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- EatClub Brands
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
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
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$55M (Jul 2025)
Valuation
$532M (Jul 2025)
Sectors
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| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2025 | Series D | $532M | 9.7x |
| Mar 2022 | Secondary | $491M | 8.9x |
| Nov 2021 | Series D | $491M | 8.9x |
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
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2025 | $55M | $532M | 9.7x | Series D |
| Mar 2022 | $55M | $491M | 8.9x | Secondary |
| Nov 2021 | $55M | $491M | 8.9x | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2025 | Series D | Tiger Global (lead); A91 Partners; 360 ONE Asset | $22M | $532M | EatClub 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 2022 | Secondary | A91 Partners; Tiger Global | $30M | $491M | EatClub 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 2021 | Series D | Tiger Global (lead) | $40M | $491M | - |
| Apr 2020 | Series C | Mayfield Fund (lead) | $1M | - | - |
| Apr 2020 | Seed | IIFL Seed Ventures (lead) | $3M | - | - |
| Mar 2019 | Series C | eWTP 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 2016 | Series B | IIFL 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 2015 | Series A | Mayfield 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | May 2015 | ||
| 3 | Lead | Nov 2021 | ||
| 3 | Lead | Oct 2016 | ||
| 2 | Participant | May 2015 | ||
| 2 | Participant | Mar 2022 | ||
| 2 | Participant | May 2015 | ||
| 2 | Participant | May 2015 | ||
| 1 | Lead | Mar 2019 | ||
| 1 | Participant | Mar 2019 | ||
| 1 | Participant | Jul 2025 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialEatClub 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $853M | $197M | $520M | 1.6x | ||
| Publicly listed | $7.1B | $394M | $554M | 0.3x | ||
| Private | - | - | $500M | - | ||
| Publicly listed | $2.9B | $461M | $567M | 0.8x | ||
| Publicly listed | $803M | $146M | $494M | 0.7x | ||
| Private | $435M | - | $580M | 1.3x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $853M | $197M | 1.5x | 1.6x | 6.3x | 6.9x | |||
| $7.1B | $394M | 0.3x | 0.3x | 4.8x | 4.8x | |||
| $2.9B | $461M | 0.8x | 0.8x | 4.8x | 5.6x | |||
| $803M | $146M | 0.8x | 0.7x | 4.4x | 4.4x | |||
| $534M | $93M | 1.4x | 1.4x | 8.1x | 7.4x | |||
| $610M | $152M | 1.5x | 1.5x | 6.1x | 5.8x | |||
| $1.2B | $104M | 1.4x | 1.2x | 16.1x | 12.8x | |||
| $110M | $28M | 3.7x | 2.8x | 14.8x | 13.7x | |||
This data is available for Pro users. Sign up to see all EatClub Brands competitors and their valuation data. Start Free Trial | ||||||||
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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