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London-based Finnest acquires majority stake in Bengaluru's Kitchens@: Report

Sumit Vishwakarma
New Update

London-based private equity firm Finnest has reportedly acquired a majority stake in Bengaluru-based cloud kitchen startup Kitchens@.

The acquisition was made through an investment of Rs 1,335 crore (or approximately $160 million), Entrackr reported, citing the company's regulatory filing.

With this investment, Finnest emerged as the largest shareholder in Kitchens@, with around 53.75% stake.

How was the investment structured?


The investment included the issuance of 40 lakh fresh equity shares and 4.5 lakh compulsory convertible preference shares (CCPS) at Rs 3,000 each to Finnest.

The company raised Rs 1,200 crore ($145 million) from equity shares and Rs 135 crore ($16 million) from CCPS, which is part of a previously announced $65 million Series C round led by Finnest in December.

At what valuation

With this new investment, Kitchens@ is valued at approximately Rs 2,114 crore ($255 million) post-allotment. According to media reports, the startup has a post-money valuation of $305 million.

The report further said Kitchens@ plans to use the investment to expand its operations and reach new milestones.

Kitchens@ aims to open 150 omnichannel, multi-brand fine dining spaces named Dinerium across the country within the next 18 months, according to co-founder and CEO Junaiz Kizhakkayil.

What does Kitchens@ do?

Founded in 2018 by Saurabh Jha, Aaron Vithal, and Junaiz Kizhakkayil, Kitchens@ offers comprehensive solutions to F&B brands to expand their presence with end-to-end services, including infrastructure, technology, and operation services. 

The company works with numerous well-known restaurant brands such as Taco Bell, Subway, Nando’s, Mainland China, Domino’s, Barbeque Nation, Chaayos, and Wow Momos across the country.

Currently, it operates in 45 locations across six major cities, servicing over 700 kitchens.

Is it profitable?

Kitchens@ reported a revenue of Rs 180 crore in FY23 and aims to close FY24 with Rs 600 crore in revenue, achieving profitability at the EBITDA level, the report said.

In FY23, the company’s revenue from operations grew by 67% to Rs 62 crore, although it recorded losses of Rs 27.3 crore in the same period. 

Acquisition of Swiggy Access

In March, Kitchens@ acquired Swiggy’s cloud kitchen business, Swiggy Access, in a share swap deal, marking a significant step in its expansion strategy.

The acquisition helped Kitchens@ increase its presence in four cities, expanding to 52 locations and operating over 700 kitchens.