Bakingo, a web based cake supply platform, has raised a $16 million seed spherical of development capital from personal fairness agency Faering Capital. By way of this funding, the corporate goals to turn out to be a number one nationwide bakery model.
Bakingo is seeking to strengthen its distribution footprint by increasing from 75 darkish kitchens to 150 and coming into 10 new cities. The corporate additionally plans to open unique branded shops for purchasers to attempt the product. It’s going to additionally put money into know-how to boost its manufacturing, provide chain and forecasting capabilities.
“We’re uniquely positioned to be the main nationwide bakery and gifting platform,” stated Himanshu Chawla, co-founder, Bakingo. “This development capital funding by Faering Capital will propel us to execute and scale our imaginative and prescient nationally.”
After efficiently founding Flower Aura, an e-commerce firm specializing in presents, Chawla together with Shri Sehgal and Suman Batra continued their entrepreneurial journey by increasing the platform and founding Bakingo in 2016. The corporate has grown with none exterior funding, reaching robust development and profitability. Having served greater than 6 million clients since its inception.
“Staff Bakingo has constructed a worthwhile Rs 200-crore model that constantly delivers buyer delight throughout the nation,” stated Sameer Shroff, Co-Founder and Managing Director, Faering Capital. “Probably the most spectacular factor is that they constructed the corporate with none exterior financing,” stated Shroff, who will be part of the corporate’s board of administrators after the deal.
Over the previous few years, Bakingo has delivered merchandise throughout India, together with Gurgaon, Delhi, Noida, Bangalore, Hyderabad and Mumbai. The corporate has additionally lately expanded its operations to incorporate Jaipur, Chandigarh, Lucknow, and some smaller cities like Meerut, Panipat, Karnal, and Rohtak, with an goal to create a deeper presence within the Indian market.
“Faering Capital has a confirmed observe report of working with entrepreneurs and shopper manufacturers,” stated Shri Sehgal, co-founder of Bakingo.
The corporate focuses on offering high-quality truffles and sweets, and has additionally launched worldwide flavours. A relentless deal with processes and know-how has helped Bakingo increase its operations with consistency in style and high quality. The model provides a variety of truffles and desserts, together with signature cheesecakes, gourmand truffles, jar truffles, and greater than 100 preserving models. Furthermore, the corporate additionally has the distinctive capacity to customise greater than 200 cake designs and ship them inside 2 hours in 13 cities.
(tags for translation) Bakingo