Indian catering and restaurant company Foodlink has raised $8 million in a Series B funding round, which will be used to fuel further expansion of its brands India Bistro, China Bistro & Art of Dum across India and the UAE.
The round was led by by Arpit Khandelwal, managing partner, Plutus Wealth Management LLP.
According to a statement on Wednesday, funds will also be used to expand its flagship business of luxury catering across newer geographies overseas and take its luxury banquet brand called JADE Luxury Banquets to newer destinations.
The company has so far raised $23m, including the current round. It received $15m as part of its Series A round from OAKS Asset Management, in 2017.
Sanjay Vazirani, founder of Foodlink, said: “Our current revenue run rate for FY22 is INR100 crore ($272.3m) and we expect it to be around INR300 crore ($816.8m) by the end of FY23-24. Foodlink plans to leverage technology in a big way to support its growth across geographies.”
The company has started eight new restaurant/cloud kitchen units in Dubai and Sharjah this year. Foodlink has also entered into alliances with Dubai World Trade Centre and various other luxury hotels in the UAE.
Further plans include expansion into Abu Dhabi and Al Ain in the UAE, and Delhi and Jaipur in India.
Khandelwal said: “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.”
Foodlink launched in the UAE in April 2019 with the opening of China Bistro in Al Karama, before further expansion with cloud kitchen Art of Dum in January 2021, followed by a second China Bistro outlet in Discover Gardens the next month.
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