Indian cloud kitchen startup EatClub is set to raise Rs1.85bn ($22m) in a funding round spearheaded by Tiger Global, as reported by Entrackr.
The round will also be joined by A91 Partners and 360 ONE Asset Management.
The company's board has approved the issuance of 11,830 preference shares to facilitate the investment, as indicated in a regulatory filing with the Registrar of Companies (RoC).
In this funding round, Tiger Global is expected to invest Rs1.26bn, while A91 Partners contributes Rs3.75bn.
Additionally, 360 ONE Asset Management, through its Monopolistic and Opportunity Fund, will provide Rs2.12m.
There is potential for further capital to be raised in the round.
EatClub will use the funds for its growth and expansion.
Estimates from Entrackr suggest that the company will achieve a valuation of Rs45.85bn or $540m following this funding round - an 80% increase in valuation compared to its previous fundraising of $40m at a $300m valuation in December 2021.
In March 2022, EatClub also completed a secondary transaction worth $30m at an undisclosed valuation.
Founded by Anshul Gupta and Amit Raj, EatClub operates a multi-brand cloud kitchen model, featuring sixteen brands including Box8, Mojo Pizza, Bhatti Chicken, NH1 Bowls and ZAZA Biryani.
In the competitive landscape, EatClub competes with Rebel Foods, which raised $210m in 2024 through a mix of primary and secondary funding. Other competitors include Freshmenu, Curefoods’ Eatfit and BBK.
