Ahmedabad-based cloud kitchen startupon Tuesday said it raised Rs 100 crore in a Series A funding round from IAN, NB Ventures, Go-Ventures, Lets Venture, Grip Invest, and Anicut Capital. Celebrity investor Mouni Roy also joined the startup and would be associated with brand incubation and endorsements.
The startup will utilise the fund to expand to over 250 kitchens in 75 cities across India, add brands in top categories, hire for leadership positions, invest in technology for clients, and backward integration for effective production and supply chain.
Founded in 2019 by Kapil Mathrani and Poojan Thakkar, BigSpoon is a multi-brand, omnichannel cloud kitchen company that seeks to democratise the food delivery options in Tier II and III cities as the cloud kitchen markets are underserved and underpenetrated in these regions.
Kapil Mathrani, CEO and Co-founder, BigSpoon, said,
“Our journey has been phenomenal, and till now, we have served over three million customers. With the current infusion of funds, we would look at investing across various verticals, expanding our footprint, and adding brands in leading categories.”
With 80 kitchens spread throughout 16 states and over 35 cities, BigSpoon caters to 150,000+ diners every month. By the end of FY23, the startup plans to introduce two new brands and at least 150 new kitchens.
Speaking on her investment, Mouni Roy said, “Anyone who knows me, knows that I am a big foodie. Good food brings me so much joy. I am thrilled to be investing in BigSpoon, so I can now be a part of spreading that joy to millions of people across the country. Being raised in a small town myself, I, especially, love that BigSpoon caters to Tier II and III cities.”
Sanjiv Bajaj, Lead Investor, IAN, said, “The funds will serve as a catalyst to boost Bigspoon’s aim to expand its network across India. We are pleased to be a part of this innovative journey. The company has shown explosive growth since inception, and we feel these funds will help them achieve the next level.”
“Kapil and the team at Bigspoon have grown at a breakneck pace, geographically and in traction. We will also use BigSpoon network to launch a few brands, which are doing well in Dubai, and facilitate bringing BigSpoon to Dubai and Middle East markets,” said Neelesh Bhatnagar, Managing Director at NB Ventures.