Mumbai-based cloud kitchen startup Yumlane has raised $1 million in Pre-Series A round funding from Singapore-based fund Jetty Ventures.
In a statement released, the startup said, “It will use the new round of funding for business expansion in new cities and hiring.”
Incorporated in 2016, Yumlane currently has 30 PODs across Bangalore and Pune. It has the backing of leading investors like Binny Bansal (Co-founder of Flipkart), Rehan Khan of Orios Ventures, RB Investments, and Jetty Ventures.
Speaking on the investment in Yumlane, Chirag Meswani, Managing Partner of Jetty Ventures said, “Both Global & Indian markets have shown a clear consumer preference towards order-in for non-occasional meals. The F&B industry has seen the QSR format carve a significant share in the eat-out food services space, especially in the organized chain segment. Conditions are right for order-in-preference to carve a large share in the overall market. Cloud Kitchens will be a capital efficient format for this thesis to play out.”
“Yumlane’s operations since its pivot to the Cloud Kitchen model in January 2019 have shown demand from consumers. Hitesh, Rahul, and Reuben bring complementary skills and conviction to pull this all the way. Yumlane can deliver hygiene at scale and we see the venture benefit from the post-COVID-19 consumer preferences. We are excited about this space and our investment in Yumlane,” Meswani added.
Commenting on the Fundraise, Hitesh Ahuja, Founder & CEO of Yumlane said, “We are extremely pleased with Jetty Ventures endorsement of our cloud kitchen business and welcome them on-board. We believe cloud kitchen format will be the flagbearer of the food services industry in the coming years and expect more consumers to order online food delivery vis-à-vis eat-out.”
