Finnest, an equity firm based in London has acquired a majority stake in a Bengaluru based cloud kitchen startup Kitchens@. This deal was signed through a substantial investment of 1,335 crore (approximately $ 161 million).

The data from their regulatory filing implied Kitchens@ has issued 40,00,000 equity shares at 3,000 each to raise 1,200 crore, and an additional 4,50,000 Series C CCPS at an issue price of 3,000 amounting to 135 crore.

Righ after this successful investment, Finnest now holds a 53.75% stake in Kitchens@. Post-allotment, Kitchens@ has been valued at around 2,114 crore.

The startup was initiated in 2018, which was specifically working in the field of F&B market to expand their presence, offering end-to-end services encompassing infrastructure, technology, and operation services.

The company has claimed to work with renowned food brands like Domino’s Pizza, Subway, Taco Bell, Nandos, and ChicKing, as well as national chains such as ITC, Mainland China, and Barbeque Nation.

Notably, the cloud kitchen brand Kitchen@ has raised 1,200 crore ($145 million) in the fresh round while the remaining 135 crore ($16 million) is likely the tranche of a Finnest-led $65 million Series C round, which was announced in December last year.

According to the company filings, Finnest holds 53.75% of the shares in Kitchen@ after the new investment. This means Kitchens@ will become the subsidiary of Finnest Holdings.

The company has attracted a revenue of 62 crore in the fiscal year 2023 from operations, which escalated by 67% to from 37 crore in the previous fiscal year. The market report says that, the company has faced loss of 27.3 crore during the same period.

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