-KH News Desk (firstname.lastname@example.org)
BigSpoon, a cloud kitchen business, has secured Rs 100 crore ($12.5 million) from IAN, NB Ventures, Go-Ventures, Lets Venture, Grip Invest, and Anicut Capital as part of its Series A investment. Mouni Roy joined the firm as a celebrity investor and will be involved in brand development and sponsorships.
“The concept of cloud kitchen in India is still nascent and Bigspoon, with its expertise, possesses the right knowledge to revolutionize the sector. It will be filling the gap in the underpenetrated Tier-2 & 3 markets which are still underserved,” said Sanjiv Bajaj, IAN Lead Investor.
The business will use the money to spread out over 80 locations in India, South-East Asia, and the Middle East, adding more than 250 kitchens. The funding will also be used to increase recruiting for important leadership roles and to increase investments in client technology.
Along with strengthening its backward integration and adding new brands to its key categories, Bigspoon will utilize the investment to further leverage its supply chain. The funds will be used to “strengthen the meal delivery experience,” with the majority of the growth directed towards Tier-II cities.
“Anyone who knows me know that I am a big foodie. Good food brings me so much joy. I’m thrilled to be investing into Big Spoon so I can now be a part of spreading that joy to millions of people across the country. Being raised in a small town myself, I especially love that Big Spoon caters network caters to Tier 2 and 3 cities,” pointed out actor Mouni Roy.
BigSpoon, which was founded in 2019 by Kapil Mathrani and Poojan Thakkar, provides a variety of dishes, including traditional Indian thali dinners and North Indian cuisine. Its brands include Meals 101, Oven & Grill, and Makhni Brothers.
BigSpoon asserts that it serves more than 150,000 meals each month. The firm intends to launch two more brands and at least 150 new kitchens by the end of FY23. “Our journey has been phenomenal, and till now, we have served over 3 million customers. With the current infusion of funds, we would look at investing across various verticals, expanding our footprint and adding brands in leading categories,” shared Kapil Mathrani, CEO & Co-Founder, Bigspoon.
“We continue to believe in the cloud kitchen ecosystem of Asia, and that is reflected in our continued belief and backing of Bigspoon. Kapil and the team at Bigspoon have grown at a breakneck pace, geographically and in traction. We will also use BigSpoon network to launch a few brands which are doing well in Dubai and facilitate to bring BigSpoon to Dubai and Middle East markets,” added Neelesh Bhatnagar, Managing Director at NB Ventures.
In the cloud kitchen market, BigSpoon has competition from companies like Curefoods, Biryani By Kilo, Box8, Faasos, and FreshMenu, among others. Ankit Nagor’s Curefoods recently announced a $50 million Series C investment with a valuation of more than $400 million, headed by Cayman-based Crimson Winter.
THIS ARTICLE IS POWERED BY