Ghost Kitchens India Raises $5 Million in Series A Funding to Fuel Expansion
- ByStartupStory | February 22, 2024
Ghost Kitchens India has successfully secured $5 million in Series A funding, comprising a blend of equity and debt. The funding round, spearheaded by GVFL Limited, saw active participation from NB Ventures, LetsVenture, and Lead Angels, with additional contributions from existing investors Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati.
The infusion of capital is earmarked for scaling business operations, venturing into retail stores for existing hero brands, and introducing new celebrity brands. Simultaneously, Ghost Kitchens plans to enhance its partner program, expand the footprint of company-owned and operated cloud kitchens, and bolster its Quick Service Restaurants (QSR) stores.
Karan Tanna, Founder and CEO of Ghost Kitchens, expressed his satisfaction, stating, “We are happy that investors have appreciated and backed our plans to build a profitable F&B company led by innovation in technology. We are excited for the coming years where we will focus on building iconic brands through customer loyalty and love for our food.”
Ghost Kitchens had previously acquired technology company WTF in 2022, leveraging it to create proprietary technology aimed at streamlining business operations and enhancing overall efficiency. With a focus on doubling down on hero brands and forging new celebrity brand partnerships, Ghost Kitchens aims to achieve profitability in the next 12-15 months.
Kamal Bansal, MD of Gujarat Venture Finance Limited, shared insights into the partnership, saying, “We have closely observed Ghost Kitchens’ journey for over three quarters before partnering with them. We are looking forward to the launch of celebrity brands as well. We are looking forward to what the future has for Ghost Kitchens in terms of growing a profitable sustainable business.”
Celebrity Chef Vicky Ratnani, whose SpeakBurgers was acquired by Ghost Kitchens in February 2023, commended the infrastructure provided by Ghost Kitchens, expressing excitement about the company’s potential IPO within the next 5 years.
Founded in 2019, Ghost Kitchens India currently operates through 15+ company-owned and operated cloud kitchens in Mumbai and Ahmedabad, along with 1200 internet restaurants across 40 cities in India. With a strategic focus on expanding its footprint, launching celebrity brands, and entering retail stores, the company aims to achieve an annualized revenue of approximately 200 crores in the next 2 years.
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