Spice Lounge, the master franchisee of Buffalo Wild Wings, has raised $1 million from Klub, a revenue-based financing platform.
Expansion and growth plans
According to the company's statement, the funds raised would be utilized towards expansion, with plans to open 25 new outlets across India in 2024.
These locations include Tamil Nadu, Kerala, Goa, Maharashtra, and Delhi NCR. It is also transitioning to a quick service restaurant (QSR) model in 2024, targeting a revenue of Rs 150 crore by the end of FY25. The brand was also the official club partners for Sunrisers Hyderabad in the IPL season 2022 and 2023.
Spice Lounge has already inaugurated two new outlets, including one in South Bangalore at Falcon City Mall.
"This infusion of funds comes at a pivotal moment for us as we continue our expansion journey in India. We are grateful for the partnership with Klub, which aligns with our vision and recognises the potential of our brand. Our new outlets aim to offer an unforgettable experience, bringing together great food, camaraderie, and the thrill of sports under one roof,” shared Mohan Karleja, Managing Director, Spice Lounge.
Spice Lounge's partnership with Klub
Spice Lounge partnered with Klub to manage a mandate to raise another $10 million for its expansion plans in 2024
“Store financing plays a crucial role in the dynamic restaurant & hospitality sector especially after the pandemic has subsided with FY22 growth being 11% more than FY20, and Klub is dedicated to addressing this need. Our collaboration with Spice Lounge underscores our commitment to supporting visionary brands. We believe this partnership sets a significant precedent, highlighting the potential for sustainable growth through Revenue Based Financing,” added Anurakt Jain, co-founder and CEO at Klub.
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