EatClub Brands Revenue, Valuation, Funding & Investors

EatClub Brands is valued at $532M as of July 2025, a 9.7x multiple on its last reported $55M revenue.

Last EatClub Brands valuation

$532M

Series D · Jul 2025

Last EatClub Brands funding round

$22M

Series D · Jul 2025

EatClub Brands revenue

$55M

Series D · Jul 2025

Key investors in EatClub Brands

  • Mayfield Fund
  • Tiger Global
  • IIFL Seed Ventures
  • IAN Group
  • A91 Partners
  • Kaushal Aggarwal

EatClub Brands Overview

About EatClub Brands

EatClub Brands is a Mumbai-headquartered cloud kitchen operator with over 150 locations in India. It offers virtual brands such as MOJO Pizza, BOX8, Itminaan Biryani, Globo Ice Creams, NH1 Bowls, ZAZA 21 Spice Biryani, LeanCrust Pizza, and Mealful Wraps. Delivery covers Mumbai, Bangalore, Pune, Delhi-NCR, and Hyderabad via app and third-party integrations.


Founded

2012

HQ

IndiaMumbai

Website

eatclub.in

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Revenue

$55M (Jul 2025)

Valuation

$532M (Jul 2025)

EatClub Brands Valuation

EatClub Brands is currently valued at $532M, based on its Series D in July 2025.

The $22M round was led by Tiger Global, with participation from A91 Partners and 360 ONE Asset.

EatClub Brands' valuation has grown 1.1x from $491M at its Series D in November 2021 to $532M in July 2025, across 3 priced rounds.

EatClub Brands valuation by funding round

Revenue multiple
EatClub Brands valuation by funding round
DateStageValuationRevenue Multiple
Jul 2025Series D$532M9.7x
Mar 2022Secondary$491M8.9x
Nov 2021Series D$491M8.9x

EatClub Brands Revenue

EatClub Brands' latest recorded revenue is $55M, as of its Series D in July 2025. At a $532M valuation, that implies a 9.7x revenue multiple.

Revenue moved from $55M in November 2021 to $55M in July 2025, while the revenue multiple moved from 8.9x to 9.7x.

EatClub Brands revenue by funding round

EatClub Brands revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2025$55M$532M9.7xSeries D
Mar 2022$55M$491M8.9xSecondary
Nov 2021$55M$491M8.9xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

EatClub Brands Funding History

EatClub Brands has raised a total of $91M across 7 funding rounds, plus 1 secondary share sale.

EatClub Brands' first fundraising round was a $4M Series A in May 2015. The most recent completed round was a $22M Series D in July 2025.

EatClub Brands funding rounds

EatClub Brands funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2025Series DTiger Global (lead); A91 Partners; 360 ONE Asset$22M$532MEatClub Brands, a Mumbai-based cloud kitchen operator founded in 2012 as Box8, owns 16 multi-cuisine brands including Box8, Mojo Pizza, Behrouz Biryani, Faasos, Bhatti Chicken, NH1 Bowls, ZAZA Biryani, Leancrust Pizza, Globo Ice Creams, and Boom Sandwich. The company raised Rs 185 crore (approximately $22 million) in a 2025 funding round led by Tiger Global, with participation from A91 Partners and 360 ONE Asset Management, to fuel growth, expand geographical footprint, and enhance operations. Post-money valuation is estimated at Rs 4,585 crore ($540 million), an 80% increase from the prior $300 million valuation in a $40 million raise in December 2021. For FY24 (year ending March 2024), EatClub reported operating revenue of Rs 515.5 crore, up nearly 60% year-over-year, and reduced losses to Rs 15.77 crore from Rs 69 crore in FY23. No FY25 financials are available. The funding reflects strong performance amid a competitive cloud kitchen sector. EatClub competes with Rebel Foods (FY24 revenue Rs 1,420 crore, loss Rs 378 crore), Freshmenu, Curefoods' Eatfit, and BBK (Biryani By Kilo). This Tiger Global-led round is one of few in 2025, following their $125 million investment in Infra.Market. Leadership changes include founder Jaydeep Barman moving to chairman and Ankush Grover as CEO.
Mar 2022SecondaryA91 Partners; Tiger Global$30M$491MEatClub Brands, a Mumbai-based cloud kitchen startup, raised Rs 185 crore (approximately $22 million) in a fresh funding round led by Tiger Global, with participation from A91 Partners and 360 ONE Asset Management. Tiger Global invested Rs 126 crore, A91 Partners Rs 37.5 crore, and 360 ONE Rs 21.2 crore via issuance of 11,830 preference shares. The funds will support growth and expansion. Post-money valuation reached Rs 4,585 crore (around $540 million), an 80% increase from the prior $300 million valuation in December 2021 when it raised $40 million. This round reflects strong investor confidence in the cloud kitchen sector despite competition. EatClub competes with players like Rebel Foods, which reported FY24 revenue of Rs 1,420 crore, Freshmenu, Curefoods' Eatfit, and Biryani By Kilo. The company has shown loss reduction and consistent growth, positioning it as a standout in the market.
Nov 2021Series DTiger Global (lead)$40M$491M-
Apr 2020Series CMayfield Fund (lead)$1M--
Apr 2020SeedIIFL Seed Ventures (lead)$3M--
Mar 2019Series CeWTP Ecosystem Fund (lead); IAN Group; ReDefine Capital Partners; Kaushal Aggarwal; Trifecta Capital Advisors; Dhiraj C Rajaram; IIFL Seed Ventures; Ganesh Ventures; Mayfield Fund$15M--
Oct 2016Series BIIFL Seed Ventures (lead); Mayfield Fund$8M-EatClub Brands, formerly known as Box8, is a Mumbai-based cloud kitchen startup founded in 2012 by IIT-Bombay graduates Gupta and Amit Raj. IIFL Seed Venture Funds first backed the company in 2016. In a later 2022 secondary funding round, the company was valued at $300 million, with participation from Tiger Global and A91 Partners, including IIFL selling some stake and all parties purchasing new shares.
May 2015Series AMayfield Fund (lead); IAN Group; Kaushal Aggarwal; Dhiraj C Rajaram$4M--

Who has invested in EatClub Brands?

12 investors have backed EatClub Brands across its funding rounds, including Mayfield Fund, Tiger Global, IIFL Seed Ventures, IAN Group, A91 Partners and Kaushal Aggarwal.

Lead investors include Tiger Global, Mayfield Fund, IIFL Seed Ventures and eWTP Ecosystem Fund.


EatClub Brands Investors

Investors in EatClub Brands by funding rounds participated
InvestorHQRoundsRoleFirst check
Mayfield FundUnited StatesUnited States4LeadMay 2015
Tiger GlobalUnited StatesNew York City, NY3LeadNov 2021
IIFL Seed VenturesIndiaMumbai3LeadOct 2016
IAN GroupIndiaNew Delhi2ParticipantMay 2015
A91 PartnersIndiaMumbai2ParticipantMar 2022
Kaushal AggarwalIndiaMumbai2ParticipantMay 2015
Dhiraj C RajaramUnited StatesUnited States2ParticipantMay 2015
eWTP Ecosystem FundMalaysiaKuala Lumpur1LeadMar 2019
ReDefine Capital PartnersUnited StatesDenver, CO1ParticipantMar 2019
360 ONE AssetIndiaIndia1ParticipantJul 2025

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EatClub Brands Competitors

EatClub Brands competitors include listed companies like MTY Food Group, Elior Group, AmRest and DPC Dash, and private ones like Tiff's Treats and Home Original Chicken.

Public and private companies comparable to EatClub Brands
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MTY Food GroupCanadaCanadaPublicly listed$853M$197M$520M1.6x
Elior GroupFranceFrancePublicly listed$7.1B$394M$554M0.3x
Tiff's TreatsUnited StatesAustin, TXPrivate--$500M-
AmRestPolandPolandPublicly listed$2.9B$461M$567M0.8x
DPC DashChinaChinaPublicly listed$803M$146M$494M0.7x
Home Original ChickenChinaHefeiPrivate$435M-$580M1.3x

EatClub Brands Public Comps

EatClub Brands is still privately-owned, but its public comps include MTY Food Group, Elior Group, AmRest, DPC Dash, Fuller Smith & Turner, Grupo Ibersol, First Watch, Oriental Kopi Holdings, Young's Pubs and Atom.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
MTY Food Group$853M$197M1.5x1.6x6.3x6.9x
Elior Group$7.1B$394M0.3x0.3x4.8x4.8x
AmRest$2.9B$461M0.8x0.8x4.8x5.6x
DPC Dash$803M$146M0.8x0.7x4.4x4.4x
Fuller Smith & Turner$534M$93M1.4x1.4x8.1x7.4x
Grupo Ibersol$610M$152M1.5x1.5x6.1x5.8x
First Watch$1.2B$104M1.4x1.2x16.1x12.8x
Oriental Kopi Holdings$110M$28M3.7x2.8x14.8x13.7x

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Common questions about EatClub Brands

When was EatClub Brands founded?EatClub Brands was founded in 2012.
Where is EatClub Brands headquartered?EatClub Brands is headquartered in Mumbai, India.
Is EatClub Brands publicly listed?No, EatClub Brands is a private, VC-backed company.
What is EatClub Brands' valuation?EatClub Brands was last valued at $532M in its Series D in July 2025.
How much funding has EatClub Brands raised?EatClub Brands has raised $91M across 7 funding rounds.
What was EatClub Brands' last funding round?EatClub Brands' last funding round was a $22M Series D in July 2025, led by Tiger Global.
Who are EatClub Brands' investors?EatClub Brands' investors include Mayfield Fund, Tiger Global, IIFL Seed Ventures, IAN Group, A91 Partners, Kaushal Aggarwal, Dhiraj C Rajaram, eWTP Ecosystem Fund, ReDefine Capital Partners, 360 ONE Asset and 2 others.
What is EatClub Brands' revenue?EatClub Brands' latest recorded revenue is $55M (July 2025).
What is EatClub Brands' revenue multiple?EatClub Brands' latest valuation implies a 9.7x revenue multiple ($532M valuation on $55M of revenue).
Which companies are comparable to EatClub Brands?Companies comparable to EatClub Brands include MTY Food Group, Elior Group, Tiff's Treats, AmRest, DPC Dash and Home Original Chicken.

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