Auntie Fung’s raises Rs 3.35 crore led by India Angel Network
Auntie Fung’s, a quick service restaurant (QSR) startup, announced that it has raised Rs 3.35 crore in an angel round led by India Angel Network.
Anjali Malhotra, Ajay Rajgarhia, and Nitin Jain led the round, along with participation from Lead Angels, Lets Venture, and Chandigarh Angels.
The Bengaluru-based startup had earlier raised seed funding from marquee investor Raja V, Former Vice Chairman & MD of Philips India and Former President & CEO of GE Healthcare, India.
The startup plans to use a significant part of the capital for setting up new cloud kitchens. The rest of the fund will be utilized to develop back-end capability around supply chain and technology, recruit key talent from the culinary world, and increase brand awareness.
In a statement, Subhradeep Bhowmik, Co-founder of Auntie Fung’s said, “During the new normal, we were quick to adapt to delivery model and are looking at scaling up via cloud kitchens and delivery model for the next 12-15 months. We have adopted a cluster-based approach that helps us getting rich with dividends as we further penetrate other locations in Bengaluru and Delhi-NCR. This fundraise will enable us to strengthen our technology backend and streamline our supply chain.”
Founded in 2015 by Subhradeep Bhowmik and Satrajit Das, Auntie Fung’s strives to deliver rich, flavourful Asian street food to mainstream India in a healthy, hygienic, quick-service format. Currently, it is present in Bengaluru and Delhi-NCR.
“Our cloud kitchen will help us provide a differentiated product offering with fast scale-up and depth of reach. In the last six years, the company has been able to build a sustainable venture. This latest investment further asserts investors’ confidence in our value proposition and growth potential in the upcoming years,” Satrajit said in a statement.
Commenting on the investment, Manish Johari, SVP – Lead Angels said, “Getting Pan-Asian Street Food at an affordable price was always a task and Auntie Fung’s is here to bridge the gap. Auntie Fung’s has managed to create standardized processes and consistency in taste across their outlets, which has helped them get loyal customers. The Indian cloud kitchen market is expected to grow five-fold from 2019 to 2024 to reach $ 2 billion and we expect Auntie Fung’s to grow even faster and become a brand to reckon with.”
Auntie Fung’s seems to have introduced an innovative platform to transform the way Indians look at Asian street food. I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Auntie Fung’s.Shishir Gupta, Founder and CEO, StartupLanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.
For publishing an advertorial article about your company on our website, drop an email at firstname.lastname@example.org