Gurugram-based cloud kitchen startup, Hoi Foods recently announced that it has raised $2mn in pre-Series A funding round. The funding round was led by equity crowdfunding platform 1Crowd. The funding round also saw participation from Sprout, Angelist, Samar Singla – Founder of Jugnu, Jaideep Mehta – CEO of VCCircle, Mukund Kulashekaran – SVP of Business at UrbanClap, and others.
The company plans to use these funds to enhance its existing network of cloud kitchens and wants to catapult itself into the big league of the cloud kitchen ecosystem. The company will focus on expanding its cloud kitchen network across India, enhance its tech platform and strengthen supply chain.
Founded in 2017 by Indrajeet Roy and Pawan Raj Kumar at Gurugram, the company has more than 150 cloud-kitchen in NCR and Bengaluru. The company further plans to expand to Hyderabad, Mumbai and Pune.
“We are building a very strong play in the cloud kitchens ecosystem and have been able to put together a decently large network in a very short duration. We feel honoured and excited to receive the confidence of all investors. I am also very confident and motivated to build our organisation much bigger and better with this,” said Pawan Kumar, Co-Founder, Hoi Foods.
According to a company statement, Hoi Foods had raised its seed funding in 2018 and since then has grown seven times.
Commenting on the recent crisis in the food industry, Raj Kumar said, “We had close to 150 kitchens pre-COVID but about 50 or so are operational today. Labour, logistics, lockdown, low demand are the reasons for the closure of other outlets.”
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