Auntie Fung's Secures INR 3.35 Cr Angel Funding From IAN And Others
Bengaluru-based QSR startup Auntie Fung’s has recently announced that it raised INR 3.35 crore in an angel round led by India Angel Network. The round was led by angel investors Anjali Malhotra, Ajay Rajgarhia, and Nitin Jain. The round also saw participation from Lead Angels, Lets Venture, and Chandigarh Angels.
Previously, the startup had raised seed funding from marquee investor Raja V, Philips India, and former president and chief executive officer, GE Healthcare, India.
“During the new normal, we were quick to adapt to delivery model and are looking at scaling up via cloud kitchens and delivery model for the next 12-15 months. We have adopted a cluster-based approach that helps us getting rich with dividends as we further penetrate other locations in Bengaluru and Delhi-NCR. This fundraise will enable us to strengthen our technology backend and streamline our supply chain,” said Subhradeep Bhowmik, co-founder, Auntie Fung’s.
Auntie Fung’s plans to use majority of the freshly infused capital to open new cloud kitchens. The remaining will be used to build back-end capability around supply chain and technology, hire key talent from the culinary world, and build brand awareness.
“Our cloud kitchen will help us provide a differentiated product offering with fast scale-up and depth of reach. In the last six years, the company has been able to build a sustainable venture. This latest investment further asserts investors’ confidence in our value proposition and growth potential in the upcoming years,” shared Satrajit Das, co-founder and chief operating officer, Auntie Fung’s.
Today, the brand is bridging the gap by operating in the pan-Asian QSR and cloud kitchen space. Being an omni channel brand with a strong focus on food delivery-only, Auntie Fung’s has its presence in Bengaluru and Delhi-NCR. After the onset of the pandemic in early 2020, the company was able to quickly pivot its model - that helped it bounce back strongly and reach pre-COVID revenue in 6 months and has grown consistently from thereon.
“Asian street food is a worldwide phenomenon and celebrated for the electrifying experience it provides to consumers. Chinese and Asian cuisine has a market share of 21.2 per cent, which is the second-highest among all the cuisines in India. It’s great to see how Auntie Fung’s integrates the rich, flavourful Asian street food to mainstream India in a healthy, hygienic and quick service format. Since its inception in 2015, the brand has been quick to penetrate the hearts of consumers. The founders are on their path to take the brand to new heights, and we wish them good luck for the future,” commented Ajay Rajgarhia, lead investor, IAN.
“Getting Pan-Asian Street Food at an affordable price was always a task and Auntie Fung’s is here to bridge the gap. Auntie Fung’s has managed to create standardized processes and consistency in taste across their outlets, which has helped them get loyal customers. The Indian Cloud kitchen market is expected to grow five-fold from 2019 to 2024 to reach $2 billion and we expect Auntie Fung’s to grow even faster and become a brand to reckon with,” added Manish Johari, SVP, Lead Angels.
Within the umbrella of Asian cuisine, the company wants to explore different pockets of opportunity and build an innovation pipeline for its consumers with Bao, Sushi, and other upcoming food choices.