Kitchens@ Acquisition, Valuation, Funding & Investors
Kitchens@ was acquired by Finnest for $565M in June 2024, a 29.0x multiple on $20M of revenue.
Kitchens@ acquisition price
$565M
Acquired by Finnest · Jun 2024
Kitchens@ revenue at acquisition
$20M
Last twelve months · Jun 2024
Kitchens@ revenue multiple at acquisition
29.0x
EV/Revenue · Jun 2024
Cumulative funding Kitchens@ raised
$96M
across 3 funding rounds
About Kitchens@
Kitchens@ is an India-based platform enabling food and beverage brands to scale through shared infrastructure. It offers end-to-end services encompassing kitchen facilities, technology integration, operational support, demand forecasting, product development, and omni-channel distribution. Partners leverage these resources to prioritize consumer growth and market expansion.
Founded
2014
HQ
BangaloreWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Services
Revenue
$64M (Dec 2023)
Valuation
$305M (Dec 2023)
Kitchens@ Acquisition
Kitchens@ was acquired by Finnest for $565M on 27 June 2024.
The acquisition price implies a 29.0x revenue multiple on $20M of revenue.
Before the acquisition Kitchens@ had raised $96M across 3 funding rounds.
London-based private equity firm Finnest acquired a majority stake in Bengaluru-based cloud kitchen startup Kitchens@ through a series of investments totaling approximately $160 million in 2024. Finnest invested Rs 1,200 crore ($145 million) in equity shares and Rs 135 crore ($16 million) in Series C Compulsory Convertible Preference Shares, bringing its total shareholding to 53.75% and making Kitchens@ a Finnest subsidiary. The round valued Kitchens@ at $305 million post-money and included the previously announced $65 million Series C investment from December 2023. Kitchens@ provides turnkey solutions to food and beverage brands, offering ready-made kitchen setups, supply chain support, operations management, and hiring assistance to cloud kitchens. The company operates across six major cities with 45 locations and a network of over 700 kitchens, serving major restaurant chains including Domino's, Subway, Taco Bell, Nando's, Mainland China, and Barbeque Nation. In early 2023, Kitchens@ acquired Swiggy's Access Kitchen business in a share swap deal, significantly expanding its market presence and customer base. The investment reflected Finnest's strategic entry into India's cloud kitchen sector, with firm founder Dr. Biswanath Patnaik noting that Kitchens@ had played a pivotal role in shaping the cloud kitchen landscape. Kitchens@ had demonstrated strong revenue growth, increasing operations by 67% to Rs 62 crore in FY23 from Rs 37 crore in FY22, though the company reported losses of Rs 27.3 crore during that period. The deal positioned Finnest to capitalize on consolidation opportunities in the Indian cloud kitchen and restaurant roll-up market.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 27 Jun 2024 | Strategic M&A | $565M | 29.0x |
Kitchens@ Valuation
Kitchens@ is currently valued at $305M, based on its Series C in December 2023.
The $65M round was led by Finnest, with participation from Swiggy.
Kitchens@ valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2023 | Series C | $305M | 4.8x |
Kitchens@ Revenue
Kitchens@'s latest recorded revenue is $64M, as of its Series C in December 2023. At a $305M valuation, that implies a 4.8x revenue multiple.
Kitchens@ revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2023 | $64M | $305M | 4.8x | Series C |
* 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.
Kitchens@ Funding History
Kitchens@ has raised a total of $96M across 3 funding rounds.
Kitchens@'s first fundraising round was a $15M Series A in June 2018. The most recent completed round was a $65M Series C in December 2023.
Kitchens@ funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2023 | Series C | Finnest (lead); Swiggy | $65M | $305M | Kitchens@ is a Bengaluru-based cloud kitchen startup offering shared kitchen solutions, supply chain support, and hiring assistance to food businesses, with major clients including Domino’s, Subway, Taco Bell, and Nando’s. It operates a hybrid model called Dinerium combining online and offline dining experiences and has expanded to six major cities with 45 locations and a network of 700 kitchens. Earlier in 2023, it acquired Swiggy Access Kitchen in a share swap deal, making Swiggy a shareholder from the Series B round. The company raised $65 million in its Series C funding round announced on December 21, 2023, from London-based growth investor Finnest, which became the largest shareholder with nearly 54% stake after a total investment of $160 million (Rs 1,335 crore) including the announced portion, at a $305 million post-money valuation. Prior to this, Kitchens@ had raised about $18 million across earlier rounds from investors like Beenext, IndigoEdge, DG Ventures, Mirai Creation Fund, and previously Zomato. Finnest, founded by Biswanath Patnaik and Arun Kar as a BNP Group company, marked its entry into the F&B sector with this investment. Founder and CEO Junaiz Kizhakkayil stated the funds would fuel expansion of the Dinerium hybrid model and restaurant roll-up plans with major brands. In December 2023, he disclosed FY23 revenue of Rs 180 crore and a target of Rs 600 crore for FY24 while aiming for EBITDA profitability. The company competes with players like Kitchen Centre and TTSF Cloud One in India's cloud kitchen market, which has seen over $1 billion in total funding. |
| Feb 2020 | Series B | - | $16M | - | Kitchens@, a Bangalore-based cloud kitchen company, completed a Series B round on February 11, 2020, and a Debt round on May 6, 2020. |
| Jun 2018 | Series A | Zomato (lead) | $15M | - | - |
Who has invested in Kitchens@?
3 investors have backed Kitchens@ across its funding rounds, including Zomato, Swiggy and Finnest.
Lead investors include Finnest and Zomato.
Kitchens@ Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Gurgaon | 1 | Lead | Jun 2018 | |
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Start Free TrialAcquisitions by Kitchens@
Kitchens@ has acquired 2 companies to date.
Last acquisition by Kitchens@ was on March 1st 2023. Kitchens@ acquired Swiggy- Access Kitchens for undisclosed valuation.
Latest Acquisitions by Kitchens@
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Swiggy- Access Kitchens | ||
| Description | Swiggy Access Kitchens is a cloud kitchen network enabling restaurant partners to establish outlets in new neighborhoods without full infrastructure investment. Hosted in high-demand locations across Indian metros, facilities provide centralized cooking spaces equipped with commercial kitchens and last-mile delivery integration. Partners leverage Swiggy's app visibility and rider network to test markets and scale menus. | Kitchens Centre is a Dubai-based provider of turnkey cloud kitchen solutions. The company supplies commercial spaces, kitchen infrastructure, branding assistance, order management systems, delivery logistics, and maintenance services. This end-to-end support enables food businesses to launch and scale operations without handling facility complexities. |
| HQ Country | | |
| HQ City | Bangalore | New Delhi |
| Deal Date | 1 Mar 2023 | 2 Mar 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Kitchens@ acquisitions and their M&A valuation multiples. Start Free Trial | ||
Kitchens@ Competitors
Kitchens@ competitors include listed companies like Dingdong (Cayman) and Nerdwallet, and private ones like HungryPanda, Flink, Dunzo and Snackpass.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 London | Private | - | - | $500M | - | |
 Berlin | Private | $500M | - | $900M | - | |
| Bangalore | Private | $24M | - | $775M | 32.3x | |
 San Francisco, CA | Private | - | - | $400M | - | |
 China | Publicly listed | $3.6B | $34M | $485M | 0.1x | |
| United States | Publicly listed | $837M | $112M | $587M | 0.6x |
Kitchens@ Public Comps
Kitchens@ is no longer listed, but its public comps include Nerdwallet, Hypoport, Maoyan Entertainment, Cars.com, eDreams ODIGEO, DIP, Dingdong (Cayman), Jahez, VNG Corp. and trivago.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $837M | $112M | 0.6x | 0.6x | 4.7x | 3.6x | |||
| $694M | $78M | 0.8x | 0.8x | 6.9x | 6.8x | |||
| $691M | $124M | 0.1x | 0.1x | 0.7x | 1.0x | |||
| $723M | $157M | 1.4x | 1.4x | 6.5x | 4.8x | |||
| $770M | $161M | 1.1x | 1.1x | 5.4x | 5.3x | |||
| $353M | $85M | 1.5x | 1.5x | 6.1x | 7.4x | |||
| $3.6B | $34M | 0.1x | 0.1x | 7.3x | - | |||
| $620M | $34M | 1.1x | 0.9x | 20.6x | 14.7x | |||
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Common questions about Kitchens@
| When was Kitchens@ founded? | Kitchens@ was founded in 2014. |
| Where is Kitchens@ headquartered? | Kitchens@ is headquartered in Bangalore, India. |
| Is Kitchens@ publicly listed? | No, Kitchens@ was acquired by Finnest in June 2024. |
| Who acquired Kitchens@? | Kitchens@ was acquired by Finnest in June 2024. |
| How much was Kitchens@ acquired for? | Kitchens@ was acquired for $565M in June 2024, a 29.0x revenue multiple. |
| What is Kitchens@'s valuation? | Kitchens@ was last valued at $305M in its Series C in December 2023. |
| How much funding has Kitchens@ raised? | Kitchens@ has raised $96M across 3 funding rounds. |
| What was Kitchens@'s last funding round? | Kitchens@'s last funding round was a $65M Series C in December 2023, led by Finnest. |
| Who are Kitchens@'s investors? | Kitchens@'s investors include Zomato, Swiggy and Finnest. |
| What is Kitchens@'s revenue? | Kitchens@'s latest recorded revenue is $64M (December 2023). |
| What is Kitchens@'s revenue multiple? | Kitchens@'s latest valuation implies a 4.8x revenue multiple ($305M valuation on $64M of revenue). |
| Which companies are comparable to Kitchens@? | Companies comparable to Kitchens@ include HungryPanda, Flink, Dunzo, Snackpass, Dingdong (Cayman) and Nerdwallet. |
| How many companies has Kitchens@ acquired? | Kitchens@ has acquired 2 companies, including Swiggy- Access Kitchens and Kitchens Centre. |
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