Quick service restaurant (QSR) startup Charcoal Eats has raised Rs 16 crore in a funding round led by Lokmat Investments.

Lokmat Investments is a division of multi-platform media company Lokmat Media.

Other key investors, including business leaders from the financial and FMCG sectors such as Nilesh Mehta, Girish Patel, Pankaj Razdan, Chetan Mehrotra, and Sanjay Teli, also participated in the funding round.

The funding round also saw participation from existing investors, including Sanjay Bhandarkar, Rajesh Ramanathan, and actor Riteish Deshmukh.

As per the startup, it will use the raised amount to strengthen its presence in different parts of the country, as well as invest in brand building.

Founded in September 2015 by Anurag Mehrotra, Mohammed Bhol, Krishnakant Thakur, and Gautam Singh, Charcoal Eats is a Mumbai-headquartered, tech-enabled, Indian QSR startup that delivers high-quality, modern Indian flavours to its patrons.

Talking about the investment, Anurag Mehrotra (Co-founder and CEO of Charcoal Eat) said,

“We have successfully achieved consistency and scalability in the Indian QSR segment, which are two major challenges in this space. In the last five years, we have served over 1.5 million orders and enjoy high customer satisfaction. The new investment reiterates our commitment towards building a high-quality Indian QSR brand, and our investors’ confidence in the scalability of our model.”

Claiming to offer quality, all-day food options across snack and meal times, the startup currently operates in nine Indian cities namely, Mumbai, Thane, Aurangabad, Jammu, Hyderabad, Navi Mumbai, Pune, Vishakhapatnam, and Kolkata.

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