Cloud kitchen startup Bigspoon Foods Pvt. Ltd on Tuesday said it has raised Series A funding of Rs 100 crore (around $12.9 million) led by Indian Angel Network, with participation from NB Ventures, Go-Ventures, Lets Venture, Grip Invest and Anicut Capital.
The fundraise was also joined by celebrity investor Mouni Roy, who will be joining the brand’s incubation and endorsements, the company said in a statement.
The Ahmedabad-based firm plans to use the fresh funds to expand to over 250 kitchens across 75 India cities, rope in brands for top categories, onboard talents at leadership level and backward integration for production and supply chain.
Founded by Kapil Mathrani and Poojan Thakkar in 2019, Bigspoon is a multi-brand, omnichannel cloud kitchen company focussed on tier II cities. The startup operates across 35 cities with 80 kitchens and caters to over 150,000 diners every month.
Bigspoon’s latest fundraise comes eight months after it raised $2 million from Grip Invest in an asset financing deal in December last year.
“With the current infusion of funds, we would look at investing across various verticals, expanding our footprint and adding brands in leading categories,” said Kapil Mathrani, CEO and Co-Founder, Bigspoon.
“The concept of cloud kitchen in India is still nascent and Bigspoon, with its expertise, possesses the right knowledge to revolutionize the sector. It will be filling the gap in the underpenetrated tier 2 and 3 markets which are still underserved,” said Sanjiv Bajaj, Indian Angel Network’s lead investor.
The Indian Angel Network, founded in 2006, has been a prominent investor in India's startup ecosystem. The network has invested in startups like Dhruva Space, Spinny, Box8, Uniphore, Propelld and Wow! Momo, among others.
The investment in Bigspoon, underlines investors’ continued interest in the cloud kitchen space in India. The sector has also been witnessing a host of mergers in the past couple of months.
In January, Curefoods Pvt. Ltd, a cloud kitchen startup floated by Cure.fit co-founder Ankit Nagori, announced $62 million fundraising from existing investors Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners and Binny Bansal.
In March, Trifecta Capital-funded shared cooking platform Kitchens@ merged with cloud kitchen firm Kitchens Centre, making it the biggest player with 1,000 kitchens in over 20 cities, VCCircle reported.