22 February 2024 – Ghost Kitchens India, a leading food-tech platform, has successfully raised $5 million in a Series A funding round, featuring a blend of equity and debt. The investment round was spearheaded by GVFL Limited and witnessed participation from NB Ventures, LetsVenture, Lead Angels, along with contributions from existing investors, including Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati.
About Ghost Kitchens India:
Founded in 2019, Ghost Kitchens India currently operates over 15 company-owned and operated cloud kitchens in Mumbai and Ahmedabad, in addition to managing 1,200 internet restaurants spread across 40 cities in India. The platform, led by Founder and CEO Karan Tanna, focuses on culinary innovation and efficient delivery services.
Ghost Kitchens India aims to open 25 restaurant outlets within the next 12-15 months, focusing on five key brands. After conducting successful trials through their B2B fulfillment partner program, the company plans to establish company-owned restaurants for its hero brands, including SpeakBurgers by Chef Vicky Ratnani and Star by Pizza. Additionally, three new celebrity-led brands are set to launch, with these celebrities serving as co-founders.
Strategic Focus on Retail Outlets:
Through its cloud kitchens model, the company has primarily concentrated on brand development. However, with this funding, Ghost Kitchens India will shift its focus towards opening retail outlets to expedite the operational timeline. The company had previously acquired SpeakBurgers by celebrity Chef Vicky Ratnani in the previous year.
Ghost Kitchens India experienced a remarkable 60% growth in FY24 compared to FY23. CEO Karan Tanna expressed the company’s commitment to achieving profitability within the next 12-15 months by strengthening its hero brands and establishing new partnerships with celebrity brands.
In 2022, Ghost Kitchens India acquired a technology company to enhance its capabilities, allowing the creation of proprietary technology to efficiently manage business operations end-to-end and generate organic revenue. The company emphasizes the importance of technology in optimizing aggregator algorithms for organic growth.
Conclusion and Future Outlook:
CEO Karan Tanna shared his excitement for the coming years, emphasizing Ghost Kitchens India’s focus on building iconic brands through customer loyalty and culinary excellence. The strategic funding, coupled with a commitment to profitability, positions Ghost Kitchens India for continued success and innovation in the dynamic food-tech industry.
