Bakingo, the omnichannel bakery brand focussed on cakes, has secured $16 million as growth capital. Bakingo will utilise this capital towards strengthening its distribution footprint by expanding from 75 dark kitchens to 150, and entering 10 new cities.
The omnichannel bakery brand and gifting platform bakes a wide assortment of cakes, desserts, flowers, and personalized gifts.
The firm plans to launch exclusive brand stores, furthermore invest in technology to augment its production, supply chain, and forecasting abilities. Founded in 2016 by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo is headquartered in Gurugram, with operations in Gurugram, Delhi, Noida, Bengaluru, Hyderabad, and Mumbai.
Bakingo Builds ₹200 Cr Profitable Brand
According to a official release from Faering Capital, the bakery brand has accomplished robust growth and profitability serving over 6 million customers. Faering Capital Co-founder and MD Sameer Shroff said, “We admire how Himanshu, Shrey, Suman, and the Bakingo team have built a ~Rs 200 crore profitable brand that consistently delivers customer delight across the country. Even more impressive is that they have built the company bootstrapped, without any external funding.”
Shroff will take position in the company’s board post the investment. On the funding, Chawla added, “We firmly believe that India needs an authentic homegrown brand, and we are in prime position to be the pioneering national bakery and gifting platform. This growth capital investment by Faering Capital will propel us in executing our vision and scaling nationally.”
Bakingo has forayed into Jaipur, Chandigarh, Lucknow, Meerut, Panipat, Karnal, and Rohtak recently. It delivers premium quality cakes and desserts with over 100+ SKUs.
The funding was raised from Faering Capital in its first external funding.