GVFL-Backed Ghost Kitchens Buys The Shy Tiger To Expand Its Gujarat Footprint

Cloud kitchen startup Ghost Kitchens India, which counts GVFL, NB Ventures, LetsVenture and Yuj Ventures among its backers, has bought Ahmedabad-based cloud kitchen startup The Shy Tiger in an all-cash deal.

However, the company did not disclose the financial terms of the transaction.

With this buyout, Ghost Kitchens looks to strengthen its presence in Gujarat by integrating its existing brands into The Shy Tiger’s infrastructure, the startup said in a statement.

The Shy Tiger was founded in 2018 and operates five multi-brand cloud kitchens across Ahmedabad. The startup’s diverse portfolio includes brands like Kbob’s and The Black Chimney. 

Milapsinh Jadeja, director, The Shy Tiger, said, “I have been closely observing Ghost Kitchens’ model and was specifically impressed by how they are leveraging technology to manage and optimize business.”

“With their current team capabilities, process-driven approach and in-house tech stack, they will be able to take The Shy Tiger’s portfolio brands to pan India level. Hence, I decided to partner with the brand and invested in their current round, endorsing and validating their business model,” Jadeja added.

This comes days after Ghost Kitchens India secured $5 Mn in its Series A funding round from a clutch of investors, including GVFL, NB Ventures, LetsVenture and Lead Angels among others.

Founded in 2019 by Karan Tanna, Ghost Kitchens is a platform which offers a virtual restaurant network for food businesses. The platform claims to help boost incremental sales and drive better margins with affordable, low-risk expansion opportunities. It also provides a free tech platform to monitor sales and operational metrics to organically grow orders.  

The platform offers food under brands, including Wakka Makka, SpeakBurgers By Chef Vicky Ratnani, New York Waffles and Starboy Pizza. 

It currently operates with over 15 self-owned and operated cloud kitchens in Mumbai and Ahmedabad and over 1,200 partner restaurants across 40 cities in India. 

Ghost Kitchens has also been on a buying spree for quite some time now. 

For instance, in February last year, the Mumbai-based cloud kitchen incubator acquired celebrity Chef Vicky Ratnani owned-Speak Burgers, strengthening its portfolio of premium food delivery brands. 

Prior to that, in 2022, Ghost Kitchens India acquired technology company WTF to build a proprietary technology for ease of operations. Leveraging this in-house SaaS built, the platform is aiming for profitability in the next 12-15 months by doubling down on its hero brands and new celebrity brand partnerships.  

Ghost Kitchens competes against the likes of Rebel Foods, FreshMenu, Box8 and Faasos among others.

As per a report, India’s cloud kitchen market is expected to grow at a compound annual growth rate (CAGR) of 24% to reach $1.9 Bn by FY26.