India, 22nd February 2024 — Food-tech platform Ghost Kitchens India has raised 5 million USD in Series A funding, a mix of equity and debt. The round was led by GVFL Limited with participation from NB Ventures, LetsVenture, and Lead Angels. Existing investors Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati also participated in this round.
The fund raised by Ghost Kitchens from this round will be utilized to scale business operations and foray into retail stores of its existing hero brands and new celebrity brands. Simultaneously, it will also help to upgrade the partner program and increase the footprint of company owned and operated cloud kitchens and QSR stores.
Mr. Karan Tanna, Founder and CEO, Ghost Kitchens, said, “We are happy that investors have appreciated and backed our plans to build a profitable F&B company led by innovation in technology. We have created 10X value for our earlier investors and we are sure to continue with this performance for new backers. We are excited for coming years where we will focus on building iconic brands through customer loyalty and love for our food.”
Earlier in 2022, Ghost Kitchens India had acquired a technology company-WTF which helped Ghost Kitchens to create its proprietary technology, helping them to manage their business end-to-end and to make it more efficient to generate organic revenue, better customer experience and more profitability. Leveraging this in-house SaaS built, Ghost Kitchens plans to be profitable in the next 12-15 months by doubling down on its hero brands and new celebrity brand partnerships.
Mr. Kamal Bansal, MD, Gujarat Venture Finance Limited said, “We have closely observed Ghost Kitchens’ journey for over three quarters before partnering with them. Their execution is focused and frugal with a clear path of profitability. We were particularly excited about repeat customers of their brands and the in-house tech that they have which helps to optimise the aggregator algorithm better for organic growth. We are looking forward to launch of celebrity brands as well. We are looking forward to what the future has for Ghost Kitchens in terms of growing a profitable sustainable business”.
Last year in February 2023, Ghost Kitchens India acquired SpeakBurgers by celebrity Chef Vicky Ratnani and it plans to grow the partnership through 25 offline retail stores in next 18-24 months.
Chef Vicky Ratnani said, “I joined hands with Ghost Kitchens a year ago and their infrastructure to scale brands has helped SpeakBurgers to evolve tremendously. I wish Ghost Kitchens and all its backers a huge congratulations and with the new capital in place, Ghost kitchens can realise its dream of an IPO in next 5 years. Most importantly, I am glad that we will be able to spread love to more customers through good food.”
Founded in 2019, Ghost Kitchens India operates through 15+ company owned and operated cloud kitchens in Mumbai and Ahmedabad, and 1200 internet restaurants across 40 cities in India. With the focus of growing its own company owned and operated footprint, launching celebrity brands and foraying into retail stores, the company aims to achieve annualised revenue of approximately 200 crores in the next 2 years.
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