The Mumbai-based company plans to use the funds to expand its luxury catering business across newer geographies in India and abroad
Foodlink has raised $8 million in a Series B fundraising round led by Arpit Khandelwal, Managing Partner of Plutus Wealth Management LLP. The Mumbai-based company plans to use the funds to expand its luxury catering business across newer geographies in India and abroad, to expand its luxury banquet brand, JADE Luxury Banquets, to more cities in India, and to scale its casual dining restaurant business through its brands, India Bistro, China Bistro, and Art of Dum.
Including the latest round, the company has raised a total of US$ 23 million. It got US$ 15 million from OAKS Asset Management as part of its Series A investment.
“Our current revenue run rate for FY22 is INR 100 crore and we expect it to be around INR 300 crore by the end of FY23-24. Foodlink plans to leverage technology in a big way to support its growth across geographies. We have come a long way in organizing an otherwise fragmented industry, and we plan to take our management of sales pipeline, quality audits, infrastructure management & resource allocation to the next level of maturity post this round of funding. We are delighted to have Plutus on board and backing us for this next exciting phase of the Foodlink journey along with OAKS Asset Management who has been a valuable partner over the last few years,” said Sanjay Vazirani, founder of Foodlink.
“Foodlink is an exceptional business that offers a unique way to invest in the uber-luxury Indian wedding market. Weddings in India are a recession-proof business and the increased focus on high quality, hygienic food and formally organised vendors will strengthen Foodlink immensely,” said Arpit Khandelwal, Managing Partner at Plutus Wealth Management.
Source: Business World