Swiggy-backed cloud kitchen operator Kitchens@ raises $65 million from Finnest

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Kitchens@, a cloud kitchen player, said it has raised $65 million in its Series C round from London-based Finnest.

The fresh fundraise comes months after Swiggy sold its cloud kitchen business to Kitchens@ in a share swap deal and became a shareholder in the company. Kitchens@ will use the funds to expand its presence across cities.

The company currently has reached six major cities, has 45 locations and a network of 700 kitchens.

Junaiz Kizhakkayil, Founder and CEO, of Kitchens@, said, “We've encountered numerous challenges but have steadfastly upheld our vision and goals. It is immensely gratifying to have earned the trust of prominent investors like Finnest.”

While Finnest, a BNP company, has previously invested in companies dabbling in spaces like renewable energy, EV- Hydrogen automotives, sports and entertainment and others, Kitchens@ is the investor's first-ever bet in the Food and Beverage (F&B) industry.

Finnest is an early-stage investor founded by Biswanath Patnaik and Arun Kar.

“Our confidence in the future of this venture is unwavering…(we are) Anticipating a substantial business turnaround in the coming years, especially with strategic partnerships in place with major entities like Swiggy and Beenext," Patnaik said.

Beenext is an existing investor in Kitchens@. IndigoEdge, DG Ventures, and Mirai Creation Fund are a few of the other backers of Kitchens@.

The Bengaluru-based company even had Zomato as a stakeholder during its early days in 2018, but the food tech major exited its holdings eventually. The Series C round is Kitchens@’s biggest round to date and before the latest round, it had raised about $18 million, according to Tracxn, a private markets data provider.