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India based Luxury catering and banquet company, Foodlink has raised $8 million in Series B round funding led by Arpit Khandelwal, Managing Partner, Plutus Wealth Management LLP.
The company plans to use these funds to expand its flagship business of luxury catering across newer geographies in India and overseas, to take its luxury banquet brand called JADE Luxury Banquets to more cities in India, and to scale its casual dining restaurant business through its brands, India Bistro, China Bistro & Art of Dum.
Speaking on the funding round, Sanjay Vazirani, founder of Foodlink said, “Our current revenue run rate for FY22 is Rs 100 crore and we expect it to be around INR 300 crore by the end of FY23-24. Foodlink plans to leverage technology in a big way to support its growth across geographies.”
“We have come a long way in organizing an otherwise fragmented industry, and we plan to take our management of sales pipeline, quality audits, infrastructure management & resource allocation to the next level of maturity post this round of funding. We are delighted to have Plutus on board and backing us for this next exciting phase of the Foodlink journey along with OAKS Asset Management who has been a valuable partner over the last few years,” Vazirani added.
Commenting on the investment in the luxury Catering company, Arpit Khandelwal, Managing Partner at Plutus Wealth Management said, “Foodlink is an exceptional business that offers a unique way to invest in the uber-luxury Indian wedding market. Weddings in India are a recession-proof business and the increased focus on high quality, hygienic food, and formally organized vendors will strengthen Foodlink immensely.”
The company has so far raised US$ 23 million including the current round. It received $15 million as part of its Series A round from OAKS Asset Management in 2017.