Ghost Kitchens India has raised $5 million in Series-A funding, combining equity and debt. GVFL Limited led the round, joined by NB Ventures, LetsVenture, and Lead Angels. Existing backers Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati also participated.
These funds will fuel the expansion of Ghost Kitchens’ operations, allowing the platform to venture into retail stores for existing hero brands and new celebrity brands. The investment will also enhance the partner program, expanding the network of company-owned cloud kitchens and QSR stores.
Karan Tanna, founder and CEO of Ghost Kitchens, said, “We are happy that investors have appreciated and backed our plans to build a profitable F&B company led by innovation in technology. We have created 10X value for our earlier investors, and we are sure to continue with this performance for new backers. We are excited for the coming years, where we will focus on building iconic brands through customer loyalty and love for our food.”
In 2022, Ghost Kitchens India acquired WTF, a technology company, to develop its proprietary technology. This in-house SaaS (Software as a Service) solution streamlines business operations, aiming for enhanced organic revenue, improved customer experiences, and increased profitability. Utilizing this technology, Ghost Kitchens aims to achieve profitability within the next 12-15 months by focusing on its hero brands and establishing new partnerships with celebrity brands.
Kamal Bansal, MD, Gujarat Venture Finance Limited, said, “We have closely observed Ghost Kitchens’ journey for over three quarters before partnering with them. Their execution is focused and frugal, with a clear path of profitability. We were particularly excited about repeat customers of their brands and the in-house tech that they have, which helps to optimize the aggregator algorithm better for organic growth. We are looking forward to the launch of celebrity brands as well. We are looking forward to what the future has for Ghost Kitchens in terms of growing a profitable, sustainable business.”
In February 2023, Ghost Kitchens India acquired SpeakBurgers, a venture by celebrity Chef Vicky Ratnani. The company plans to expand this partnership by opening 25 offline retail stores within 18-24 months.
Chef Vicky Ratnani said, “I joined hands with Ghost Kitchens a year ago and their infrastructure to scale brands has helped SpeakBurgers to evolve tremendously. I wish Ghost Kitchens and all its backers a huge congratulations and with the new capital in place, Ghost kitchens can realize its dream of an IPO in the next 5 years. Most importantly, I am glad that we will be able to spread love to more customers through good food.”
Established in 2019, Ghost Kitchens India currently runs more than 15 company-owned and operated cloud kitchens in Mumbai and Ahmedabad, along with 1200 internet restaurants spanning 40 cities in India. The company is dedicated to expanding its company-owned operations, introducing celebrity brands, and venturing into retail stores to reach an annual revenue of around 200 crores in the next two years.
