Charcoal Eats, which has been in the quick service restaurant business for over 2 years, has just completed a fresh round of raising Rs 50 million in a Pre-Series A funding round. The funds have been invested by a clutch of angel investors led by Rajesh Ramanathan, Head Global Growth Mondelez, Kush Verma of Asoka Capital, Sanjay Bhandarkar of Rothschild, Amit Gupta of New Quest Capital Partners, Vishesh Shrivastav from Temasek, Sachin Khivasara of Bouyant Capital and Chetan Mehrotra
Charcoal Eats is running its restaurants in 6 Indian cities Mumbai, Thane, Navi Mumbai, Pune, Delhi-NCR, Nashik. There are 22 properties and the promoters intend taking this number to 60, before the year is out and the number of cities will also go up to 10. The fresh funds will be used for this expansion in operations as well as in brand-building and promotional expenses.
“We have successfully achieved consistency and scalability in the Indian QSR segment which are two major challenges in this space. Our strong product focus enabled by in-house technology is at the heart of our business. In the last 2 years, we have served over half a million customers and enjoy a high customer satisfaction, resulting in repeat business of over 50%. The new investment reiterates our commitment towards building a sustainable and scalable Indian QSR offering consistent quality across the country,” Anurag Mehrotra, Co-founder & CEO of Charcoal Eats said.
Charcoal Eats offers high quality, all-day food options across snack and meal times, at various price points. Customers can dine-in, take-away or order for delivery, as per their convenience. The offerings include a wide array of biryanis, rolls, loaded fries, starters, puff pizzas, beverages and desserts. They serve these foods across all meal timings. They have tied-up with the food ordering platforms like Zomato, Swiggy, Foodpanda and Dine Out so on.
The National Restaurant Association of India, in a report titled the India Food Services Report has made a projection that the QSR segment within the food industry could grow to be a Rs 51,000 crore business by the year 2021. These would include the chain restaurants and cafes.