Cloud kitchen company Kitchens@ has raised $65 million in its Series C round of funding from London-based Finnest, a growth investment firm which makes early-stage bets.
The startup plans to use the funds to expand its hybrid model Dinerium, where it is going beyond its cloud kitchen offering to open restaurant outlets in the country.
Kitchen@ offers a platform with shared kitchen solutions to food businesses. The platform has Domino’s, Subway, Taco Bell and Nando’s as its top customers.
"Our restaurant roll-up plan is founded on (founder-DNA) principles, and I am proud to say that we have established strong alignments with nearly all major brands. This presents a substantial opportunity for us and our investors to create something truly extraordinary," Junaiz Kizhakkayil, founder and chief executive of Kitchens@, said in a statement.
“Today, we witness several such brands with the potential not only to dominate the Indian market but also to make a significant impact on the global stage."
Kitchens@, which is operated and owned by Loyal Hospitality, had raised $16.2 million (Rs 115 crore) in its Series B round of funding in February 2020. In May that year, the company also secured Rs 20 crore ($2.6 million) in venture debt from Trifecta Capital.
Earlier this year, Kitchens@ acquired Swiggy Access Kitchen, expanding its footprint to six major cities and 45 locations.
“Kitchens@ has played a pivotal role in shaping the landscape of the cloud kitchen segment in India, emerging as a key player in the food and supply aggregator sector,” said Biswanath Patnaik, who founded Finnest along with Arun Kar.
“We are anticipating a substantial business turnaround in the coming years, especially with strategic partnerships in place with major entities like Swiggy and Beenext," he added.
Finnest invests in areas such as banking, healthcare, consumer products, fintech, renewables, and enterprises.