IncuCapital Invests Rs 40 lakh in Food Chain STEAMMO
Indian F&B chains have seen a healthy growth in the past decade with the likes of Faasos‘ and Venky’s leading the way. A speciality food concept offering steamed quick service food through its branded kiosks, STEAMMO is a brand of J&R Hospitality Pvt. Ltd. IncuCapital, a Pune based VC firm that incubates and funds start-ups has invested in it. A leading hotel chain has also extended their strategic backing to the venture. The STEAMMO kiosks will be established under different formats across food courts in different cities.
Ravisha, the co-founder of STEAMMO who has had the experience of working with leading hotels in India and retail chains says “My dream to setup my own F&B setup is finally shaping up.” Jabish, the co-founder explains “We plan to open around 20 outlets in the next 6 to 8 months. This investment will help us innovate and scale”. The company has gone through product trials for the last couple of months and will use the money to scale up its kiosk footprint.
IncuCapital had been working alongside the founders for sometime before the company got invested. Prashant Maharaj, Sr. Venture Partner of IncuCapital says “this is our model of engaging and building companies that minimise investment risks. We usually engage with the companies at a very early stage, many a times at the ideation stage and take a long term view of building them”.
As the first tranche, IncuCapital has made an investment of INR 40 Lakhs. Prashant Maharaj from IncuCapital will be joining the board of STEAMMO (the website is undergoing an upgrade at the time of writing this).