Grip Invest, a lease finance platform has entered into a $2 million lease financing deal with cloud kitchen start-up Big Spoon, the company said in a statement on Wednesday.
The deal will enable Big Spoon in capitalizing on alternative revenue streams, allowing the cloud kitchen startup to scale its operations.
“Cloud kitchens are one of the fastest-growing segments in India, with reports projecting revenue growth of $2000 million by 2024. Lease Financing can meet different forms of capital requirements and unlock potential growth.” Nikhil Aggarwal, Founder and CEO, Grip Invest, said in a statement.
Big Spoon has a presence in 15 cities with 21 locations and operates 80 internet restaurants. Makhni, Oven and Grill, Meals 101, Monkey Fries, The Wrap Co, and East Pizza Co are a few of the company's 11 various brands.
Founder and CEO of Big Spoon Kapil Mathrani said Big Spoon delivers over 2,000 orders daily with a volume of up to 5,000 orders over the weekend.
Grip operated by Grip Investors Pvt Ltd, was founded by Nikhil Aggarwal and Vivek Gulati, the firm acts as a link between companies and retail investors for fulfilling the capital needs of firms.
In one of its investment products that the firm offers, it says its 80,000 investors worldwide can invest a minimum of Rs 20,000 for 24 months and expect to earn an internal rate of return of over 21%.
Prior to Grip, Aggarwal co-founded and served as a chief operating officer of mobility startup Chalo.
He started his career at HSBC and then worked for 6 years with the investment banking team at Morgan Stanley, India .
Gulati was previously part of the business development team at Chalo and led business development for the expansion team for OYO hotel’s domestic and international operations.
The company said it has facilitated leasing of assets over Rs 120 crore so far and enabled over 50 companies such as Udaan, Furlenco, Holisol, Everest Fleet, Loadshare, IPL, Tech, ChargeZone, Vogo, FleetX, FabAlley, BlueTokai, etc to access a different channel of growth capital.
In October, Grip Invest entered into a $5 million asset financing deal with House of Kieraya (HoK), known for online furniture rental brand Furlenco.