Cloud kitchen startup Kitchens@ raises $65M in a Series C round

Bengaluru-based cloud kitchen startup Kitchens@ has secured a substantial $65 million in a Series C funding round led by London-based growth investment firm Finnest. 

"Kitchens@ has played a pivotal role in shaping the landscape of the cloud kitchen segment in India, emerging as a key player in the food and supply aggregator sector. Anticipating a substantial business turnaround in the coming years, especially with strategic partnerships in place with major entities like Swiggy and Beenext," said Dr Biswanath Patnaik, Chairman and Founder at Finnest.

Finnest entry into the food and beverage industry

Arun Suraj, Chief Operating Officer of Finnest, was the lead partner in this latest investment round, marking Finnest's debut in the food and beverage industry.

Prior to this, The firm had invested in sectors such as renewable energy, electric and hydrogen-powered automotive, sports and entertainment, smart cities, hotels and hospitality, and aerospace technologies.

Finnest, known for its early-stage investments, specializes in various sectors, including renewable energy, electric and hydrogen-powered vehicles, and more.

Focused on enhancing customer experiences 

The fresh capital will fuel the expansion of Kitchens@'s innovative hybrid model, Dinerium, blending offline and online dining experiences. The startup aims to enhance customer experiences by offering a variety of premium brands and facilitating corporate meetings and connections over meals. 

Kitchens@ has previously raised $17.5 million from investors like Trifecta, Beenext, and DG Ventures. Despite recording a revenue of Rs 37.37 crore in FY22 with a loss of Rs 43.15 crore, the company's latest funding round positions it as one of the largest in the cloud kitchen segment in 2023. 

Acquisition of Swiggy's Access Kitchens business

Earlier this year, Kitchens@ expanded its reach by acquiring Swiggy’s Access Kitchens business in a share swap deal, which now brings its network to 52 locations across six major cities, with over 700 kitchens.

The acquisition was a strategic move to bolster its presence and is anticipated to contribute to a combined annual GMV of $65 million, with an aim to reach $100 million in revenue in the next six months.

What does Kitchen@ do?

The startup provides turnkey solutions to F&B brands to expand their presence with end-to-end services, including infrastructure, technology, and operation services, among others. Kitchens@ claims that it works with multiple food brands, including Domino’s, Subway, Taco Bell, Nando’s, ChicKing, and national chains such as ITC, Mainland China and Barbeque Nation.

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