Bakingo, a Gurugram-based omnichannel bakery startup, has raised its first-ever round of growth capital of $16 million (over Rs 130 crore) from private equity firm Faering Capital.

As per the bakery brand, the freshly raised funds will be used to further strengthen its distribution footprint by expanding from 75 dark kitchens to 150 and entering 10 new cities.

Bakingo also plans to open exclusive brand stores for customers to experience the product and to invest in technology with goals to enhance its production, supply chain, and forecasting capabilities. It’s noteworthy that as part of the transaction, Sameer Shroff, Co-founder and Managing Director of Faering Capital, will join the board of directors of the company.

Bakingo | Online Cake Delivery

Founded by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo is a Gurugram-based omnichannel bakery startup that offers its services across 13 cities in India, including Gurugram, Delhi, Noida, Bengaluru, Hyderabad, Mumbai, Jaipur, Chandigarh, and Lucknow. Offering a variety of cakes and desserts, Bakingo customizes more than 200 cake designs, which it claims to deliver within 2 hours in 13 cities. 

Speaking about the development, Himanshu Chawla, Co-founder of Bakingo, highlighted that the bakery brand is in a prime position to be the pioneering national bakery and gifting platform.

Chawla added,

“This growth capital investment by Faering Capital will propel us in executing our vision and scaling nationally.”

Recently, the bakery startup expanded its operations to Chandigarh, Lucknow, Jaipur, and a few smaller cities such as Panipat, Karnal, Rohtak, and Meerut.

Statement from the Investors

Commenting on the development, Sameer Shroff, Faering Capital, admired the founders of Bakingo and the entire team for having built around Rs 200 crore profitable brand.

Shroff added,”

“Even more impressive is that they have built the company bootstrapped, without any external funding.”

Faering Capital, which led this investment round, has raised over $720 million in capital across three funds. The Indian private equity firm has partnered with 30 companies.

Investment in Bakingo is Faering Capital’s fourth investment from its $346 million Fund 3. Nykaa, Plum, Go Digit General Insurance, Vastu Housing Finance, Niva Bupa Health Insurance, and Finova Capital are among its portfolio firms.

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