The funding round was led by GS Ventures, CJ Investment, Mirae Asset Securities, NCORE Ventures, Woori Bank, Capstone Partners, among others
The startup, which currently has 15 outlets in India, will use the funding to fuel its ‘aggressive’ expansion plans in the country
Founded in 2017 by Jae Won Lim, GOPIZZA operates a chain of QSR that offers single-serving and oval-shaped pizzas at affordable prices
South Korea-based pizza chain GOPIZZA has raised $25 Mn (INR 200 Cr) as part of its Series C funding round to expand in India. The round was led by GS Ventures, CJ Investment, Mirae Asset Securities, NCORE Ventures, Woori Bank, Capstone Partners, Big Basin Capital, DS Asset Management and Pureun Investment.
The startup said it will use the funding to fuel its ‘aggressive’ expansion plans in India. It plans to increase the number of its outlets in the country to 25 by the end of 2022 from 15 currently, and aims to open more than 100 stores by 2023.
GOPIZZA will also use the investment to deploy its in-house robotic and AI-based technologies such as GOVEN, AI Smart Topping Table and GOBOT at its outlets across the country.
“The funding raised will allow us to massively scale our operations across the country and further cement our position in the Indian market in an aim to become the pan-India market leader in the segment. Our expansion plan is to launch 100 stores by 2023. The funds will also be deployed to bring the brand’s famed technology to all outlets in India providing speedy, superior quality pizzas that GOPIZZA is known for and loved by customers worldwide,” GOPIZZA India CEO Mahesh Reddy said.
GOPIZZA plans to set up stores in major Indian cities such as Pune, Chennai, Delhi, Mumbai, Hyderabad, Ahmedabad and Kolkata in the next few years. Besides, the South Korea-based startup also plans to mark its foray into key Tier-II cities such as Chandigarh, Jodhpur, Jaipur and Kochi.
On the global front, the pizzeria plans to venture into new markets including Thailand, Malaysia, Vietnam and the US.
Founded in 2017 by Jae Won Lim, the startup started out of a food truck. GOPIZZA operates a chain of quick service restaurants (QSR) that offer single-serving and oval-shaped pizzas at affordable prices.
The startup claims to have previously raised $20 Mn in funding from a multitude of investors including Woori Bank, Capstone Partners, Big Basin Capital, among others.
It currently has 160 outlets across India, South Korea, Singapore, Indonesia, and Hong Kong. In India, GOPIZZA opened its first outlet in 2019 in Bengaluru and has since then scaled its operations to 15 outlets across the country. The South Korean pizzeria plans to open its first physical store in Hyderabad next month and is also targeting expanding to more than 300 locations across the globe in the next 2 years.
“Owing to our great performance in the last few years, we are delighted to announce a big round of funding. India is a key market for us and a majority of the investment will be directed to the Indian market where we plan to expand to more than 100 stores by 2023. We are very excited to bring the Korean vibe and our state-of-the-art food technology to the fastest-growing market in the world,” said GOPIZZA CEO and founder Lim.
The startup largely competes with QSR pizza chains such as Domino’s Pizza, Pizza Hut, Smokin’ Joe’s and Chicago Pizza in the country. In the overall quick-service segment, it also competes with the likes of players such as McDonald’s, Burger King, Taco Bell and other major players.
This comes barely a month after another QSR chain Wow! Momo raised more than INR 125 Cr from OAKS Asset Management in Series D funding round in September. Days ago, beer maker Bira 91 acquired alco-beverage chain, The Beer Cafe, in an all-stock deal for an undisclosed amount.
In July, burger chain Burger Singh raised INR 30 Cr in Series A funding round led by Negen Capital. Tea-cafe chain Chaayos bagged $45 Mn as part of its Series C funding round led by Alpha Wave Ventures in June this year.
The QSR market size in India was valued at about INR 18,800 Cr in FY20 and is projected to soar to INR 50,000 Cr by 2025.
