SUMMARY
The funding round was led by IAN, with participation from NB Ventures, Go-Ventures, LetsVenture, Grip Invest, Anicut Capital, and actor Mouni Roy
The startup will use the funding to expand its footprint and to add more than 250 kitchens across 80 cities in India, South-East Asia and the Middle East
Bigspoon plans to introduce two new brands and at least 150 new kitchens by the end of the current fiscal year
Cloud kitchen startup Bigspoon has raised INR 100 Cr (around $12.56 Mn) in a strategic funding round led by Indian Angel Network (IAN).
The round also saw participation from institutional investors NB Ventures, Go-Ventures, LetsVenture, Grip Invest, Anicut Capital, and actor Mouni Roy.
The startup will use the funding to expand its footprint and to add more than 250 kitchens across 80 cities in India, South-East Asia and the Middle East. It will also use the capital to ramp up hiring for key leadership positions and to invest more in technology for clients.
Bigspoon will also use the funds to add more brands in its top categories and strengthen its backward integration to effectively leverage its supply chain. Largely, the expansion will be aimed at Tier-II cities and the funds will be targeted at ‘strengthening the food delivery experience’.
As part of the deal, Roy will join the startup and will be associated with brand incubation and endorsements.
“Our journey has been phenomenal, and till now, we have served over 3 Mn customers. With the current infusion of funds, we would look at investing across various verticals, expanding our footprint and adding brands in leading categories. Our incoming and existing investors have faith in our strategy to scale,” Bigspoon CEO and cofounder Kapil Mathrani said.
Founded in 2019 by Mathrani, Rohan Bhatt and Poojan Thakkar, Ahmedabad-based Bigspoon is a multi-brand omnichannel cloud kitchen startup that largely focuses on Tier-II cities. The startup claims to target underserved and underpenetrated markets. It also offers services to other brands under its Kitchen-as-a-Service model (KaaS), allowing them to leverage its infrastructure to deliver products.
The startup had last raised $2 Mn from Grip Invest as part of a lease financing deal. Bigspoon claims to currently have 80 kitchens spread across 16 states and more than 35 cities.
The startup caters to more than 1.5 Lakh users every month and houses multiple brands including Makhni Brothers, Thali Central, Meals101, among others. It also partners with brands such as The Brooklyn Creamery, Baskin-Robbins and Smoodies for its KaaS offering.
Talking about its future plans, Bigspoon said that it aims to quadruple its user-base in the coming years. The startup also plans to introduce two new brands and at least 150 new kitchens by the end of the current fiscal year.
It competes with giants like Zomato and Swiggy, as well as other major players such as Rebel Foods, Curefoods, Food Darzee and Box8.
The cloud kitchen startups have been seeing a lot of activities lately. Last month, actor Nora Fatehi invested an undisclosed amount in cloud kitchen startup Curefoods. In June this year, Curefoods had raised a $50 Mn Series C funding round from a clutch of investors.
In April, another cloud kitchen startup FreshMenu was said to have been raising $6.5 Mn from Florintree Advisors.
According to a report, India’s cloud kitchen market is projected to touch the $2.5 Bn mark by 2028, growing at a CAGR of 17.5% during 2024-2028.
