Korea-headquartered pizza brand GOPIZZA, on October 17, raised Rs 200 crore ($25 million) in a Series C funding round co-led by GS Ventures, CJ Investment, Mirae Asset Securities, NCORE Ventures and Pureun Investment, among others.
The company said the fresh capital will be used for its expansion plans in India, backed by new-age robotic and AI (artificial intelligence) technologies.
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Founded in 2016 by Jae Won Lim, GOPIZZA is known for its one-person, oval-shaped, fire-baked pizza with 160 outlets across South Korea, Singapore, Indonesia, India, and Hongkong.
“India is a key market for us and a majority of the investment will be directed to the Indian market where we plan to expand to more than 100 stores by 2023. We are very excited to bring the Korean vibe and our state-of-the-art food technology to the fastest-growing market in the world," said Lim, who is also the chief executive officer (CEO) of GOPIZZA.
GOPIZZA currently said it has around 15 outlets in India and plans to reach 25 outlets by the end of 2022. The brand added it aims to open more than 100 stores by 2023 in India.
Next month, the pizza brand said it is opening its first store in Hyderabad. In the next few years, GOPIZZA added, it will establish outlets in Pune, Chennai, Delhi, Mumbai, Hyderabad, Ahmedabad, Kolkata, and some key tier two cities including Chandigarh, Jodhpur, Jaipur, and Kochi.
The brand said it has a localised menu in India, tailored to the tastes of the market.
“The funding raised will allow us to massively scale our operations across the country…The funds will also be deployed to bring the brand’s famed technology to all outlets in India…,” said Mahesh Reddy, CEO of GOPIZZA India.
GOPIZZA added that globally, the brand will foray into new markets of Thailand, Malaysia, Vietnam, and the United States.
The brand said it previously raised $20 million in funding from Woori Bank, Capstone Partners, Big Basin Capital, and DS Asset Management, among others. These existing investors also participated in the current funding round.
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