Aimed at Tier-2 cities, the company plans to utilize the fund to strengthen the food delivery experience across the country
Bigspoon, an Ahmedabad-based cloud kitchen startup, has raised INR 100 crores in a funding round from IAN, along with NB Ventures, Go-Ventures, Lets Venture, Grip Invest, Anicut Capital, and joined by celebrity investor Mouni Roy — who would also be associated in brand incubation and endorsements.
The company intends to utilize the fund to expand to more than 250 kitchens in 75 cities across the country, add brands in top categories, hire for significant leadership positions, invest in technology for clients, and backward integration for effective production and supply chain.
Founded in 2019 by Kapil Mathrani and Poojan Thakkar, Bigspoon is a multi-brand, omnichannel cloud kitchen company focusing on Tier-2 cities. The startup seeks to democratize the food delivery options in Tier-2 & 3 cities, as the cloud kitchen markets are underserved and underpenetrated. The company has also introduced innovation in food manufacturing, menu selection, and packaging, using fresh food as ingredients rather than frozen ones to minimise the delta between fine-dine and delivered food experience.
With 80 kitchens spread throughout 16 states and 35+ cities, Bigspoon caters to 150,000+ diners every month. It houses 9 brands, including Mehfil Biryani by Zakir Khan, Makhni Brothers, Thali Central, and Meals101 spanning various cuisines and menu options. Creedcap Asia advised Bigspoon on the funding round.
Kapil Mathrani, CEO & Co-Founder, Bigspoon, said, “Our journey has been phenomenal, and till now, we have served over 3 million customers. With the current infusion of funds, we would look at investing across various verticals, expanding our footprint and adding brands in leading categories. Our incoming and existing investors have faith in our strategy to scale.”
Sanjiv Bajaj, IAN Lead Investor said “Kapil is a highly experienced entrepreneur who has taken his earlier startups to good exits for himself & his investors. The concept of cloud kitchen in India is still nascent and Bigspoon, with its expertise, possesses the right knowledge to revolutionize the sector. It will be filling the gap in the underpenetrated Tier-2 & 3 markets which are still underserved. The funds will serve as a catalyst to boost Bigspoon’s aim to expand its network across India. We are pleased to be a part of this innovative journey. The company has shown explosive growth since inception and we feel these funds will help them achieve next level.”
Mouni Roy said, on her investment in Bigspoon, “Anyone who knows me know that I am a big foodie. Good food brings me so much joy. I'm thrilled to be investing into Big Spoon so I can now be a part of spreading that joy to millions of people across the country. Being raised in a small town myself, I especially love that Big Spoon caters network caters to Tier 2 and 3 cities.”
Neelesh Bhatnagar, Managing Director at NB Ventures said, “We continue to believe in the cloud kitchen ecosystem of Asia, and that is reflected in our continued belief and backing of Bigspoon. Kapil and the team at Bigspoon have grown at a breakneck pace, geographically and in traction. We will also use BigSpoon network to launch a few brands which are doing well in Dubai and facilitate to bring BigSpoon to Dubai and Middle East markets.”
Bigspoon, the largest cloud kitchen business in the Tier-2 market, and the only Indian F&B firm with a celebrity brand, serves more than 150,000 diners monthly. With the launch and expansion plans for the upcoming quarter, this number is anticipated to quadruple. By the end of this fiscal year, the startup plans to introduce two new brands and at least 150 new kitchens.
According to a report, India’s cloud kitchen market is projected to touch a $2.5 Bn mark by 2028, growing at a CAGR of 17.5% during 2024-2028. The market is anticipated to grow on the grounds of the increasing inclination of the population toward online food delivery services
About Bigspoon:
Bigspoon is a multi-brand omnichannel cloud kitchen start-up, founded by Kapil Mathrani (ex VP GoJek, VP Uber) and Poojan Thakkar (ex ITC limited, Wgsha Alumni) focussed on Tier-2 and Tier-3 cities. Bigspoon came into existence in 2019 with the mission to minimise the delta between fine-dine and delivered-food experience. Under their brand umbrella are eight food brands, including a celebrity Biryani Brand called Mehfil Biryani by Zakir Khan. Bigspoon serves over 150,000 customers every month. Bigspoon has also started to incubate other brands under its infrastructure under its Kitchen-as-a-Service model (KaaS) and has brands like The Brooklyn Creamery, Baskin Robins, Smoodies, Hao-Chi etc operating under this model.With its humble beginning with one brand and one outlet in Ahmedabad it has exponentially expanded to thirty five cities with 75 outlets. With the current fundraise, Bigspoon would expand its brand portfolio to 12, and spread its reach to 250 kitchens in 80 cities, across India, SE Asia and Middle East.
Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 19 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor members, for the last 12 years. Some of its marquee investee companies include Druva, Spinny, Box8, Uniphore, WOW Momos, Consure, Fareye, NOCCARC, Propelld, Skit.ai amongst many others.
IAN Fund, an INR 375 crore VC fund is a uniquely differentiated seed/early stage Fund that aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.
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