Ghost Kitchens India utilizes new funds to Upscale Operations & Business Expansion

By siliconindia  |  Tuesday, 02 April 2024, 12:58 IST

Ghost Kitchens India utilizes new funds to Upscale Operations & Business Expansion
A food-tech platform, Ghost Kitchens India raised a total amount of $5 million after three successful round of funding, in February with a proper blend of debt and equity. The latest funding round of the company was led by Gujarat Venture Finance. According to the report of Tracxn, 7 investors participated in it's latest round. They have Ramanaidu Daggubati and 12 others are Angel Investors with them.
The Series A funding round was spearheaded by GVFL Ltd, with notable participation from NB Ventures, LetsVenture, and prominent angel investors. Notably, existing backers such as Yuj Ventures, Dholakia Ventures, and renowned actor Rana Daggubati reaffirmed their confidence in Ghost Kitchens by contributing to this round.
Karan Tanna, the founder and CEO of Ghost Kitchens said that the newly acquired funds would primarily be allocated towards scaling up business operations and launching retail outlets. He further added, “We have identified what are the brands that work for us and we want to get them on streets so that customers can walk into those stores, enjoy the food, experience the brands and that further helps us to penetrate within every hyperlocal region.”
The company offers a virtual network for food businesses. They also serve as a B2B platform for Food and Agriculture Tech, Food and Agriculture market segments. They are constantly improving their retail presence and hyperlocal delivery services. The company boasts of owning and operating over 15 cloud kitchens in Mumbai and Ahmedabad.
Tanna explained saying, "We have already established a robust presence in hyperlocal food delivery. By channelling capital into retail outlets, we anticipate accelerated returns due to existing market demand. Our plan is to inaugurate our first retail store by June 2024, leveraging the funds to expedite this expansion."
He has developed a strong reliance on the company’s growth trajectory and further commented that, after the covid, 30-40% sale has been increased. With the introduction of retail outlets and celebrity-endorsed brands, Ghost Kitchens aims to sustain this momentum, targeting an annualized run rate of 200 crore within the next 2-3 years. Moreover, Tanna projected profitability within the forthcoming 12-18 months, underscoring the company's commitment to fiscal prudence and sustainable growth.
 

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