Fine dining chain operator Vro Hospitality has raised $10 million (Rs 83 crore) in a bridge funding round, led by Axis Bank and Nikhil Kamath-backed venture capital fund Gruhas.
The round, a mix of equity and debt infusion also saw participation from NB Ventures and angel investors Kunal Shah (Cred) and Bollywood actress Mouni Roy.
While the Bengaluru-based firm did not disclose the exact split of the equity and debt, it said the funding will be used for expansion and accelerating product development.
Founded in 2018 by Dawn Thomas, Safdhar Adoor and Sharath Rice, Vro Hospitality is a fine dining chain with multi-format restaurants, cafes, and lounges.
It operates ten brands such as Badmaash Lounge, Hangover, Mirage, Nevermind, Plan B, Taki Taki, Los Cavos, Cafe Noir, One Night in Bangkok and Tycoons, amongst others.
In terms of geographical presence, the firm claims to have 40 outlets across Bengaluru, Ooty, Mumbai, Kochi, Kolkata and Hyderabad.
It also runs cloud kitchen brands such as Burgers and Beyond, Holy Doh Pizzas and Smashed and Whacky Chang.
In 2021, the firm raised $3 million in a Series A round funding round from CreedCap Advisors Pvt. Ltd. and other angel investors.
“Post-Covid, the hospitality sector has witnessed exponential growth and Vro Hospitality has expanded across key markets in India. This bridge will help Vro accelerate growth, expand reach and solidify its position as a reputable brand in the dining industry,” said Abhijeet Pai, co-founder, Gruhas.
Meanwhile, this is the second investment made by Gruhas in consecutive days. Gruhas is the real estate-focused investment platform of Zerodha founder Nikhil Kamath and Abhijeet Pai of Puzzolana Group.
Yesterday, the firm participated in the $1.2 million pre-Series A funding round of co-living space provider Settl.