Mumbai-based Charcoal Eats, a restaurant startup, has raised Rs 5 crore in new funding for the brand among a number of purposes.
The company, which works to be a quick service restaurant service (QSR), provides customers with both delivery and dine-in services in the areas of Mumbai, Pune, Delhi-NCR, and Nashik.
“We have achieved the revenue targets which we had set for FY18 with an 80 per cent annual growth,” CEO and Co-Founder of Charcoal Eats, Anurag Mehrotra said as reported by Economic Times. “Charcoal Eats has served over half a million customers in the last 2 years with an average order value of about Rs 500.”
Funds from the Pre-Series A funding round will also be used for expansion purposes, with additional plans for current markets and to grow the startup’s customer base. The startup plans to expand into four new cities by the end of the year.
Charcoal Eats was founded by Mehrotra along with Krishnakant Thakur and Mohammed Bhol. Rajesh Ramanathan, Vishesh Shrivastav, Kush Verma, Sanjay Bhandarkar, Amit Gupta, and Sachin Khivasara are among the investors in the new Rs 5 crore round.
“We will also be expanding on the food front, with new products across meal and snack times, and also entering new slots such as breakfast,” Mehrotra said.
The company plans to reach a million customers by the end of the 2019 financial year. SInce its founding in 2015, the startup has opened 22 outlets, attracts around 30,000 customers on a monthly basis and has raised a total of Rs 12 crore.
Companies the startup has partnered with for its services include Zomato, Swiggy, Foodpanda, Dine Out, and Sodexo.
(Picture courtesy: Charcoal Eats)