Indian Cloud Kitchen Firm Kitchens@ Raises $65 Million

Indian cloud kitchen firm Kitchens@ has secured $65 million in Series C funding from London-based emerging growth investment firm Finnest.

The company will use the new funds to expand its hybrid model, Dinerium, which combines offline and online elements and offers “a diverse selection of premium brands right at patrons’ tables,” Kitchens@ said in a Friday (Dec. 22) press release.

The growth of Kitchens@ has been driven by its belief in the importance of product for a brand’s success, Junaiz Kizhakkayil, founder and CEO of Kitchens@, said in the release.

“Our restaurant roll-up plan is founded on these principles, and I am proud to say that we have established strong alignments with nearly all major brands,” Kizhakkayil said. “This presents a substantial opportunity for us and our investors to create something truly extraordinary.”

Earlier this year, the company acquired the Access Kitchen business of Indian on-demand convenience platform Swiggy and expanded its footprint to six major cities, 45 locations and a network of 700 kitchens, according to the press release.

For the leader of the funding round, Finnest, this is the firm’s first entry into the food and beverage industry, the release said.

“Kitchens@ has played a pivotal role in shaping the landscape of the cloud kitchen segment in India, emerging as a key player in the food and supply aggregator sector,” Dr. Biswanath Patnaik, co-founder of Finnest, said in the release.

PYMNTS Intelligence has found that India logs more digital transactions than any other nation.

Millennial, bridge millennial and Generation Z shoppers have been the country’s early adopters of digital-first shopping experiences, according to the “2023 Global Digital Shopping Index: India Edition,” a PYMNTS and Cybersource collaboration.

The report found that these younger, connected shoppers use 17 digital shopping and payment features, on average, compared to the averages of 15 in the United States and 12 in the United Kingdom.

eCommerce sales in India are projected to reach $135 billion by 2025, triple the amount from 2020, according to research from Wall Street sell-side firm Bernstein.