Food technology founder Charcoal Eats has raised capital for $ 1 billion in growth from revenue-based funding, the large GetVantage. The funds will be used to encourage expansion through new product launches and marketing in the coming months.
Revenue-based funding comes months after a round of funding of 16m kuna, as witnessed in November last year. The round was led by Lokmat Investments, and other investors participated, including business leaders from the finance sector and FMCG.
CharcoalEats FoodTech Pvt Ltd is a technologically enabled enterprise directly to consumers that started operations in 2015 with points of sale only for delivery with only 6 SKUs. It currently operates 32 outlets in three cities, with over 70 SKUs, serving more than 45,000 orders – over 60,000 consumers – per month. It is present on leading food platforms, including Zomato and Swiggy.
GetVantage, meanwhile, has invested more than 150 investments in more than 75+ digital brands in all sectors, supporting many Made in India brands like Charcoal Eats. The main revenue-based funding goal aims to fund more than 250 brands over the next 12 months. Mumbai-based GetVantage is investing based on data ranging from $ 20 million to $ 2 million to boost digital brand growth.
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