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Hustlers Hospitality secures a seed funding of Rs 7 crore
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Friday, 08 July, 2022, 15 : 00 PM [IST]
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Our Bureau, Mumbai
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India’s fastest growing asset light foodtech startup, Hustlers Hospitality secured a funding of Rs 7 crore ($0.9 mn) from Falisha Technoworld. It is one of the most organised and profitable cloud kitchen companies with 36-plus brands of cloud kitchens and QSR brands with currently operating 400-plus Internet restaurant listings. Hustler’s USP is the business model itself, they scale in-house cloud kitchen brands majorly through “Growth Hack model” which is designed to partner with existing restaurateurs and gives them an opportunity to earn incremental sales/ additional profit from a new line of cloud kitchen business using already invested real estate, kitchen equipment and manpower. The company helps existing restaurateurs startup multiple cloud kitchen brands from existing kitchens to gain more orders through online delivery. It also scales through new franchisee sign ups and helps them with end-to-end setting up of cloud kitchen & QSR franchise business.
Founded in 2020, the brand is a brainchild of Krunal Oza. They intend on using this funding for accelerating their growth and market expansion, reaching across six cities through 9+ dedicated central kitchen by the end of this financial year. Besides, the startup will also use the funding for Hiring and SOP development. It aims to raise another round of funding, Series A, by the end of FY 22.
Commenting on the fund infusion, Krunal Oza, founder, Hustlers Hospitality, said, “We are pleased to raise these seed fund and would like to thank our partner in realising the vision that we had set out for our in-house multi cuisine multi brand kitchen. “The future is bright”, We have a lot of plans to take our brand to the next level and this funding will help us move in the right direction and be the fast mover in the cloud kitchen space. Initially, pre raising our seed round we have also acquired a 31 per cent stake in consulting firm “My Cloud Kitchen” and also plan to extend hospitality consulting service vertical to other cities, metro & tier 2 and 3 in the near future. We are entering a very exciting, high acceleration phase in our journey and I am confident and equally excited that we will grow many folds in the coming months. We are also in talks with taking a step closer to overseas expansion starting from Dubai and Maldives. We aim at expanding our franchisees, consulting services and cities, anticipating a 32X growth this year.”
The company has grown 16x in terms of revenue in the last 14 months alone. It aims for a high double-digit ARR growth by the end of this year.
Hustlers brands are currently present with cloud kitchen operations in Mumbai, Pune, Bangalore, Delhi, Hyderabad, Surat, Ahmedabad, Ludhiana, Chandigarh, Patna and Darbhanga and counting to add national and international kitchens, within this year.
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