India-based cloud kitchen company Terra Food (TFC) has reportedly raised $800,000 in its Pre-Series A funding round to support its business expansion, according to VCCircle.
The funding was secured from investors such as Zero to One Fund, Twin & Bull Fund, ah! Ventures and other overseas investors.
Existing investors, including Lets Venture, Faad Network and The Chennai Angels, also participated in the latest funding round.
The publication quoted Terra Food founder Sriram Nair as saying: “With a strong focus on Tier 2 markets, TFC has witnessed remarkable growth, currently processing an impressive monthly volume of 26,000 orders and generating a monthly recurring revenue of more than Rs10m ($121,571).
“Bolstered by this recent funding, TFC plans to double its revenue by November 2023, capitalizing on its existing kitchen facilities.”
The company will use the proceeds to boost its business expansion plans; enhance its brand portfolio; invest in new food technologies and product development; and expand the size of its team.
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TFC’s current brand portfolio includes Aho Punjab, Hiit Meals, Jaani Maani Biryani, Noodle Van, Papadum, Pickup Meals, Sushito, Terra Gourmet and Zeus Burger.
By the end of this financial year, the cloud kitchen company also plans to raise additional capital through Series A funding to further drive its growth trajectory.