The round of funding was led by IAN and was accompanied by NB Ventures, Go-Ventures, LetsVenture, Grip Invest, Anicut Capital, and actor Mouni Roy
The startup plans to utilize the money to expand its operations and add over 250 kitchens in 80 cities across India, South-East Asia and the Middle East
Bigspoon is planning to launch two brand new products and at minimum 150 new kitchens by the close of the fiscal year.
Cloud Kitchen startup Bigspoon was able to raise INR 100 crore (around $12.56 Million) in a strategic financing round which was led by Indian Angel Network (IAN).
The round also featured involvement from the institutional investor NB Ventures, Go-Ventures, LetsVenture, Grip Invest, Anicut Capital, and actor Mouni Roy.
The company will utilize the funds to expand its reach and add over 250 kitchens across the 80 cities across India, South-East Asia and the Middle East. The startup will also use the money to boost the hiring process for management positions, and to invest in new the latest technology to serve its customers.
Bigspoon will also make use of the funds to expand its brands to its top categories, and to strengthen its backward integration in order to increase the efficiency of the supply chain. The expansion will primarily focus on cities in Tier II with the funding to go towards improving the experience of food delivery’.
In the course of the agreement, Roy will join the company and be involved with brand development and endorsements.
“Our experience has been awe-inspiring and, to date we’ve served more than 3 million customers. With the current injection of funds, we’ll consider investing in various sectors, expanding our reach and adding brands to the leading categories. Investors who are new and returning are confident in our strategy to grow,” Bigspoon CEO and co-founder Kapil Mathrani told.
The company was founded in 2019 in 2019 by Mathrani, Rohan Bhatt and Poojan Thakkar in Ahmedabad, Bigspoon is an omnichannel, multi-brand cloud kitchen startup which primarily concentrates on cities in Tier II. The company claims it is targeting areas that are under-served and untapped. It also provides solutions to brands through its Kitchen-as a Service model (KaaS) that allows the brands to use its infrastructure to provide products.
The company has received $2 million through Grip Invest as part of a lease-financing deal. Bigspoon claims that they currently have more than 80 kitchens in 16 states, and more than 35 cities.
The startup serves greater than 1.5 Lakh users every month and has multiple brands such as Makhni Brothers, Thali Central, Meals101, among others. It also has partnerships with brands like The Brooklyn Creamery, Baskin-Robbins and Smoodies to provide its KaaS service.
In announcing its plans for the future, Bigspoon said that it hopes to double its customer base in the next five years. The company will also launch two brand new products and at minimum 150 new kitchens by the end of this fiscal year.
It is competing with giants such as Zomato and Swiggy and other big players like Rebel Foods, Curefoods, Food Darzee and Box8.
Cloud kitchen startups have seen many activities in recent times. In the month of June, actor Nora Fatehi invested an unidentified amount in the cloud Kitchen startup Curefoods. In June of this year, Curefoods had raised $50 million Series C financing round from a group of investors.
In April an alternative cloud kitchen business FreshMenu was reported to have raised $6.5 Million through Florintree Advisors.
According to an study the cloud-based kitchens market predicted to reach the $2.5 Billion in 2028. This will grow at an annual growth rate of 17.5 percent from 2024 to 2028.