Source: Entrackr
EatClub, which owns well-known cloud kitchen brands such as Box8 and Mojo Pizza, is seeking to raise ₹185 crore (about $22 million) in its latest funding round. Tiger Global is leading the round, with participation from A91 Partners and 360 ONE Asset Management.
As per the filing made with the Registrar of Companies (RoC), the board of EatClub has approved an issue of 11,830 preference shares to raise this amount, with Tiger Global investing ₹126 crore, A91 Partners investing ₹37.5 crore, and 360 ONE Asset Management investing ₹21.2 crore, through its Monopolistic and Opportunity Fund. The company may have more investors to add in this round at a later time.
EatClub will use the new capital to expand its business, grow its geographical footprint, and enhance its operations.
According to estimates from Entrackr, the company’s value post this funding (post-money valuation) will be at around ₹4,585 crore or approximately $540 million. This is a huge leap roughly 80% up from its previous known valuation of $300 million last seen in a $40 million fundraise in December 2021. There was also a $30 million secondary deal, but the valuation was not disclosed by EatClub.
Anshul Gupta and Amit Raj founded EatClub to operate multiple food brands via a cloud kitchen model, where food is produced to deliver, not for your consumption on site. EatClub operates brands similar to Box8 and Mojo Pizza, while also operating brands like Bhatti Chicken, NH1 Bowls and ZAZA Biryani. It operates a total of 16 food brands across cities in India.
The company is demonstrating solid performance improvement financially. For the financial year ending March 2024 (FY24), EatClub had operating revenue of ₹515.5 crore. EatClub was also able to reduce its losses from ₹69 crore in FY23 to ₹15.77 crore in FY24, a 77% reduction in losses. There are no financial results available for FY25.
This is one of the rare funding rounds led by Tiger Global in 2025; earlier this year they led a $125 million round for Infra.Market.
EatClub is up against a lot of competition. They are currently competing against Rebel Foods, EatClub’s biggest rival which raised $210 million last year. Rebel Foods had revenue of ₹1,420 crore and a loss of ₹378 crore in FY24. Other competitors in the cloud kitchen and food delivery space include Freshmenu, Eatfit by Curefoods, and BBK.
EatClub plans to build on its position and its growth within the competitive Indian food-tech space with this new capital raise.
