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Big Bang Food Tech raises seed round led by Artha; acquires 34 Chowringhee Lane
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Saturday, 26 March, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Big Band Food Tech (BBFT), the food brand aggregator, raised ?4.8 crore in seed funding led by Artha Venture Fund, India's first early-stage micro-VC fund. Angel investors such as Harsh Jain, Ashneer Grover, Chitra Radhakrishnan, Lakshmi Alagappan, Anand Kumar, and Nikhil Aggarwal also participated in the round. The Thrasio-style restaurant rollup startup will acquire more brands and expand its base with 90+ outlets. Besides, the 4-person founding team will deploy part of this round to upgrade its supply chain technology and grow the team. Big Bang Food Tech is AVF's 17th investment from its ?225 crore micro-VC fund.
BBFT acquired the legacy brand 34 Chowringhee Lane, which operates 37 outlets, with this funding round. The brand’s monthly orders have grown by 50% since December 2021. Based on the e-commerce rollup model, the ‘house of food brands’ will acquire 8 more legacy brands by FY 2022-23, with a targeted cumulative revenue of ?120 Cr generating 100+ direct and indirect jobs across the country.
BBFT will solve pressing domain challenges such as heavy cap investment and high fixed & set-up costs by setting up a shared supply chain and logistics at the backend and pooling resources to effectively operate all brands under its gamut. Moreover, the aggregator holds a more decisive influence to address real-estate pricing challenges due to economies of scale. They are armed with a founding team with 100+ years of cumulative experience in the F&B segment, scaled brands like Barista, Wendy's, and the Republic of Chicken. The fledgling startup has built a backend technology to drive the business via data analytics, develop a more robust product portfolio and iron out the supply chain challenges.
Abhimanyu Singh Rana, co-founder, Big Bang Food Tech, said, "We are excited with our pace of growth and have observed massive whitespace in the F&B segment that we plan to conquer. As Urban Indian’s annual spend on outside food goes from < 100$ to China and Brasil’s >600$, there will be multiple breakout Indian brands. We are confident that we will catapult multiple Indian brands to the top 10 list in India. We are glad to have partnered with an investor like AVF that resonates with our vision, has an extensive F&B network, and has a nimble-footed approach. We look forward to achieving some record-breaking milestones with them!"
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