TreatmentFoods, a cloud kitchen start-up that operates a number of meals manufacturers, has raised its Series C spherical of $50 million from a mixture of new and current buyers. The firm, nonetheless, didn’t disclose the names of the brand new buyers.
Before this, the agency had raised over $150 million in fairness and enterprise debt throughout Series A and B raises in 2021 and 2022, respectively. Prominent buyers embody Accel Partners, BlackSoil, Iron Pillar, Chiratae Ventures and others. Mumbai-based funding banking agency Ambit acted because the unique monetary advisor to TreatmentFoods within the present fundraise.
Founded in 2020 by Ankit Nagori, TreatmentFoods owns and operates delivery-only meals manufacturers together with Curefit, Aligarh House, Yumlane, Great Indian Khichdi and Canteen Central.
Earlier this yr, it acquired 5 meals manufacturers, taking its complete variety of manufacturers to twenty. The firm had revealed plans to amass one other 5 by mid-2022. It runs over 100 kitchens throughout 12 cities, and is focusing on to clock an annual recurring income of $8-10 million within the present monetary yr, based on its earlier assertion.
The funds raised from the present spherical can be used in the direction of the growth of current manufacturers into newer geographies and the acquisition of newer manufacturers, the corporate mentioned.
TreatmentFoods competes with different cloud kitchen manufacturers comparable to Freshmenu, Box8 and Faasos, who’ve racked up tens of millions in funding just lately because the foodtech section turned out to be a hotbed for buyers. However, general funding for the patron web section has slowed.
In April, Freshmenu raised recent funding price $7 million from Florintree Advisors, a progress stage enterprise capital agency. In October 2021 Faasos’ mother or father firm Rebel Foods entered the unicorn membership after elevating a $175-million Series F spherical led by Qatar Investment Authority. In December 2021, Box8’s mother or father agency Eatclub raised $40 million from Tiger Global at a $340 million valuation, whereas Food supply model Biryani By Kilo raised $35 million in a funding spherical led by Falcon Edge enterprise capital arm Alpha Wave Ventures in November 2021.
Source: www.financialexpress.com”