Grip plans to enable Big Spoon in capitalizing on alternative revenue streams, allowing the cloud kitchen startup to scale its operations.
Grip Invest, a digital platform for facilitating new-age investments, and Big Spoon, one of India’s leading cloud kitchens, have announced that they’ve entered into a $2 million lease financing deal. Grip plans to enable Big Spoon in capitalizing on alternative revenue streams, allowing the cloud kitchen startup to scale its operations.
Further, Grip is also looking to facilitate a lucrative investment opportunity to its growing community of 80,000+ investors worldwide. Investors can invest as minimum as INR 20K for 24 months and expect to earn an IRR of 21%+.
Highlighting the importance of lease investment in businesses, Nikhil Aggarwal, Founder & CEO, Grip Invest, said “Cloud kitchens are one of the fastest-growing segments in India, with reports projecting a revenue growth of $2000 million by 2024. Lease Financing couldn’t be more important. It can meet different forms of capital requirements and unlock potential growth. We are excited to collaborate with Big Spoon and hope to drive significant growth in the segment.”
Grip is the first to offer asset leasing services to Big Spoon. It is a leading cloud kitchen in India that operates 80 internet restaurants and has a presence across 15 cities with 21 outlets. The company offers 11 different brands covering varied cuisines including Makhni, Oven and Grill, Meals 101, Monkey Fries, The Wrap Co and East Pizza Co.
Kapil Mathrani, Founder & CEO, Big Spoon, said, “Lease financing business model complements cloud kitchen in ways we can’t imagine. We deliver over 2000 orders daily with a volume of up to 5,000 orders over the weekend. With this partnership, we can focus on increasing our presence in tier-2 and tier 3 cities which have lower brand affinity. We plan to unlock the next phase of growth and further become more agile.”
Grip recently launched the “Invest in India” campaign, which allows the country’s increasing investors to invest in businesses building India in a whole new way. So far, the platform has facilitated leasing of assets worth INR 125+ cr and enabled 60+ companies such as Udaan, Furlenco, Holisol, Loadshare, ChargeZone, Vogo, LetsTransport, FabAlley, BlueTokai, etc to access a different channel of growth capital.
Source: Business World