Hoi Foods, which operates several cloud kitchens, has raised USD 2 million in its pre-Series A funding round.
This round of funding was led by 1Crowd fund as a follow up round, which also saw participation from Sprout, Angelist, Samar Singla - Founder of Jugnu, Jaideep Mehta - CEO of VCCircle, Mukund Kulashekaran - SVP of business at UrbanClap and others.
The Gurgaon-based company will use the funds to enhance the existing network of Hoi's Cloud Kitchens and catapult the company into the big league of the cloud kitchen ecosystem. Specifically, the company will focus on expanding its Cloud Kitchen network across India, enhance the tech platform, and further strengthen the supply chain.
Hoi Foods did a seed round funding back in 2018 and has grown seven times since then. At present, Hoi's network boasts of more than 150 cloud kitchens across Delhi-NCR and Bangalore. The company has also launched a Loyalty Rewards Platform for it's loyal customers, which is a unique initiative by Hoi.
Currently growing at a rapid pace, the company has launched other partner brands on it's network like Deez Biriy Ketofy, Nirula's, Misht, Smoodies, Cold Love, etc, apart from its flagship brands, Hoi Foods, Jacky Ching and Hoi Cafe. Hoi Foods also runs a dark shop model called Hoi Stores for hyperlocal delivery through aggregators.
"We are building a very strong play in the cloud kitchens ecosystem and have been able to put together a decently large network in a very short duration. We feel honoured and excited to receive the confidence of all investors. I am also very confident and motivated to build our orgsation much bigger and better with this," said Pawan Raj Kumar, Co-founder at Hoi Foods.
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( With inputs from ANI )