With this investment, Bakingo is looking to further strengthen its distribution footprint by expanding from 75 dark kitchens to 150 and entering 10 new cities
New Delhi: Bakery brand Bakingo has raised its first round of growth capital of $16 million from private equity firm Faering Capital, the company announced in a press release on Wednesday.
With this investment, Bakingo is looking to further strengthen its distribution footprint by expanding from 75 dark kitchens to 150 and entering 10 new cities. The company also plans to open exclusive brand stores for customers to experience the product and to invest in technology to enhance its production, supply chain and forecasting capabilities.
“This growth capital investment by Faering Capital will propel us in executing our vision and scaling nationally,” said Himanshu Chawla, Co-founder of Bakingo.
The company is also looking to open exclusive brand stores so that customers can experience the products.
“We admire how Himanshu, Shrey, Suman, and the Bakingo team have built a Rs ~200 crore profitable brand that consistently delivers customer delight across the country,” added Sameer Shroff, Co-founder and Managing Director of Faering Capital.
Bakingo was started by Himanshu Chawla, Shrey Sehgal and Suman Patra, the founders of the gifting company Flower Aura. Since its incorporation in 2016, the company has served 6 million people and expanded into Gurugram, Delhi, Noida, Bengaluru, Hyderabad and Mumbai.
Bakingo has also recently expanded its operations to Jaipur, Chandigarh, Lucknow, and a few smaller cities such as Meerut, Panipat, Karnal, and Rohtak.
Today, Bakingo offers 100 SKUs and has 75 dark kitchens delivering in 13 cities in India.