Foodlink Raises $8 Million In Series B FundingThe funds will be used to expand its flagship business of luxury catering
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Foodlink, an Indian luxury catering and banqueting space, has raised $8 million in its Series B funding led by Arpit Khandelwal, managing partner, Plutus Wealth Management LLP.
The Mumbai-based company will use these funds to expand its flagship business of luxury catering and to scale their casual dining restaurant business.
The company has raised $23 million till date. It received $15 million as part of its Series A round from OAKS Asset Management in 2017.
The company has set up state-of-the-art infrastructure for providing banqueting and catering services in Mumbai, Ahmedabad, Chandigarh and UAE with plans to expand in Delhi, Jaipur and other prominent cities in India, said a statement.
"Our current revenue run rate for FY22 is INR 100 crore and we expect it to be around INR 300 crore by the end of FY23-FY24. Foodlink plans to leverage technology in a big way to support its growth across geographies. We have come a long way in organizing an otherwise fragmented industry," said Sanjay Vazirani, founder of Foodlink, in the statement.
"Foodlink is an exceptional business that offers a unique way to invest in the uber-luxury Indian wedding market. Weddings in India are a recession-proof business and the increased focus on high-quality, hygienic food and formal organised vendors will strengthen Foodlink immensely," said Arpit Khandelwal, managing partner at Plutus Wealth Management.
Founded in 2003 by Sanjay Vazirani, Foodlink F&B Holdings India Pvt. Ltd, is India's largest luxury banquets and catering brand with over two decades of proven track record. It also owns and operates casual dining restaurant brands such as India Bistro, China Bistro, Glocal Junction & Art of Dum, added the release.
