Baked goods startup Bakingo has secured its first-ever funding round worth $16 Mn from private equity (PE) firm Faering Capital.
With this investment, Bakingo is looking to further strengthen its distribution footprint by expanding from 75 dark kitchens to 150 and entering ten new cities. The startup also plans to open exclusive brand stores for customers to experience the product and to invest in technology to enhance its production, supply chain and forecasting capabilities.
Sameer Shroff, the cofounder and MD of Faering Capital, will join Bakingo’s board of directors after the transaction.
Founded in 2016 by Himanshu Chawla, Shrey Sehgal, and Suman Patra, the startup remained bootstrapped till the current funding round, claiming to have served over 6 Mn customers. The startup also sells its products on FlowerAura, an ecommerce platform specialising in gifting and set up by the founding team.
The brand offers a variety of cakes and desserts, including its signature cheesecake, gourmet cakes and jar cakes, among 100+ SKUs. The startup also claims to be able to customise more than 200 cake designs and deliver within two hours in 13 cities.
Himanshu Chawla, cofounder of Bakingo, said on the funding round, “We believe that India needs an authentic homegrown brand, and we are in a prime position to be the pioneering national bakery and gifting platform. This growth capital investment by Faering Capital will propel us in executing our vision and scaling nationally.”
Bakingo is present in cities like Gurugram, Delhi, Noida, Bengaluru, Hyderabad, Mumbai, Jaipur, Chandigarh and Lucknow. Bakingo recently expanded to other cities, including Meerut, Panipat, Karnal and Rohtak, intending to establish a pan-India market presence.
Sameer Shroff, cofounder and MD of Faering Capital, added, “We admire how Himanshu, Shrey, Suman, and the Bakingo team have built an INR 200 Cr brand that consistently delivers customer delight across the country. Even more impressive is that they have built the company bootstrapped. Faering Capital is delighted to invest in the first growth capital round and partner with Bakingo for their next growth stage.”
The startup competes against baking goods companies such as WarmOven, The Bread Company, Le15, Paris Bakery, and Just Bake, along with thousands of local bakeries and cafes that also specialise in baked goods.
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