Funding Alert
Spice Lounge, Master Franchise of Buffalo Wild Wings, Secures $1 Million Funding Led by Klub
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ByStartupStory | December 21, 2023
Spice Lounge, the master franchise of Buffalo Wild Wings, a renowned American sports bar franchise, has successfully secured funding of $1 million led by Klub, the company announced in a press release.
According to Spice Lounge, the funds raised will be utilized for store financing and expansion purposes. The company has ambitious plans for expansion, aiming to transition to a quick service restaurant (QSR) model in 2024. By the end of the fiscal year 2025, Spice Lounge projects a revenue of Rs 150 crore.
In addition to its growth plans, Spice Lounge has been actively involved in sports partnerships. The brand served as the official club partner of Sunrisers Hyderabad during the IPL seasons of 2022 and 2023.
As part of its recent developments, Spice Lounge has inaugurated two new outlets, including its latest venture located in South Bangalore at the Falcon City Mall. Looking ahead, the franchisee aims to open 25 outlets across India in 2024, targeting locations in Tamil Nadu, Kerala, Goa, Maharashtra, and Delhi NCR.
Presently, Buffalo Wild Wings operates eight outlets in India, spread across Hyderabad and Bengaluru. Klub, the leading investor in this funding round, specializes in providing digital businesses with rapid and flexible capital infusion without the need to dilute equity. Since its establishment, Klub claims to have funded over 300 brands through more than 600 investment rounds.
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Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
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