In a significant development within India’s growing food-tech and cloud kitchen space, EatClub Brands, the parent company behind popular food delivery brands such as BOX8 and Mojo Pizza, is reportedly set to raise ₹185 crore (approximately $22 million) in a fresh funding round. The infusion will come from marquee investors including Tiger Global, A91 Partners, and 360 One (formerly IIFL Wealth).
This fundraising round marks a crucial step forward for the Mumbai-based startup as it continues to expand operations, strengthen its technology backbone, and scale its cloud kitchen infrastructure across India’s major metro cities.
EatClub Brands: Overview and Evolution
Founded in 2012 by IIT graduates Amit Raj and Anshul Gupta, EatClub initially began as BOX8, a quick-service Indian meals delivery brand. Over time, it transitioned into a multi-brand cloud kitchen platform, rebranding itself as EatClub in 2022.
The company now operates over 350 cloud kitchens across eight major Indian cities, serving up more than 2.5 million meals a month. BOX8 and Mojo Pizza remain the company’s flagship brands, known for their speedy delivery and focus on fully-owned kitchens.
EatClub’s Brand Portfolio
| Brand | Cuisine Type | Key Cities | Monthly Orders |
|---|---|---|---|
| BOX8 | Indian fusion meals | Mumbai, Bengaluru, Pune | 900,000+ |
| Mojo Pizza | Artisanal pizzas | Mumbai, Delhi, Hyderabad | 1.2 million+ |
| Mealful Rolls | Kathi rolls | Mumbai, NCR, Hyderabad | 200,000+ |
| NH1 Bowls | Rice and curry bowls | Bengaluru, Pune | 150,000+ |
The centralized production model allows EatClub to maintain consistent quality, reduce food wastage, and operate with better margins than traditional dine-in restaurants.
Breakdown of ₹185 Crore Investment Round
The funding round includes a combination of primary and secondary transactions, according to regulatory filings.
| Investor | Estimated Investment (₹ Cr) | Type |
|---|---|---|
| Tiger Global | ₹75 crore | Existing Stake |
| A91 Partners | ₹60 crore | Follow-on |
| 360 One | ₹50 crore | New Investor |
| Total | ₹185 crore | Primary + Secondary |
Tiger Global and A91 Partners are existing backers, while 360 One’s entry signifies growing institutional interest in the asset-light cloud kitchen model.
Why Investors Are Bullish on EatClub
- Operational Profitability: EatClub became EBITDA-positive in FY2023, a rare feat in India’s food delivery ecosystem.
- Brand Retention: Unlike aggregators, EatClub owns the full stack—from kitchen to delivery—giving it better customer retention and control.
- Tech-Driven Operations: The platform leverages AI for demand forecasting, kitchen-level inventory, delivery routing, and personalization.
- Fast Growth, Low Burn: Despite limited marketing, the company has grown at a CAGR of 75% over the last 4 years.
Financial Snapshot: EatClub Brands
| Metric | FY2021 | FY2022 | FY2023 | FY2024 (Est.) |
|---|---|---|---|---|
| Revenue (₹ Cr) | 112 | 205 | 342 | 470+ |
| Net Loss (₹ Cr) | 63 | 29 | 7 | Profit Expected |
| Gross Margin (%) | 56% | 61% | 64% | 67% |
| Active Kitchens | 185 | 260 | 350+ | 450+ |
| Monthly Orders (Lakh) | 28 | 44 | 65 | 80+ |
The steady decline in losses and improvement in gross margins have made EatClub a prime contender for a future public listing.
Strategic Use of Funds
The ₹185 crore raised will be used for several strategic objectives:
- Kitchen Expansion: Plan to launch 100+ new kitchens by FY2025 across Tier-I and Tier-II cities.
- Technology Stack Upgrade: Investment in AI-based supply chain and kitchen management systems.
- Brand Development: Launch of new food brands catering to emerging consumer trends (e.g., health-first, vegan, snacking).
- Hiring & Talent: Strengthening leadership in technology, marketing, and operations.
Industry Context: India’s Cloud Kitchen Boom
India’s food delivery sector has matured significantly since 2020, with cloud kitchens emerging as high-margin alternatives to traditional restaurants. The market is expected to grow at a CAGR of 24% over the next 5 years.
| Segment | 2023 Market Size (₹ Cr) | CAGR (2024–2028) |
|---|---|---|
| Traditional Dining | ₹2.6 lakh crore | 10% |
| Food Delivery | ₹1.3 lakh crore | 18% |
| Cloud Kitchens | ₹5,200 crore | 24% |
| QSR Chains | ₹9,800 crore | 16% |
With pandemic-induced dining changes now normalized, value-focused cloud kitchens are expected to dominate a larger market share by 2028.
Future IPO on the Cards?
While no official statement has been made, market insiders suggest EatClub may eye an IPO within the next 18–24 months, potentially raising around ₹800–₹1,000 crore. The company is reportedly streamlining its cap table, increasing profitability metrics, and expanding aggressively—all signs pointing toward a public listing.
If it does go public, EatClub could become India’s first pure-play cloud kitchen IPO, setting a precedent for other startups like Curefoods, Rebel Foods, and Kitchens@.
Founder Vision: A Home-Grown Foodtech Champion
CEO Amit Raj has previously said, “We’re building India’s largest internet restaurant company—not just through scale, but through operational excellence and customer obsession.”
The company’s focus on controlling the entire food value chain—from cooking to last-mile delivery—sets it apart in a space where most rely on aggregator platforms like Zomato or Swiggy.
Competitor Comparison
| Brand | Ownership Model | Funding Raised | Active Cities | Profitability |
|---|---|---|---|---|
| EatClub | Fully owned kitchens | ₹600+ crore | 8 | Yes |
| Rebel Foods | Aggregator + cloud mix | ₹1,800+ crore | 20+ | No |
| Curefoods | Brand aggregator model | ₹800+ crore | 15+ | No |
| Kitchens@ | Marketplace model | ₹200 crore | 12+ | No |
EatClub’s ability to operate profitably with a smaller footprint has positioned it as a unique player in the segment.
Disclaimer: This news article is intended for informational purposes only. Readers are advised to consult financial advisors and conduct independent research before making any investment or business decisions based on the information provided.
