Bakingo, the online cake delivery startup, has successfully raised $16 million in its first round of growth capital from private equity firm Faering Capital. This funding will greatly benefit Bakingo by strengthening its distribution network, allowing it to expand from 75 dark kitchens to 150 and enter 10 new cities. Bakingo also plans to establish exclusive brand stores to offer customers a more immersive experience with their products. In addition, investments will be made to improve technological, manufacturing, supply chain, and forecasting capacities.
Bakingo, founded by Himanshu Chawla, Shrey Sehgal, and Suman Patra, specializes in a wide variety of cakes and desserts, including their famous Cheesecake, Gourmet Cakes, and Jar Cakes, offering an extensive selection of over 100 different options. Notably, the brand customizes more than 200 cake designs and takes pride in its efficient delivery service, ensuring orders are fulfilled within 2 hours across 13 cities. The Gurugram-based bakery startup has recently expanded its presence to Jaipur, Chandigarh, Lucknow, and various smaller cities such as Meerut, Panipat, Karnal, and Rohtak.
Faering Capital, a highly esteemed Indian private equity firm with a substantial capital pool exceeding $720 million spread across three funds, has led this noteworthy investment. Remarkably, this marks Faering Capital's fourth venture from its impressive $346 million Fund 3. The firm has successfully cultivated valuable partnerships with over 30 reputable companies, including renowned entities such as Go Digit General Insurance, Niva Bupa Health Insurance, Vastu Housing Finance, Nykaa, Plum, and Finova Capital.
In conclusion, Bakingo's strategic funding infusion from Faering Capital sets it up for significant growth, as it intends to broaden its operational reach and strengthen its technological infrastructure.
Image credits: LinkedIn
Ⓒ Copyright 2023. All Rights Reserved Powered by Vygr Media.
