Salad Days, a leading healthy food company has raised INR 30 crores in a Series A fundraising round headed by Client Associates Alternate Fund (CAAF) and V3 Ventures. Significantly, after running successfully as a bootstrapped business for more than ten years, this is the company's first institutional capital round, highlighting its strong business strategy and industry leadership.
The new funding will be used to improve operational capabilities and expand omnichannel. New shop openings, improved IT infrastructure, hiring talent, and more ambitious marketing campaigns will be the company's main priorities. In keeping with its dedication to profitability and client retention, Salad Days plans to have additional menu items. Basic Roots Consulting's Arindam Basu and Sonal Biyani were the exclusive advisors to the company for this transaction.
Since its founding in 2014 by Varun Madan, Salad Days have been instrumental in the development and establishment of India's healthy food market, even at a time when it was essentially nonexistent. Currently, the company runs 25 cloud kitchens with 12 locations in Delhi-NCR, 9 in Bangalore, and 4 in Mumbai.
From salads to grain bowls, sandwiches, pita pockets, oatmeal bowls, soups, cold-pressed juices, smoothies, and desserts, the brand has made a name for itself as an inventor. By maintaining uniformity and quality throughout all of its locations with its cutting-edge central kitchen infrastructure, the company has built a devoted clientele and strong brand recognition in the cutthroat food technology sector.
Commenting on the funding, Varun Madan, Founder & CEO, Salad Days said, “Having built Salad Days on a foundation of customer trust for over a decade, this funding marks an exciting new chapter in our mission to make nutritious eating accessible to all Indians. As India's healthy food market expands rapidly, projected to reach $30 billion by 2026, we're uniquely positioned to cater to the growing demand for healthy and wholesome meals at affordable price points.”
He adds, “While we've maintained sustained growth and profitability throughout our journey, these fresh funds will enable us to further scale our impact significantly. We're focused on strategic expansion across all dimensions - from expanding our footprint to strengthening our team and enriching our menu. We will continue to innovate our offerings while maintaining the quality and consistency that our customers trust us for.”
Speaking on the investment, Arjun Vaidya, Co-founder and Managing Partner, V3 Ventures says, “At V3 Ventures, we actively seek businesses that combine strong fundamentals with scalable growth potential. India is changing the way we eat, and Salad Days cater to this new theme perfectly. Their journey of bootstrapped profitability and market creation for over a decade demonstrates that they have the right platform to see serious scale from here. As a gluten-free, artificial sugar-free and health-conscious eater - the offering did resonate with me personally as well.”
Expressing on the same, Shivam Diwan, Executive Director and Head of Client Associates Alternate Fund (CAAF) notes, “We are very excited to partner with Salad Days in its Series A fundraise. Salad Days is among our first few investments at CAAF, and it truly represents what we look for in an ideal investment – a customer-obsessed, mission-driven founder who has been able to create a category-defining brand, profitable, sustainable execution, and strong, scalable unit economics. All of this is in a consumer category which we think will only go from strength to strength with time. Looking forward to building the Company and category together with Varun.”
Raincheck Earth Co., the company behind Cherrapunji Craft Gin, has raised $1.2 million in a Pre-Series A funding round. The investment came from two Japanese investors, along with AngelList India Syndicate, which increased its stake from previous rounds.
This funding marks a key milestone, making Cherrapunji Craft Gin the first alcoholic beverage startup from Northeast India to receive foreign investment. The brand has gained recognition globally, winning 13 international awards since its launch.
Cherrapunji Craft Gin is produced using rainwater and native botanicals from Northeast India, giving it a distinct flavor profile. The brand also emphasizes sustainability with its stainless steel bottle packaging, which has earned design accolades.
With the new capital, Raincheck Earth Co. plans to expand both domestically and internationally, focusing on increasing distribution and visibility. The company also aims to scale production while developing new products that reflect the biodiversity of Northeast India.
Yasuhiro Seo, Partner at TRTL Ventures, one of the Japanese investors said, "We see enormous potential in Cherrapunji Craft Gin due to its unique approach in a crowded market. The team’s deep understanding of today’s global consumer, combined with a strong Indian market presence, makes us confident that this company can become a leading global player in the alco-bev industry."
Mayukh Hazarika, Founder and CEO of Raincheck Earth Co stated, "We are thrilled to receive this investment, which will help us execute our growth plans for Cherrapunji Craft Gin. We’ve seen tremendous demand for our product both in India and abroad, and this funding will allow us to further scale operations, enhance our product offerings, and continue to innovate within the spirits industry. Our goal is to position Cherrapunji Craft Gin as a globally recognized brand that celebrates the unique flavors of Northeast India."
With continued success in international spirits competitions, Cherrapunji Craft Gin is strengthening its presence in the premium spirits market, with plans for further expansion.
Croft Beverages, a farmer-focused sustainable tea firm has raised $125k in a pre-seed investment round. The prominent angel investors from the biotech, IT, sustainability, and tea sectors were leading the round.
The company will be using the money to establish its first mini-factory in Billicombai, close to Kotagiri, and demonstrate its farmer-owned FPC model with immediate success. Out of 25 small farmers, each mini factory immediately produces entrepreneurs and triples their earnings. Before 2030, the firm hopes to establish a network of more than 100 micro farmers' owned factories in order to duplicate this achievement and scale a distinct category of sustainable and traceable Nilgiris Tea.
Under its "direct from origin" business model, the company has established important alliances with some of the top brands in the nation with strategic initiatives like 100% "farm to cup" traceability and best-in-class agronomy. Croft is currently planning on establishing the following three farmer-owned factories in 2025 after the first batch of tea produced by the farmers' factory sold out.
“With our tea, every sip tells a story. At Croft, farmers aren’t just growers- they are owners, running their own mini-factories. From their fields to your cup, we bring tea that’s honest, traceable and fair. For brands and buyers, it’s unmatched transparency; for farmers It’s prosperity. Together we’re brewing a tea revolution, one sip at a time,” said Harish Kannan, Founder of Croft Beverages (IIM-B alumnus and ex-Business head at Olam Coffee).
Crèmeitalia, has raised INR 18 crore (USD 2.1 million) in its Series A funding round, led by Amit Jatia Family Office and joined by BL Taparia Family Office (B2V Ventures) in the follow-on round. The brand is known for its authentic Italian cheese and cheese spreads.
The company will be able to expand its operations, improve its R&D capabilities, and scale its distribution and retail presence with the help of this investment. Other notable high-net-worth individuals (HNIs) who contributed to the round included Vikram Saboo & Family, Arunkumar Jatia & Family, Vitalis Capital Family Trust, Anil Mittal Family Office, and Vikram Saboo & Family, as well as Vikram Saboo & Family. Their combined experience across multiple industries provides invaluable insights.
The funds received will help the business in a number of important ways, such as developing a cutting-edge manufacturing and research and development facility, growing its workforce, and stepping up efforts to create its brand through industry partnerships and digital marketing. This money also contributes to the development of brand value, as the company has up to now only relied on operational revenues. A stronger connection with the audience and stronger industry ties will result from focused digital marketing efforts, carefully planned sampling events, and active involvement in trade exhibitions.
Commenting on the funding round, Prateek Mittal, Co-founder and CEO of Crèmeitalia, said,“We are thrilled to welcome an illustrious group of investors from diverse industries. Their business acumen, strategic relationships, and expert guidance will play a pivotal role in propelling our growth journey. With this funding round, our goal is to achieve a 5X scale-up in the next 18-24 months while building a robust, fundamentally strong business that sets new benchmarks in the industry. We would also like to acknowledge the strategic inputs from the existing investor, B2V Ventures, and their CIO, Apurva Shah, whose efforts in bringing key investors to this round have been truly exceptional.”
Rajas Dhote, Co-founder and COO of Crèmeitalia, adds,“Our existing manufacturing and distribution capabilities provide a solid foundation, and this fundraiser will give us the momentum to further enhance our R&D and manufacturing expertise. By meticulously deploying these funds, we aim to streamline operations, achieve higher gross margins through improved economies of scale, and deliver superior value to our customers. Many of our investors come from manufacturing backgrounds, and we are excited to leverage their rich experience to drive operational efficiencies and sustainable growth.”
Mumbai-based restaurant chain Burma Burma has raised INR 25.46 Cr (around $3 Mn) in a fresh funding round led by Negen Capital. NV Alpha Fund Management and other high net worth individuals (HNIs) also participated. With the goal of growing its restaurant portfolio to 24 by the end of FY26, the company intends to use the additional funding to broaden its reach over the course of the following 15 months.
Ankit Gupta and Chirag Chhajer founded Burma Burma in 2014, serving Burmese food. Right now, they run 12 eateries and delivery kitchens in major cities like Ahmedabad, Hyderabad, Kolkata, Bengaluru, Mumbai, and Delhi NCR.
“The focus is to take the company to Rs 300 crores in revenue within two financial years while achieving more than 18% EBITDA margin. This funding will be a catalyst in bringing our vision to life as we aim to be IPO-ready by 2027,” said Chirag Chhajer.
This funding comes months after Burma Burma Restaurant and Tea Room received $2 million from a number of family offices, including Negen Capital, an existing investor.
For example, two days ago, Zomato invested over INR 500 Cr in Blinkit, its rapid commerce division. Similar to its previous launch frenzy, Swiggy ventured into the services marketplace area that same month with the release of Pyng Professional, a new app. Recently, JM Financial, a stockbroker, reaffirmed its "buy" recommendation for Zomato, a top foodtech company.
New Delhi-based beer manufacturer Medusa Beverages has raised Rs 56 crore in a Series A funding round to enhance its manufacturing and distribution network in retail across India. The funding was led by Amal N Parikh and Ashwin Kedia, with participation from Ramesh Damani, Nikhil Garg, Crest Opportunities, and high-net-worth individuals (HNIs) based in Singapore, the UK, and the UAE.
The company plans to use the capital to increase its annual production capacity, currently at 2 lakh hectoliters. A portion of the funds will also support strategic investments in the value chain, including diversifying its portfolio within the alco-bev sector through flavored beer extensions and related categories.
Established in 2017, Medusa Beverages operates in Delhi, Punjab, Uttar Pradesh, Chhattisgarh, and Himachal Pradesh. The company aims to strengthen its retail presence in these regions and expand further across North and Central India, targeting new markets such as Assam, Andhra Pradesh, and Haryana by the end of this fiscal year.
By focusing on scaling its operations and diversifying its offerings, Medusa Beverages is positioning itself as a competitive player in India’s alco-bev industry while aligning its efforts with the growing demand in the retail sector.
The fastest-growing Korean fusion cuisine and Boba tea company in India, ‘Boba Bhai’ has raised INR 30 crore in its Series A fundraising round. Global Growth Capital, DEVC, Titan Capital Winners Fund, and current investors joined 8i Ventures in leading the round. The quick expansion and market dominance of Boba Bhai after its October 2023 launch are demonstrated by this funding.
The funds will be used to scale operations in current markets, create new sub-brands that are suited to changing customer preferences, launch creative menu items, and increase the brand's visibility in new locations. Boba Bhai also wants to improve customer experiences at all of its sites and bolster its operational expertise.
Speaking on the funding round, Dhruv Kohli, Founder and CEO, Boba Bhai, said, “This investment marks a pivotal milestone in our journey to gain more market share in Bubble Tea and build the world’s largest Bubble Tea and K-pop QSR Chain from India. Over the past nine months, we’ve witnessed incredible growth, driven by our commitment to innovation, quality, and customer satisfaction. With the strategic backing of our investors, we are well-positioned to scale our operations, introduce exciting new offerings, and establish Boba Bhai as the go-to QSR brand for the next generation of Indian consumers.”
The investors were drawn to Boba Bhai’s impressive performance metrics, including strong growth, high customer repeat rates, and its ability to lead the fusion QSR segment with innovative product offerings.
“Boba Bhai is the clear market leader of the bubble tea category and is a much-loved brand among the GenZ in India. We were struck by the velocity and the operational excellence demonstrated by Dhruv & team and is delighted to partner with them,” shares Vishwanath V, General Partner at 8i Ventures.
Shiv Kapoor, Vice President at Titan Capital Winners Fund notes, “We are delighted to back Boba Bhai in this latest round. Having been amongst the first investors in the company, we have seen Dhruv’s execution chops. He has quickly built a business with strong economics and customer love. We believe Boba Bhai will become synonymous with the embracing of Korean pop culture in India.”
Boba Bhai's immediate plans include expanding its presence to new regions and launching its highly anticipated Korean inspired ice cream range nationwide, which is currently available in select Bengaluru outlets and aims to make these ice creams accessible to customers across India. This funding supports Boba Bhai's vision of redefining the Indian F&B landscape and creating a legacy as a category-defining brand in the fusion QSR space.
First Coffee, an Indian specialty coffee brand that is perfect for on-the-go, announced today that BEENEXT lead a $1.2 million seed fundraising round for the company. Other prominent investors included Ashish Gupta (Helion Venture Partners), AngelList India, Dr. Ritesh Malik (Founder, Innov8), Sahil Malik (Founder, Da Milano), Chandini Purnesh (Owner, Harley Coffee Estate), Aman Bahel (Apex Group), Nakul Dev Chawla (Art Mumbai), Aman Arora (Co-Founder, Board - Keventers), and Dr. Shriram Nene participated in the round as well.
First Coffee wants to increase the number of its stores in strategic locations throughout New Delhi, the National Capital Region, and Tier 1 cities in North India. First Coffee's primary concentration will be on small format QSR locations in busy locations including shopping centers, corporate parks, main streets, and metro districts.
By the second quarter of the following fiscal year, the company plans to open 35 locations nationwide. The money raised will also go toward expanding marketing initiatives and recruiting new staff.
“First Coffee is uniquely placed where they are not just selling a product but rather a coffee experience, blending tech, sustainability and coffee. Under the abled leadership of Sohrab and Shiv, industry veterans in the space of quick service restaurants, the brand is creating a new standard in India's specialty coffee market,” commented Anirudh Garg, Partner at BEENEXT, on First Coffee and its offerings.
Sohrab Sitaram, Co-founder of First Coffee and CEO of Keventers said, “My background in the Quick Service Restaurants (QSR) has taught me the importance of efficiency without compromising on quality. Our grab-and-go model, combined with a focus on sustainability and tech-driven customer engagement, is enabling us to carve a strong niche. Our current four stores have seen 25% month-on-month growth,” who added that each outlet serves around 100 cups of specialty coffee every day, showcasing consistent customer loyalty and engagement.
99 Pancakes, a leading QSR chain in India, has raised Rs 200 million in a Series A funding round. The investment, secured from a family office, will support the company’s pan-India expansion strategy, focusing on broadening its presence in Tier l cities and beyond.
With this infusion of capital, 99 Pancakes plans to significantly scale its operations nationwide. The company aims to open 50 new outlets by the end of the year and expand to 200 outlets by December 2025. The expansion will target 50 cities across India, enhancing the brand's recognition and reach. The company will open new outlets both through company-owned stores and partnerships with master franchisees.
In August, 99 Pancakes launched four new outlets, and the expansion momentum is set to continue with eight additional outlets planned for September. Current efforts are concentrated in Gujarat, with new locations in Ahmedabad, Vadodara, Anand, Surat, and Vapi.
Vikesh Shah, Founder of 99 Pancakes said, “With the support and trust of our team, we embark on this exciting phase of growth. This funding will enable us to enhance our operations and accelerate our expansion plans, bringing the unique pancake experience to more cities and more customers across India and become a household name.”
99 Pancakes is committed to expanding its offerings and delivering exceptional dining experiences as it continues to grow within the Indian café sector.
Neha Anand, Managing Partner at Kings Group Ventures (KGV), the UAE-based group that manages and advises businesses around the world, is pleased to announce the company’s most recent investment – in Gourmestan, the gluten-free confectionary and boulangerie started by Chef Shivani (an alumna of Le Cordon Blue London) in 2018.
Anand is passionate about food and has spent her professional career finding, funding, and founding food businesses across the globe.
She spearheads multiple national and international food businesses under KGV and is also focused on lifting up female founders and guiding them through the male-dominated F&B industry.
Gourmestan will be joining KGV and is expanding across India and the UAE.
“As a consummate foodie, I closely follow brands around the world to keep track of new developments and offerings. I’ve known about Gourmestan for a while now, and felt that what they’re doing needs to be amplified, on a bigger platform. I’m excited to work with Chef Shivani and her team, to take the brand global and introduce her unique offerings to new audiences,” shared Anand.
On a mission to revolutionize the healthy foods space in India, Chef Shivani’s offerings are gluten-free, vegan and preservative-free, while all being millet-based.
“I’m delighted to be partnering with Neha and her team at Kings Group Ventures. This investment allows me to think more creatively about how I’d like to grow Gourmestan, and gives me greater confidence in the fact that there is a rapidly growing market that appreciates and looks for products like what we offer,” added chef Shivani.
Under the KGV banner, Anand drives the homegrown Circle of Crust and King’s Dairy brands across India along with a more recent investment, We Idliwale, while preparing for the launch of the Fuji Cream frozen dessert line. In Dubai, Neha leads the international expansion of Circle of Crust. In May 2022, Anand also launched the flagship location of their newest brand Jun’s, a Progressive Asian modern dining experience in Downtown Dubai on the famous Sheikh Mohammed Bin Rashid Boulevard.
Committed to building a sustainable and environment friendly food ecosystem, Pune based food ingredient start-up Proeon announced that it has raised USD 2.4 million as seed capital.
The funding round, led by entrepreneur Shaival Desai, also saw participation from Flowstate Ventures, Peak Sustainability Venture Fund I (executed by Samir Shah on behalf of the Fund), Waoo Partners (Pratul Shroff family office), and other angel investors.
Also Read: Plant-based egg startup Evo Foods bags Rs 6.2 cr in pre-seed round
Existing investor Sanjaya Mariwala, MD of OmniActive Health Technologies Limited also participated in this round.
Speaking on the funding, founders Kevin Parekh and Ashish Korde said, “We are at the centre of creating next-gen plant protein ingredients and are delighted with the trust shown by our investors. By relentlessly focusing on innovation and partnering with large global brands as well as startups, we are working towards creating food products that are hassle-free to formulate, and are loved by consumers.”
The funds will be utilized to enhance growth and set up a research lab in the Netherlands, Europe, filing IP, scaling up production and expanding the team.
“We're really happy to have partnered with Proeon in their journey to innovate in the alternative proteins space. Kevin and Ashish, bring deep industry experience and thorough technical understanding of the proteins space and are the perfect team to cater to this industry that thrives on innovation,” added Desai who has also invested in Licious.
Founded by Ashish Korde and Kevin Parekh in 2018, it specialises in high quality plant protein ingredient innovation to promote clean and healthy food for “people, planet, and conscience”.
With the plant-based proteins sector projected to reach nearly USD 200 Bn by 2027, the founders have struck a chord in the global food industry as food manufacturers are aiming to capture the new market being created. Global consumers are increasingly becoming aware of the impact of their food choices, leading them to opt more and more for plant based diets.
Research from the Good Food Institute India indicates that $3.1B was invested in the broader smart protein sector globally in 2020, up 3x from the year prior as enthusiasm for sustainable and secure protein supply chains deepened during the Covid-19 pandemic.
“Replacing meat with plant based alternatives is a critical part of the planet’s journey towards sustainable survival over the next few decades . Proeon’s plant-based protein will play an important role in achieving that sustainability,” said Pratul Shroff.
Currently, the company is working with brands from Europe, North America, and Southeast Asia to build more sustainable and healthier plant-based alternatives such as highly functional plant-based egg-replacement products, clean-label burgers, patties, and alternative dairy products.
Must Read: Healthy, plant-based snacking: Emerging snack trends in India
In collaboration with their partners and customers, they are also aiming to save more than 170 billion liters of water and eliminate about 150 metric tonnes of CO2 emissions by replacing wasteful, animal-based foods with plant-based alternatives.
Farm-to-fork supply chain start-up WayCool Foods has raised $7.8 million (about ₹57 crore) in debt from Sammunati, RBL Bank and Innoven Capital.
This follows the earlier debt financing round of $5.5 million which was guaranteed by United States International Development Finance Corporation (USIDFC) and financed by IndusInd Bank.
They have also raised the Series C round of $32 million led by Lightbox earlier this year.
Also Read: 8 Key Changes Supply Chain Sector would adopt post Covid
The latest funding will be utilised for meeting working capital needs and to boost automation in the existing distribution centres and warehouses, shared a statement.
“The latest debt round completes the funding requirements for the company’s annual business plan. It will be used to support select new lines of growth and build related physical as well as digital assets,” said Chinna Pardhasaradhi, CFO, WayCool Foods.
The supply-chain startup aims to achieve 70 per cent digital and mechanical automation across all distribution units by mid-2021, in turn improving process flow, efficiency, and eliminating error-prone mundane activities.
“Samunnati and InnoVen capital have been our long-term partners in growth, and the present funding lines are a natural evolution of this partnership. We welcome RBL Bank to our platform. The innovative instruments that we are developing in partnership with RBL Bank will free the business from working capital as a growth limiter,” added Karthik Jayaraman, CEO, WayCool Foods.
Started by Karthik Jayaraman and Sanjay Dasari in July 2015, the startup chose to pivot to a farm-to-fork B2B model.
May Interest: Supply chain startup WayCool Foods receives $ 114K from Dutch Development Bank FMO
WayCool’s has categories such as food services (hotels, restaurants, caterers), processing and bakeries; general trade or sale to kirana stores and local supermarkets; and modern trade or sale to national supermarket chains and online distribution players.
WayCool has previously raised three rounds of equity funding from Lightbox, LGT Lightstone Aspada, and FMO, and has raised debt in the past from Caspian Impact Investment and Northern Arc Capital Ltd.
On-demand food delivery brand DoorDash is planning to raise around $2.8 billion in an initial public offering that’s part of an end-of-year U.S. listings rush.
The company said it will use the funds primarily for ‘general corporate purposes’ such as working capital and operating expenses. Some of the proceeds could also go toward acquiring or investing in other businesses, though it has no such agreements right now.
The American company said in a filing Monday that it is planning to sell 33 million shares for $75 to $85 each. At the top end of this range, the company could be valued at about $32 billion, taking into account the outstanding shares listed in its filing, as well as employee stock options and restricted stock units.
The San Francisco-based brand is the market leader in the delivery in the US, accounting for half of all sales. It will trade on the NYSE with the symbol DASH, joining Uber Eats, Grubhub and Waitr on the public market, reported Restaurant Business Online.
May Interest: Food delivery startup DoorDash is raising $500 million in funding
Founded in July, 2013 by Stanford students Tony Xu, Stanley Tang, Andy Fang and Evan Moore, Goldman Sachs & Co. LLC and J.P. Morgan are serving as lead book-running managers for its IPO.
Bangalore based company, UrbanPiper Technology Pvt. Ltd. that provides software to restaurants has raised $7.5 million in Series-A funds from Tiger Global and Sequoia India.
UrbanPiper’s largely helps in connecting food delivery partners and restaurant pomy of sale systems. By bringing automation to their online presence across various channels, this startup is in the business of proving dashboards to restaurants. It has clients such as Pizza Hut, McDonalds, Café Coffee Day, OYO, Wow momo, Eat.Fit, Haldirams nad Chai Point. Earlier this startup had raised funds from Axilor Ventures and Zoho's cofounder Kumar Vembu.
The company is planning to use the funds to further scale up the team and create a product suite for international expansion, ET reported.
“We have been powering some of the most reputed restaurant brands in India and are ready to scale our offerings to help millions of restaurant partners across the globe,” said Saurabh Gupta, co-founder of UrbanPiper.
“UrbanPiper is helping restaurants reduce costs and improve connectivity with diners and food delivery platforms,” said Scott Shleifer, partner, Tiger Global Management.
Started in 2015, UrbanPiper has more than 75 employees working toward building product automation for restaurants and helping them increase productivity.
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