In Pre-Series A funding, QSR startup Charcoal Eats raises Rs 5 crore
QSR startup Charcoal Eats has raised Rs 5 crore in its pre-series A round of funding led by high networth individuals including Rajesh Ramanathan, Head of global growth at Mondelez, Vishesh Shrivastav from Temasek, Kush Verma of Asoka Capital, Sanjay Bhandarkar of Rothschild, Amit Gupta of New Quest Capital Partners, Sachin Khivasara of Bouyant Capital and others.
After the completion of this round, the total capital raised which has been raised by Charcoal Eats, now stands at Rs 12 crore.
The amount of money raised, will be used by Charcoal Eats to expand its geographical footprint and increase its presence in existing markets.
Charcoal Eats currently operates 22 outlets across Mumbai, Pune, Delhi-NCR and Nashik. The firm is targeting over 60 outlets across 4 more cities by December.
Anurag Mehrotra, Co-founder & CEO of Charcoal Eats, said
“We have achieved the revenue targets which we had set for FY18 with an 80% annual growth. Charcoal Eats has served over half a million customers in the last 2 years with an average order value of about Rs 500,”
He further added,
“We will also be expanding on the food front, with new products across meal and snack times, and also entering new slots such as breakfast,”
A part of the capital raised will also be used towards customer acquisition and brand building.
As of April 2018, the firm has served 30,000 customers per month with an equal split between dine-in customers and take-away orders. Charcoal Eats works with several aggregators such as Zomato, Swiggy, Foodpanda and Dine Out and has also partnered with Sodexo for corporate customers.
For FY19, the firm is targeting to reach over 1 million customers consistent with its expansion plans.