Ghost Kitchens India, a food-tech platform, has announced its acquisition of Shy Tiger Brands, a cloud kitchen company based in Ahmedabad, Gujarat. This acquisition strengthens Ghost Kitchens’ position in the Gujarat market and sets the stage for further expansion. The move follows Ghost Kitchens’ recent successful fundraising round of USD 5 million in February 2024, highlighting the company’s financial strength and strategic direction.
Established in 2018, Shy Tiger operates five multi-brand cloud kitchens across Ahmedabad. Under the leadership of Milapsinh Jadeja, Director at Shy Tiger, the company quickly gained traction, achieving an annualized run rate (ARR) of INR 5 crore. Shy Tiger’s portfolio includes well-known brands like KBOB’s and The Black Chimney. By acquiring Shy Tiger, Ghost Kitchens aims to enhance its presence in Gujarat by incorporating its existing brands into Shy Tiger’s infrastructure.
Commenting on the acquisition, Karan Tanna, Founder & CEO, Ghost Kitchens, said, “KBOB’s and The Black Chimney are 15 years old brands in Ahmedabad. We saw this as an opportunity to scale these brands and expand our presence into Ahmedabad and Gujarat markets. Moreover, brand affinity and customer repeat ratio give us a strong position to build a business. Apart from plugging our brands in their existing kitchens, we could improve the unit economics and get a substantial yield from each kitchen and the entire state.”
In early 2022, Ghost Kitchens acquired WTF, a technology company, enabling them to develop their proprietary technology. This technology streamlines their operations, improving efficiency, better customer experiences, and increased profitability. Furthermore, in February 2023, Ghost Kitchens expanded its portfolio by acquiring Speak Burgers, owned by celebrity Chef Vicky Ratnani. The company plans to expand this partnership by establishing 25 offline retail stores within 18-24 months.
Milapsinh Jadeja, Director, Shy Tiger welcomed Ghost Kitchens and said, “I have been closely observing Ghost Kitchens’ model and was specifically impressed by how they are leveraging technology to manage and optimize business. With their current team capabilities, process driven approach and in-house tech stack, they will be able to take Shy Tiger’s portfolio brands to pan India level. Hence, I decided to partner with the brand and invested in their current round, endorsing and validating their business model.”
Established in 2019, Ghost Kitchens manages over 15 company-owned and operated cloud kitchens in Mumbai and Ahmedabad and 1200 internet restaurants across 40 Indian cities. The company prioritizes expanding its company-owned and operated presence, introducing celebrity brands, and venturing into retail stores. With these initiatives, Ghost Kitchens targets an annualized revenue of around INR 200 crore within the next two years.
