV run rate of Rs 60 crore. The start-up aims to scale its offerings to more than 4,000 internet restaurants in the next year and target an annual run rate of Rs 500 crore by the end of 2024.
Ghost Kitchens has raised $1.2 million across two funding rounds from investors such as Yuj Ventures, Dholakia Ventures and Salarpuria Family office, among others.
Huge names such as Rebel Foods, FreshMenu, Box8 and Faasos is largely populated by cloud kitchen market.
According to a report, the homegrown cloud kitchen market was worth $400 million at the end of 2019, with projections indicating that it will grow to $2 billion by 2024.
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