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Cloud kitchens company Hoi Foods raises $2 million in pre-series A funding
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Monday, 22 June, 2020, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Hoi Foods, which operates several cloud kitchens, has raised $2 million in its pre-series A funding round. This round of funding was led by 1Crowd fund as a follow up round, which also saw participation from Sprout, Angelist, Samar Singla – founder of Jugnu, Jaideep Mehta - CEO of VCCircle, Mukund Kulashekaran - SVP of business at UrbanClap and others.
The Gurgaon-based company will use the funds to enhance the existing network of the brand and catapult the company into the big league of the cloud kitchen ecosystem. Specifically, the company will focus on expanding its brand’s network across India, enhance the tech platform, and further strengthen the supply chain.
The company did a seed round funding back in 2018 and has grown seven times since then. At present, its network boasts of more than 150 cloud kitchens across Delhi-NCR and Bangalore. It has also launched a Loyalty Rewards Platform for its loyal customers, which is a unique initiative.
Currently growing at a rapid pace, the company has launched other partner brands on its network like Deez Biriyani Ketofy, Nirula's, Misht, Smoodies and Cold Love apart from its flagship brands, Hoi Foods, Jacky Ching and Hoi Cafe. The company also runs a dark shop model called Hoi Stores for hyperlocal delivery through aggregators.
Pawan Raj Kumar, co-founder, Hoi Foods, said, "We are building a very strong play in the cloud kitchens ecosystem and have been able to put together a decently large network in a very short duration.” “We feel honoured and excited to receive the confidence of all investors. I am also very confident and motivated to build our organisation much bigger and better with this,” he added.
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