Ghost Kitchens secures $5M Series A funding led by Gujarat’s GVFL
The cloud kitchens operator will use the funding to set up highstreet restaurants of its top brands, including SpeakBurgers by Chef Vicky Ratnani as well as increase the footprint of its company-owned cloud kitchens.
Cloud kitchen aggregator has raised $5 million in Series A funding led by Gujarat-based venture capital firm Gujarat Venture Finance Limited (GVFL), with contribution from NB Ventures, syndication platform LetsVenture, and Lead Angels.
Existing investors Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati also participated in this round.
The Mumbai-based firm will use the funding to expand its cloud kitchen footprint across the country by scaling operations and establish retail presence of its existing brands, including SpeakBurgers by Chef Vicky Ratnani and Starboy Pizza and Shakes, which was acquired in February last year.
The firm intends to introduce three more celebrity-led brands in the coming months, Karan Tanna, Founder and CEO of Ghost Kitchens, told YourStory.
“The glory and glamour emerging from celebrity-centred brands helps create awareness and attract more customers. The strategy will create a top of the funnel advantage,” Tanna said.
This strategy is also expected to help Ghost Kitchens achieve profitability in the next 12-15 months, according to the founder. It plans to expand SpeakBurgers to reach 25 offline retail stores in the next 18-24 months.
Founded in 2019, Ghost Kitchens operates more than 15 company-owned and operated cloud kitchens across Mumbai and Ahmedabad along with over 1,200 internet restaurants across 40 cities.
In February 2022, the firm acquired technology company ‘WTF’ to enable restaurants to manage end-to-end software through its proprietary software. It also provides cloud kitchen brands built to drive revenue and increase kitchen profits by adding a plug-and-play food delivery concept within existing setups.
The firm now aims to achieve an annualised revenue of approximately Rs 200 crore in the next two years, the founder noted.
“We are happy that investors have appreciated and backed our plans to build a profitable food and beverage 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,” Tanna added.
“We have closely observed Ghost Kitchens’ journey for over three quarters before partnering with them. Its execution is focused and frugal with a clear path of profitability. We were particularly excited about repeat customers of its brands and the in-house tech which helps to optimise the aggregator algorithm better for organic growth,” said Kamal Bansal, Managing Director of GVFL Limited.
Edited by Megha Reddy