VRO Hospitality, an F&B fine dining chain, has raised $10 million in a bridge funding round.
Dawn Thomas, Co-Founder and CEO of VRO Hospitality, said, "This funding round marks a pivotal moment for VRO Hospitality, empowering us to amplify our efforts in redefining the hospitality experience through innovation and unwavering commitment to excellence."
The capital infusion is set to strengthen VRO Hospitality's mission to expand across India, enhance product development, and solidify its industry standing.
Who are the investors?
The round, which is a mix of equity and debt, was led by Axis Bank and Nikhil Kamath-backed Gruhas. Other notable participants included NB Ventures, Kunal Shah of Cred, actress Mouni Roy, and UC Inclusive Credit.
What is the purpose of fundraising?
According to the startup, A substantial 80% of the funding would be utilized for acquiring new properties and expansion. The remainder will focus on building infrastructure and technology.
"Post-Covid the hospitality sector has witnessed an exponential growth and rightfully so. VRO Hospitality has expanded across key markets in India. This successful bridge will help VRO Hospitality accelerate growth, expand its reach, and further solidify its position as a reputable brand and disruptor in the dining industry," said Abhijeet Pai, Co-founder, Gruhas Proptech.
Focused on expansion
VRO Hospitality aims to increase its footprint significantly. The startup plans to grow its current portfolio of over 40 upscale lounges and restaurants to 55 by the end of this financial year, targeting Rs 300 crore in revenue.
It aims to establish 250 restaurants in the next four years, aspiring for $250 million in annual revenues.
What does VRO Hospitality do?
Founded in 2018 by Dawn Thomas, Safdhar Adoor, and Sharath Rice, VRO Hospitality has a diverse brand strategy, catering to casual, premium, and luxury dining experiences.
The startup's portfolio includes notable brands like Badmaash, Mirage, Plan B, and Cafe Noir. It also operates cloud kitchens, further diversifying its culinary offerings.
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