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The bottom line has improved at a time when the startup is preparing to raise $120 million from Temasek, as first reported by Moneycontrol. Despite the improved financial health, Rebel Foods has seen its valuation reduce from around $1.4 billion in 2021 to $1 billion now.
The company is raising money at a blended valuation of $1 billion. Investors like Lightbox and Coatue are selling shares and the primary capital will be used for business growth which includes an offline play, sources told Moneycontrol.
Swiggy Access, the company’s cloud kitchens business, was started in November 2017 to aid restaurant brands to set up delivery-only kitchens in areas where certain food categories weren’t present.
Cloud kitchens across the board saw brisk business on New Year's Eve, but categories like pizza and biryani reigned supreme when it came to customer preferences.
A few Indian startups like Mukunda Foods, Xook and On2Cook are trying to build the so-called food-as-a-service (FaaS) business by adding robotics to the kitchen menu. These machines guarantee to prepare food faster with consistency without or minimal manual labour
InfinityBox, started by IIT Kharagpur graduates Shashwat Gangwal and Keshav Godala, has been piloting the use of reusable Tupperware-like containers with some restaurants in Bengaluru and Mumbai
Uber co-founder has been snapping up local rivals as part of a push to quietly build new empire
In 2020 after the pandemic struck, Swiggy downsized its cloud kitchens and even laid off employees citing focused on growth and profitability across our kitchens. Around 800-900 employees were then laid off and cloud kitchens were also shut.
With more than 20,000 cloud kitchens currently active in the city, the number of cloud kitchens in Delhi is growing at a rate of over 20 percent every year.
They gained traction as the pandemic forced people to stay indoors and order food online. Now, cloud kitchen brands are looking to broaden their footprint across the country.
In a span of just two years, the company has invested in over a million square feet of real estate space across 14 cities to help large, medium and small restaurant partners expand to more locations both within their city and across new cities through cloud kitchens, Swiggy said in a statement.
With this new venture, the restaurant search and discovery platform will provide small shared kitchen spaces to restaurant brands to help them cater to key delivery locations across cities for cheaper.
