Finnest acquires majority stake in Bengaluru-based Kitchens@
London-based private equity fund Finnest will now hold a 53.75% stake in the cloud kitchen startup.
Bengaluru-based cloud kitchen startup disclosed in a filing that the London-based private equity fund, Finnest, now holds a majority stake in the startup.
In a special resolution passed by the Kitchens@ Board, the company agreed to issue 40,00,000 equity shares in an aggregate amount of up to Rs 1,200 crore to Finnest Holdings.
Additionally, the company will also issue 450,000 Series C Compulsory Convertible Preference Shares in an aggregate amount of up to Rs 135 crore.
According to the filings, after the allotment of shares, Finnest will hold a 53.75% stake in Kitchens@, with the startup operating as its subsidiary.
Founded in 2018 by Saurabh Jha, Aaron Vithal, and Junaiz Kizhakkayil, the company provides kitchen solutions for food businesses catering to fast food chains like ChickKing and other restaurants like Beijing Bits and Rolls on Wheels.
Last year, the startup acquired Swiggy Access Kitchen for an undisclosed amount in an all-equity transaction to expand its presence to six major cities and 45 locations.
It last raised $65 million in Series C funding from Finnest in December 2023, bringing the total funding raised to $82.5 million since its inception, according to Tracxn.
It competes with other brands including Mumbai-based Kytchens and Rebel Foods.
Edited by Affirunisa Kankudti