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Bakingo Raised Its First Ever Funding Of $16 million, Plans Expansion

Bakingo aims to enhance its distribution network by doubling its existing 75 dark kitchens to a total of 150, concurrently marking its presence in 10 additional cities

Bakingo Raised Its First Ever Funding Of $16 million, Plans Expansion
POSTED ON November 14, 2023 3:43 PM

Bakingo, a baked goods start-up has raised $16 million from private equity firm Faering Capital. IndigoEdge was the exclusive advisor to the company for the deal.

With this investment, Bakingo is looking to further strengthen its distribution footprint by expanding from 75 dark kitchens to 150 and entering ten new cities. It also plans to open exclusive brand stores for customers to experience the product and to invest in technology to enhance its production, supply chain and forecasting capabilities. 

Himanshu Chawla, Shrey Sehgal, and Suman Patra founded the company in 2016 and claim to have catered to over 6 million customers to date pan-India. The company recently expanded its operations to Jaipur, Chandigarh, Lucknow, and some smaller cities like Meerut, Panipat, Karnal, and Rohtak, to have a stronger national presence.  

Chawla, co-founder of Bakingo, said, "This growth capital investment by Faering Capital will propel us in executing on our vision and scaling nationally.” 

Sameer Shroff, co-founder and managing director of Faering Capital added, “We admire how Himanshu, Shrey, Suman, and the Bakingo team have built a ~200 Cr profitable brand that consistently delivers customer delight across the country.  Even more impressive is that they have built the company bootstrapped, without any external funding and Faering Capital is delighted to invest the first growth capital round and partner with Bakingo for their next stage of growth.” Post the transaction, Sameer Shroff will join the board of directors of the company. 

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