India’s cloud kitchen start-up Kytchens has raised capital in a pre-series A round to support its expansion plans in the country.
The funding round was led by Anicut Capital and saw participation from other investors, including Anand Ladsariya, Bharat Jaisinghani and Neeraj Goenka, reported Business News This Week.
The funding round raised capital of Rs65m ($833,825), which will be used to build a strong and agile workforce to support expansion.
Kytchens intends to use the capital to expand its footprint to cities surrounding Mumbai, such as Pune, Nashik and the markets of South Gujarat.
Anicut Capital founding partner Ashvin Chadha said: “With cloud kitchens expected to be a $2bn industry in India by 2024, Kytchens is uniquely placed in the Indian food and beverage (F&B) landscape.
“Geographic expansion is a major challenge faced by popular standalone restaurants. We are certain that the Kytchens will soon re-define the paradigms of Indian F&B and achieve heights in the market.”
Established by Nachiket Shetye and Bansi Kotecha in 2020, Kytchens is based in Mumbai, in the Indian state of Maharashtra.
Kytchens co-founder Kotecha was quoted by Techgraph as saying: “We began Kytchens to bridge this gap by creating a platform of managed infrastructure and services that empowers great F&B brands to scale with limited resources at an accelerated pace.
“We are humbled with the support from Anicut Capital and other angel investors at this juncture of our growth journey.
“Anicut boasts a healthy portfolio of F&B startups and the angels backing us have built large brick and mortar enterprises and understand the complexity of building an operationally intensive business. The funds will help us build a strong foundation of what will be one of the largest food networks across India.”