Bakingo, the omnichannel bakery brand with a major focus on cakes, has raised $16 million as growth capital from Faering Capital in its first external funding.
Bakingo will utilise this capital towards strengthening its distribution footprint by expanding from 75 dark kitchens to 150, and entering 10 new cities. It is also planning to open exclusive brand stores besides investing in technology to enhance its production, supply chain, and forecasting abilities.
Founded in 2016 by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo is headquartered in Gurugram, with a presence in Gurugram, Delhi, Noida, Bengaluru, Hyderabad, and Mumbai.
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Pic credit: Bakingo
” align=”center”> Pic credit: Bakingo
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According to a statement from Faering Capital, Bakingo has achieved strong growth and profitability serving over six million customers.
Faering Capital Co-founder and MD Sameer Shroff said, “We admire how Himanshu, Shrey, Suman, and the Bakingo team have built a ~Rs 200 crore profitable brand that consistently delivers customer delight across the country. Even more impressive is that they have built the company bootstrapped, without any external funding.”
Post the transaction, Shroff will also join the company’s board.
On the funding, Chawla added, “We firmly believe that India needs an authentic homegrown brand, and we are in prime position to be the pioneering national bakery and gifting platform. This growth capital investment by Faering Capital will propel us in executing our vision and scaling nationally.”
Bakingo recently expanded into Jaipur, Chandigarh, Lucknow, Meerut, Panipat, Karnal, and Rohtak. It offers premium quality cakes and desserts with over 100+ SKUs.
Edited by Saheli Sen Gupta
