Kitchen-as-a-service startup Speed Kitchen has secured an undisclosed sum in seed funding led by Inflection Point Ventures with participation from other HNIs & angel investors.
The funds will be used for expansion and increasing the footprint pan-India and hiring a team that could accelerate the expansion.
Speed Kitchen was founded in 2021 by Paurav Rastogi (CEO) and Shamin Kapoor. It is a one-stop solution to all cloud kitchen needs from finding the ideal location for the culinary operation to building an F&B brand. It also provides brands with low capital expenditure and operating expenses and an easy expansion into new geographies.
Paurav Rastogi, Founder, Speed Kitchen, said: “We at Speed Kitchen are aiming to become the leading Cloud Kitchen infrastructure in the Indian market, the first step of which is to expand to 20+ locations and cross 200+ operational kitchens by the end of FY 23-24.”
The Cloud Kitchen industry is projected to reach $1.9 billion by 2026, with a compound annual growth rate (CAGR) of 39 per cent. However, modern cloud kitchen brands face challenges related to space acquisition, infrastructure setup, and maintenance. Speed Kitchen addresses these pain points through its asset-light Kitchen as a Service business model, offering fully operational cloud kitchens at prime locations along with comprehensive maintenance services.
In the past 18 months, Speed Kitchen has expanded its presence in Delhi-NCR, Jaipur, Pune, Bangalore, and Mumbai.