BigSpoon, an Ahmedabad-based cloud kitchen startup, has raised $2 million (Rs 15 crore) in pre-Series A funding from NB Ventures, a Dubai-based early-stage investor.
This round was led by CreedCap Asia Advisors, with participation from Zed Capital, an early-stage fund launched by Beardo's founders, Sanjiv Bajaj, joint chairman and managing director of Bajaj Capital, Bhanu Chopra, founder and chairman of RateGain, and Jatin Aneja, senior partner at Shardul Amarchand Mangaldas.
“The infusion of new funds would help us reach our geographical growth targets for 30 cities and 50 outlets by the end of the financial year. Bigspoon has created a full-stack solution for cloud kitchens, with own brands, brand-as-a-service and kitchen-as-a-service verticals. We would deploy the fresh capital towards leadership hiring, geographical expansion in key markets, tech-stack for virtual food court, and kitchen automation,” Kapil Mathrani, CEO and co-founder of BigSpoon told TechCircle.
BigSpoon, which was founded in 2019 by Mathrani, Rohan Bhatt, and Poojan Thakkar, focuses on tier II cities with seven brands, including Makhni Brothers (North Indian cuisine), Oven & Grill (pizzas, burgers, and sandwiches), and Meals101 (global cuisines bowl meals).
BigSpoon operates in Ahmedabad, Vadodra, Surat, Jaipur, Indore, Lucknow, Nagpur, Pune, Chandigarh, and Hyderabad, and operates in seven states: Gujarat, Maharashtra, MP, Rajasthan, UP, Chandigarh, and Telangana.
Every month, the multi-brand virtual kitchen platform claims to serve more than 50,000 diners. Kanpur, Bhopal, Ghaziabad, Noida, Udaipur, Mysore, Vijayawada, and Bhubaneshwar are among the cities where Mathrani plans to expand its services.
“Our expertise in the food-tech sector and their focus on a full-stack solution around a multi-brand portfolio and ‘kitchen-as-a-service’ have great synergy with our unified vision for international expansion. Bigspoon has a brilliant team with automation capabilities which is reflected in their high retention and revenue growth over the past two quarters,” Bhatnagar, managing director of NB Ventures, said.
For more than five years, NB Ventures, led by Neelesh Bhatnagar, has been investing in India. LetsTransport (logistics), HealthifyMe (healthech), Qriyo Infolabs (edtech), Ryan EduNation (edtech), Purplle (beauty products marketplace), Teabox (specialty tea e-tailer), and IDfy are among the companies it has backed (background verification firm).